I get a lot of questions about working with probates, so today I have a short podcast for you called “Probate investing Q & A”.
It’s a quickie – only about 12 minutes.
This podcast was prompted by a few specific probate investing questions that I got recently. I love probate investing. I want to demystify this whole process for you so look for some more probate investing Q & A's coming your way.
Let me know if you have any specific questions.
Also, be sure to take advantage of 2 freebies I have for you on the blog homepage. There is an informative ebook and a sample letter that I send to probates. Read the rest of this entry →
I first wrote an article about probate mailings back in 2013. Truthfully, almost all of the information is unchanged except for the fact that the return on your probate mailings is somewhat less. What that means is that the percentage of calls you will get from each mailing is smaller than a few years ago. Today I thought it was time to update this information and tell you what's working best for me.
I can remember the time when I was getting around a 5 to 6% on all of my direct mail no matter what the niche or group of motivated sellers was. That statistic was certainly true for my probate mailings. Today that number is more like 2 or 3% tops. There are still investors in many areas that are only getting about a 1% return on their direct mail campaigns.
Knowing this is huge! Most investors will throw in the towel and quit mailing after 3 or 4 probate mailings which give you a definite edge. You want to be the last man standing when they are finally ready to sell.
Let's Talk about the Different Types of Mail Pieces
I love working in the niche of probates, but that’s not true for all investors. I think the reason is they just don’t have the knowledge they need about probate investing and how the process works. Probate investing is not that much different than other niches, but because the property is part of an estate that seems to make a difference in the way people feel about it.
Here is the main thing to remember about probate investing:
The heirs rarely want the house; they just want the cash sitting in that property.
The 10 Most Common Questions I’m asked About Probate Investing
People have a lot of questions about probates. In fact, I am asked the same questions all the time.
Today I decided to take the 10 most common questions I am asked about probate investing and answer them. Many of these topics could be (or have been) entire blog post or video so today you’ll be getting the “short version”. I plan to take some of these topics and elaborate on them in the future.
#1. Why Is There Less Competition in the Probate Niche?
It’s really odd how several people will ask me the same question over the period of a week or two. This past week I had no less than half a dozen real estate investors ask me the same thing; whether you should call probate leads as your initial contact.
Specifically they all wanted to know if they can pick up the phone and just call these folks as soon as they get the lead. My answer is always the same.
My reader question today comes from an investor that has really found himself in a situation he could have never imagined. He bought a great property that was part of an estate, and now the deceased's relatives won't move out of the house. Read the rest of this entry →