At any given time, there are hundreds of properties tied up in probate court. Due to this, there is a great deal of opportunity for a real estate investor to purchase these properties at a substantial discount and make a profit. By investing in probate real estate, you can help out their heirs that are left with bills from their deceased loved one and find great properties for your investing. What do you need to consider when considering investing in probate properties?
You first want to consider the family that you are dealing with. For one thing, their loved one has just died and they are responsible for disbursing the proceeds from this estate, which can be quite overwhelming. For another thing, often they are also responsible for bills and unresolved debt, which can be another source of stress.
The second thing that you want to consider is the condition of the property. Unlike other real estate investing methods, with probate investing you can see the property. In most cases, probate properties are in very good condition, but sometimes they will need some work, so you want to look at the property to ensure that it is worth the money that you are paying for it.
The third thing you need to know is that there are no lists for you to look over with probate properties. It will take you approaching the Executor and heirs to see if you can purchase the property. You will have to sit in on probate court to learn about these properties.
The fourth thing that you need to consider is what you are going to be doing with the property. Are you going to live in it? Rent it out? Flip it for a profit? No matter what you are going to do with the property, it is something that you will want to know before you make an offer. This will allow you to determine how much money you can and should put into it.
By visiting probate court and sitting in on the process, you can find properties that you may be interested in. Then, you will only need to visit the Executor of the estate and determine if they are interested in selling the property. Then you will be on your way to purchasing properties that you can sell, rent out, or live in to make the most of your purchase. Probate investing may be something that others shy away from, but with a little time and effort, you may be able to find a very good deal.
