From the archive: This episode was originally recorded and published in 2022. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Spencer Vann overcame a career-ending basketball injury, discovered surplus funds investing, and learned how to generate income by helping others recover unclaimed money.
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Guest Resource
Spencer’s YouTube Channel – Visit Spencer’s YouTube channel and access a ton of free training on surplus funds!
3 Value Bombs
1. Come in open and ready to learn.
2. Banks offload money from foreclosures—there’s an opportunity to recover it and help someone restart their life.
3. You can do everything yourself, but most people don’t have the specialized knowledge to do it well.
Sponsors
HighLevel: The ultimate all-in-one platform for entrepreneurs, marketers, coaches, and agencies! Learn more at HighLevelFire.com!
50: Join JLD on his free ’50 days to something’ video series on YouTube and create something special in 50 days!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: Making Money by Giving it AWAY with Spencer Vann
[1:17] – Spencer shares something that he believes about becoming successful that most people disagree with.
- Most people are focusing on the wrong thing, focusing on what you want. We need to focus on who we want to become.
[1:57] – Surplus funds defined.
- Just like anything in the world, an opportunity is caused by a problem.
- The problem that surplus funds focuses on is the fact that the government is sitting on almost a hundred billion dollars of lost money owed by 1 in 10 Americans.
[3:08] – How to make money with surplus funds.
- The problem we’re trying to solve is connecting people. They created a proprietary process called Find, Connect, Collect.
- In most places around the world, there are government websites that have hundreds of millions of dollars just sitting there for you to collect.
[4:41] – Spencer shares an example of leveraging surplus funds.
- When someone owes money legally, there’s a binding agreement between the entities. It states that money has to be paid out to the person. If an entity can’t find the person they should be paying, then they have to send the money to the government to hold on to.
- Example: a woman lost money from her insurance from a fire on one of the properties she owned, but she had no idea. She filled out some forms, sent it to the state, and the state sent her a check.
- We’re probably going to see a big uptake on foreclosures in the next 2-3 years. When these foreclosures go to the market, they sell that option.
- Banks get rid of the excess money by sending it to the state. There’s an opportunity there to come in and get the money back and give it to someone who needs it
[9:23] – A timeout to thank our sponsors!
- HighLevel: The ultimate all-in-one platform for entrepreneurs, marketers, coaches, and agencies! Learn more at HighLevelFire.com!
- 50: Join JLD on his free ’50 days to something’ video series on YouTube and create something special in 50 days!
[11:31] – Spencer shares more examples about surplus funds.
- One of the coolest successes he has experienced was when he got an email about a deal. It was about a wealthy individual who had a very nice house who passed away, and the kids who inherited the property didn’t take care of it. It ended up with a massive amount of surplus, generating $70k on one deal.
[14:08] – After finding the money that’s lost, how do we approach someone about the finder’s fee, and is it regulated by law?
- Surplus funds is the wild west of the real estate world right now.
- We know that you can do everything in this world. You can even represent yourself in court. But the reality is, most people don’t have the specialized knowledge to do things.
[16:36] – How do surplus funds work in the real estate investing world?
- At 19, he spent a lot of time learning real estate. At one real estate meeting, a guy came to talk about surplus funds.
- He started cold-calling people who had going through foreclosures, then called people who were in probate to buy the house they just inherited. Those weren’t fun calls. Now, when he cold-calls, he gets to tell people that he wants to give them money.
[20:01] – How can we get started in surplus funds?
- Spencer’s YouTube Channel – Visit Spencer’s YouTube channel and access a ton of free training about surplus funds!
- Come in open and ready to learn.
[23:03] – Thank you to our sponsors!
- HighLevel: The ultimate all-in-one platform for entrepreneurs, marketers, coaches, and agencies! Learn more at HighLevelFire.com!
- 50: Join JLD on his free ’50 days to something’ video series on YouTube and create something special in 50 days!
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
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