How To Make Money Investing In Probate Real Estate

Buying and selling inherited properties, or probate leads is one of the most profitable ways of making money in real estate investing. This article guides you how to target your marketing and investing better to make money with inherited properties. Most probate properties are either in needs of repairs or they have outstanding mortgages, making them problematic to the beneficiaries. The properties are a source of stress and the beneficiaries are looking to sell them fast. Even if they have no mortgage, if they need repairs they cannot be sold in the open market. These sellers are therefore very motivated. Probate properties are most likely to be your most profitable deals. How to target probate sellers. 1)   Search your local county records Go to your local county courthouse from time to time and get details of all probate properties. I can access this information on the internet in my local area. This information is still available by visiting the courthouse. You will need to note down the deceased, the executor (trustee or administrator)of the probate. The deceased might still have property listed in their names in the county records, or in the estate name, such as John Doe Estate. The trustee administers the probate on behalf of the beneficiaries. The beneficiaries are the inheritors and may be looking to sell the inherited property. I always check the county court records to make sure they own real estate before sending them letters. 2)  Send letters People who have lost loved ones are delicate emotionally. I usually send them very personal and sympathetic letters that show I am sorry for their loss and that if they are looking to sell any inherited real estate, I would be an interested buyer. I send them a series of letters for 6 months because the probate process can take long. If they have not contacted me within this time I stop sending them. Of course as always, I give them prominent link to my website and a phone number. The idea is to get all the information through my website so it comes already pre-negotiated and pre-screened when I get it. There is a good real estate investor website recommended at the end of this article. They are likely to call you or contact you through your website when they are ready to sell. The rest is very easy. 3)  Sign a purchase contract Once they are ready to sell, sign a regular real estate purchase agreement. Take or Fax this to your title company so they can start doing title work and preparing for closing. The title company knows the closing process with probate properties. The will execute al l the necessary paperwork and affidavits with the involved parties so you only need to go to closing. If you are a wholesaler, you can then flip this property to another real estate investor. This process is covered in other articles from the same author.  Simon Macharia is a real estate investor who buys and sells houses in Texas. Learn how you can run your real estate investing business and automate it from an interactive real estate investor website from http://www.RealEstateInvestorsWebsites.net