The Science of Flipping - Why Senior Living Might Be the Most Lucrative Real Estate Niche Ever | Phillip Vincent

Episode Date: August 9, 2024

Claim Your Free State-Specific Referral Partner Leads List: www.momshouse.com/justin --- Today I sit down with sits down with Philip Vincent, a real estate expert who has completed over 1,000 deals within a unique and often overlooked niche: the senior living space. We discuss the massive opportunity presented by the baby boomer generation, who own $30 trillion in real estate equity and will need to sell their homes to pay for senior care. Phillip explains that senior living communities are a relationship-based business and emphasizes the importance of building relationships in the industry. He also highlights the value of being a referral and placement agent, helping families find the right level of care and assisting with the sale of their homes. The conversation explores the challenges and opportunities in this niche and provides insights for real estate investors and agents. In this conversation, Phillip Vincent discusses the importance of building relationships in the senior living industry and how it can lead to long-term success. He emphasizes the value of networking and provides strategies for connecting with professionals in the industry. Phillip also introduces the concept of referral and placement business, which involves helping families find the right senior living options and assisting with the sale of their homes. He highlights the potential for real estate agents to expand their business by tapping into this niche market. --- Connect with Phillip!Instagram - @phillip.vincentTiktok - @phillip_vincentFREE RESOURCES - www.momshouse.com/justin --- The #1 training and coaching system to launch, grow, and scale your investing business! 𝐋𝐞𝐚𝐫𝐧𝐌𝐨𝐫𝐞: http://www.thescienceofflipping.com Turn cold real estate leads into engaged motivated sellers on auto-pilot using the power of A.I! 𝐋𝐞𝐚𝐫𝐧𝐌𝐨𝐫𝐞: https://www.rocketly.ai/ Have a question? Ask me anything at https://www.askjustin.ai/ 𝐀𝐛𝐨𝐮𝐭𝐉𝐮𝐬𝐭𝐢𝐧: After graduating from UCLA in 2003 with an English degree, Justin went directly into business for himself. He has never had a W-2 job. In 2005 he got into real estate by co-founding a brokerage in the Northern California area. Quickly he realized that being a realtor was not for him. In 2007 he got into real estate investing full time. 16 years later, Justin has flipped well over 2600 properties, accumulated millions in rental properties, and is an active investor to this day. His success in real estate led him to start The Science Of Flipping podcast and education company, where he has coached and mentored over one thousand aspiring and active investors.  He is a nationally recognized speaker and is on a mission to educate as many people as possible on becoming a successful dynamic real estate investor. 𝑾𝒉𝒂𝒕𝒕𝒉𝒆𝑷𝒓𝒐𝒔𝑯𝒂𝒗𝒆𝑻𝒐𝑺𝒂𝒚𝑨𝒃𝒐𝒖𝒕𝑱𝒖𝒔𝒕𝒊𝒏:  “Justin is one of the best trainers in this space. He really gives everything to his tribe.” – Brent Daniels (TTP)  “Justin’s ability to connect with people and help them understand what he is teaching, is unparallelled” – Kent Clothier (REWW)  “We have been in the trenches flipping homes in Phoenix for over a decade, he is one of the best to do it.” – Sean Terry (Flip2Freedom) Subscribe To Justin Colby: http://youtube.com/justincolbyView All My Videos: https://www.youtube.com/c/JustinColby

There's 2 million real estate agents. We could lose a million of them and never skip a beat. There's only 1,500 people doing referral and placement. If I do so well, Justin, that I get that to be 10 times as much, it's still a ludicrous, laughable comparison of 15,000 to a million, right? Even if you do both ways down, that's how much opportunity is here. And here's the thing about this niche. People think niche and they say, Phil, what a great little niche you're in. No, no, no, no. This is real estate for the next two decades. This is where the inventory is going to come from. This is millions and millions and millions of families that are going to need this over the next 10 to 15 years. Do you want to be a part of it? Yep. All right, Science of Flipping, welcome back to another incredible episode. I am

super fired up because this individual, this guest, has done well over a thousand deals. He's done it in a niche of leads that most of us, even myself, have not really attacked. And it is something myself and you need to be paying attention to because it is going to create a huge opportunity in the next decade. My friend, Philip Vincent, is here all talking about the senior living space. What is up, my friend? Thank you for having me on the show today.

I'm excited to be here. It's fun to get to talk about something new in real estate. Yeah. So in funny enough, it's not new, right? I mean, you would even say it's not new, but I think it's new to the general. I mean, listen, I've done this 17 years and you're making me aware of it. That's how it's been there. It's been around, but it's just not vocalized at the top of the mountain. And you are going to be the person that takes everybody in there because I myself have been peppering you with questions. How do I do this? How do I build this into my business? This is incredible. And it's all about the senior living, the baby boomers, the millions of people that are going to create vacant properties and you're going to have to do something, but you have the game on

this. Let's dive into kind of what you've been doing and what we can be taking advantage of here in the next five to 10 years. Yeah. Baby boomers make up $30 trillion in real estate equity. $30 trillion. I mean, they own 50% of the houses in the United States are owned by baby boomers and their parents. That is a ridiculous number. That is where the inventory is going to come from for the next two decades. And so, guys, I always say you're going to get into senior living whether you want to or not, so you might as well embrace it. And if you don't, you're going to be buying houses from someone that did get into this niche.

Yeah, so, you know, let's kind of jump in. The first thing I think about is, like, what is my first, what am I looking for? How do I find this? Because you know and I know know every coach, every guru that's out there, right? Oh, go, go to absentee homeowners. That's like the best list, right? Go to landlords, right? Go to equity. But how do we find this, this niche? I mean, I'm like literally blowing you up. Like, how do I do this? Where can people start with this niche? Yeah, it's a relationship based business. And so what most people don't know, in a way to think about senior living communities, they're basically a big multifamily building, right? With just a bunch more overhead, but it's very, very expensive to live there. It's about $6,000 a month. And 95% of Americans don't have the $6,000 a month to pay for care. So when mom or dad has to move into senior living, they're always shocked.

And almost immediately they say, hey, brother, like me and your brothers, we're like, how are we going to pay $6,000 a month for mom when she only has a $2,000 a month pension? We say very quickly, we're going to need to sell mom's house because that's where her equity is sitting. And thank goodness for these boomers, they have this $30 trillion in equity. And to be clear for everyone here, that equity is going to be traded for their care. Boomers are going to live longer and they're going to want a bougier life than maybe their parents had. And that's okay. It's their money, but that asset will be sold to pay for care before they pass away. And that's why it's my favorite niche. They truly have motivation. They own it outright. It's a house I can usually add value to. And if you think about true motivation, you're not trying to convince

someone to sell their house. When they come to you with their hand already up saying, Philip, I need to sell my house, your life will change when you work with a client that's in that position. Yeah, listen, you and I have both done this a long time. One of the things that I love to focus on is homes that need value add, right? I love it both for flipping and for my buy and hold. I do the classic burr model. I bought it, I remodel it, I rent it, I refinance out, I repeat. So this tends to be, this is why I'm so excited. This tends to be right up my alley, right? For all those out there that are looking to buy rentals, good fix and flips. Wouldn't you make the argument like this is the exact type of home you're looking for?

I would definitely make that argument. And I also want to say I hate to put blanket answers on the whole United States. We're talking about millions of homes. And so, guys, they're going to be perfect homes, pristine, that they bought three years ago that are just going to end up being listings. So if you are an agent, this is where a lot of your listings will come from. But there's also, if I'm going to be stereotypical and say what this usually is, it's usually is,

it's usually that, you know, I'll give you an example. Mom has lived in this house so long that she got her new kitchen and she got her new kitchen in 1992 because she lived there so long. And now that 1992 kitchen has to be replaced because now it's 2024. So they've lived there that long to where these houses are what I always lovingly say, grandma clean, but they're not retail ready. Maybe it has the new hot water heater or the new roof in 2017 after the hillstorm, but the carpets in the, you know, the carpets, the wrong color, the paneling's in the wrong place. The kitchen's not right. The bathrooms aren't right. And there's just some, uh, things that need to be updated. And so for guys like us, if everything was retail ready, we would probably not be on this, uh, show today, right? We were, We were looking for houses we can add value to. And these moms houses are usually perfect for rentals because they're definitely livable. Mom

lives there. Like you could keep it just in its current condition and keep it as a rental and or value add, like you said, bring it up to the 2025 standard and sell these as rehabs to flip to the market. So what have you been focusing on that thousand transactions plus that you've been able to do? What is, what is your focus been? All right. Science flipping podcast listeners,

as always in this episode is brought to you by rocketly.ai. If you're looking for a seller lead generating system that has automation in AI bot and has sellers coming to you, then rocketly.ai is your choice. Make sure you head over to the website, fill out an application, and schedule a demo now to see the power of Rocketly.ai. So for me and my local market of St. Louis, so I have relationships that bring me deals. If you think of me as like a lubricant for senior living, I want to be clear out of the gate. We're not talking today about building your own senior living community.

I'm not talking about that today at all. I'm saying every person that moves into senior living, they're leaving that forever home to unlock that equity to pay for care. It's truly the flashpoint of when they need their money to pay for care. The average stay in senior living is around 21 months, and the average cost of that care is around 21 months. And the average cost of that care is $6,000 a month. So you do that care cost, and it's that asset of the home that they need to sell to pay for care. And that's why it's the perfect flashpoint of what I

focus on is getting to that customer at the exact right time. If you look at me as a census conversion tool for senior living, that's why senior living wants to work with us. You got to remember, I don't charge them anything. I'm a free resource for them to help them. That person, why do they not move in? What keeps them from moving in? It's almost always the house they live in currently. They're not ready to leave their forever home. So when they are, when they know they have somebody who's going to buy it, take care of it, help them with the stuff, you know, where will mom find the best care? What do we do with the house? What do we do with the stuff? When you fix all three of those things, that's when they decide to make a change and make the move. Do you ever have to do, you know, cash for keys kind of comes

to mind, like they may be ready prior to the whole transaction closing, or maybe they like the children, like, Hey, mom needs this care now. Like I'm tapped out. I'm done. Do you ever like say, hey, not a big deal. Let's get into escrow. Here's 10 grand to get this thing started. Is there some like ninja ways to kind of like secure that you're going to get the deal? You could do that. You got to keep in mind if I can close in a couple of weeks, I could really just buy the house in a few weeks and get them all of their equity. And so I've done things like you house in a few weeks and get them all of their equity. And so I've done things like you said about cash for keys or giving them a little motivation.

The adult children, I call her daughter Judy. She's been ready for mom to move for a year, right? And it's mom that they've had to convince. And guys, this is not like a fun subject necessarily. We're talking about, you know, you don't take a healthy mom to senior living. There's some chronic thing that's happening. And it's almost always a fall. That fall is what, you know, 64% of people that move into senior living, they had a fall there. They have to have a new hip and

now they can't move back home. And so it's a pretty dramatic time. And we said at the top of this, that this is this billion dollar industry that nobody knows about. The people that know about it are only the ones that have gone through it. And every family that's gone through this, they all say, man, there has to be an easier way. They all feel like they're on an island. They don't know which way to turn. They don't know who to get advice from. And so what we teach is called being a senior transition specialist is to help mom find the right care, the level of care. Because people, we talked about this before, everybody just calls it nursing homes. Well, when you say nursing home, that's like what the lay person calls it, not knowing the different levels of care, which is independent living to assisted living to memory care to skilled nursing. All of those are very, very different communities.

And right now, if me and you were brothers, Justin, how would we know what level of care to put our mom in? It would take a specialist to do that. And that's where the referral and placement business comes in. Yeah, there's no doubt. And this is, listen, you guys are all listening to this podcast because you're either aspiring to get into real estate, you're actively in real estate, and all both those individuals are thinking to themselves, how do I get more deals? Or maybe how do I get my first deal? How do I find a deal? So let's even start there. What would you tell someone that's like, Philip, this is brilliant. By the way, I think it's brilliant. So everyone listening and watching should think it's brilliant. Where do you start? What do you do? Yeah, check this out. This isn't the back door

to the best real estate leads ever. This is the front door and it's called the referral and placement business. So these senior living communities that charge eight grand a month, they will pay you eight grand for you to bring them one person who needs care. And then when you find out that that person 90% of the time needs to sell their house, guys, I'm teaching you guys about a business right now where you can make money helping people find care. And almost all of those people also have a house they need to sell. When you're sitting there with a family discussing what level of care they need, you're doing something called the discovery process. What are you are you discovering, you're discovering where the money's going to come from.

And you're usually sitting in the living room of the person with the family saying, hey, how much money do we have to spend here? And they're like, man, we're going to need to sell mom's house. That's why it's called mom's house. Like they're sitting there in the moment going, I think we're going to need to sell mom's house. And you just so happen to have a solution for that. So that holistic approach of, I call it a three-legged stool.

Where will mom find the best care? That's called referral and placement. You get paid one month's rent. So if you're just starting out, that was the question, long-winded way to say, you can make four grand, six grand for one placement, do that a couple times a month, and also get real estate deals from this. So you could get paid, you know, 90 grand a year from just referral and placement. And that's also where your real estate leads are going to come from. So how do you do that? It's by building relationships in senior living. What a lot of people don't know is this, is each community has a license. And so they could only serve the public to that level of their license. When Bob, who's their

patron out, but I want to say outlives, out needs, his care needs, his acuity level goes higher. And now we can't service him in assisted living anymore. He needs to go to memory care. When that happens, they don't want to kick Bob out. How would that look if everyday people are getting kicked out of care? What they're really doing is they're trying to find Bob a safe landing place for the next level of care. So if we have an assisted living community that doesn't offer memory care, we want Bob to work with a placement agent to go find the right level of care. So if we have an assisted living community. That doesn't offer memory care. We want Bob to work with a placement agent. To go find the right level of care. Each move is a different referral fee.

Now I don't want to get this twisted. And make people think that they need to be some. Like referral. Assisted living. You know. That's what you do full time. I don't want you to go around. Trying to knock doors on old people.

And say hey you should move. That's not what we're saying. However, what Philip is saying is there is an income stream that does come when you are talking to a homeowner or a son or daughter of an older homeowner. And you're talking to the executor or whatever we want to say and to give an offer to say, hey, there's this opportunity at this living care. I have great relationships. I'm happy to refer you over there. There is actual income that comes from that. And why I'm mentioning that right now,

I built my whole business essentially virtually. The very early years I was in Phoenix, only focusing on Phoenix. But even when I started, I lived in San Francisco. And so my better part of 17 years has been a virtual business. I would make the argument, and I'm going to ask you, wouldn't this model, your model, really be most beneficial in your local market? 100%. I always say I'm in the hugs

and kisses side of real estate. It's really hard to hug somebody virtually. And so to be there with the family, and here's a good example. Most children live over 200 miles away from their parents. That's the average. So when they fly into town to come take care of this for mom, they want somebody local there that knows they're going to take care of this situation. And so being local is imperative. Could you do it virtually? Sure. Will it be as good as being there? Absolutely not. So I do think you're going to want to work the local market that you're in. Which can create a great opportunity, right? Because when I do teach my science flipping community, I say, you don't have to work your local market. However, it's always an and in my scenario, you do it virtual and you can do it

locally. It's not an or. But this is a niche. I'm telling you guys, like, I'm just blown away about the opportunity because when I do my TV commercials, when I'm doing my PPC advertising, when I'm spending my money marketing, inevitably we come across some of the older crowd. And before I became friends with Phillip, I wouldn't have even thought of this. Like it wasn't a thought on my radar for a second. The only thing I was thinking is motivated seller, let's buy the house. Let's get this under contract. So you guys really need to pay attention to this. Now, what do you think is probably the most common hiccup for someone to start doing what you do? Why do more people not either know about it or don't do anything when it comes to this?

Because they're going to show up as a real estate agent or as an investor. So we love that word investor, right? I'm an investor. If you look at people's Facebook page, they say their picture, I love my kids, and I'm an investor. That investor word, is that a positive word for them? Do they want to deal with investors? Sometimes they think of the sharks, right, when they hear the word investor them? Do they want to deal with investors? Sometimes they think of the sharks, right? When they hear the word investor, are we all sharks? Absolutely not.

But that's what they hear sometimes. Now, real estate agents are funny because that's how they've been fixing this problem for the past 30 years is they go find an agent and the agent says, clean this place out, do this list of rehab items, and let's get top dollar for your property. Well, guys, if you only have a 21 month window and you spend six to eight months messing around with the house, trying to get a few extra dollars, um, that's families are always like, there's gotta be a different way for us to do this. Now, sometimes that is what they end up doing. But a lot of times they say, if I can net around the same amount without doing the work, almost every person says, let's just go ahead and sell it. Cause we need the cash. Now they're the adult children are just trying to go back to

their lives. Yeah. This has been a really hard time for them. The adult children, we call her daughter Judy, the one that's taking the brunt of this. She's burned all of her paid time off. She's flying into town all the time. Her needy husband's back at home wondering when his wife's going to be back. They're being pulled in four or five different directions, and they're just looking for calm and back to normal. Now, the new normal might be that mom lives in senior living, but unlocking that equity to pay for that care, I see the weight come off of the family's shoulders.

And if you said something earlier I wanted to point out, this niche is so big that you said, you just don't go knock on all seniors' doors. You're so right about that because there's too many of them, first of all. Just because they're seniors doesn't mean they need to sell their house today, guys. That's the point about these lists. Just because they're seniors doesn't mean they need to sell their house today, guys. That's the point about these lists. Just because they're seniors doesn't mean they need to. We're looking for, as real estate people, as what's the true motivation or that flashpoint of change. And so things like probate, someone passing away is one.

But moving into senior living is the flashpoint of when the family says, hey, Phil, I need to sell my house. They've raised their hand. And when your business shifts from, I think we might sell for the right price, those kind of sellers, to, hey, we have to sell because we have to pay this bill that's brand new, that's a very, your life's going to change when you start working with that seller that needs your service.

In fact, if you think about the industry standard that's going to close maybe 5% of their leads, I'm probably closing 40% of my leads only because I'm not a ninja salesperson. It's because I'm only working with people that need my service in that moment. Yeah. And I think you're being gracious when you say in the industry, it closes 5%. I think that number is a lot closer to two to 3%. But the question I would now think of is, would it be a good starting point to even go to these facilities, the care facilities, and ask them, hey, I specialize in helping this transition. Do you have upcoming new members?

And maybe there is a pitch to this. Maybe this is not what you should do. But that's why I'm asking is like, go to the facility and say, do you have, give me the next 30 days of people inbound and I'm a specialist in helping the transition, especially in the real estate space. Is that a conversation you should be doing? People listening are going to think that. They're going to start to see all the communities around them and think, I'm just going to stop in there and start chatting. Senior living has its own language.

And I'll give you an example. You didn't even know that you did it. You called it a facility, right? And so facility is a term you will hear sometimes, but it's not the way they want it called. They actually want it called the community. Mom's moving to a community, not a facility. And there's certain words that we say

that they're going to know if you're part of senior living or not. And so I think a lot of our training is this machine of senior living has its own language. And if you speak the language, the water's warm. They're going to invite you in and bring you there. But if we talk like a normal investor or normal real estate agent, that's when they kind of know, like, wolf in sheep's clothing,

you know, not there for the right reasons. And I think that education process, while it's not hard, you just have to learn it, it's worth your time because these people have these families that need to sell the house every single day. So, I mean, I'll give you guys a million-dollar line right now. I say, do you guys ever have a situation where they want to move mom in, but they can't until they get the household? They always laugh.

They're like, every single day. That's what we do here. That's everybody's problem. And I say, Justin, are you working with anyone that's going through that right now? And what I love about that question is, even if they're not ready to give me business and this new relationship I'm trying to build, it's what box did they put me in? Everybody judges, right? We can pretend like we don't.

But what I mean by that is when you meet somebody new, when you walk away from that person, what box did you put Philip in? Oh, I think he's an investor. Oh, I think he's a real estate agent. Or I think Philip fixes a problem that I have every day. And when you have that third one, when people, guys, everybody cares about what's in it for them. So when you become a tool for senior living, that census conversion tool, and they're like, man, every single day I have this problem. I'm working with Fred.

He having a hell of a time selling his house. I need to give him to Phil. Yes, when you do this right, it's so organic. I have my students going out. And when they say it the right way, and let me say this to be clear too, this industry wants you to start with a give. And for my transactional listeners right now, your ears are going to be like, oh, I don't want to give anything. There's a lot of takers in our business, right? If you're very transactional, this is probably not right for you. But if you have a little bit of empathy,

so re i.e. female right here, guys, if you're a female investor, and you want a niche that's perfect for you, I think you guys have the advantage because of empathy and the nature of what we do here. Now, can you be a guy and be successful? Sure. I'm the founder of this thing. So of course you can. But my point is, is this is a little different. And here's why it matters is because I don't know the lifetime value of my relationships that I started building in 2011 to this day because I'm still doing deals with those people I met back then. So imagine that lifetime value of these relationships. So first of all, you said you have students.

Where can they go to find you? What can we do to kind of have them? Listen, we only have a short amount of time in this podcast. How can they know more about Phillip, what you're doing, Mom's House, all that? Where can we have them go? I wanted to do something special for being on this podcast. I'm thankful for being here. There's this whole list of people that you need to build relationships with.

So it's your elder care attorneys. It's your probate attorneys. It's your executive directors, your finance directors, your social workers, your care managers. And Justin, I went ahead and created a list of 310,000 of these people nationwide. And I've got their name, their phone number, the community they work for, their LinkedIn account, like people that you're going to want to start building these relationships with. We always say that 20 is plenty. If you have 20 people that know, like, and trust you, Justin, you're going to have more business than you need from this niche once you have those 20 people. And so what I wanted to do

for all everyone listening today, I wanted to start with a give. Here I go. Like, this is what we do. We start with a give. I want to give you the list of leads, these, these senior living management people, the people that have the ear of the families that can be your warm referral source. Like what we've been talking about all day, I want to give it to each person listening today by your state. So if you live in Minnesota, I want to give you the Minnesota list. If you live in Missouri, there's 6,500 people on the Missouri list. Down in Florida, it's like 20,000 people.

In California, it's almost 40,000 people. But each state, I want to give that to the listener because I want to start with that give to say, guys, here's the people, here's the opportunity. All you have to do to get this list is go to momshouse.com forward slash Justin. And I want to give you that list as my free gift to everyone listening today. Well, I appreciate it. Everyone listening, make sure you go there and watching. Now you said something again, that is just so monumental. My success and what I preach from the mountaintops is start with a give and build a relationship. And I think too often in our space, kind of the more traditional

transactional side, again, it's all about how do I get the next house and not thinking about what can I give? How do I offer the value to the point of like even talking to realtors. Too many people go and try to make offers on listed properties without actually building a relationship with the realtor. And I kind of make this parallel between what you do and just the simplicity of MLS listings with realtors is you can't go in and just lowball an offer with the realtor. No realtor is going to be like, brilliant. I love it. Thank God we sold it for $100,000 less than list price. But if you go in there and offer a certain amount of value, if you go in there with a genuine want and desire to connect with the agent, to build a long-term, longstanding strategic partnership, you will forever feed yourself, feed your business.

And so will the realtor. The realtor will forever feed themselves because you are the buyer. Talk a little bit about feed themselves because you are the buyer. Talk a little bit about that because everything you're saying up to this point really just leads into this vein that I try to push, which is create value and create the relationships. The money comes from the relationships. 100%. And that's through any economy, too. Those friendships stay in a good or a bad economy. I want to tell you all about senior living. They get hired and fired every day over something called census.

And the census is just a fancy word for occupancy. When the census is too low, they get fired. It is their job to keep the census, the occupancy as high as possible. What's stopping people from moving in is they don't have their house sold yet. They don't have their money right. And so when you're a census conversion tool, that's a million dollar line right there. If you're a census conversion tool, senior living will want to work with you. They'll want to pay your referral fees. They'll want for you to help their families when they need that next level of care. They'll want you to buy their houses so they show up with a bag of money and not a bunch of problems. They'll want you to help them with all of their stuff. Remember, when they're moving from a 2,000 square foot house down to a 600 square foot apartment, they have way too much

stuff. And so the separation of the stuff from treasures down to trash is its whole animal. And when you're good at all three of those things, now you're a valuable tool for senior living. And so I always say, I kind of liken this to dating. If you're trying to date somebody, you don't ask to get married on the first date. And that's where so many people, they go way too fast. They haven't gotten to know each other. They're in that dating phase and they push way too fast. And so if you knew you're going to have a relationship for the next 10 years, I'm not going to say how slow would you go because I want to do business as quickly as possible

as well. But it's how do you start with a give? How do you be a tool for them? What's in it for them? When you can clearly know that I'm not selling you anything here, I'm a tool for you, please use me. And that's when it becomes really fun

where they organically want to bring me those families because they need that equity unlocked or that right level of care. Now I'm a tool for this industry. And that's when you have these long-term relationships. Is there, and again, just like like you say like so many people initially think it's you go to these communities first but i can't get that out of my mind because if you say it the right way and say hey you know i come across people that would need your guys's service as a community

a lot you know i'd love to start a relationship with you. Let's start with one and figure out where it goes. But I come across some of these elder generations that really need a community like you guys have. Who do I need to talk to? How does this start? How do we start the relationship? How can I recommend one or two people? What's the process here? Because it's actually something I've been thinking a lot of how do I add more value to my own clientele? And you guys are actually top of the list. Now, again, I don't know what you know, but I feel like it's off nice pitch to start the relationship. I don't know if I would walk in the front door unannounced to start. I don't think that's the right way to do it. They're way too busy there. It's almost like a clinical setting and you better get to the point right away. And

it's just not going to be the result that you want, most likely. Some people will do a fakery where they go in for a tour to pretend like they have a senior that might move in. I don't believe you need to do that either. I think you can be forthright with why you're there. You guys don't know this yet, but there's just as much networking happening in the senior living industry as there is in the real estate industry. You know how it is. We could go to a Rio event or a meetup event every day of the week if we really wanted to. There's that much networking happening in senior living as well. And that's where you go to build your relationships. We call it 20 is 20. Keep in mind, everyone that's also networking there, what are they doing there? They're also building their

bench, their roster, their 20 is 20, because they're looking for people they can know, like, and trust. And so to start, Justin, I would say let's find your local senior living meetup groups, your networking groups, start attending those, see who the players are, start to listen, listen a lot about what's going on, who you can help, how you can be of service. They're a very collaborative group when they trust you. It is incredible. What you are saying just, again, kind of speaks to this vein I've been really, you know, pushing on, which is the community networking. I'm giving a keynote speech in September to about 3000 investing entrepreneurs, and the entire speech is going to be about the people that you meet. And people don't, most of the audience out

there in real estate investing think it's the transaction, it's the real estate, it's the deal, it's the negotiating. While that plays a part in it, you, myself, and the people who have done very well in our space of real estate realizes the people that you connect with and the value that you offer that creates longevity of income, which will create the wealth accumulation. And so you keep harping on it. I love it because it's exactly what I say. Get into these real, like I didn't realize that there was such a big community like you're talking about the meetup.com. What a free, incredible resource, right? Like that people just, they forgot about all of a sudden. They forgot about meetup.com because COVID happened. So no one was meeting up.

And I guess, but so you're telling me right now, if people are listening to this and watching this, to go to meetup.com and there is senior living meetups. It is funny you say that just because this industry, some people don't make a lot of money in this business that work in senior living. So meetup, I believe is $15 a month. So a lot of them just use senior living. So Meetup, I believe, is $15 a month. So a lot of them just use Facebook groups because they don't want to pay the $15 a month. So you're not wrong. There will be some on Meetup, but there will be a lot more on Facebook as well. So finding those networking groups is imperative to go start. It's happening every day.

There's networking groups happening every single day in every city across this nation. And so finding them, yeah, meetup.com, Facebook is a great way to find those. So Facebook, meetup, what would be another piece of advice that, you know, a listener might be thinking, well, how do I go get my first one? Like, you know, you know my world, right? You've been in my world a lot more on the transactional, but like from list providers, the machine is a list provider, all these list providers. Is there somewhere people can go now that you would recommend to find that family, to find the homeowner that can start this whole process for them? Yeah, we actually have a unique niche data product of that daughter, Judy, list.

So this would be people searching for senior living online. Think about the intent there. Do you think you just one weekend accidentally people searching for senior living online. Think about the intent there. Do you think you just one weekend accidentally started looking for senior living near me or for your parent or your parents live? You don't you don't do that. There's a reason why you're searching for senior living. And so we curate that list. We have it as a data product. I used to always say if there was ever a list of daughter Judy's, I'd be the first guy to buy it. So now we have that. And so what I love about almost every, you know, when we know everybody in our data space, nobody has this list and it's, it's, it's a high, high niche list. It's not a huge list, but the, not the intensity, the, um, the, uh, intent, there's the word, the intent of

what these people have is through the roof because you know, you're, you're looking to get mom as care as quickly as possible. And people, people don't know what this is like the whole entire helping mom find the right level of care, I was on a panel the other day in front of 100 real estate agents, and they're all producing real estate agents. And I said, hey, guys, who here knows what the referral and placement business is for senior living? Zero people raised their hand. And guys, being a referral and placement agent is basically being a buyer's agent for senior living. So if you think about this world right now with all the NAR stuff about, everybody's like, I'm going to focus on listings now.

It's like, well, you should have been doing that the whole time, but I want to focus on listings. Well, when a senior sells that forever home, that could be a listing or an as-is sale, but then there's no buyer's transaction because they're not buying the next house. But there is, it's called the referral and placement business.

And I think there's this whole, you know, I always say, guys, we could lose a million real estate agents today and not miss a beat, but there's only 1,500 know, I always say, guys, we could lose a million real estate agents today and not miss a beat. But there's only 1,500 people in the nation doing referral and placement. And it's the front door to where the best real estate leads come from. I hope you're all excited by this. And I hope when you get this list for your state, when you go to momshouse.com forward slash Justin, that you're going to say, wow, here's something super valuable.

These are the people I'm going to call and find out where they network. Hey, Bob. And that's what I love is like, if you're salesy, you said it before, so many people are thinking about the bricks and sticks and not the flesh and blood. And if you can be more flesh and blood and say, hey, Ralph, I see you're a real estate attorney here in whatever city we're in. Where do you find the best networking events? They'll say one or two things. Oh, I go every Tuesday to blah, blah, blah. Do you want to meet me there? Or, hey, I should network more. Where should I go? And now you've kind of made a friend to say, let's go network together.

Yeah. And so do you think that the list, again, momshouse.com forward slash Justin, that is the best place for people to start banging the phones and getting a hold of people? Or is there a list that you can go find the family members that you would say, Hey, if you have those list services, yeah, here would be a good starting point, right? Yeah. I tell people, if you're going to go after people go after motivation. So landlords typically have motivation. People who have owned the home for again, 20 plus years. Now, sometimes they're landlords. Sometimes they're a little bit older, right? There's some level of motivation. Do you even have that where someone might already have a service that they can say okay i'm immediately starting with this start having these conversations we do and and like i said we don't have a lot of time i could i could speak about this subject for

a week guys if you would let me so uh we have a family referral network it's a sass product do we have those leads coming in for every county and so it's something we have nationwide so that's the daughter judy leads the things i want to give you guys is the the people you're going to build relationships with so both of those are leads in my mind one is just the person that's going to be the relationship that can bring you daughter judy's the organic ones and i've got a list of daughter judy's that need to sell their house as well for their parents is that so the daughter judy that is actually is that nationwide as well and yes certainly any state yes sir and'll find like, I know too much about our counties. We have 3,300 counties in the country. There's about 650 that matter. Sorry if you live in a

tiny county, but what I mean by matter by volume. And so if you're one, but here's the thing, 90% of people live in those 650 counties. So if you're in one of those big counties, we've got lots of leads for you. I love that. And listen, our game, regardless if you go down this niche or go a little wider, like I tend to listen, our game, regardless of you go down this niche or go a little wider, like I tend to go, which now I'm going to go a little more niche here. It's all about lead volume and it's all about the conversations you can have. The more conversations you're going to have, more opportunity you're going to be able to have. Right. And so again, this, in my opinion, is perfect for the person that still wants the and business model localized in

their backyard um where what i tend to teach as a whole to my community tends to be anywhere any city anytime right um and i think this is a great not addition because this literally could be someone's just like you like people can go do just this one thing, and you'll crush out a thousand deals. I mean, this is brilliant, bro. That's what I'm trying to say. Everyone needs to be getting to you, looking you up on Instagram, looking you up on Facebook, going to momshouse.com forward slash just.

This is just one of those things that I didn't know about prior to becoming friends with Phillip, and I'm almost guaranteeing my audience doesn't know about. Where else can they find you? Obviously, social media everywhere. Where else can they find you? I've been on hundreds of podcasts before, so find me.

That's why I'm here today. TikTok, you'll find me on all the social medias. I speak at a lot of events for senior living. I'm just as much in the senior living world as I am in the real estate world. Sure. Here's what I want you to know. If you're just starting off, there's a career path living. I'm just as much in the senior living world as I am in the real estate world. And here's what I want you to know. If you're just starting off, there's a career path where you can make

a hundred grand plus a year, just in the referral and placement side, just in connecting people to the right care. And then the cherry on top becomes the real estate because 90% of the time they need to sell a house. So if you're just starting guys, if you can make four grand a month per referral, and you just do one a month, which is really a part-time job for a lot, you know, we, you and I think, you know, we're talking about billions and big money and all these, but for the guys who are just guys and gals that are just getting started in this business, there's this nice little 5,000, $6,000 checks that can be picked up that also leads to all the real estate. And I think that's the most unique thing here is this new revenue channel that people don't even know about. It's hiding in plain sight. And when you care about the flesh and blood and

not the bricks and sticks, then you're the right person for this business to surround them with solutions, to help them with where will they find the right care? What do we do with the house? What do we do with the stuff? That is me at the senior. Those kind of scripts and all that kind of stuff, part of your community and all that. And I would tell everyone, it's really important because if you've been listening to me, if you're a part of my coaching community, then you're talking to these people anyways, understanding that transition of placement, right? Like, Hey, can I ask you, have you thought about placing mom, dad, grandma, grandpa, whoever it may be somewhere. If not, I'm very, you know, there's, there's a script that would make sense for every one of these conversations to happen. And here's the way I hear what you're saying, Philip,

you're just providing value to the homeowner. You say, Hey, if I can be a resource for you, I want to be, I want to help you guys. I understand this is a very big decision and very important. I just want to give you any and all value I possibly can. Even if we can't fully get to the place of buying the home, I can at least offer you as much value. I just feel like what you're saying is just like, go out and add value in every single conversation. And the cherry on top becomes, you know what? They're going to like you so much.

They're going to get you to buy the home. I say it all the time. You're doing your transactions right when you're sitting on the same side of the table with them, looking at the solutions together, not caring about which solution they choose. When you sit there like you're their brother trying to give them the best advice, hey, here's what I would do because I know so much about this space, trying to give them that good advice. Then I don't care if they say, hey, let's list it instead of as a sale. Oh, okay. It's like choose your own adventure. When you give them the right tools to make a good decision for their family. And by the way, guys, they're struggling.

They're looking for good advice. They all say, I wish I would have known that this was possible or this was even out there before I went through this. Everyone going through this feels like they're on an island and we're changing that with being on things like this today. We're telling the world there's 300,000 people a month that move into senior living and they all have houses and things they need to sell. So this will be a real estate lead source.

But guys, to be clear, it's also the referral and placement business is like being a buyer's agent for senior living. You don't have to have a license to do it, but you do need to have training. And that is the front door to the best real estate leads that I've ever found. And what I love about this, and I preach this, real estate agents should do more of what I do, which is the investing side, buy and hold and buy, fix and flip, et cetera. They should do this. Like every real estate agent should be a part of your program in my belief. Like, I just feel like they're already trying to find listings or whatever the case, like they're

doing that full time. Why wouldn't they just go make an extra four to six to eight grand per placement? Like it just, wouldn't you agree? I mean, I would guess realtors should be loving you. They should be. And I, it's funny you said that because I was talking with the godfather of placement. So this company called care patrol, they started 27 years ago in the referral and placement business. So this billion dollar industry is not new. It's been around 27 years. Chuck, the founder, he called me about a month ago and said, hey, Phil, I think every real estate agent should also be a placement agent. And his quote was, when real estate agents figure this out, they're going to be unstoppable.

And of course, he said real estate agents, not thinking about our industry of investing, but what he meant is when we, everyone listening to this, figures this out, it's so obvious. And I'll give you some examples. There's 2 million real estate agents. We could lose a million of them and never skip a beat. There's only 1,500 people doing referral and placement. If I do so well, Justin, that I get that to be 10 times as much,

it's still a ludicrous, laughable comparison of 15,000 to a million, right? Even if you do both ways down, that's how much opportunity is here. And so if you're listening and going, I wonder if anybody's already doing this in Houston or wherever the heck you live. Yeah, and who cares, guys? It's like if there's one or two people, but there's 14,000 real estate agents,

would you rather compete with 14,000 agents, not even including all the millions of investors, or be in this niche? And here's the thing about this niche. People think niche and they say, Phil, what a great little niche you're in. No, no, no, no. This is real estate for the next two decades.

This is where the inventory is going to come from. This is millions and millions and millions of families that are going to need this over the next 10 to 15 years. Do you want to be a part of it? Yep. Brother, thank you. This is incredible. I mean, I literally go to momshouse.com forward slash Justin just to get going, get this list. Go find Phillip everywhere you possibly can because he has me 17 years in the game thinking

about rewiring some of my team to get really focused on this. I appreciate you coming on, sharing your wisdom, sharing your experience, giving another avenue to everyone out here, brother. Appreciate you. Great to be here, and I can't wait to help you with that. I mean, you're going to find that this is the most fulfilling way to do our business. We don't talk about that F word enough, fulfillment. There should be more of it in this short life that we have. Amen. Truer words never said. There's no doubt. Guys, if you learned something from this,

I would ask you to share this with two of your friends. Philip is a brilliant, brilliant man. I look forward to seeing you guys here shortly and uh stay tuned for the very next guest killer guest excited about the next episode make sure you watch that too philip appreciate you bro thank you guys you