There are a lot of reasons to love probate investing. This is one of the niches that I like to say has the “low hanging fruit”. What do I mean by that? These are folks that are almost always motivated to sell the property; they just don't want it. They only want the cash!
I have put together a list of what I believe are the top 5 reasons to love probate investing, and why you should want to work in this niche.
Probate investing can be challenging especially when you are first getting started. It seems like you just can't get the ball rolling. Remember that post I did about “Big Mo”?
But if you hang in there long enough to figure it out, you will find what I did; an endless supply of leads. Probate investing is very lucrative and folks that have inherited an unwanted house are some of the most motivated sellers you will ever find.
A few of the things you will learn in this post are:
Why you need to make one simple phone call before you do anything else
The challenges some folks have with getting a list
The only 4 pieces of information you need to work in the niche of probate investing
How to determine if there is property in the estate
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Most folks know that I love the niche of probates when it comes to real estate investing. Why do I love it so much? The heirs are always motivated to sell the property. They don't want the property; they just want the cash that is sitting in the property.
What makes this niche even better is the fact that the great majority of these homes are owned free and clear. So why do I think you should take a close look at investing in probates and at least make it one of your strategies? Because this niche is one that has the “low hanging fruit”.
What Make Probates the “Low Hanging Fruit”?
Perfect for “Drip Campaigns”
Just by asking this one question you can jump way ahead of your competition. Want to know what it is?
Let's Dive Right In To the Top 5 Reasons Why I Love Probates
If you haven’t already subscribed, be sure to do that today so you don’t miss any of the business building tips I have coming your way. I want 2013 to be your best year ever! And if you enjoyed this article, please share it.
When I am going through the leads looking for those that have property that I might be interested in, I put the information on a special probate sheet that I designed. It makes it much easier to put it into my database later on.
As I said, there are only 4 pieces of information that you need. The name and property address for the deceased, and the name and address of the executor or administrator of the estate. Once every name that is listed in the newspaper has been checked on the tax assessor’s site, then I am ready to enter them into my database. I use an Act database that is from Sage. It is not specific to real estate, but it allows me to do everything easily that I need to do.
The Importance of Having a Database
I cannot overstate the importance of having a database for your leads. Don’t try to manage this process by putting these names into an Excel spreadsheet. It just won’t work. You need a place where you can keep these people; a home for all your leads.
I have found probate investing to be one of the most lucrative niches in real estate investing. It is also one that most people assume is difficult to navigate. The truth of the matter is that it is a relatively simple and straightforward process once you have a basic understanding of the probate process.
How Do I Find Out Where I Can Get A List Of Probates?
It’s really easy. Look up the phone number for your local probate court and give them a call. Ask how you can get a list of probates. They will tell you exactly how their system works.
In my city they are published in the newspaper so those leads are free. But be aware, that they have different procedures in different areas. In some areas you can get those leads online, or you may even be able to purchase a list. While purchasing a list may not be your first choice, it sure beats going down to the courthouse to get those records which is the case in some areas.
The important thing is to make the call to the probate court and begin the process.
What information do you need to begin the process?