Archive for Probate Investing
Q&A: Has anyone done a probate real estate deal if so.?
Posted by: | CommentsQuestion by antonio_navarro23: Has anyone done a probate real estate deal if so.?
I want to get started in probate real estate I understand theres less competition then short sales. Does anyone know a good program offline or on the internet that can help me. I live in chicago Illinois so maybe there are some resources I can pull online? I have heard of Preston Ely and Ron Mead and other online gurus. Who has the best stuff at resnable price? Not thousands of dollars.
Best answer:
Answer by Expert Realtor
I have no idea of what you are talking about, considering you cannot transfer a property during probate…thus, the purpose of probate.
You must mean purchasing at ESTATE sales, where the estate cannot pay the mortgage on a house that is in probate…this is the same as a foreclosure.
Give your answer to this question below!
Personal Representative: Probate
Posted by: | CommentsOne of the hardest things for new Probate investors to do is to make the follow up phone call to the Personal Representative after the letter has been sent. Here are some easy steps to follow.
First of all, just think of it as a call to a soon to be friend. Just a little conversation between two folks who have something in common. They have a house they need to sell and you may have an interest in buying it. The word “may,” was used because after talking with some of the PR’s, you may NOT have any interest.
This is the beauty of this business. You get to pick and choose who you work with. People who show a lot of attitude, aggression, stubbornness and just downright negativity don’t make the cut. Sorry, bub, I don’t go there! Next!
So don’t look at the call as a “do or die” business call – just a friendly little chat. All you are calling for is to see if they received your letter. Remember?
“Hi Mr. Personal Representative. This is Sue Chandler calling and I just wanted to make sure you received the letter I mailed to you last week.”
Nine times out of ten the response will be “What letter?”
“Oh, the letter about the house over on 125 River Road.” ”Oh right! Yea, I got it. How much are you going to give me for the house?”
“Well, Mr. Personal Representative, I can’t really tell you until I can take a look at the inside of the house. Would you have some time later this week that I could take a look it or would next week be better?”
That’s it folks – end of story. You now have the complete script for the follow up call.
If the PR asks more questions, nine out of ten answers are, “Well, I really can’t say very much until I look at the inside of the house. Would this week be OK, or what time would fit your schedule better?”
Remember, you are telling the exact truth. You really cannot tell the PR much of anything as you have not inspected the house, right? So don’t make it any more complicated than that.
Now, one last comment.
Notice the opening sentence is about the letter. Not about the death of a loved one – not about a house – not about an offer – just about the letter. By focusing on the question, “Did you receive my letter?” you sidestep a ton of emotion. No need to offer condolences or to even discuss the death. That’s it.
By following these suggestions, you can get your appointment without a lot of grief.
Just keep it simple.
Ron Mead has been a Real Estate Investor for the past 30 years. He has specialized in Probate for the last 13 years and currently has the #1 rated probate real estate course on the internet. “31 Days to Profits in Probate Real Estate” is the most comprehensive system of its kind. Ron’s new DVD series, just released in September 2008, takes the instruction to another realm. No other real estate investment system takes you this deep into a real estate transaction. For your own blueprint on how to get your own probate real estate business up and running with little or no money, and to get a free report titled,
“Probate Real Estate: The Untapped Market,”
please visit http://BuyProbateProperty.com
Lucrative REI Niche
Posted by: | CommentsProbate can be one of the most lucrative segments of the Real Estate investing market. There are many reasons for this and here are some of them.
1. MOTIVATED SELLERS.
Persons who have inherited Probate property want and need to sell them quickly. Many times money is needed to pay off existing debt, such as back taxes, so the heirs will be very interested in making a quick discounted sale. Also when there are multiple heirs involved, they need the money from the sale of the house so they can split it among themselves.
2. UNLIMITED INVENTORY
The inventory for Probate is HUGE. Many say its larger than foreclosures and it probably is. But whatever the number is, it’s almost unlimited and it replenishes itself everyday. You will never run out of potential leads.
3. NO COMPETITION
Very few folks know about Probate Real Estate, so there is almost no competition. While other investing strategies come and go, Probate has remained the same for the last 20 years. But because it involves a legal term, Probate, many potential investors have stayed away thinking it is too involved and complicated. That is simply not true. Once you discover how to do it, you will wonder why more are not using this easy to learn strategy.
4. HIDDEN TREASURES
Most houses are sold “AS IS,” meaning you get to keep the personal property that’s in the house, and sometimes the garage. So you can find little gems like furniture, appliances, artwork, cars, collections etc. This can be a great second source of income.
5. GROWING MARKET
As the baby boomers begin to pass on, the market of Probate homes will just continue to grow. This means the opportunity for making money in Probate will just get bigger and bigger over the next twenty years.
6. SIMPLE SYSTEM
Once you learn how to purchase Probate properties, you can use your system over and over again. Unlike other markets like foreclosure, you do not need to adapt to the procedures to each new deal. Just learn once and reuse forever.
Ron Mead, The Probate Guy, has been specializing in Probate Real Estate for the past 13 years. His #1 rated Probate Real Estate course, “31 Days to Profit in Probate Real Estate,” shows you how to tap into this lucrative and little known real estate market filled with “motivated sellers.” Subscribe to Ron’s free report, “Probate Real Estate: The Untapped Market” at http://www.BuyProbateProperty.com.
Get the edge using Probates
Posted by: | CommentsProspect Probates for Huge Profits!
Every competitive edge helps.
Learn about ‘Probate Real Estate Investing’ and no one else will stand a chance. Take all of the business!
‘Probate’ is probably the most misunderstood and over-looked aspect of investing- in terms of uncovering motivated home sellers and as a result undoubtedly Huge profits. It’s possible that you have muttered the following words “forget that house, it’s in probate” or “that one’s a probate and they take too long” and/ or you may have heard another investor say something similar to this.
WRONG!
The general scarcity of awareness within the real estate investor industry makes this another niche strategy to having the ability to perpetually create some profitable deals where there is minimal competition. Education is required as a means to learning the exact system that must be followed to implement this technique but should not be considered an obstacle.
In ‘Probate‘ you can expect to analyze these opportunities from the same due diligence standpoint as you would certainly perform with other deals:
- Might the homeowner be motivated and determined to sell?
- Exactly what does the owner want with respect to price and terms?
- Existing title issues that may produce certain hurdles?
- Have I got the appropriate safeguards in place to pursue this deal?
- Precisely what is my exit strategy on this specific deal?
- What type of profit potential am I striving for?
- How should I proceed with the next step, rinse and repeat?
It’s paramount that a well rounded real estate education is essential in order that you will be able to make money during the course of market changes.
In the event you find yourself experiencing a scarcity of deals, there is always a choice. A choice to learn more and deliver the service that’s in demand at that particular time. Always keep yourself armed with knowledge by continuing to learn something new…you never know when your expertise will be required.
‘Probate’ real estate investing could be a new and logical resource to supply you with countless lucrative deals within today’s real estate conditions.
Let me caution you against over analyzing ‘Probate’ deals by convicting yourself that a law degree is necessary to getting involved with these types of properties, that’s a myth. Engaging in ‘Probate real estate investing’ is within realistic range of your abilities, once you have educated yourself.
Allow me to remind you that by choosing to target these types of deals, you’ll nevertheless be utilizing the various other resourceful real estate techniques such as wholesaling, seller financing, etc that you’ve also learned.
Check this out, the experienced ‘Probate real estate investors’ know that they’ve hit pay dirt with this motivated seller goldmine. They aren’t real happy to have their niche become so accessible and would prefer to have these deals to themselves while watching you scramble around on short sales. As long as you have your game plan in place and understand what you’re doing, maybe have a mentor- there’s an abundance of deals out there- go out and get yours!
Exactly why are probate sellers motivated to sell to an investor?
- Powerfully painful memories of years and relatives gone by creating an overwhelming desire to move on.
- Shortage of funds to keep up the mortgage payments, taxes and insurance.
- Absence of cash to fund needed repairs prior to selling or renting.
- A need for quick lump sum of cash for whatever reason.
- Imminent foreclosure proceedings on the horizon due to circumstances.
The ‘Probate‘ process observes certain state specific guidelines but they all come down to the necessity of satisfying the debtors claims and owners must liquidate these properties quickly, this is where you come in.
Every great real estate deal has to ultimately be structured as a win-win experience for everyone involved. It’s true that most everyone prefers to receive as much as possible for his or her property or home while you being an investor consistently requires a cheaper price or better terms in order for it to make sense.
It’s the exact same scenario in ‘Probate‘- while you will be making a profit by helping someone to liquidate their property, you’ll be charged with the duty of creating win-win circumstances that everyone will be content with.
Finally on the subject of ‘Probate’-by identifying yourself as a probate investor, you have a significant advantage over your local competition and can quite possibly be perceived as the expert in that arena, creating many, many opportunities to deal directly with sellers, to mentor others and to partner in referral arrangements.
Suppose that you are the only investor in your county that has studied and specialized in probate investing, the person that is undoubtedly aware of the deep discounts you can get for these deals and the HUGE profits accessible because of it?
- You would KNOW that these properties can be obtained at 50%-60% of market value.
- You would KNOW that this is a viable and profitable niche worth mastering.
- You would KNOW how to systematically keep your deals flowing in.
- You would KNOW how to stay ahead of your competition by wheeling and dealing in this untapped sector of the market.
- You would KNOW how to market your business and teach homeowners how to find YOU.
Should you choose to absolutely take your real estate investing enterprise to the height of its success, the height of its profit potential – I firmly recommend that you learn and become proficient as a ‘Probate Real Estate Investor.
I know you’ve heard the saying” you make your money when you buy real estate”- Buy at a heavy discount, lock in your profits from day one-
Get that competitive edge by getting involved with Probate Investing, get aggressive and get paid.








