One way that you can purchase real estate is by probate investing. In this process, the real estate of a deceased person is sold to pay their financial responsibilities. This is a very long process for the remaining family members that ends in the real estate being sold and the money being disbursed to the companies that are owed. Investing in probate properties will take some time and effort from you, but you can get a substantial deal in doing this.
Probate investing is something that you want to get involved in early on, so that you will have some control over the sale. To do this, you will have to approach the family of the deceased after the probate has been opened in the court. While this may be uncomfortable, it can be a great way to get real estate for you and can actually help the family that has lost someone.
When probate is opened in Court, you can approach the Estate to see if you can purchase the property that is covered in the estate. This will allow you to purchase the property early on in the process, so that the family will not have to worry about upkeep on the property, etc. By approaching the Executor early on in the process, you will be able to get a wholesale price on a property and help them out.
You will want to be prepared to offer the Estate cash for their property. Cash is the best way to purchase probate properties because it speaks to the Executor and fills their need. You will be able to get a great price and can make a substantial profit in the future.
The great thing about most probate properties is that they are in pretty good shape when you compare them to foreclosures or REO properties. You don?t purchase blindly like some of the other ways to purchase properties, so you can see if it is a property that you are interested in for your investment.
Probate investing is one segment of real estate that many investors shy away from, but this is to their detriment. You can get a very good deal by investing in real estate this way and help out a grieving family. Whether you choose to rent it out or you choose to flip it, you can make a profit and make your real estate portfolio larger. What could be better?
