How To Earn Cash In Real Estate Investing With Probate Properties
Buying and selling inherited properties, or probate leads is one of the most profitable ways of making money in real estate investing.
This article will help you target your leads better and make more money from probate properties.
When most people inherit property, it usually comes with associated problems, such as an outstanding mortgage or repairs. These people are motivated sellers especially if they have to make mortgage payments to keep them.
Even if they have no mortgage, if they need repairs they cannot be sold in the open market. This makes these sellers quite motivated.
Some of the most profitable deals you get are likely to be probate real estate.
How to target probate sellers.
1) Search your local county records
Go to your local county courthouse from time to time and get details of all probate properties. In my local market, this information is available online. 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 deceased might still have property listed in their names in the county records, or in the estate name, such as John Doe Estate.
The trustee is the one who will be handling the probate on behalf of the beneficiaries. The beneficiaries have inherited the property, which they may be looking to sell.
I always check the county court records to make sure they own real estate before sending them letters.
2) Send letters
People who have lost a loved one are in a delicate emotional situation. I usually express my sympathy in my letters and mention when the time comes when they are ready to sell real estate, I would be a willing buyer.
I send them a series of letters for 6 months because the probate process can take long. After 6 months, if they have not contacted me, 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 them submit information from my website instead of give me a call so I receive fully pre-screened and pre-negotiated leads through my website.
Check for a source of a good website at the end of this article.
They are likely to call you or contact you through your website when they are ready to sell. The rest is easy.
3) Put the property under contract
Sign a real estate purchase contract when they are ready to sell. Deliver the contrast to your title company so they can start title work and prepare for closing.
The title company is familiar with closing 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.
If you are a wholesaler, you can then flip this property to another real estate investor. This process is covered in other articles from the same author.
How To Earn Cash In Real Estate Investing With Probate Properties
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