One of the biggest challenges real estate investors have when it comes to probate investing, is having the right mindset. And for some folks, this is a hard thing to master.
Talking To the Sellers
When you speak to a seller about the property they have inherited, it's essential that you approach the situation in a certain way if you are to be successful. This will be an emotional time for these folks, and you need to bring along some supplies.
You need “a bucket of understanding”, “kid gloves” and a “ton of patience”. You will need enough time in your schedule to listen to a lengthy conversation about their loved one and their particular situation.
Friends and Family
Your mindset also comes into play with people you know when they find out that this is a strategy that you use in your real estate business. They just won't understand how you can “bother those people” at all with your offer to buy their property. Some will think it is morbid, and others will think it is downright rude. It will be your job whether you like it or not, to explain all of the benefits you provide to these sellers.