As most of you who have been reading my blog know, I started off in probate investing by following Ron Meads “31 Days to Profit in Probate Investing” course. It’s one of the simplest and best probate courses out there and really does throw all the minutia to the curb and focuses on just what you need to to get started.
Ron was nice enough to write up a short article for you guys/gals about getting over some of the fears of probate investing. I know when I first heard about probate leads, I was very intimidated by all the legal mumbo jumbo that I thought would be involved. Let me tell you I was wrong and should have not let that hold me back one bit!
If you don’t trust me, here is what Ron Mead has to say…
Probate Real Estate, The Untapped Market
Many folks have heard about Probate Real Estate but have shied away because they think they will have to deal with the lawyers and the legal system.
Let me tell you why.
But before I do let’s be sure we all know exactly what Probate Real Estate is.
Very simply, it’s this: It’s buying homes from folks who have inherited them from someone who has passed away. 99% of the time the heirs do not want them so they instantly become motivated sellers……..
And we all want to work with motivated sellers, don’t we?
So if there was a way that you could contact 25-30 motivated sellers every week who have inherited property and tell them you might be interested in buying their property, would you be interested?
I suspect you would if you are a serious investor.
But back to my original statement that many think you will have to deal with the legal system and attorneys.
Let me assure you, you do not.
You see in almost every case the court appoints one of the heirs as the Personal Representative (PR) of the Estate and this person has the authority to act for the estate. In this capacity, the PR can legally sell the house to you.
So if you and the PR can agree on a price, all you need to do is bring the Letters Testamentary to closing and the PR can sell the property to you.
See?? No attorney involved.
I can hear your sigh of relief
Ron Mead, The Probate Guy
Ron bought his first investment property in 1979 so he’s got a few miles under his investing belt. In 1996, his parents passed away and he inherited a house about 250 miles away and after selling that he became involved in Probate Real Estate. For the last 5 years he has been teaching others how they can also work in this lucrative market. For a free report on Probate Real Estate, go to:
http://BuyProbateProperty.com or check his blog http://RonMead.com
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It’s a shame you don’t have a donate button! I’d without a doubt donate to this outstanding blog! I suppose for now i’ll settle for bookmarking and adding your RSS feed to my Google account. I look forward to brand new updates and will talk about this website with my Facebook group. Talk soon!
I would think that narrowing down your target market to PRs who have inherited property would definitely be a better market than just canvassing a neighborhood. There are a finite number of leads though for Probate Property transactions at any given time, is the market saturated with people working this niche?
It seems to be getting much more competitive over the past year then it ever was.