Buying Real Estate Leads
How To Make Money Investing In Probate Real Estate
One of the most profitable deals in Real Estate Investing is buying and selling probate leads, or buying Houses from people that have inherited property.
This guidelines will help you make more money from probate properties through better targeting.
Most inherited properties have outstanding problems such as mortgage payments or repairs. These people are motivated sellers especially if they have to make mortgage payments to keep them.
If they needs to be fixed up, they cannot be sold on the open market even if they have no outstanding mortgage. This makes these sellers quite motivated.
Probate properties are most likely to be your most profitable deals.
How to target probate sellers.
1) Check county records for probates
Search in your local county records for new probate filings from time to time. I can access this information on the internet in my local area. You can also access this information from your local county courthouse.
You will need to note down the deceased, the executor (trustee or administrator)of the probate.
The properties might still be recorded under the name of the deceased, or in the name of the estate, such as John Doe Estate.
The trustee handles the probate on behalf of the beneficiaries. The beneficiaries are the inheritors and may be looking to sell the inherited property.
I always check the county court records to make sure they own real estate before sending them letters.
2) Send letters
People are emotionally delicate after losing loved ones. I usually send them very personal and sympathetic letters that show I am sorry for their loss and that if they are looking to sell any inherited real estate, I would be an interested buyer.
Since the probate process can be lengthy, I send them a series of letters for 6 months. If they have not contacted me within this time I stop sending them.
Of course as always, I give them prominent link to my website and a phone number. The idea is to get all the information through my website so it comes already pre-negotiated and pre-screened when I get it.
There is a good Real Estate Investor website recommended at the end of this article.
Within this period, chances are that they will contact you through your website or give you a call when it is time to sell. The rest is very easy.
3) Sign a purchase contract
Sign a real estate purchase contract when they are ready to sell. Take or Fax this to your title company so they can start doing title work and preparing for closing.
The title company knows the closing process with probate properties. They will prepare and execute all the necessary affidavits and paperwork for you with the beneficiaries and executor so you will just need to go to closing.
You can then flip this property to another real estate investor if you want to wholesale the deal. This process is covered in other articles from the same author.
Simon Macharia is a real estate investor who buys and sells houses in Texas. Learn how you can run your Real Estate Investing Business and automate it from an interactive
real estate investor website[/ink] from
http://www.RealEstateInvestorsWebsites.net[/ink]
How to Profit From Real Estate: Probate Leads vs. Reo Leads
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