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Sorry, part of the post didn’t show up. I am talking about buying property out of probate. Specifically ways to find out about them before everyone else finds out about them. I did find out about 1 possible way to find them by going to estate sales. I’m hearing that some of the best deals can come from probate where the owner may have died and the heirs want to liquidate the estate in a hurry.
Rich,
this is what I have done and this is what I’m doing now I used to go to the courthouse myself and actually look at the files either physical files or computer files of the probate cases at least in the counties that I work there is a similar form that spells out the real property and the personal property in the estate and gives a estimated dollar value also gives the name a course of the executor and their address pretty simple take that information down and send them some sort of mail piece. I have now train someone to do all that for me so I can free up to do other things it’s pretty simple maybe do it yourself a couple times to get the hang of it so you can explain to somebody elseRich,
I am not a good example to follow I did it for a couple months worth of probate files a year ago I did it for about 4 months five or six years ago but I do have someone now doing it full time for me if I didn’t believe in it I wouldn’t have someone doing it paying the money to do it heck there’s a few guys that have done coaching calls or have contributed some way the cash Home Depot I think there’s one guy does it exclusively and makes a great living just think about it the situation a lot of these people are extremely motivated Sellers and that’s all we’re trying to do reach out to motivated sellers sellers that have a problem that we can solveHi Rich,
I used to work with Probates more years ago, before it was easy to get a list of them (in my area). They still may be a good “target” but just depends on your specific area.
Typically I have found the harder it is to get a list of a specific home owner/seller, the better the list.
Hope that helps,
BenAyesha, I worked in the court system for 42 years. My experience is that if there was a good real estate deal, it was siphoned off quickly by the attorney himself, one of his ‘partners’, or one of his real estate agent buddies was given a ‘heads-up’ so as to try to get the listing. However, I’m not saying that there are not good probate deals…because many RE investors use that as their primary source of leads.
I know several CashFlowDepot members who do a lot of probate deals. I will contact them to see if they will do a coaching call to share their advice.
Keep in mind that many times when someone dies, there is NO probate…. even if they own real estate. So if you only focus on probate, you will be missing out on many other opportunities.
I’ve bought many properties at deep discounts from heirs who were out of state. Sometimes there was a Will that states who would get the property. But if there was no will, the title company can use 3 heirship affidavits to be able to transfer title. An heirship affidavit is when you get a written statement from 3 people who knew the person who died (neighbors, friends, etc) who state that they knew the deceased would want ‘so and so’ to have the property.
Remember that making money with real estate investing is all about creating solutions to real estate problems. If you find the problems, you will find deals.
This article has ideas on some of the problems that create motivated sellers.
Amen Jackie. If I had just focused on the mantra I’m here to solve real estate problems 30 years ago things would have been a hell of a lot better LOL people who are new to the field and even myself have to just just keep remind themselves we’re here to be a problem solver if there’s no problem there’s probably no good deal for us if it’s a quick simple solution or an elaborate convoluted deal whatever works
Sometimes, one has to remind the Owners (probable Sellers), what their pain points are.
Like Jackie pointed out, not all estates are probated; some are already in trusts, or willed. If nothing else, Affidavit of heirship takes care of many other inherited properties IF everyone in the family is on board. Sometimes an investor can buy majority shares from the heirs to become the majority owner in the property thus giving him control – this, if one or two heirs do not join the bandwagon, or are untraceable.
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