OfflineSo here’s the deal. I met a new friend through my job. He came in for help with his computer and we somehow ended talking about real estate, so of course I told him my plans. Then he told me about his problem. He has a property in probate and he wants me to help him rent it out. He’s been working with a lawyer for a few years to get it out of probate even though it was left to him in the last owners will. He says he’s been getting the impression that the lawyer either doesn’t know what he’s doing or is wasting time to charge more money. There is also a lien of about 8,000 on the property, and he is also not interested in selling. He says if I can help him rent it he would split the rent profit with me. The property is located about 5 blocks from a college campus. Sounds like easy renting to me. My question is; what can I do to help? What can I do to insure I get paid? Are we even able to rent the house before we get it out of probate? And is this a situation where I should just walk away?
Any comments or suggestions would be greatly appreciated.
I probably wouldn't get involved at this point. The best advice I can give you is research probate properties to see if you can find a way to get it out of probate faster. With the lein that is on the house and the lawyer fees adding up he may need to sell the property just to pay off the bills due and walk away even. This kind of thing happens all the time with property. The sad reality is that one simple document could have kept this property from going into probate--a land trust. If the property would have been deeded into a land trust it wouldn't have gone into probate.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
I guess I agree. I was excited that I might have found a deal to put some extra money in my pocket. Honestly, the more I thought about it, the worse it sounded. I think I’m just going to suggest a pre-paid legal company I heard about. That will get him a new lawyer and cut cost. Other than that I’ll stick to working on his computer.
Thanks cbr. If anyone has anything else to add, I’d appreciate it
can someone explain what PROBATE means?
YOUR HERO, SULLY
Probate is what happens when someone dies. Their stuff gets "probated" ie it is decided by the court who now owns what. A lot of times the heir(s) who now own the property would prefer cash so the property get sold.
THANKS
YOUR HERO, SULLY