Big Profits, Less Work
BIG Profits, Less Work
BIG Profits, Less Work
One of the most profitable and most overlooked areas of real estate investment is probate properties. Probate just means that the owner of the property is deceased and the property is in the hands of the executor of the estate.
The goal of most executors is to liquidate the estate as quickly as possible so that the cash can be split among the inheritors. Most inheritors are more than happy to take a reasonable price for the house because they can't split the house three ways as easily as they can split the cash from the sale.
One of the greatest things about probate properties is that you can often make extremely big profits without using a dime of your own money. I'll repeat that: You make no investment, but you make big profits. If you do have to spend your own money, it will be a minor amount (less than $100) to pay for filing fees, copies, and information access at your local probate office, typically located in your county clerk's office.
As with any property, you're looking for specific properties in probate that meet your needs. The property should be easy to sell: Typical three-bedroom, two bath single-family homes are the best. Unless you live in a place like Manhattan, where a one-bedroom studio can fetch a million, or in a place like Chicago, where the demand for one-bedroom one-bathroom condos has driven their price close to $300,000 or more, you're going to want to stick with the standard working-class neighborhood homes.
The other requirement for the house is that it needs to be slightly dilapidated. NOT ready to be condemned by the city, but in need of a bit of work to get it ready for the marketwork the executor doesn't have the time for or inclination to do.
Jessie Frost
http://www.forcloseinvesting.com
by: Jessie Frost
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