PROBATE PROFITS ARE ALIVE AND WELL !

by your PROBATE PROFITS ALIVE AND WELL story Sherri. A few weeks ago my husband mentioned doing probates, and I have to admit I was a bit put off by the idea. After reading your posts I am SO open to learning more about them. Thank you for sharing all that 411. Blessings to you as you do your first one! I can't wait to hear how it goes.

Penny

My husband just pointed out that we have all the Edge dvd's from '09 along with Dean's probate finder. Woo hoo God is good!

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How about, there are several ways to approach opportunities, perhaps we should look at several. Going forward kittys and bunnies are off limits (except to love and spoil). Now......Sherri, loved your info on getting all the details before heading to the Courthouse. I'm voraciouly reading everything I can get my hands on regarding Probates. I have joined a REI group which meets next week so, maybe I can get alot of info there as well.

I have some general questions after getting the records from the courthouse and then doing a few mailings with little success.

Do you send a letter to a child of the deceased if living at the property in question?
How far back in the records do you go? By date of death? Or by filing date?
Do you send to spouses?

Any help would be great. Thanks.

John

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Sherri (and others who've added their comments)

Thanks for all the information. I've been going to the courthouse on Fridays, which typically are slow days for me, for the past few weeks going over Probate files. Over the weekend my wife and I then enter the information and send out letters. Very time consuming!

Just last week I got Dean's Probate Finder Resource. I'm in the process of getting the website, etc. set up. What awesome resources!!! At any rate, I now cross check the records with the county tax records to see if the property is still owned by the deceased. It seems that I am still going about it backwards. I like the idea of doing more work from home before I head down to the courthouse - even though, I like you, am usually the only one there.

I'm going to re read this whole list of posts, bc I am for sure going to have to rethink my system.

Thanks to everyone who has been posting. This DG site is AWESOME!

John

P.S. Rock City is of course Chattanooga, TN

(I'll try not to mention his name -Than Merrill - Ooops.)
Here's what he said about probates:

"Out of the 17 direct mail campaigns we do, probates produces the biggest and best deals, hands down."

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To answer your question. Yes you can do probate with no money down. Once the heir/administrator/executor recieves the LETTERS OF TESTEMENTARY that gives them the right to sell. However, some escrow company's will not ensure title until the actual close of the probate. The executor does not have to wait to sell but may have to get court confirmation of the sell. A "administrator" with full authority does not have to get court confirmation/permission on the sale amount. Yes, you can do these deals with NO MONEY! Deposit can vary depending on the attorney. If you can get direct access to the heirs, you can determine the earnest money(agreed by both you and heir). I have filed(file the estate with the courts from start to finish) and PURCHASED many homes with NO MONEY DOWN AND 10.00 earnest money. I have BOUGHT AND SOLD PROBATE PROPERTIES. I have been investing for 5yrs and the third deal was propate. I have been involved since. I am not posting what I HAVE READ ABOUT PROBATE. It is what I specialize in. Hope this helps. I don't have much time to post or email back and forth. I check in and out. So.... if you are TRUELY interested in PROBATE Pm-me. I find it much easier to TALK to a LIVE PERSON. If you pm I will forward my contact info. Sorry guys ... I just don't have the time to keep up with posting. There is so much to learn about probate. Thanks to all that respond.

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I forgot to mention. I am open to all that respond and anyone who wants to do deals together. I know I tend to look very young in my pic.....but trust me I'm 36yrs old and have quite a bit of experience in probate, flips, lease-options, subject to's etc. So to clarify...I file with the county courthouse here in California Petitions to Determine Succession (estates under 100k) and simple/regular probate (estates over 100k). Talk to you soon-

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Thanks for all your helpful information Sac-TownsFinest! You definately know what you are talking about:)

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I am very interested in Probate Real Estate but I don't have the time to go to the courthouse to get the leads. Has anyone ever used www.usprobateleads.com website? I found this ad in a Real Estate Magazine. I was thinking of buying test leads. I checked the courthouse website and can't seem to find this option to get the leads that way.

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Hi Sherri,

Let me know what you think about that website. I may end up with Dean's Probate Finder as I do trust Dean and I know he really wants to help a newbie investor like me.

Michelle

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An investor friend told me to look out for cases with Muniment of Title. Can anyone explain this and why it would be good to find these Probate cases. Thanks. John

mkessler, it has been my experience that in many counties you have to go to the courthouse because the files can't be accessed online. This is one of the reasons many people do not find leads through probate. I think the key is to first find out what can be accessed online where you are looking and if it isn't then learn how to maximize your time if you do need to go to the courthouse.

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i too want to explore probate but dont know where to start do you have any tips for me

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I have stumbled, tripped or ran head first into this topic by chance or sheer luck. I appreciate you starting this topic as I have heard of but knew nothing about it. You as well as the others have opened my narrow vision slightly more as to the possibilities of buying with no money down as well as assignments. I appreciate everything that has been posted here and I will continue to read and post as I learn and grow with all of you.

Thanks so much once again for the post!

Kevin

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Well now that I got a PM from you here is where am at:

*** Got Dean's Probate Finder (Check)
*** Excellent Website Created (Check)
*** LLC Formed (Check)
*** 800 Number Established (Check)
*** Designed/Ordered Business Cards (Check)
*** Regularly Researching Courthouse Files (Haven't done it in a while)
*** Fliers Made With Dean's Templates (Not yet)
*** Approaching Executors Already (Not yet)
*** Advertising For Investors (Not yet)
*** " Taking Action " Every Day !!! (I keep bouncing in different directions)

Sorry for the copy-paste from your original post but I thought that will be easy. To be honest with you I was going full blast for the probates and then got lazy and end up going to other deals with REO's. Now I'm thinking I should take a look again at probates especially because I have already a few things setup. I believe my main problem is bouncing in different directions when I read about REO's I want to do it and start learning about them then I read about notes and I like them too the same with probates, etc...
It seems like you find one think that you enjoy a lot and have become already a "walking encyclopedia" so eventually you will succeed and will become a millionaire I have no doubt about that. So here are my 2 cents for newbies and me we should concentrate on one method at a time and become an expert and we will succeed then after we have done that if we want we can move on into other areas of Real Estate Investing.
Daniel

Just got a call from my business partner that we just locked up another probate deal today on contract.

So right now we have 3 deals on contract and 2 of them are probates. The first one is actually getting renegotiated right now as I type this for $3k, due to lack of response from our buyers. Will wholesale/assign for $7k. Thats $4k profit.

2nd probate deal took 2 months to get approved by the court system. We got it on contract for $17k. This property has been totally renovated already and is in decent area. Will wholesale immediately for $25k. So that will be $8k profit. Picked this deal up by mailing letters to attorneys whom handle probate estates.

3rd deal not a probate. Found by mailing to expired listings. On contract for $13k. Will flip immediately for $15k. So $2k profit there.

Now time to market them to our buyers and close on them. Total profit should be in the area of $14k. To be divided by two people. So $7k each. Pretty good for mailing out some letters!!!

I'll keep everyone informed when we close on them.

Jason B