The Short-Sales Man!

Have you ever met someone who seems just like an ordinary nice guy at first and then you discover later that THIS DUDE HAS GOT IT GOIN’ ON!?

That was my experience recently when I had the privilege of sharing the stage at a Mentor Financial Group, LLC event here in Seattle recently.  I was speaking on how to raise private money for investments, and Phil was talking about short sales.

He seemed like a regular guy… friendly but nervous about his talk, dropping his keys at one point under the table.  I knew his rags-to-riches story that he’d one day been unable to turn up at a house showing because he’d run out of gas and had to call the investor he was bird-dogging for to come and bail him out.  Now he was going to do a little talk here at the event about short sales since he had his mentor had put together a course on the topic.

Frankly, I was happy for him, but not all that impressed.  After all, I was an experienced speaker, I had been on the circuit for years… I’d heard it all before.  In fact, I’d tried short sales myself and wasn’t that impressed with the results – they seemed like a lot of work given the low hit-rate I’d had with getting the deals approved for a significant discount by the bank.

But… that all changed when Phil shared his numbers with me. 

In the past five years Phil, and his mentor Tom, have done literally hundreds and hundreds of short sales.  Phil is probably the number one short sale investor in his entire home state of Tennessee.  Working full time, he thinks the average investor could get about 1 good short sale deal under contract every week.  Since he’s now promoting his course, Phil works just an hour or two a day on his short sale business and does about 1 good short sale deal per month with an average profit of $30,000.  He also takes realtor commissions of $10,000/month from other leads that he comes across through his marketing. 

Phil only spends about $800/month on marketing.  Can you even calculate the return on that?  Phil has got this business down and it’s so, so cool to see his business model.

Why is Phil able to get these results when other short sale investors are running around like a chicken with their heads cut off, getting information from sellers to send to the bank and struggling to negotiate a reasonable discount with the bank? 

Phil used to work like a dog like that, too… he had a secretary that did a bunch of work and spent a lot of time on a lot of short sales that didn’t pan out.

Now Phil has been able to replace his secretary with a simple but powerful software system, called ePartner(c) which does all his deal tracking for him and tells him exactly what to do next on each and every deal he’s got in the pipeline.

And he’s been able to eliminate the hassle of working on unproductive deals because he and his mentor have assembled a "Lender Database" which tells them exactly what lenders will and won’t take as their approved discount – at banks across the country.

Phil has got this down to a science and runs it like a business.  He is just starting to work with people to mentor them and give them access to his proprietary software and lender database as well as coach them through the deals.  Unlike so many other "gurus" out there, though… Phil’s not making a lot of money on the upfront sale.  In fact, factoring in the time he’s spending with his students every week, he’s LOSING money compared to what he could be making if he dedicated that time to his investing.

The only way Phil is going to come out ahead on his coaching/mentoring services is if his students split there deals with him (they’re required to share 50% of their first $40K in profits).  Phil is really putting his money where his mouth is on this, and he is absolutely convinced that anyone working with him, with this software and database system should be able to easily close on their first 2 deals (and $40K in profits) within 6 months of working with him.

Phil has really inspired me to get back into the short sale business, after shunning it for the last couple of years.  In fact, I met with a local realtor on Friday and started calling wholesale investors around here who don’t have the time to do short sales in order to start drumming up these leads.

Phil – you and your short sale success are a true inspiration!  I’m looking forward to working with you in the future and you really are the MAN when it comes to short sales!

Emily

P.S. I understand that MY mentor  in real estate investing – Peter Conti at Mentor Financial Group, LLC – is so impressed by Phil and Tom’s ePartner software that they’ve actually licensed it so that ALL their Mentorship Students will have access to the software.  They consider it a real added value and they are rolling it out next month! 

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