Welcome back to another riveting episode of the Raising Private Money Podcast! Today’s show is a treasure trove of insights for every real estate investor grappling with foreclosures.
We’re thrilled to be joined by the esteemed Nicole Espinosa, the ‘Short Sales Queen,’ who brings a wealth of experience and a striking track record of thousands of successful transactions.
Together with Jay Conner, Nicole unpacks the complex world of short sales and their advantage over foreclosures for both homeowners and banks. They dive into the essential strategies for securing funding, avoiding common pitfalls, and understanding the homeowner’s plight to close deals effectively.
In addition, Jay discusses his Private Money guide, essential to the toolkits of real estate enthusiasts eager to navigate the financial landscape. And for those looking to sharpen their skills, Nicole shares details about her 4-week boot camp and a not-to-be-missed $30 masterclass that offers a case study, Q&A session, and robust guidance for entering this niche market.
Listen in as they address essential questions about resources, starting in the field, and the realities of negotiating these challenging sales. You don’t want to miss Nicole’s pro tips, her advice on efficient lead referrals, and how to provide holistic solutions in real estate investments.
It’s an episode full of actionable advice, so buckle up as we explore how you can solve foreclosures with finesse alongside the Short Sales Queen herself, Nicole Espinosa.
Timestamps:
0:01 – Raising Private Money Without Asking For It
2:44 – How Nicole Espinosa became known as the Short Sale Queen.
5:53 – What is a short sale deal?
7:39 – Why would you rather go into a short sale deal and prevent a foreclosure?
10:15 – What are the criteria to qualify a deal as a possible short sale?
14:17 – Average timeframe for a short sale deal.
20:57 – Connect with Nicole Espinosa: https://www.TheSSQueen.com
22:32 – Do you need to have all the cash to close a short sale deal?
24:00 – Jay’s Free Private Money Guide: https://www.JayConner.com/MoneyGuide
27:14 – The most common mistake when doing a short sale deal.
30:12 – How to get started with your short sale deal.
31:32 – Nicole Espinosa’s parting comments: Always think about providing solutions.
Connect With Jay Conner:
Private Money Academy Conference:
https://www.JaysLiveEvent.com
Free Report:
https://www.jayconner.com/MoneyReport
Join the Private Money Academy:
https://www.JayConner.com/trial/
Have you read Jay’s new book: Where to Get The Money Now?
It is available FREE (all you pay is the shipping and handling) at https://www.JayConner.com/Book
What is Private Money? Real Estate Investing with Jay Conner
http://www.JayConner.com/MoneyPodcast
Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $67,000 per deal.
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Preventing Foreclosure Through Short Sales With Nicole Espinosa & Jay Conner
Jay Conner
00:00:01
Oh, my lands. Welcome to another amazing episode of this podcast. I’m Jay Conner, the Private Money authority put his seat belts on because my guest today, is going to teach the three criteria. There are three pieces, three pieces, or three criteria for which a property can qualify for a short sale. As a real estate investor, you’re already investing money in marketing. You’ve already got leads coming in, and I guarantee you when you stay on here for the show and watch my guest and learn from her, you are gonna make a bunch more money because I guarantee you right now, you are throwing leads in the trash can. That can be turned into big-time, profitable, short-sale deals. And guess what? My guest has a done-for-you way of getting your short sales done. So if you are remotely interested and learning about short sales, how to get it done, learning the three cry criteria, don’t go anywhere because we are beginning the podcast right now for you,
Jay Conner
00:01:11
But your seatbelts on, because my guest today is first of all, the bestselling author of this book called Short Sales Uncensored. And so how to master short sales. So yes, there’s no question as to why she is known as the short sale queen and she’s grown her company nationwide expanding hold onto this to 14 states doing business in 14 states. Now, before my guess did short sales. She had a background as an EO or bank-owned manager, and she worked with over 50 lenders. Now she’s closed thousands and thousands of short sale transactions successfully. To this day continues to process hundreds of her clients that she has nationwide. In addition to that, my special guest and friend have been featured on several real estate panels podcasts, and TV segments. Her extensive knowledge of distressed properties has made her the market expert when it comes to dealing with difficult transactions. I’m so excited to introduce you and bring you on here to the show with me, Nicole Espinoza, Nicole, welcome to the show.
Nicole Espinosa
00:02:36
Hi, thank you so much for having me. I love the enthusiasm. I’m gonna have you introduce me every time
Jay Conner
00:02:44
We can sure do that in Nicole. And I tell you, Nicole, it was so amazing and so fun and exciting to be with you in one of our masterminds that we were both in just a few weeks ago. You and I were just talking about it before we came on camera here as to the amazing speakers we were around, we were around legends like Ron LaGrand and Robert Allen, and so many. So it is just so great to be having the opportunity, to meet you at the Mastermind and now to have you on the show. So are you ready for my questions?
Nicole Espinosa
00:03:20
I am. And just so the audience knows you have, I have no idea what you’re gonna ask me. So like you said, behind, you know, the scenes like this are gonna be raw. Like, let’s go,
Jay Conner
00:03:30
It is raw because right now we are live on YouTube and FaceTime in a very, very short couple of weeks. So this will also be on my and our other podcast platforms, but you’re right. Nicole, you do not know what I’m gonna ask you. So here we go. First of all, I want, it to be a two-part question. Okay. I wanna know how you got involved in real estate to start with, and then secondly, how is it that you migrated and became an ex-expert and focused on short sales to where you became known as, and you’re still known as the queen of short sales?
Nicole Espinosa
00:04:08
Yeah, absolutely. So I got into the business in 2009 and like you had said previously, I was working with Riel asset managers. So my experience, I kind of just fell, into real estate originally from Florida. I moved to Texas and I fell into real estate, working with these Ariel lenders, working with a broker that that’s all they did. And so really knowing absolutely nothing about real estate. Like I was Googling like, okay, what is a homeowner’s association? Like, how do I file this eviction to get these people out? I learned, excuse me, I learned the hard stuff before I learned the easy stuff. I was learning all about how they worked and operated. And really couldn’t tell you, you know, the basics, of real estate transactions. So fast forward I had, I knew that I wanted to do something within real estate. When I got my license was more than just working with buyers and sellers, because I had so much knowledge and I had so much experience, but I didn’t know, you know, really what that looked like.
Nicole Espinosa
00:05:11
So left working with the banks and my first listing, the first client I had, it was a short deal. And I had no idea what that even was. I just knew that it involved a bank and really how I, I got into it was when I had asked all these people around me, the broker, the, the people that you know, that I worked with and people in the industry, they told me just to walk away. They said, don’t waste your time, short sales, don’t close. Don’t worry about it. And that intrigued me because I’m like, okay, here I have a homeowner that needs help. They’re ready and willing to work. They’re ready and willing to work with me. And they wanna work with me and they need to sell. So why wouldn’t I try to come up with a solution? And that started everything as far as how I thought and how I approached every homeowner.
Nicole Espinosa
00:06:01
Like I need to figure out how to create a solution. And so that evolved into short sales. I was on the phone with Ocwen, who was the lender at the time for over an hour. And I asked them a hundred questions. I’m sure to this day he was he’s annoyed, and probably uses me as an example because he couldn’t hang up on me. He just had to keep answering my questions. And then I developed the short-cell process that we use today. When I realized that there was such a lack of education in this space when it came to this niche, that’s when I started teaching classes. And then I started branding myself as the expert. I mean, but I wasn’t the expert until I did hundreds and hundreds of transactions. And now thousands later, you know, wrote a book on it. And then really just because of the demand from realtors and other real estate investors started teaching about it. So
Jay Conner
00:06:53
That’s, that is all. That’s awesome though. Let’s make sure our audience, all of our, our audience understands what a short sale is. So what in the world do you mean when you say this is a short sale or this has the potential to be a short sale?
Nicole Espinosa
00:07:12
Absolutely. So, a short sale is where a homeowner has some type of financial hardship. Okay. So they’ve lost their job. They went through a divorce and they can’t afford the house. So now they’re in a situation where they have to sell the home or lose it to foreclosure. But if they sell it, they have to come to closing with money and that’s money that they don’t have. Right. That’s why they missed the payments. So they have no equity in the house. So the choices are to lose the house because I don’t have the money or we go to their bank and we get the bank to take a loss. So instead of the homeowner coming up with 20, 30, 40, how much over thousands of dollars, we get the lender to accept, a lower payoff so that they don’t have to go to foreclosure. And the reason why the bank agrees to that at the end of the day if the bank forecloses, they’re only gonna get what the house is worth. So if they sell it now through a short sale, they can mitigate their losses by not having to worry about the homeowner, trashing the house, paying for a foreclosure attorney, and going through that whole process, you have a homeowner who’s willing to cooperate, maintain the home, then, and then sell it for the highest that they can. So,
Jay Conner
00:08:25
So when you’re helping a client, that’s in that situation, part of your job, part of your service is to justify and convince the mortgage holder, why they would want to consider a short sale on this particular property versus a foreclosure versus them going into foreclosure and to show the lender how they will save money. Is that right?
Nicole Espinosa
00:08:51
That’s correct. Because the bank is always gonna look at the cost of like, basically what you just said. They’re gonna look at okay. If I foreclose, am I gonna make more or less by agreeing to do a short deal? So most of the time they’re gonna make less, because if they have to go through a foreclosure, think about this one, the homeowner can drag it out for a very long time, right? They can do bankruptcy. They can, you know, attempt to try something with the bank, all of that. So who knows when they can move forward and foreclose, once they do, they have to pay a foreclosure attorney. Meanwhile, they’re not getting any money, right? They keep spending money and they’re not collecting. Then they’re gonna have to evict the homeowner and file for eviction. Then finally hired an agent to go through the process, see what’s going on, and then list it for what the house is worth. So why not avoid all of that? If you have a homeowner that’s, who’s willing to cooperate and sell it now, for what it’s worth
Jay Conner
00:09:49
Are most short sales that you work within the motorable listing service, or are they off-market houses that people own that may be behind on payments?
Nicole Espinosa
01:10:00
So a hundred percent are off-market. So all of these homeowners were going directly to them. Now our company is a hundred percent referral. So we have real estate agents and real estate investors all over the country who come across a client or a potential homeowner in that’s that’s off-market, that’s in this situation and can’t afford it. And they refer it to us. So in those situations, like, let’s talk, you know, this to real estate investors, right? They’re doing direct marketing on a high level, right? They’re working. They spend a lot of money getting that data, and then they’re getting those clients. And then when the numbers don’t make sense and they don’t fit in there, in their buy box, what do they do? They throw away the lead, right? Because the deal doesn’t have equity. So that’s why it’s a perfect partnership because now all of these leads that you’ve thrown away because they don’t fit in your buying criteria. Now they’re sending them to us. And now they have the opportunity to be able to purchase them with equity from the lender because the payoff is no longer relevant. So instead of trying to make it work with what the homeowner owes and paying, you know, the HOA and the second lean and all of these things just to, to pay it off. Now, the bank is gonna take a loss out of its net, and the investor gets the opportunity to purchase at a discount.
Jay Conner
01:11:17
Excellent. Okay. So here’s the big question, Nicole, here’s the big question. So as a real estate investor, right? So I’m a real estate investor, right? I’ve been full-time since 2003. So as a real estate investor, I invest money in marketing. And like you just said, like 90 plus percent, of the deals that we do today, are from, for sale by owners. They are not in the motorable listing service. So as a real estate investor, what are the clues? What are the criteria for me as a real estate investor to say, you know what? This deal looks like this. It could qualify as a short sale, and I need to send it to Nicole and her team to work on the deal. How, how do I identify it? And even recognize it as a possible short sale.
Nicole Espinosa
01:12:13
So now this is, we’re gonna talk about your existing leads. So the best part about this is that this is not something that you have to seek out, right? So this is within your leads of people that you’re marketing to that are motivated. Okay. So you have leads that homeowners need to sell. They need to sell because they’re about to lose the house or they need to sell because they can’t afford it. So most of the time, the people that are in that fit with the short sale, like you’re saying, are people that are in pre-foreclosure or foreclosure. Okay. So they have some type of deadline where they’re like, Hey, I need to do this now. Right. If they are behind, they have a financial hardship that we can prove, because if they didn’t have a financial hardship, they just paid the mortgage.
Nicole Espinosa
01:13:00
Right. So generally it’s very easy to prove that hardship right now, because of the pandemic, most people are just saying COVID and you know, that that’s the hardship that they fell behind because of the pandemic. So that’s one. And then the second, as far as looking to see, cuz just because someone’s in foreclosure, it doesn’t mean it’s a short sale. So we work a lot with pre-foreclosures. And right now in this market with the inventory shortage, some so many homeowners have to sell now and it’s perfect for investors, but they, they don’t have, they have equity, so they don’t have to go through that process. So it’s very important that on the second part where you’re like, okay, you have a hardship, this is the first qualifying for a short sale. The second is, do you have equity?
Nicole Espinosa
01:13:46
Like making sure that, you know, everything that’s owed, not just the mortgage, right? So you’re getting a payoff, to see what’s owed on that loan. But also are there homeowners, associations, are there other dues, are there other liens? Are there judgments? All of that has to be factored in where your offer has to cover it. If your offer of whatever it looks like, right? Cause if you buy it 70%, 80%, whatever that looks like as an investor, everyone’s margins are different. If it, it looks like, Hey, there’s no way that there’s equity with me purchasing. That’s a short deal. And, it’s important to understand that the bank’s not gonna take a loss so that an investor or somebody that’s buying it can get an extra discount, a deeper discount, right? They have to legitimately be upside down with no equity.
Nicole Espinosa
01:14:34
So in those situations, it’s very easy when someone falls behind to be upside down, even in a market like this, if they’re years behind, if they have repairs that are needed in the house. So even if the house was in perfect condition, you know, in those situations, it all adds up. So that’s how you identify. You look at everything and say, okay, my offer is a hundred thousand dollars. For the homeowner to be made whole and not come to closing when anything, they would need an offer for 150. So now instead of that homeowner coming up with 50,000, get to go to the bank, have them take a hundred. So they take the loss and now I can buy it at a discount.
Jay Conner
01:15:18
Got it. Now, typically, and I know this must vary all over the board, but just on average, these days from the time you and your team start working on a potential short sale, how long does the process take?
Nicole Espinosa
01:15:32
So great question. There are so many different factors to that. Just the simple fact that you know, say multiple liens have to be negotiated and all that our average timeframe is three to four months from start to finish now,
Jay Conner
01:15:44
Hey, that’s, that’s pretty quick given my experience.
Nicole Espinosa
01:15:46
Yes. I was just gonna say, that now the industry average is a year plus, right?
Nicole Espinosa
01:15:53
The industry average is a year plus because the people who are processing have no clue what they’re doing. And so the bank won’t tell you the reason why this is a niche is because the banks don’t tell you, Hey, you know, we need this, this and this. You send in something. And then the bank waits three weeks to review it. Oh, by the way, I still need this. And you just play this game of cat and mouse forever until finally, you know, someone either steps in, or the seller loses the house. So that’s why it takes so long because the financial review if you don’t have all the documents if you don’t know what to send to the bank, it could take forever.
Jay Conner
01:16:28
Absolutely. When I tell you what years ago I did short sales, my, and I didn’t have, I didn’t have to do many of them to learn. I don’t wanna do this. Right? Yeah. I want somebody like Nicole Espinoza and her team to like, let me hand this over and just, you know, you all just take care of it because I’m telling you, you know, negotiating a short sale is if you’re doing it all yourself, it’s very ti or very time consuming or can be time-consuming. Right.
Nicole Espinosa
01:17:02
Well, we would never do it if we only had one or two. And, and this is why we only do this, right? Like even though, you know, we’re realtors, we’re not working with traditional sellers, we’re not running around with buyers. Like, no, this is all we do is short sales. And just because of what you just said, it is extremely time-consuming. But the difference is when you call Wells Fargo, you are calling for one file. When we call Wells Fargo, we’re calling all 15 at once because we do this at a high level.
Jay Conner
01:17:31
Wow. Well, that gives you leverage. And I’m sure because of that volume of it, it helps you get more of those short sale deals negotiated to the real estate investor, actually being able to make a deal, right?
Nicole Espinosa
01:17:45
Oh, a hundred percent. We have contacts at every lender just because over time when we’re working with the same lenders and the same negotiators over time, we start to, we start to get contacts, you know? Okay. We know the manager at the executive office for Wells Fargo. We know, you know, Bank of America’s escalations team. Like we just know how to facilitate the process. And the hardest part about short cells is how you get a yes. When they constantly are telling you no, right? Like how do you get around a bad value? Like, those are key things that are really what separate and differentiate us from someone that’s just trying to see if, you know, they can just get a short cell done. Like I wish it was that simple. Then everybody would do it. Right.
Jay Conner
01:18:29
Right. Exactly. Well, I mean, you’ve got years and years and thousands of transactions now, you know, you and your team under your belt and you know what to look for. So what are some tips and recommendations that you can give our audience as to when they see when they got a lead, they’ve got a motivated seller that’s behind on their payments? There’s little to no equity. Maybe they’re upside down. Maybe they owe more than the property’s worth. Now we’re looking like we got a short sale. What kind of cover, what kind of conversation should the real estate investor have with the owner of that property and what should they do? What should the real estate investor do before turning this potential deal over to you and your team?
Nicole Espinosa
01:19:26
Yeah. So, I mean, here’s the deal. The hardest part is getting the data or getting the leads and then getting them like at building rapport, right? Like you got ’em on the phone and if you’re right there already talking to them and you realize that it’s a short sale, that’s where you’re gonna say, Hey, we still can help you. Even though this is how much you owe and it looks like this might be a short sale, you know, we’re gonna send you over to our, this is what they specialize in. This is all they do. And it’s important to have that warm pass-off because you’ve already done the hard part of building rapport. What we don’t want to happen is, you know, you’re like, okay, we’ll see what happens. And then you send us the homeowners information or you give the homeowners our information and nothing ever comes from it.
Nicole Espinosa
02:20:12
We, want it to be as efficient as possible because what you guys need to understand is that when you’re talking to people in this situation, there’s a very small window of motivation and cooperation. Like it’s, it’s so true. Like they probably called you back and, and that’s it, that’s their capacity is that one conversation. So you’ll have 24 hours to really, get them on board and get ’em engaged. They’re not in this situation, you know because they’re trying to be proactive here. They’re in this situation because they have their head in the sand and they’ve done everything to avoid the foreclosure. And now they have to do something because there’s a sale date or, you know, something’s going on. So it’s important that once you have them engaged you’re sending it to us right away, we make it super simple. You just go right to the website, you put a referral lead.
Nicole Espinosa
02:21:00
It goes right into our CRM. And we, they get contacted within 30 minutes because our entire company is based on referrals. This is something that we’re, once you’re on our system like we have, we have sellers that sometimes it’s not right away and we’re still following up with them. They’re, they’re on drips where we check in every six months, we do a really good job of educating these homeowners so that they don’t feel like we’re trying to sell them on anything. We’re here to be a resource for the community, for the homeowners, for the investors. And what that does is that it builds such a solid rapport where these homeowners want to work with us, where they want to go through the process. So it’s important, you know, to answer your question, that it’s a warm handoff and that once you realize that, that you send it to us sooner than later, because if they do have a foreclosure date, our focus is gonna be stopping them, the sale date so that we can have time to work on the short sale.
Jay Conner
02:21:58
That makes sense. Hey, just in case Nicole, some of our audience has to leave the show a little bit early. I want you to go ahead and give out your contact information. Cause I have a ton of real estate investors who have got opportunities coming across their desk. They’re missing out on without having a way to contact you. So how can people get up? How can real estate investors get up with you to help them with the short sale process to close more deals?
Nicole Espinosa
02:22:25
Absolutely. So they can go right to our website V S S queen.com. It’s it’s also on the screen. And then you can go for free education, go to our YouTube. And our YouTube is the Shortell queen tv.com. So the Shortell queen tv.com either way, you’ll have our information in both of those places. So if you just wanna call our office and find out our process and you know how we can have a relationship, you know, give us a call our information’s on the website. I always tell people, and this is how I built my brand and my reputation. If you just want to run something by us, even if you’re not sending us the deal, you know, we’re happy to help and be a resource for you and your business.
Jay Conner
02:23:08
That’s awesome. So one more time folks, she’s got two websites, and Nicole’s got two websites. That’s www.thethesforshortsforsalequeen.com. The ss.com. And the other website that she has is www.theshortsale.com. The short sale queen tv.com. Now, let me ask you this question. Sure. Nicole, when a real estate investor has a short sale deal or a potential short sale deal, you and your team negotiate it. Now you’ve got the lender, the Mor, the mortgage holder to agree to a much lower price to pay for the property than what they owe to the lender. Do the real estate investors, somehow some kind of way, need to have all the cash so they can close the deal?
Nicole Espinosa
02:24:07
So they need to figure out how, how to do that, right? They can do it with hard money, Private Money, however, they wanna be able to fund it. Now, I will say that you know, in some deals, it, it has to be able to like, you know, some houses they’re not gonna be able to finance, right? So just so in any way that you’re purchasing hard money, if you have relationships with Private Money or cash, the bank will give you 30 days to close. And as part of our process, we give you plenty of time. So how it works is every week, every Monday you’ll get an update from our office on every lead that you send over. So there’s never gonna be a time or like, Hey, we got a great deal closing next week. Like, we’ll give you plenty of notice. So you have time to come up with the capital, but just like any deal flow that you guys are already working on, you’re gonna have exit strategies, right? And you’re gonna have ways to be able to fund it.
Jay Conner
02:24:59
Absolutely. Well, Nicole, you and I are a perfect fit when it comes to short sales because guess what? I know there’s a ton of real estate investors out there that struggle to get the money raised. They struggle to have Private Money and, you know, unless you know how to get the Private Money, then getting Private Money is hard. But when you know how to get it, it’s like the money chases you. And for that Nicole, I have just finished writing my brand new Private Money guide that gets real estate investors on the fast track that getting Private Money, I’m talking not hard money, not hard money lenders, not institutional money, but I’m talking, getting money from individuals I’m talking about in this money guide, how to get as much as $500,000 or more in less than 30 days. So, folks, you can get this for free.
Jay Conner
02:25:53
This goes perfectly hand in hand with Nicole’s service on short sales. The name of this guide that I just finished writing is Seven Reasons Why Private Money Will Skyrocket your real estate business and help you build incredible wealth. You can get it for free right after the show at www dot J Conner, J a Y C O N N. eer.com/money guide. Download it. You’ll get Private Money right away. Again, that’s J Conner, J a Y C O N N. eer.com/money guide. And I tell you, Nicole, I mean, that’s it that’s asked the question. I know in this word, a short sale, the real estate investors gotta have gotta have the cash ready to go sitting on the shelf. And that’s why I tell real estate investors to get the money lined up first. And Nicole, I know you’ve heard it. I know you’ve heard it. I’ve heard it a hundred times from other educators. They say, get the deal under contract, get the deal under contract. The money will show up, give me a break. Where’s the money gonna show up? Is it gonna rain outta the clouds or something? And you know, I tell P all the time, think how much more confident you’re gonna be. Oh yeah. To make offers. When you got $500,000 burning a hole in your pocket, right?
Nicole Espinosa
02:27:13
No, a hundred percent. First of all, I will go ahead and, and grab that guide from you. So I’ll be one of the first people. That’s awesome. Now, as far as what you’re saying, I hear that all the time. I think that, you know, a lot of times people fail to take action and they have like an analysis process where they feel like they have to have absolutely everything lined up, which they don’t. Right. You just have to go do it. You have to get your first deal. But if you don’t have resources and ways to be able to fund them, then what are you doing? You’re wasting your time. You’re just wasting a contract like paper. And I have people all the time that will solicit us and say, you know, we’ll close, quick pay cash, whatever. And then it’s time. And they, they hound us. They hound us like, what are we gonna close? And then I’m like, great. We’re closing on Wednesday. I’m not ready. I don’t have the money. And I’m like, oh my gosh. So it’s like, why even waste all that energy if you don’t? So that’s amazing. Definitely would love the guide. Cause I can share it with my audience as well. Cause I think that’s fantastic.
Jay Conner
02:28:15
Absolutely. So Nicole, another question from left field here in your experience from hundreds and thousands of sale deals, what would you say is one of the most common mistakes, a new real estate investor makes in this world of trying to do short sales?
Nicole Espinosa
02:28:38
Yeah. I, I think the most common is where, and how they market to these, to these homeowners. And what I mean by that is a lot of times, this is just sales. A lot of times people market, what they think is important instead of trying to view it as a consumer. So they say things like, Hey, I’m gonna buy your house cash, and don’t worry, I’m gonna close in seven days, and da, da, da. And the homeowner’s like, oh my God, that’s not. That sounds terrible. Like I have nowhere to go and this is, this is terrible. And yes, the investor, most likely would’ve, you know, extended it and you know, probably come up with a solution, but they cut themselves off of the knees because now you immediately turned off this homeowner. After all, you didn’t try to approach it as, Hey, I have options for you.
Nicole Espinosa
02:29:22
Instead, you assumed that this is what’s gonna be attractive to you on why you’re gonna contact me. And so it’s important to understand that really, you need to understand where they’re coming from. You need to understand how to talk to these people, because if you don’t, you’re never gonna gain any traction and you’re gonna be missing out on incredible deals. And most importantly on helping a lot of people save the house, whereas they would’ve lost it because they don’t even have the education that they can do something before it’s too late. And you know, people say things about investors like, oh, they’re, you know, trying to make money or whatever. No, they’re doing a huge benefit because if they were to just leave us the house on the market, two, three weeks, they’d probably lose it because most people can’t close that quick. Right.
Nicole Espinosa
03:30:06
So it’s a great, it’s a great solution for both parties. If both parties can learn how to talk to each other and bridge that gap, I know investors that are killing it with pre-foreclosures that go through our training because now they’re the experts they’re are building rapport by just being human beings and trying to help and be a resource for these people. And now they have so many deals that they’re working because they’re like, you know, you know, if Jay, if Jay’s the one that approaches this homeowner, I’m working with Jay, Jay’s my guy like he’s taking care of me. And that’s what you want. You want the homeowner to feel like, Hey, I’m being taken care of. Like, I don’t care that I’m selling this at a discount. He’s saving my house and providing a solution that I didn’t think was possible. And so when it comes to real estate investors, that’s the number one thing that they do, that they come to us. We have a boot camp, a four-week boot camp where we teach them how to market, to pre-foreclosures, how to speak to them, the different options so that they’re educated so they can walk them through it, ultimately leading to massive rapport because they’re like, they’re, they’re the experts. And now they’re getting more deals.
Jay Conner
03:31:09
That makes sense, Nicole. So I know we’ve got a ton of listeners here that would be interested in short sales. What’s the best way for them to get for them to get started and learn how to do that learning from you and your team?
Nicole Espinosa
03:31:26
Yeah. So if you are, you know, we, so first of all, we have a master class that’s like 30 bucks and it’s an hour master class and that’s the best way to jump into it because we’re live for an hour. We do a Q and A, and we show you a case study from start to finish, on a short sale that we’ve already closed. And it will tell you right that, and there, after you take that class, you’ll either be excited. Cause you’re like, this is a niche that I can get into that I can work with or you’re gonna say, okay, I’m glad I know, but I’m good. I’m just gonna refer them out. So it’s, I always tell people before you spend any type of money doing mentorship before you do anything, let’s, let’s talk about it first, join the masterclass, read the book and you need to know this anyway, right? You need to at least know enough to be dangerous, but before you spend a bunch of money, take that verse to see if this is something that you wanna get into
Jay Conner
03:32:15
And how can someone sign up for your masterclass?
Nicole Espinosa
03:32:18
So just go to our website, VSS queen.com, and then you’ll just, there’s an investor tab, it’ll say Shortell class. And then you can register for the next class.
Jay Conner
03:32:28
That is awesome. Nicole, it has been so exciting to have you here on the show. What parting advice or parting comments would you give to the audience?
Nicole Espinosa
03:32:39
I think the best advice I can give to someone who is, you know, just a real estate investor or just in the industry is always thinking about providing solutions, right? So you get into this business and you’re just trying to get a deal. The best way to do it is not fo when you focus on one thing with your marketing, how can you provide solutions to as many homeowners as possible, have an exit strategy for absolutely everything you’re gonna learn quickly. Marketing is not cheap. So you wanna be able to have all of these tools in your tool belt so that you can get more deals and make, and the
Jay Conner
03:33:13
Excellent, excellent advice, Nicole, I just can’t tell you how excited and how thrilled I have been to have you on. And Nicole, thank you so much for taking the time to share with me and with the audience.
Nicole Espinosa
03:33:26
Thanks for having me. I appreciate it.