Change of Real Estate (Succession)

Many investors like the idea of ​​investing in real estate. This is where you buy a property and before closing or within a short time after closing, you resell it for a higher price and make the difference. Flipping Homes have been around for a long time, but what is widely known in investment circles is how to do this with estates.

The average investor and most agents are looking for NODs (Notice of Default), Trustee Sales, Divorces, reparative properties, or some sort of hardship situation where a seller would be inclined to sell for less than retail. This has been done for a long time and I have done it throughout my 33 years in real estate. One niche that has been overlooked in Flipping is the local Probate or Succession arena. I have been locating, buying and reselling wills for 20 years and am considered one of the top brokers/investors in the country at what I do. There are so many untapped benefits to Flipping Probates that I’m surprised there isn’t more competition.

Flipping Real Estate didn’t take off for me until I researched and put together a system to do this with probate/estate homes. Average in the old days (early to late 90’s), $25K-40K on our releases and in today’s market we won’t touch one for less than $40K profit. We buy with a down payment (10-25%) depending on the deal and the investor and sometimes even use hard money loans where we don’t put anything down, have the Estate return 30% for up to 180 days, and We closed with only a few thousand pocket money. is different and we also have to take market conditions into account when deciding our exit strategy.

I am now semi-retired and not pursuing the 5 levels of succession opportunity that I developed over the years. In the early 1990s, my attorney at the time (JB), who was reviewing my offers as he developed the probate system, asked me to come in and talk to his investment group about what he was doing. I agreed and the response was incredible. Flipping Real Estate in the Probate field seemed to be a hit with the investment crowd, so my attorney suggested I write a book on what I do. This resulted in the Diamond Farming manual on my Probate Flipping Real Estate system and students across the country.

I will admit that there is more interest in probate than there was 10 years ago and many more of the so called “Gurus” are offering their probate system which has seen more investors, buyers and agents realize the potential of Flipping Real Estate which is in the process of being succession, but In short, most still don’t know what they’re doing. It’s now easier to find the estate files and make contact with the executor, but what I’ve found is that once contact is made, most investors interested in the estate don’t understand how to get around the attorney, receive your target price and bring the escrow to a successful closing. It took me many years to perfect this, but if you have general real estate knowledge, a good work ethic, and understand that the harder it is, the more opportunity you have, take a hard look at estate investing in real estate, as the returns they are incredible.

With the downturn in the real estate market and the subprime fiasco, you have to be very careful when selling real estate and, in my case, estates, as the price you pay may be less than the value of the property. property when it closes. Those in the know understand the current market we’re in, prices are going down, short sales everywhere because of the subprime problem, that this is the time to buy. The seller has put aside his high prices and understands or is beginning to understand that if he needs to sell, he had better price the house. The executors are the same people, and they are also beginning to understand that when an offer comes in, they may want to take a hard look at it. The 20-25% discounts are back and smart investors are buying everything they can. Yeah, maybe not to turn around right away, but to hang on until the market bottoms out and goes back up like it always does. If you’re buying real estate in today’s market, check out probate…