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Posts Tagged ‘probate leads’

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I wanted to give a quick update on our inherited property mailing list results so far.  We still haven’t had the chance to mail all the letters yet (we’ve mailed almost 200), and we’ve already received about 11 calls so far.  A couple people left messages saying they weren’t interested in selling, but were very nice about it.  The other new calls received were about a couple properties already listed in the MLS and a couple new (unlisted) leads.  The hard of hearing guy, and his son, called back again, too!  We’re going to follow-up on these this week (I’ve already left messages for some to call me back).  I’ve been very happy with the number of calls received from this list.  Maybe it was the fact we hand-addressed and stamped the envelopes?   We really hope the mailing results in a deal…and if it doesn’t this time around, maybe it will when we re-mail to this list in a few months.

We also looked at a few REOs on Monday…looking for some rehab/wholesale deals.  However, the rest of the week was very unproductive REI-wise, since we had relatives staying with us to attend a funeral.  So, we gotta get back into the swing of things starting tomorrow.

Happy Investing!

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Hello There,

Thought I’d post an update regarding our first direct mail campaign.  I bought that list of inherited property owners last week.  We haven’t mailed out all the letters yet, but mailed out over 100 in the past week.  So far, we’ve received 4 calls – not too bad!  I would expect more calls after we sent the rest of the letters. It’s been taking time to stuff, stamp and hand address all the letters, but it’s been a family effort (my daughter loves helping!), so that’s cut down on the time it takes to complete.

Here’s a rundown of the calls so far:

  • The first person who called was a nice guy who has a property inherited from his parents.   His brother lives in the upstairs (it’s a non-legal 2 family). The family just put a sign in the window, trying to sell on their own. I am calling him back today and we’re hoping to see that house this week.
  • The second caller left a message and I’ve left messages for him, so I hope we can stop playing phone tag and talk.
  • The third caller was a very elderly man who was extremely hard of hearing.  He just kept saying “do you want to buy my house?”  Not sure if that’s gonna work, since it was hard to have any sort of phone conversation with him and he hung up abruptly.  Even so, I will be calling him back, too.
  • The fourth caller left a message that just said “hello.”  It was an out of state phone #, so if this person lives out of state, that may be a good lead.  I called the phone # back and left a message to call him. I hope to speak to him/her soon. 

I have been able to run comps on all the properties, since I have been able to get the name and addresses of all these houses (even the last one, I got the person’s last name from the outgoing voicemail message, so I’m pretty sure which property they got the letter about).  There may be some good deals here.  For the house owned the elderly man, I searched public records and it looked like he remortgaged his house in 2006 for well over what it’s worth now. So, that may not be a deal, simply for that reason.

We’re also still looking at REOs to rehab or wholesale.  We really wanted to see that HUD property last week, but the HUD Broker blew us off.  I got in touch with another Broker and she was going to show us the house on Friday, but we cancelled since there was an accepted bid on the house the day before!  UGH!   So, we are going to have her show us a few other houses (mostly REOs) tomorrow since I have the day off from work.

Oh, one more thing – yesterday was July 17th.  What is July 17th, you ask?  Well it was my 19 year anniversary at my company.   Anyway, I talked to my husband and we thought if we can make this REI stuff work for real, I would suck it up and quit on my 20th anniversary, July 17, 2011.  (I’ve even done pension calculations to see what the totals would be if I quit next year.)  I’m so “done” at work I barely think I can make it another month, much less a year.  So, can I make that happen?  Stay tuned…

Happy Investing!

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Hi Everyone,

Thought I’d give an update on our activities this week. 

On Monday, I had the day off from work so my husband and I took a drive by about 8 properties in the area, mostly REOs, that thought might be good wholesale prospects.  We were planning to see one of the HUD ones yesterday, but the broker didn’t get back to me.  Lots of good deals there, for sure, just not sure if I can get them cheap enough to wholesale.   Oh, and one interesting thing happened.  We took a look at this REO that was out in the middle of nowhere…it was 45 minutes away and really rural.  Anyway, we finally get there and pull up to the property (funny, we could see all the houses on this street on Google Maps except this one) and it was set very far back and behind a fence and then some shirtless dude (son of the owner) comes up to us, telling us to get off the private property (cue the Deliverance music).  He was giving us some song and dance about the property not being for sale, tell the bank it isn’t for sale, blah, blah, blah.  Well, we didn’t know if the dude had a gun or whatever, but we got the heck outta there, we didn’t even have a chance to take pictures.  So, I emailed the guy at the bank I was working with and told him what happened and never heard from him again.  Weird, cuz he had been emailing me all week, asking if I had checked it out yet…he is out of CA so his company hadn’t had a local rep out to see the property yet.   As much as we are looking for a hot deal, I’m not going to deal with that much drama.

I also have been doing more to build our Buyers List.  I have been also calling other investors’ ads to get them on my list.  One guy advertises in our local paper daily looking for multis to buy.  We’ve been playing phone tag for over a week, but I want to talk to him soon to find out exactly what he wants and get properties under contract just for him.

Lastly, I had been trying to get my makeshift probate list together…it’s been taking forever.  I’d been looking up public records data on-line and then trying to find the Executor/PR and then seeing if there is a property available, also using public on-line data.  I also have checked out the Probate Court records, but since that office is 45 minutes away and closes pretty early, I don’t get a chance to get there myself very often.  I may outsource going to Probate Court at some point.  Anyway, I got a good tip from Shae Bynes from goodfaithinvesting.com.  She talked about an inherited property mailing list that she used for marketing (this is the 2nd time in a couple months I’ve heard about this type of list).  So, to make a long story short, I bought the inherited property list from a list broker.  This list broker supposedly sells only 2-3 people per county, and there is no one else in my county with the list.  There are about 250+ names on the list, so I’m going to send out those letters soon.  I was going to outsource that to click2mail.com or something like that, but my husband and I are trying to keep costs down so we are printing the letters ourselves and writing and stamping them by hand.   (BTW, if you haven’t head Shae’s success story on flipthiswholesaler.net, check it out.)

Happy Investing!

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There are so many ways to get real estate deals.  As an investor, the most popular ways to get leads are to post bandit signs or seek out foreclosures (easy to find these days).

One of the ways I’ve been trying to find deals is through probate leads.  That’s basically when a person passes away, the estate goes through probate, and if there is real estate, contacting the heirs to see if they’d  like to sell the house. 

I found a series of articles from Scott Costello’s blog which are quite interesting and explain the process well.  He’s following the Ron Mead probate course.  I purchased a couple of probate courses on eBay (including JG Banks) and they provided lots of helpful information.

It’s harder to find these deals (in my area, you need to go to the courthouse), but it’s usually worth the effort.

Do you invest in probate real estate?  If so, what is your success rate?

Happy Investing!

 

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