Learn How To Invest In Probates. Here's a Real Estate Investor's Fast Start Guide To Probate Real Estate Investing...
Hi, this is Frank Chen with REIClub.com, the only site you need as a real estate investor. Today I've got a quick video on investing in probate properties.
Probate Investing (free audio):
When an individual passes - the deceased - they will either have a will that outlines who's going to get what, or if there's not a will, then their estate goes to the probate process.
Probate Process - The court will appoint a personal representative to handle allocations of the assets, and pay off creditors, etc. Includes assessing all debts.
Our goal as the investor is to get in contact with the executor of the will, who is the personal representative or probate attorney who has been appointed by the court to handle the estate. The way to help the heirs is to contact the executor and work out a deal with this person to negotiate for and purchase the property.
This can be a very stressful time for the heirs. They're in the midst of grieving, as well as taking care of responsibilities regarding the property and the estate. You can come in and show them how you will take care of the property and perhaps even the personal property that goes along with the real estate to make this quick and easy for them to move on with their lives.
Building Team - Personal Representative - executor - primary point of contact - Probate Clerk - find out properties in probate, property information, probate schedules, etc. - Appraiser - not necessary, but helpful - Contractor - estimates, or bigger jobs - Handyman - small jobs - Insurance Agent - needed when you buy - Probate attorney - understand the legalities - not necessary, but helpful - Real Estate Agent - MLS access
Finding Deals - Newspaper Ads - Classifieds - Probate clerk's website - Marketing areas with elderly populations
- Once you get the list, start your marketing. With probates, follow-up is the key.
Screening Deals on the Phone - find out how motivated the seller is - find out the true value of the property - find out if the owner has equity - are repairs needed?
If the numbers don't work on the phone, then the numbers are not going to work when you see the house.
Property Walkthrough - Visiting the Property - Build the rapport - Bring a checklist to note repairs - Assess the condition - exterior, interior, updates needed, etc.. - Central Air? How old are the appliances... etc..
Making Offers - Do you want to buy this for yourself to fix up? Flip it? Or keep it as a rental? - Factor repair costs - Factor the cost of financing - Cash Offer, Private Money or Conventional? - Factor in the down payment - Contingencies - inspection? appraisal? Special provisions? - Keep it simple!
Closing and Docs - Connect the personal representative with the title company for offer approval - Make sure all paperwork is signed - Paperwork - Purchase Agreement, Probate Docs, Letters of Testamentary - Once everyone is in agreement and paperwork is filed with Title company... - Close on the house like any other closing - HUD-1
Making Money with Personal Property - Personal items - jewelry, cars, etc...
Probate Real Estate Investing (free audio):
This audio will be your quick-start guide to creating profits with probate seller leads and probate personal property. You will learn the basics of the probate process, building your team, finding motivated sellers, property walkthroughs, analyzing the deals, negotiating for the best profits, making offers, and closing the transactions smoothly.
Probate Investing:
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