Epic Real Estate Investing - The Silver Tsunami: The Best Kept Lead Source for Real Estate Investors (Phillip Vincent) | 1259

Episode Date: March 9, 2023

How Senior Care Leads Are Revolutionizing the Real Estate Industry? What is a senior care lead and how is it different from other types of real estate leads? How do you find senior care leads and what are the best ways to market to seniors? What are the benefits of working with seniors in real estate, and how can it be fulfilling both professionally and personally? What are the common challenges in working with seniors, and how can they be overcome? How do you maximize profits with senior care leads, and what are some best practices for closing deals in this niche? To answer all these important questions, Matt is joined by Phillip Vincent, chief executive officer of Mom's House. Tune in and don't miss the Silver Tsunami! Are you ready? Let’s go! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terio Media. Matt here, epic real estate investing show where we show people how to invest in real estate so they can retire early and escape the daily grind. Because who wants to do that, right? Welcome to the epic real estate investing show, where we talk about the housing market, creative financing strategies, and everything else you need to retire early. And if you're ready to get to the next level of your real estate game and get there fast,

go to R-E-I-Hase.com, where most training programs, and ours begins at r-e-i-a-a-a-a-a-com. Enjoy the show. Got an exciting thing to share with you today. The new hottest form of lead generation that nobody's talking about until here for the very first. No, not really. But if you've been sitting under a rock, you're going to be wanting to wake up and come out and take notice to this.

And our guest today is going to help us navigate our way through how senior care leads are revolutionizing the real estate industry. But I'll bring him on. He's been here before and let's welcome him back. Mr. Philip Vincent from Mom's House. Philip, welcome. Hi, Matt.

Thank you for having me on today. You bet. Good to see you again. And if I've ever connected, you know, everyone's coming out after the pandemic and I'm getting to reconnect with all a bunch of old friends. It was fantastic. Now more than ever, it's, you know, you and I are both full-time real estate investors, right?

That's what we do. We love this subject even when we're not on live podcast, right? or today we get to talk about something that's like literally the next 15 years of every investor's life. I mean, if you're a real estate investor guys listen, oh, this is this is going to be so obvious when we're down here. You're like, man, I should have thought of that kind of stuff. So thank you for having me on here. Yeah, you know, you just test on stuff that's very key. And when it comes to business and recognizing how demographics work and how populations age and how they have different types of impact on different industries, the older that they get.

Right. In the beginning, when the baby boomers were born, we had a Gerber baby who blew up, and then they became teenagers, and then Levi Strauss and the Fort Mustang blew up. And then when Lee Ayacopic was swooped into Save Christ, where all the baby boomers were having their families. So he created the minivan, right? And now those baby boomers are getting to a place where they're starting, they're reaching the end of their lives.

They need medical attention, and they're going to need different types of care. And that creates a whole other opportunity for a different industry at that point. And I think that's kind of what you tapped into with senior care leads, right? Yeah, what is senior care lead? Let's just say exactly what that means. Guys, seven out of ten Americans over the age of 65 are going to live in assisted care before they pass away. Seven out of ten, so that's out of 74 million by the year 2030. Seven out of ten are going to move to assisted care, which means they're going to need to unlock their equity out of their house to pay for that care.

The average cost is $6,000 a month. And so ask yourself a question right now. Two questions. Think of the last five houses we bought as a really. real estate investor. How old was the seller? Almost always they were seniors. And then, you know, ask yourself this question. If seven out of ten need to sell their house before they move into care, do they want to get that house rehab ready? Or what house is that? What is mom's house? What are these houses that are seniors have? Guys, these are houses that they've lived in for 40 years that they've lived in

so long. Mom got a new kitchen. In 1991, she got a new kitchen. So that new kitchen needs to be replaced. That's how long they've lived here. These houses are full of stuff. And they're making that final movement. The adult children are like, I don't want to mess with any of this. Just maybe a fair offer. And that's where mom's house was born. That's awesome. Well, congrats. I think you tapped into something really good. So I've been toying with all of the different types of artificial intelligence stuff lately. I don't know if you would do on that. Yes, sir. I went on before you, before you got on, I said, what are the five most asked questions about senior care leads to right here? Well, let's hear a lot of here. I'd love to know if I do

any of them. You better be able to answer these things, darn. answer are five most popular questions found online when it comes to senior care. Let me just say this. This is probably going to be questions about what would happen if Matt and Phillip were brothers and we needed to move our mom into care. And so I'm excited to answer. I bet that's the vantage point I'll be taking, but I can't wait to hear her. Okay, well, here we go.

Question number one. What is a senior care lead and how is it different from other types of real estate leads? Great question. I look at all sales as a conversation or the word flashpoint. And so, guys, we could work divorce leads. What would you do? You'd pull divorce records, right? That's something to happen in their life.

Or when people have a baby, now they need a bigger house. Or when they, people work probates and pre-probates. What happened to death, right? Well, we call this lovingly pre-probate. You know, it's the people moving into senior. They have not a past. They're still with us. They're alive.

We use the example of Philip and Matt are brothers. We find out today that mom has to move into senior living. And we go, we start asking all the questions. Probably what you're getting ready to ask me next. It's a senior care lead is when you realize mom or dad can't stay at home safely anymore. We need to move them into care. Got it.

Okay. Question number two of the most common. Yeah, or don't have to go deeper, guys. If you want to go deeper on any answer, I'll be more than happy to do it. I think that would be surprised what people are actually researching is very surface level. They're just looking for the basic stuff. You and I, we can geek out on this and we can get too technical, but we're happy to do so, right? But here we go again.

Number two, how do you find senior care leads and what are the best ways to market to seniors? I love this question. Where do I find them, right? So Mom Silas is, we do education in this exact world. There's about 11 job titles that have been good for me. Guys, I've been real estate for 25 years, but I started back in 2011 on the senior living world. And there's 11 job titles that are either work inside of the walls of senior living or they're a vendor on the, I'll give you an example, like a placement agent. Guys, there's these people out here that are like real estate agents for the senior living world. So if Matt and Phillip brothers, and we don't know what we're going to where to move mom, we'll go get advice from that placement agent. And so what I teach you guys to do is not to go right to the daughter Judy, but to build relationships in the senior living world with people that are having that tough conversation with daughter duty because they're my filter. They're the ones that say, you need to call Phil. He's the most trusted guy in town. They sent him on a tea for me. And I've been doing real estate for 25 years. These are the best leads I've ever found. And I'll be happy to tell you guys why. All right. Let's see if that's

one of the next question. We could be brothers, I think. You'd be. Yeah, we're going to see my hair cut. Right. Yeah, you'd be the older brother. All right. What are the benefits of working with seniors in real estate? Let's back up, though. We are not marketing to the people directly. We're marketing to the care facilities, right? Yeah. And so do you want to go one to many or one to one to one? So the B to C world would be going right to daughter duty, that adult child. And when I say daughter, she might be 65 dealing with her 85 year old mother. So when I say, she's a, she's not a young lady either. She's 65 dealing with her 85 year old mother. Right, so I, the mother or the daughter? The daughter, the daughter, 65. You said to your daughter to Judy. Yeah, well, we call her daughter Judy. That's, I mean, we call this name, like we give her a name of daughter Judy. That's the one that's helping mom move in.

And so you and I are a great example. I live in, you know, Missouri and you live in Nevada and mom's back in where we grew up. And so immediately, where are we going to move her? She's going to move by you? Maddie going to move by me. You're going to move where she already is. So we have this big battle inside of us that we have to go make those really hard decisions. Right day to that moment.

And what is the right answer? There is no right answer. We're looking for advice from people that are in this industry. And when you build relationships with them, they're the ones that say, oh, you've got to get back on a plane and go back to where you live. What about this house? Oh, I don't know what they're overwhelmed. The bad news comes in waves like mom, moving her into 24-hour care is already a traumatic thing, right? Now to think about cleaning out mom's house and rehab it, like the real estate agent, they're like, no, no, they just don't want to do it.

But they need that money for the care. Only only 5% of Americans can write that check for $6,000 a month. Everyone else has to sell an asset to move in. And what do you guys think that asset is, right? Yeah. Mom's house. Yeah. That stat is pretty much in alignment with almost everything that I shared here as far as retirement and being ready to prepare to retire.

It's only 5% of the population at the age of 16. can support themselves on their own dime, right, without church, family state. So that's right in alignment. Okay, cool. So what are the benefits of working with seniors in real estate? And how can it be fulfilling both professionally and personally? Boy, hey, I came up with some great questions. And so remember I said, I tell you guys why these are my favorite leads.

I'll just go through it. As a real estate investor, I'm looking for leads that have motivation. Real motivation. Who does a senior listen to? They listen to their pastor, their lawyer, and their doctor. And the doctor says, hey, you can't live on your own anymore.

You have to move into 24-hour care. I don't have to convince them of motivation at all. They have motivation, right? And the second thing is equity. These people, nine times out of 10, they own the house outright. In fact, it's 10 trillion. I believe that's 26 zeros, guys.

$10 trillion in equity are owned by boomers and their parents in this nation that's owned outright. So nine times out of 10, they own it outright. The third thing is, it's a house I can add value to. If every house in our neighborhoods were two years old, us as in real estate investors would have a lot less to do. We're looking for houses we can add value too. Even if the house is clean, I call it lovingly it's grandma clean.

You know, she's got the hot water heater of the new roof. But the panelings are the wrong spot. The kitchen's from the wrong decade. It's just not going to be retail ready. The fourth reason is when you get relationships in senior living, I'm not competing. Maybe I'm competing against a real estate agent, but I'm not competing against the 12 other investors doing the same marketing strategy like direct mail and some of these other trade. through ways. I call it a cattle call. The fifth reason is probably my favorite.

When a warm transfer of trust is bestowed or given to me from those 11 different job titles and they say, Phillips, the man, call him, he takes care of this. I could be half an imbecile and still buy a lot of houses because they've given me that transfer of trust. And then the sixth reason, watch

this guys. They're already the best leads. You guys are like, they're free. The best ones in real estate are free. If you know how to build the relationships, you have to be known, liked, and trusted. It's easy to be known because you could be notorious. that's not good, but it's easy to be known, then you get to be liked, but how do you get to trust it? And let me just say this right now. This is not for everyone, Matt, this type of lead.

And here's why, us investors, we're a little bit abrasive as an industry. We're a little bit like a crock pot. We're a little much sometimes. That empathy, if you don't know if you're empathetic, go ask your wife, let's tell you. Right. And so most investors, I'm being stereotypical, but we're not empathetic. A lot of people who like what I do, they've been saying, I wanted to get to real estate, but it just didn't hit my heart right,

but Mom's House is different. Because here's why, guys, you have to lead with empathy. You have to lead with the heart, and right behind that is real estate deals. For most people, we're just transactional. We're way too transactional. But you've got to remember, we think of as bricks and sticks. You're buying their freaking forever home, Matt, where all their memories are, good and bad. This is a big deal.

Who they decide to sell that to is not a little deal. Right. It's good. What are the common challenges in working with C. seniors, and how can they be overcome? Everyone says they don't want to move. No one, by the way, guys, no one wants to leave their forever home. So let me tell you a stereotypical story.

Dad passed eight years ago. Mom's been doing the best she can. She just fell down again. This time she has to have hip surgery. She's going to live, but she has to have hip surgery. She goes to rehab. In three weeks, she says, the rehab says you can't live here anymore and you also can't move home.

You literally have to move into 24-hour care. What? Now, Matt and Philip, their brothers are going, what do you mean? She just, she's fine. But now there's actually things like child protective services you've heard of. There's adult protective services where for our mom's best care, they're saying, mom has dementia, she can't live on her own. Like, once again, number one, the first thing was motivate, or these people are motivated. I don't have to convince them of that. They're begging me to get them a number because they're trying to figure this all out. So how do you overcome it? That's the lowest hanging fruit. But then if you think about senior living, you know, there's multiple. levels, guys. There's independent living. I'm only 45, but in 10 years, I can move in an independent living, 55 and up. But then where I specialize is assisted living and higher, so assisted living memory care are what's called SNFs. So the higher the level of care, the more pressure there is on the family that need to make this happen fast. Work. Independence, more of a lifestyle change. The other three are being told you have to do this. Got it. Fantastic. Cool. So if you're just tuning in, I am meeting with Mr. Philip Vincent from

mom's house. We're going over senior care leads and how they're revolutionizing the real estate industry and how they are free leads. You know, you said something, the best leads are the free ones because they come from relationships, right? And as I say, say all the time, this is a people business. Every piece of real estate you buy ourselves is going to be from or to another person. And it's free to talk to people. And all of the technologies and all the different marketing channels and everything out there are all just there to get you at a position so you can actually talk to a person. All righty. So, Philip, question number five. How do you maximize profits with senior care leads and what are some best practices for closing deals in this niche?

The word maximize profit, you know, I try to hit a lot of singles because I have a consistent business. I'm not trying to skin the cat, right, guys. I'm trying to go out here and have a consistent business. I buy three or four houses a month, but the families come right to me. So I don't have a marketing cost there. And that's a pretty great way to be. You can go out and build relationships with real estate agents and other wholesalers guys. If you're just getting started, a lot of people, you say go out and start talking to those people and you should, here's what I found in 25 years. Those relationships are fickle. If I meet a really smart wholesaler who's just getting started, in a couple, a year or two, he's going to bypass me because he's going to start doing what I do.

And with a real estate agent, you think you're really the only investor that they bring their deals to? Of course not. It's hard to keep their attention. But I found the opposite is true in senior living. when you build relationships with the right people, you're going to build a relationship that in 10 years they're probably going to have the same type of job in the same industry. They're not thinking about also becoming a real estate investment. The problem with wholesalers and real estate people are real estate agents.

They're in real estate. They're in our business. And so these other people aren't. In fact, they look at me as a tool to help them. Everybody cares about what's in it for them. And so I don't have to maximize my profits. I buy at my, you know, 80 cents on the dollar minus repairs. You know, I'm conservative of my Airbnb and I'm aggressive in my rehab numbers,

but I'm very force right with my seller as to how I got to that number. And I think one thing is lacking in most negotiators is they just throw a number out and hope the family takes it. I really take them on a journey of how I got there. And very rarely do they not understand where I'm coming, whether they say yes or not. By the way, I don't buy every house. Of course not, but I sure try. And I really go into the mindset, I'm going to leave this family in a better position than when I found them, whether I buy the house or not. And I do that by surrounding them with all the other things that the men,

and Phillips would need if they were going through that situation with their own parents. That empathy, it's way more than just the house. Got it. So maximizing profits is really just maintaining the relationships that you have. So it creates longevity and the number of deals you do, the loyalty, right? And I say it a different way. Like imagine if you get one postcard that got you five deals a year for the next 10 years. How value would that postcard be?

Well, that's what this relationship is. You can, obviously, that 20 is plenty. 20 relationships that no like and trust you could have a sustainable business with that fewer relationships because they're dealing with families going through this every day man this is like not it's very common what they go there they're the they're dealing families that are going through this they say things like why haven't I heard about this why haven't heard about mom's house so we're shining a big right light on they don't have to get the house retail ready like the real estate agent asked them they have this option in senior living that's called mom's got it I love it so

How many of these assisted care living places are there out there? There are enough for everybody? What a great question. 29,500 of them in the country. Let me give you the best example I can. In St. Louis Metro, that's where I live. There are 300 communities. And in my 12 years of doing senior living, I'm friendly with 10 of them.

Guys, I'm the founder of Mom's House. I've scratched the surface in my own city. So based on that math, I could have 29 more Phillips in St. Louis. That's how big the pie is. Nice. And that's exactly why you want to join us next Wednesday for Wednesday web class. Philip will be walking us through the details of how to take advantage of this. And you can ask your questions.

It'll be interactive. And you can decide whether it's going to be a good fit for you. Or you can just keep chasing, you know, have some T-Lers of vacant houses if you want. Or you can come and do it a nice freeway in the way that he's built relationships. I think it's really, really cool. If you want to jump to the head of the line though and you're like, screw that. I don't want to wait until Wednesday.

I want to get started right now. You can go to momshouse.com forward slash epic. But worst case scenario, meet us back here at the next Wednesday on Wednesday at webclass.com. And that is a free life training, by the way. We're not chartered for that. And so there, Philip, did I miss anything?

Is there anything I should have asked that I didn't? Yeah, can I leave everybody with a cliffhanger? Yeah, please do. I'm a real estate investor and I'm a real estate agent. When you go to senior living, I don't show up as a real estate investor or a real estate agent. That's what my training is for to show you the right way to break into senior living. If you show up as a real estate investor, all there is, da-da.

Yeah. Shark, charge, alert, alert, shark. If you show up as a real estate agent, it's even worse because they're cracking in our brain will just shut off because they already know what that is. That's how this industry has been fixing this for 40 years. Be something different, guys. Stop fishing in the same pond. This is something. And by the way, it's new and different, but it's not sex.

this is going to be relevant for the next 15 years. You want to sink your teeth into something that's sustainable. I'll see you guys next Wednesday. Yeah, you know, so you say something that's sustainable. And yes, we will see you next Wednesday, but I want to add something on that because I was going to add something on that on the beginning with the demographic thing because we have such, because of the baby Wilmers and they are aging and they're making this transition

and they're selling their assets to support themselves and they're selling our assets to pass them down and all that fun stuff. So there's a lot of that happening right now. With the other side of that coin, if you follow the same pattern of demographics because it's all repeatable, and you go right now to the peak age of the millennial, which is 34 years old, I might be off by a year or two because I've been saying the statistic for a little bit. But 34 years old, and the average age of the first time home buyer is 36. So over the next 24 to 36 months, there will be more demand for housing than this country has ever seen before. So at the same time, we have this huge influx of inventory of which we're low on. If you can go ahead and grasp and start controlling some of the supply here,

I'm speaking more of a real estate investor right now. But the supply through the lead generation strategies that Phillips going to share with you next Wednesday, you have an unlimited number more demand to purchase that house to flip that house to rent those houses to than this country has ever seen before. So I think it's a really good time. Yes. You like that? I do.

And a wise man once told me that we're all going to work in senior living, whether we want to or not, so we might as well embrace it. And guys, I've been doing this for 12 years already in senior living, but I was just ahead of the curve. The boomers are starting in 2023. So I was just head. You guys did. You're not like, you didn't miss out. It's starting big time now.

The rocket is taking off. That's that silver tsunami. You know, think about the attributes of a tsunami. Our own government doesn't know what to do with all the seniors. That's how we this opportunity is. Did you like that silver tsunami? Yeah. And, you know, that silver tsunami can be kind of scary.

And that kind of tells you about how big this opportunity is. And I love the fact about the windows. What is the American Dream where I just take that senior's house, update it and get it to the new family. That's how, this is how life is going to work. But that is the opportunity that we have. Just control that flow of inventory.

Perfect. That was another piece of AI work. It came up with a Silver tsunami for me. Or was that short? No, Super Sonami is like, it's kind of a known thing in senior living that that's what's happening. Oh, it is. It found that online because it is a term.

You got to just be careful how you use it because some might take that negatively, but it's, it just kind of speaks to how big the problem is. Yep. Well, you know, YouTube forces us down the quick bait rabbit hole, you know. They won't reward you unless you get people to click. So I think that had a good ring to it. No, I use that term because it really speaks to what's going to happen, right? Guys.

I mean, nice. So I like it just, you know, everything with senior living is about empathy and dignity. And that's where, you know, the typical real estate investor really needs this training. Because, guys, they're going to put their foot in their mouth, even with good intentions just because they don't know they're doing it wrong. And how we talk in senior living, we'll let them know if you really know senior living or if you're that shark trying to infiltrate. And they're really defensive.

Why? Because seniors are known to get taken advantage of, right? They need to protect their senior. We should protect seniors. Mom's House cares very much about how we present ourselves in this industry. For sure. Perfect. All right.

So Wednesday webclass next Wednesday. But if you'd like to jump to the head of the line, you can go to momshouse.com, forward slash epic if I send him enough new customers I think he's got a new toaster oven waiting for me so I'm trying to win that so help you win the toaster oven don't forget the four slash everything all right philip thanks buddy appreciate you thank you have a good day guys thanks for having me on you bet I'll see you next week and that wraps up the epic show if you found this episode valuable who else do you know that might too there's a really good chance you know someone else who would and when their name comes to mind please share it with them and ask them

to click the subscribe button when they get here and I'll tell you take great care of them. God loves you, and so do I. Health, peace, blessings, and success to you. I'm Matt Terrio. Living the dream. Yeah, yeah, we got the cash flow. You didn't know home world. We got the cash flow. Okay, only 10 more presents to wrap. You're almost at the finish line. But first, there, the last one. Enjoy a Coca-Cola for a pause that refreshes. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.