The Science of Flipping - Episode 101: Justin Colby Interviews Morry the Owner of Successors Data

Episode Date: June 17, 2017

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Welcome to the Science of Flipping Podcast. I'm your host, Justin Colby. Welcome to the Science of Flipping. I am your host, Justin Colby. Guys, we have a special guest on today. He is the owner and founder of Successors Data. And if you guys were at the Last Scale and Escape event, which was a couple weeks ago, you'd heard all about this company. We talked a lot about different list source, motivated and distressed list source versus a blanketed list source. Today's call is all about a distressed list that is killing it across the country.

I actually got the owner and founder of Successors Data on, Mori. I couldn't be more excited to get you guys the knowledge that he has after so many years of doing this. But if this is your first time to the podcast, go to The Science of Flipping. Download the book. It is absolutely free. It's the same book I sell on Amazon for $15. Just go to thescienceofflipping.com. Download the book. It is absolutely free. It's the same book I sell on Amazon for $15. Just go to thescienceofflipping.com. Download the book. Also, if you're ready to get your career moving, if you're ready to take the next steps and you're interested in hearing more about

the masterminds, speaking with someone on my team or the coaching, someone on my team, myself or otherwise, will get with you to figure out whether it's going to be a good fit. It's not always a good fit, but if you're ready to take your business to the next level, make sure you give yourself a chance. Go to thescienceofflipping.com and just fill out the application.

See if it's a good fit and we'll take it from there. So with that said, I want to bring on my man, Maury. Again, he's from Successors Data, and it is all about inherited and probate leads. And so, Maury, what's going on, man? How are you? Thank you very much, Justin. Thank you for your contact. Sure. Be more than happy to walk you through our data, give you a quick introduction as to what we do and how we generate this unique data. To give you an idea, what you're about to see has never happened before in the history

of inheritance properties. Here's the reason. Most people who find us, they're familiar with probate properties, they get records from multiple different sites online, but then what happened is that they realized that there is more properties that are being sold what happened is that they realized that there is more properties that are being sold as inheritance properties that they never go to probate. That's how they find us. So what we do is very actually straightforward for us. We go through this thing 24-7. We go through a list of 65,000 name of the individuals who pass away every week nationwide, and we identify

the properties they own. Basically, we are posting a real estate property that is owned by the individual who passed away. Now, what is the significance of it is that this unique data, for example, when we generate the data in Arizona, we are looking for a property that the individual passed away, but we post up to 10 properties they own. Investors contact them saying, if you want to sell your property, I want to buy it. Or realtors contact them for listing. The unique thing about this data is that somebody can own a property for 60 years. For 60 years, you would have contacted

them and they had no interest to sell it. But the second somebody passed away, the heirs are looking for bringing liquidity to the state. That's where investors come in so handy for them to offer a solution because there's sometimes no money in the bank. Two houses paid for, but there's no money

in the bank. We post up to 10 properties they own in every state they live in. You can, we give you access to a thousand records of the properties, 30, 40 zip codes. You can select the records. Sometimes it's 1500, 2000 records. The data goes back to 10 of 2013. When we first able to generate this data, there was not enough technology to generate our data any time before that. It's just amazing what this complex searches we can write and generate them. Now, we go through every record one by one.

You can verify the validity of every record. We give you the link to the phone number, to the mailing address, property address. We give you a link to the obituary. A lot of times it comes handy because when you're talking to the heirs, you want to know how many people are there, the kids or evil sisters or what by who. And then you have a link to the property address. You can find it on Zillow and Trulia. That's helpful.

Then you can go a little bit further and you will be able to see the Google picture, image of the property on Google. You can do that. This is helpful because then you can literally go through the properties and select the properties that you want to, you can scrub them according to what you want to do. You see? So that's basically what we do. Now, if they own more than one properties, you have them there. If you want to remove the individuals who own more than one property, if you want to select those estates with more than one property, you can. All that information is available. Again, you see here age 100, 105, 110 years old.

So most of these properties are paid for, have a lot of deferred maintenance, only because a 98-year-old didn't rehab the property or didn't remodel the house six months before. You see, this is the reality with this data. So I'm going to wait to see what Justin wants to know. Justin, what else would you like me to tell you, friend? Well, what is the difference between, you know, what a lot of people want to know is, you know, I need more deals. I need more leads. Sure, sure. What is the difference between a probate property versus an inherited property?

And what's the benefit or pros or cons to either one of those? Okay, so in both cases, really probate starts here. In order for you to have a property that goes to a probate, let's say somebody passed away in the state of Arizona, one person untitled, and so there is no living trust. That means the property was owned by an individual's name. In order for heirs to sell or transfer title, they have to file for probate court proceedings. Because up to this point, the state of Arizona owns the property. You see? So now, that happens weeks,

months, years later. Somebody can pass away today, three years from now, they can file for probate. But we tell you within 10 days about that property. So that's for the ones that goes to probate. So we call it pre-probate. That's actually happened to two out of 10 properties. So that's significant because eight out of 10, you're not dealing with an attorney. You don't have to go through any channel like that. And so the heirs can sell it on a dotted line. As fast as you can come to an agreement and fill out your form or purchase agreement, they can sign it for you. That's the difference, friends.

So all of them are really inheritance properties, but eight out of 10 do not need to go. We call it a standard sale, the standard sale, because they sold just like that, just like you buy it from anybody else. That's right. So part of part of my business, right, is I've been very effective because I have a probate lawyer on my team. Right. so anytime I get a lead, very similar to what you mentioned, where someone says, hey, you know, I want to sell the property, but it's still in my parent's name. I involve my probate lawyer. I pay him a fee. And he actually takes the whole process over and gets it converted over into the children's

name so that I can then buy it from the children it's a very very simple process yes and that's brilliant because what you don't want to do is create an auction in court because if you go before a judge say he is the heir he wants to sell I want to buy then his course the day there is their duty to make sure that the heirs will get as much as possible. So next thing you know, there's an agent involved and all that. And this whole sale, it just goes to a different level. But you're absolutely right.

Getting the property transferred to the heirs while you have an agreement with them and waiting for them to come to power and buy the property, that is brilliant. That's very good. Very good. Yeah. So out of all your years doing this, has this been something that, you know, what's your experience with real estate investing and, you know, how do you use the list? You know, I've done real estate for many years. The unique thing about this data is that you come across people who need to sell because first of all, it's to their best interest. Second, many times there is no other option. And here is what is interesting. Sometimes the bigger

the state, the more urgency for the liquidity because of the income tax, the state tax and all that. Imagine somebody own $8 million worth of properties, and the last person entitled pass away, and there's no life insurance. Well, they have to pay state tax, 55%. So nobody is immune to this thing, you see? So as for us using the data, we just wanted one more way of reaching the individuals who own properties, who want to sell the property, that literally they never work for it. It's just easier to deal with heirs who came to end up with a property for $400,000. They never made a payment for it.

They are easier to deal with. And so that's the reason we generate the data. Yeah. So, Maury, you're actually recording your screen right now, correct? Yes, Brent. Yes. Why don't we walk through how someone new to your system would pull a list, right? We can use, you know, my, I'm in Phoenix or wherever you want.

Just maybe walk what they would do when they sign up for Successor's data. Sure. So when you first sign up for Success data you come to on a screen it's our last 500 properties that we post them the subscribers had them but then when the property sold the transfer title we had to remove them basically we are connecting two industries together the date right here is a date individual pass the way so for 28 2017 the individual passed away. So, 4-28-2017, the individual passed away. We only post this property for two weeks. And the property sold or transferred title, we remove them. So, in this screen, you see the age and you can sort it any way you want. Now, all you have

to do is you go to my state, you select the state you're in. Then you select the zip code. For example, here we can select any zip code. And here, let me type in the zip code, as easy as that. Then once you select the zip code, you go to New Data, MyZip, and you can bring those records in and add them to your account. Now, you can have 30, 40 zip codes. It doesn't matter how many records they are. And the data goes back to 10 of 2013, all the way to two weeks ago. What is significant of it is that every month we go through the data and we remove the sold properties from your account,

and we put them in MyDataSold. Right now, there is nothing there because we just created this account here for the purpose of demonstration. But it is literally, and so what is the significance of it? If we give you a thousand records, you're going to see 30, 40 of them sold or transferred title, just like my data, sample data sold here. And those properties will be transferred to a folder. So you don't have to contact them. Okay. We actually had an investor called and says, I want to reach out to those people one more time because a lot of times it's a family member who ends up with a property, they still

may want to sell it. But that's a secondary thing. So you get the data. Now, once you have the data, you can create a letter template and you can mail merge to those records. You can select a group of properties, you can create your letter and print them out, use a Windows 10 left envelope and put them in the mail, or we can even send a letter for you at 40 cents a piece right through Triven in Dallas, Texas. 40 cents out the door, you can see the sample that we send up. Let me show you. It is right here. So this can be that simple. Basically, you select the type of the

properties that you want. Let's say you want single family, you want condo, you want duplex, triplex, all that. And then we get your information here your personal information and we can then export the file from your account as easy as this we can click on excel and it will export those records with the type of the properties that you want here we are so you can see here i selected single family and they are right here. You see? So this is that. Now, let's go to the, I want to show you a couple of things with our data. First of all, there is two places that we give you education about our data. If you go to successorsdata.com, be sure to look at the five videos on the bottom of the main page.

Those videos will give you a lot of insight on how we generate the data and how you should utilize them. They're really good stuff. Then if you want to navigate through the site, you go through the tutorial. On the tutorial page, you have one or two minute videos that you can watch. If you want to do the mail merge or not, we have had a lot of people ask questions about different type of mail and all that and we help you anyway you need help we help you but uh so justin anything specific i can uh i can explain let's go through the absentee and what that means why don't we go through that sure sure you know uh it's no hidden secret in real estate. People like tenant-owned properties only because the individual who owns it from time to time,

they're too difficult for them to manage the property far away from the property. So on our data, because we post up to 10 properties, if you want to know an estate owns more than one property in the area that you cover, then you can click on absentee owner. Now, what is significant here is that, okay, let's go to my data. In my data screen, we have 818 property records here. Of these individuals, 818 of them, these individuals, we have 106 tenant properties absentee owner properties let's look at for example this one so here mary here owns owns uh one two three four all these properties

are owned by her you see the mailing address is the same so we we identify those properties because here you have somebody who owns four or five properties, up to 10 properties we post. Now that's significant because you want to pay attention to those deals, especially if you may want to send an extra piece of mail to them, extra letter, make an extra effort to contact them. That the reality with data see here for example an individual owns all these condominiums a lot of times we see the commercial property we see the rental property the apartment building and their house coming right side by side we list them so that's the unique thing about absentee owner properties here is estates with more than one property.

Yeah, and then you don't have to mail to the same person. Absolutely. So, for example, you can take this list out here. If you just want to reach out to the individuals who own more than one property, I can export this list out. As easy as that, I can go ahead and say I can remove the duplicate. Remove duplicate. Mail-in address is based on what? Based on the mail-in address.

Here we are. Now I have a list of 78 properties here that I know in every case the individual owns more than one property. We call this a gold list. This is the gold list. Because you're dealing with a lot of equity, a lot of options for the heirs who can sell. We look at the properties really like commodity, like CDs, that the heirs can say, you know what, let's go ahead and cash out on that one. Or we should sell this one. We should keep that one. But all the information is right here. I love it. I love it.

Well, Mori, I really appreciate you taking some time out for our listeners at the Science Flipping Podcast. Is there any, you know, obviously going to Successor's data, it's a free account. You have great tutorials on there. This is a great, great list for you

guys to be mailing to. Is there anything else that you want to, you know, have my listeners do or any other way to find you or anything? Yes, absolutely. I want to give you one more tip. Forever since we launched the data, people would say, what is the best way I can reach them? If I don't want to send letters, is there any way I can get phone numbers or is there any other way I can reach them?

So we create a site called IQ Dial. What it is is that you can, if you have a list of, let's say you have a list of 2,000 properties, and you want to see if you can get a phone number or email address to those mailing addresses, you can. So the information for IQ Dial is on the bottom of the page on successor data. So we have people who are wholesalers, for example. Predominantly, they use the phone to reach them, and you can. All the information is there. You can use it this way, or you can go to the dialer and get phone number or email address and utilize them. But nevertheless, our main focus is publishing the properties that are being inherited.

Very nice. Well, good. Well, again, Successors Data, his name is Mori. He is the owner. He is the founder. He is an awesome guy. He will give you everything he's got. He'll give you a shirt off his back.

I really appreciate you coming on the Science of Flipping, Mori. Thank you so much. Thank you, sir. Thank you. Enjoy the day. Bye-bye. Bye-bye. Bye-bye.