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After I Made 50,000 Dollars – I Learned How to Spell Probate
I hear about probate and I knew it had something to do with ownership after someone died, but that was it. I thought the executor and a lawyer just walk into a room and find out all about this? Seems logical since I’ve never read about it. Several years ago I received a flyer for attending a free real estate seminar. It was on a subject I knew and would also like to learn more about, so I signed up. The seminar was very informative on what I had signed up for. The second day they had another speaker there talking about probate so I decided to stay and listen. Wow, what a revelation to say the least. What he talked about was so enlightening and very enlightening. I just assumed it was just real estate, but I was totally wrong. This can not only include real estate, but also personal property, cars, boats, furniture, jewelry, patents, licenses, and even businesses.
There were only a few people in the room doing probate for real estate and they were buying the properties for 5 to 25 cents on the dollar. One of them also got a business that was shut down for 60 days. He invested a small amount of money to get started and sold if 6 months later for…ready? $800,000
Why the hell were these properties so cheap? The reason for this was the increased motivation of the heirs over the months. Have you ever wondered what drives them like this?
Here is the truth. The average person today has savings of around $3,000 and the average funeral is around $10,000, so already the primary heir is knocked down $7,000. Ouch! Many of these estates may be in debt or cash poor.
So now they need the money to hire a lawyer to do all the paperwork, pay the mortgage, utilities, taxes, maintenance and upkeep. Also, lots of people like to keep things, aka “packrats”, and a lot of it isn’t wanted by ebay. So there’s a cost to transporting everything, fixing and fixing, cleaning and painting…and so on.
Meanwhile, all of the heirs are more than likely living out of state and not only are they broke now, but they have to leave and go home. They can’t do much from home except continue to send money they don’t have. Ouch…
And the next month comes around and…you get it, there’s more to do and more money to pay when most of the things that needed to be done last month…well, they didn’t. not yet been done either.
Right now… well, 6 months later, the heirs are really broke and just want to get by now. Not yet ready to market too many unfinished items and keep paying or lose it all to foreclosure and or just be consumed with bills.
At this point, I must admit that the heirs (sellers) and very motivated to sell. To put it all behind them, stop the money bleeding, and realize an inheritance before it’s too late, they need a willing buyer.
At this point, the real estate investor can strike a good deal just to end it for the heirs and that they can get their long-awaited inheritance and put this chapter behind them.
My first probate deal seemed so strange as I was dealing with several out-of-town sellers with sentimental attachments, yet a strong desire to close the chapter and get the inheritance they were given. wanted and not all these other duties and obligations.
We agreed on a price based on me doing all the work, and they getting a check and leaving. That’s what happened, and they were so relieved.
I took inventory of what was of some value and sold the personal items and threw the rest away. I put up a small for sale sign in the yard while I debated what to do next. A buyer was driving down the street and signing the sign and my car and knocking on the door.
Long story short, they agreed to buy it from me after cleaning it and they wanted to redo it themselves. Looking at the check, I did the math in my head and thought…hey, that’s $50,000, spelled probate.
To learn more about the details of the certification process and where to find these motivated sellers, please visit my website today. Thanks…
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#Dollars #Learned #Spell #Probate