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Discover How Real Estate Heavyweights Find Knockout Deals In Probate Investing
By Pat Friedl
You usually don’t see a lot about using probate as an investment opportunity. You’ll find numerous more gurus instructing how to make cash flow in foreclosure than you will with probate right now because short sale properties are one of the current ‘it’ things to be in. But in spite of the current sagging market, there are SEVEN TIMES more probate leads than there are in foreclosure and there is even fewer competitors. There’s a loin's share of capital waiting to be built in probate investing, but there are also extra measures that need to be taken when examining deals. Here are a few ways the real estate heavyweight can recognize a potentially knockout probate opportunity.
The Heirs And/Or Personal Representative Lives Out of State
When the representative lives an extended distance away from the holding in question, it quickly becomes a much greater adversity for them to manage everything. After all, they have a life too, and having homes to handle out of state puts a great strain on them. If you step in and provide a solution, they will be very happy to work with you to save the trouble.
The relatives being out of state produces a like situation. They usually don’t know how difficult it is for the probate rep. They are obviously very motivated sellers: they just want their
cash now.
There Are Multi Unit or Rental Properties in The Estate
Family may decide to keep the personal house, but if the deceased had any investment properties, the family will, 99 times out of 100, want to unload them. Why? Well, while the heirs may very well understand the likely source for cash flow that leases and the like provide, they usually just don’t want to bother with them. Remember, you CHOSE to get into real estate investing; they are having it dropped in their lap. Almost always they will merely wish to dispose of the extended real estate portfolio and get what hard cash they can.
Private Notes in The Estate
There’s more than just real estate that is available in probate. Paper financing is BIG business and private notes that are held by the estate can be had at excessive discounts, for reasons similar to those for rental and multi unit properties named above. Discounts from 30% to 50% are NOT uncommon!
Probate offers a prosperous opportunity for real estate heavyweights who know how to find the deals. It provides a extensive and GROWING amount of leads and there are still relatively few investors who work in this niche. The knowledge you need to work these deals is both simple to acquire and put into practice. Are you ready to start claiming your share of this growing market?
This article is based a chapter of book Be a Real Estate Heavyweight, entitled Building Wealth with Probates by Arcadio Diaz and Eric Stevens. For more information on the book, be sure to check out www.RealEstateHeavyweight.com.
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