I’m interested to know if anybody in REI land focuses on probates. One of my first deals was a probate that my finder found.
It was seriously profitable. But then, It took 6 months for the probate process and luckily the 3 siblings were eager to sell.
I just stumbled on that one.
So yesterday I watched a you tube video of an investor that only did probates, and he had been doing them for 35 years.
He went on about all the benefits of no competition, highly motivated sellers and how the leads were always coming with no or very little marketing costs. And of course how easy and profitable they were. This guy had a system with follow up mailings and calls.
Now that sounds really frikin good to me.
I got to look into this on an intimate level. Anybody have any experience doing them?
Now I’m thinking I shud get a course. The guy with 35 years experience sells one, gotta find out more.
But then, the one I did was simple and went the same as a wholesale deal to a cash buyer.
But this veteran probate investor guy wud have so much knowledge to siphon from. Who cares wat it will cost.
Gotta find someone to go to public records a few times a week for me, maybe pay them hourly or a percentage of profits.
Give me your input.
Rando
Yep, bought a couple that were in probate, I’m going to start targeting them in a few weeks. In my area, you can order a monthly report that has all the cases on it. You then take that list of cases and can view the actual documents online to see if there is real estate in the probate. The report is $50/month and access to the online portal is $50/month. I’ll have a VA search the records and compile a list that we can mail to.
I’d check your state to see if it can all be done online.
I finally got to watch the entire interview with the probate investor, his name is Jim Banks. jim@jimbanksprobate.net
Anybody want to make a ton of money?
Looking for someone to split the cost of his probate course, it costs $997 Ouch…
I may have to bite the bullet and order this. I know it will pay out big time.
My sister is going to the County records tomorrow morning to get some probates. But I heard that b4.
I may have to find a reliable probate acquisition person.
Why don’t I do it? I hate going downtown, fighting the traffic and the unsavory characters that frequent the courthouse park.
Then there is no parking unless you go underground and pay and arm and a leg, then to walk a half mile and finally to learn how its done & the work begins. I’m sure its not that bad.
My city does not have records online, it used to be a one horse cow town but is now over a half million people, and we are usually behind 20 years the times. It’s frustrating cuz nearby smaller towns are online, I want to target those counties also.
This probate investor says to target these probates b4 they go on any list by visiting the public records in person regularly.
Was the probate investor “Rick Harmon”.
Iif so, yes,he has been doing them for at least 35 years.
He has a website of “Rick the Probate Guy” look it up or google him. If I were interested in probates I wold take his course…he is well know and reliable.
Good luck
Banks has been hocking that course for decades.
I’ve got his old course that he was charging a $1,000 for back in 19-something. I was disappointed with it. I was ‘really’ disappointed with it, after meeting three of his workshop grads at the Orange County Recorders Office/Courthouse; one who happily explained to me that I was doing everything long-hand, and that Banks only teaches the short-cuts and ‘efficiencies’ at his worshops. The rest of the rubes get to bang their heads on the desk, 1000 dollars lighter.
Evidently, he teaches two ways; and the quality depends on the venue you’re willing to buy.
Bottom line, despite doing exactly what he instructed, there were too many dots missing.
The training course was bulked up with non-actionable, busy work, that I, of course, mired myself in, because duh, I thought I was studying something legitimate.
I have since learned that probate is like anything else. It’s a numbers game, and you’ve got to cast a wide net, be patient, and nimble enough to navigate weird families and situations, because after all, probate is the result of weirdos, and their families, that don’t protect their estates …and end up in probate in the first place. Just saying.
Rando, you love those weirdo situations, so you’re probably gonna be a probate whale if you gave it half a shot. But…I would buy Banks stuff used, online.
Check out this link. This has got to be a more affordable risk. The issue is, you get zero help and coaching connecting any missing dots.
http://www.ebay.com/itm/Jim-Banks-Probate-Business-Workshops-Volumes-1-8-VGU-VHS-tapes-/322351894789
Meantime here’s my free, five-step course on probate investing:
- Go to the court and find all the probate filings containing residential real estate.
- Send the executor/attorney four postcards, one week apart, then two weeks apart, then after thirty days, and wait for a call. (Or go bang on the attorney’s / executor’s door).
- Feel out the probate situation, make friends, and make offer.
- While you’re doing all that, start making contacts with probate attorneys in your farm, make friends with them, and tell them that you have fast cash for the clients that want to dump the urine-stained hell holes, within which Grandma Smelly assumed the cockroach position.
- Get contract signed, and flip to investor.
I just saved you $997. At least.
And just for a free bonus: Note the names of the attorneys whose names keep showing up on probate documents, and make friends especially with them.
Thanks for the tip, I found his course for 150 buks on DVD, some were on VHS haha.
I’ve heard of them but haven’t had any come across my plate yet. They sound interesting though. I’ll take a look now that you’ve shared this.
I was willing to pay the $997 for this probate course, although reluctantly, Then Javipa suggested the auction site and lo and behold, I find one for $150, I was more than willing to pay that price and I almost did.
But then that wholesaling side of me kicked in and I sent the seller a question asking if he wud take $75. He came back to say he wud. So I ordered it, it’s on the way.
I’m excited to get the course, especially at this give away price. The plan is to do Probates, along with the direct mail to absentees. I’ll keep using the bird dogs and continue to do my co-wholesaling with the local wholesalers, also I wont forget about the bandit signs and door hangers and. I’m also interested in a condemned list, city liens, a fire damage list, Tax liens. I heard of one investor that targets the unemployment filings.
I’m starting to ask this question more often, Am I a bottom feeder?
To profit off the dead and distressed, is it ethical? A little morbid?
Of course as a blood thirsty carnivore, I can justify anything.
Let’s make some Money…
Rando
I’m still waiting on my Jim Banks probate course to arrive. I’ve also been lining up some finders to do all the leg work,
I got a half dozen populated Counties around my city. I’m thinking, why shud I limit myself to one County?
I’m looking for partners that want to work their counties to slam a few deals, also in other states.
It’s a great way for newbie investors to get their feet wet. Eventually they will go off on their own and I will find some hourly workers.
But for now, I’m willing to split profits equally. If you can find a better deal than that, take it.
Rando