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Posts Tagged ‘probate real estate’

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Bad news – we found out there were 6 CASH offers on the cat pee house (CPH, as we were calling it).  I think these offers came in just after the price was lowered on Friday.  So, we didn’t bother making an offer.  That totally sucked, we were kind of hoping to get that one to rehab. I’ll still keep it on my list to see if all the offers fall through…although with that many offers on the table, that is highly unlikely.

The other colonial house we looked at over the weekend was awesome, but we found out there was an easement for a  right of way on the side of the house, which would have put a road right in the middle of this house and the one next door, and prevented a garage from being added.  We’re bummed about that, too.  I’m so frustrated but I’m trying to not let it get me down.

We’re still getting calls from our direct mail campaign.  A couple motivated sellers, but no one is motivated enough yet.  I don’t understand how in this lousy market, people are holding out for prices higher than what they’re worth.  Especially with these inherited properties, since it’s not like they’re upside down in equity, since they inherited from (usually) a parent.  I’ve checked out many of these houses (that we’ve received calls on) in the public records and most have $0 mortgage balances.

We gotta dig deep and get a house under contract soon.  Especially since I made that my goal in Steph‘s 30 day challenge.  And my job is driving me crazy.  I gotta get outta there and do this REI stuff full time.  Having a J-O-B is really limiting my investing time, although the paycheck helps! 🙂

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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