Probate Monday: Passive Income Goals and General Update

Scott Costello All, Blog, Probate Investing 11 Comments

Probate MondaySorry I have been a  MIA this past week, I was in Breckenridge, CO for my best friends bachelor party.   Shockingly my doctor gave me the go ahead to ski if I felt up to it and you better believe if I’m going to be in Colorado in the winter I’m going to be skiing.  This was the first time I’ve been skiing in 10 years and combine that with my total inactivity over the past 7 weeks plus being up 13,000 feet made for some heavy breathing and screaming legs.  Holly Schnikies I’m sore!!!!

In the end I’m no worse for wear and being in such a great part of the country for 4 days only makes me want to work harder to develop passive income streams so I can take more vacations like that but even longer ones.  Probate investing is not what I would call passive income as it’s a lot of work and if I’m not working it I’m not making any money.  On the plan ride back from Colorado, sitting in between two arm rest hogs, I managed to lose myself in T. Harv Ekers  Millionaire Mind seminar audios.  He reminded me that my true goal is creating passive income not creating a job for myself.

For me Probate Investing is a means to an end.  I’m using it in order to create extra income so I can invest in income producing assets.  I want my money to work for me.  Some ideas I got from Harv are…

  • Parking Lots
  • Storage Units
  • Lending Money
  • Buying 2nd mortgages

Does anyone have other ideas of passive income Strategies?  The concept is easy to understand but I know for me it’s tough to think of true passive income avenue

Probate Update

Like I said last week my postcards went out about 7 days ago and I started getting calls over the weekend while I was away.  One of the gentleman gave me my first “please take me off your list as I’m not interested in selling my house.”   No problem buddy.   There is no doubt I’ll be getting a lot more of these types of calls, but I’m surprised it took me 3 months to get my first one.  I’ve got a few other voice mails that I need to catch up on as I settle back into my weekly routine.   I did manage to receive a call while I was  on top of peak 9 in Breckenridge.  It would have been cool to answer the phone and tell the caller I couldn’t really talk as I was 13,000 feet in the air getting ready to ski down some moguls and avoid hitting the evergreen trees.  Anyway, I’ve got about 3 voice mails I need to check and return phone calls too.

Bruce made a verbal offer to a lead I got two weeks ago and is going to meet the seller at the house later this week.  I’m planning on taking a morning off of work to meet up with Bruce at the home and observe how he handles his business with the sellers.  I also hope to pick up some tips on what to look for in terms of repairs, so it should be well worth taking a half day off from work.

My probate lead list is a little late this month, but It’s the first time this has happened so i just sent my supplier a nice email wondering what was going on.  He has been spot on time the past three months and I’m sure I will be getting the list soon.

That’s about it for this week.  As always, I love reading your comments so If there are any burning questions or advice you would like to give leave them below.

Thanks!

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Scott Costello

Scott is a part time wholesaler, but full time real estate investing addict! As his family grows and his free time shrinks,He has been slowing building his wholesaling business over the past 7 years in between life events.Drive, dedication and never giving up are his strengths.
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Comments 11

  1. To bad I didn't know you were in Colorado. I'm 5 miles from DIA. I could have met ya for coffee at the airport prior to you going through security. Breck is a great place to ski, its also a great summer place. Stayed up there more then a few times. You are damn lucky you left when you did. I-70 has a major rock slide today, it will be closed for several days. Up to a 200 mile detour to get around.

    Probate is very very time intensive. I listened to 4 hour work week and e-myth to figure out ways to streamline the process as well. I am right with you on passive income. It is a means to buy rental properties. Glad to see you have the right focus.

  2. If I was thinking straight I would have remembered you lived in CO. I'm sure I'll be back there in the future as one of my best friends lives right in Denver. Next time I'll be sure to let you know.

    That would have be terrible if we had not gotten out of breck when we did.

  3. Hey Scott…

    You're thoughts are exactly what I thought about in the beginning of this year. Hence the reason I don't really want to wholesale full-time…..it's really a job.

    And yeah, we still gotta work to get our passive income streams going but at least we're working on something that will give us more free time rather than something that ALWAYS wants and needs our time. I hope that made sense.

    Some passive income ideas: apartment buildings managed by a management company (my chosen path right now,) mobile home parks (I've always wanted a park or 2…..in the future I can see this happening,) buying businesses, car washes, storage units like you suggested, owning atm's, etc. etc. The list can go on and on.

    Here's the key though….there aren't many things that are truly 100% passive. Your passive income streams still have to be shall we say managed. You know what I mean? Because if you don't manage them to some degree they may just go downhill. Probably one of the only things I can imagine that is 100% passive income is just investing in a savings account or CD, etc. You don't do anything to manage it, but you also don't make much money lol

    Even when I buy an apartment building and have a management company running it, I'll still be “managing” and checking out the management company. To a) make sure they are treating my tenants properly, b) treating the property properly and c) aren't ripping me off 🙂

    But managing or looking after passive income streams (notice I added the s there 😉 is nothing like a full-time active income type of job.

    Good luck! and I'm glad you had fun in CO. I've never been skiing in my life.

  4. Scott,

    You have the right mentality and I'm right on board with you. Passive income doesn't just fall into your lap, and creating a job for yourself will help to create that investment capital for the passive income.

    I enjoy reading your blog, so keep up the good work.

    Have a prosperous day!

    Regards,

    Chris Guthrie

  5. I was in CO myself for the week. Was in Vail, boarding the back bowls. I was 'managing' an apartment building from the top of China Bowl. Answered a quick question, did a run, made another call, answered another question. Life is good.

    But yes, 'passive' is somewhat of a misnomer.

  6. I am co-signing Carey's comments…..we're working on passive income streams but they aren't 100% passive and frankly that's ok with me as long as they don't take too much time. Lending money is the most passive (yet still lucrative) thing I can think of and I think its definitely something I'll be looking to do in the future.

    Things like storage units are cool since you don't have to deal with “tenants and toilets” as folks say. I recently read about someone in my local area who is doing pretty well with vacant land and he is doing short-term (3-5 year) seller financing for the land.

    This was a good post, Scotty!

  7. Hey Scott…
    I just spent the entire morning in the courthouse working probate info…..I'm going to start hitting this niche hard….I'll post my progress here if you're cool with it….

    Mike
    The Tattooed Investor

  8. I don't mind a little work to manage the income streams. It would be nice to be able to take a look, make a small adjustments as needed and then get paid 🙂

  9. absolutely Mike, I would be thrilled if you were to post you progress here. In fact how about we make it a little series of post on my blog?

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