Probate: Motivated Sellers and Profits! by Scott Rister
'Probate' is by far the most misunderstood and over-looked area for locating motivated sellers and truly BIG profits. You may have also stated this but I can't tell you how many times I've heard someone state:
'Oh, you can't do anything with that one as the house is in Probate'
WRONG! The overall lack of knowledge in the real esate investor community makes this the last frontier of being able to consistently have great deals locate you. Yes it will take some education on your part but these are small hurdles to overcome just like any other real estate endeavor such as: short sales, lease options, owner financing, etc...
In 'Probate' you will be evaluating the deals from the same perspective as other areas:
* Is the seller motivated?
* What does the seller want in terms of value for selling to me on investor terms and/or price?
* Are there any title issues that need to be overcome?
* Do I have my legal and financial interests protected in pursuing this deal?
* What are my profit-centered opportunities with this house?
* How can I replicate these types of great deals again and again!
Your education in real estate is of absolute paramount importance so you can profit in many ways. If you catch fish proportional to the amount of lines you have in the water, then wouldn't you want to put out as many lines as possible? Well, in terms of real estate 'Probate' can be for you a VERY consistent source securing you many profitable deals and just one of those lines to reel in great deals.
You still may be thinking in terms of 'Probate' on legalese situations requiring knowledge and risk outside the realistic scope of your abilities. I once again bring this point up to reiterate that in fact ALL of your favorite creative real estate techniques will be utilized: lease option, short-sales, wholesaling, retailing, buy & hold, owner-financing....you name it!
See, little known facts about 'Probate' are quite just quite frankly guarded by a few because they don't want any- one else to figure their techniques out and cause them any competition. The extraordinary aspect of 'Probate' to me is upon striking up conversations wiht other true 'Probate' investors is that they guard these secrets....well, until recently and more on that to come.
All the reasons you currently encounter that turn the ordinary seller to investor's definition of motivated are the same in probate:
* Lack of capital to maintain house payments.
* Too many repairs needed on a house and no capital to pay for.
* Strong negative emotional ties to a property and the seller just wanting it out of their hair.
* Quick money needed because of.......(you name it)
* House heading to foreclosure and no captial avail-able to maintain payments.
With 'Probate' however there are even more extraordinary circumstances that will significatly and automatically move sellers into the motivated category asap. The entire 'Probate' process contrary to most of the popular belief is NOT there for the benefit of heirs. Quite simply it exists primarily to satisfy creditors. Period!
Each state has a 'Probate' process implemented and while all differ to a certain degree the basic guidelines are still the same: evaluate ALL assets of an estate to satisfy creditor's claims. Estates being probated will have to adhere to state laws and regulations within certain time frames and > that is where one of the beauties of 'Probate' lies. When individuals have no choice but to liquidate properties quickly, the astute investor will be there happy to oblige(at your terms and price).
When you boil it all down in being truly profitable in creative real estate each deal in the end had to be structured as win-win for all. Sure everyone always wants a little more for their property and you as an investor always wants a lower price or better terms. Somewhere in the middle of each party's minimum needs and wants is where the art of the deal happens. Same scenario in 'Probate' as you will be providing win-win situations all can be happy with.
Lastly on 'Probate' an absolute huge advantage is being perceived as the only opportunity the seller has. In fact we know that sellers always have options but overwhelmingly my experience has been the ONLY option the seller has known and my friend lack of competition is a great thing.
What if you were the ONLY one in your county that knew about foreclosures going to the courthouse step that can be bought for 50%-70% on the dollar? Wouldn't you feel pretty good about your chances to consistently make money in real estate? Of course the answer is 'yes' and I make that example to literally show you that is the untapped market currently available in 'Probate'---low competition and truly great deals.
If you want to truly take your real estate business to the level you deserve to profit from, then key into 'Probate'. Invest in your education within the last great real estate secret that I'll reveal to you within the next couple of weeks.
Get ready for 'The Pobate Profit Machine!' and be prepared to implement a system to continually bring you deals month after month. Remember that in real estate you make truly great money NOT because you have a large credit line, cash in the bank, or financing lined up. You make true wealth in real estate by being smart! You may know 1002 creative real estate techniques but if it is not a truly great deal then you only have gained a burden.
Be prepared for 'The Probate Profit Machine!' to become that source of income you desire because luck has absolutely NOTHING to do with it! Take control of your own financial destiny in creative real estate through 'Probate'.
Scott Rister is a successful full-time investor living in Dallas, TX. Closing 72 deals in one 9 month period, Scott's property acquisition company, One-Stop Realty, LLC maintains current holdings in four states.
After building a sizable portfolio of keeper properties that was not getting him where he wanted to go, he discovered the art of wholesaling. Since that time he's done hundreds of deals and focuses exclusively on motivated sellers using technology and a targeted marketing approach.
Scott Rister's approach is based on the belief that the successful real estate investor will leverage the best use of his/her time by implementing systems that can run on auto-pilot with minimal maintenance.
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