Of all the strategies for accumulating wealth, investing in Real Estate is probably the one that has been used the most frequently. More fortunes have been made in this arena than in any other field. While many others have become wealthy investing in the past, it’s exciting to know that you can still do it in today’s real estate market!
There are many avenues available to you. We have all heard about the flood of foreclosures on the market today. There are also For Sale by Owners, Pre-Foreclosure/Short Sales and REO’s.
Another lesser-known opportunity is in Probate Real Estate.
There are 6 million unsettled Probate cases that remain open every day in the United States, with an estimated value of $600 Billion dollars. Over two million new Probate cases open each and every year. As the Baby Boomers age, this number will start to increase dramatically. 60-65% of Probate cases contain some type of real estate opportunity.
Within 4-6 months of filing a Probate case, more than 40% of the properties in Probate estates will be sold. Most will use conventional methods for selling because they are not aware of any other options.
More than 20% of the Executors or Personal Representatives or Administrators (whatever that person is called in your part of the country) live out of county and many would use local assistance if they knew it was available.
These people are more than just “willing sellers.” They have inherited a property they do not want or need; they do not need another “project” to add to their busy lives, they do not want to spend the time or money to fix up the property if needed, but they do want the money. This is free money for them. They have not had to work hard all their lives for it.
Now, I understand that since this is probably a subject you are not familiar with, you may think it must be a complex process. But, let me assure you, it is not. It is very simple stuff. You need only do four things: identify the deceased, determine if they owned real property, locate the name and address of the person in charge of the estate and send them a letter. That’s it…end of story. Repeat this process over and over and over and you will find sellers willing to sell to you for less than full market value. I guarantee it!
If you have decided that Probate Real Estate Real estate services atlanta Investing is for you, then you’ve taken the first step. You have made the “decision.” Please don’t take this step lightly. Making the decision is the most important of all the steps. Let me be clear as to what I mean by making the “decision” because this is the biggest mistake, I see potential investors make.
They want to get involved, but they’re not committed. Do you remember the old joke about the bacon and egg breakfast? The chicken is “involved,” but the pig is “committed.” That’s the kind of commitment you need to make about your Probate Real Estate business. You need to be totally committed.
As a sidelight, I hope you all realize this is probably the best buyers’ market in a long time, which makes Probate purchases even more attractive. The fact remains, however, that Probate real estate remains a HUGE opportunity. And, one that very few know about.