What is probate?

Probate is the process by which legal title of property is transferred from the deceased estate to his or her beneficiaries. This is where the court will decide who gets the property and assets of the deceased.

If the deceased has a will it makes the process a lot easier. If a will is present the probate court determines if the will is valid and then orders the creditors be paid and overseas the process to ensure that the remaining property is divided as described in the will.

If there is no will then the process can be very long and often may not be fair. The probate court will appoint a person to receive all claims against the estate, pay creditors and then distribute all remaining property in accordance with the laws of the state.

The major difference between dying with a will and dying without a will is that when there is no will the estate is distributed to beneficiaries in accordance with the distribution plan established by state law; when a will is present (after payment of debts, taxes and costs of administration) the estate is distributed in accordance with the instructions provided by the decedent in his/her Will.

Purchasing Probate Property

Focusing on properties that are in probate is one area that is often overlooked by investors, but what that can be very lucrative. In most cases when someone inherits a piece of property they do not want to keep the property. In most cases the new owners really don’t know what to do with the property and typically just want to liquidate the property quickly.

The desire to liquidate the property quickly provides you with a motivated seller, who in most cases is willing to sell below market in exchange for a quick sale.

Typically probate estate or property can be purchased directly from the executor of the will, or from the heir that inherited the property. If the property was inherited by more than one heir it is critical that all heirs agree on the sale and sign the purchase and sales contract.

Purchasing Probate Property Requires Special Handling

One key item that you must keep in mind when purchasing probate property is that you will often be dealing with someone that just lost a loved one. It is critical that you always offer your condolences to the family regarding their loss.

It often takes time for a grieving loved one to process the death of the family member and be ready to move on and sell the property, give them time and don’t pressure them. Just ensure you act in a professional manner and set yourself up as someone that can help with the situation of the unwanted property.

Conclusion

Investing in Probate can be a lucrative endeavor and one that can create great value for yourself as well as those that you are helping out by providing a solution to the unwanted property.

If you are professional, not pushy, acknowledge the grief they are feeling and set yourself up as a provider to a solution you will be successful with probate investing.

About the Author:

Stefanie Blackburn is an active Real Estate Investor and an Internet Marketer. She strives to provide as much information and resources that she can to other investors to help them succeed. If you are interested in learning more about Probate Investing Ron Mead’s 31 Days to Profits in Probate Real Estate is a great resource.

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In continuing the series on Multiple Streams of Income for Real Estate Investors I wanted to share a little bit more information on how you could incorporate offering Credit Repair Services.

I am sure I don’t have to tell you this, but a good majority of your clients both motivated sellers and tenants could use this service.

The motivated sellers that you have worked with more often than not are facing financial issues and with this often comes bad credit.  I bet since you have helped them out of a bad situation you are now seen as a resource for them and they would be great clients to offer a credit repair service to so that in time they could buy another home.

The tenants that you work with are great canidates as well for credit repair services.  These tenants may at one time want to purchase a home – hopefully from you.  Offering these services to your tenants will help increase your pool of potential buyers.

Now I am sure you are wondering what type of income can I add to my bottome line with Credit Repair…???  On average you can charge your clients between a $50 – $99 enrollment fee and then $19 – $49 a month.  This isn’t a huge amount, but what if every tenant and motivated seller you helped worked with you for 6 – 12 months ?  This would increase your bottom line.

How do you get started in Credit Repair?

If you don’t have any experience with Credit Repair I would suggest that you look for a Credit Repair company that offers a partner or affiliate program.  This will allow you to offer the service by referring your clients to an expert and still getting paid for doing so.

If you have some experience with Credit Repair or would like to obtain experience I would suggest doing a little bit of research on the subject and then set up a plan.  Your plan should include an outline of what you will provide, your process and your marketing material.

Here are a few resources for you to investigate on Credit Repair.

Credit Secrets Bible

Credit Repair Secrets Revealed

The Attorney’s Guide To Credit Repair

Credit Repair Magic

The Best Selling Credit Repair Package

Credit Repair and Debt Collection Success Strategies Membership

Fico Formula – Bad Credit Repair Blueprint

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• Consumer Credit Repair Service – Is Something You Need? (helpwithdebtnow.com)

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Today I want to kick off a new topic – Debt Reduction/Elimination. I realize that this topic is often not discussed amongst the other topics related to Real Estate Investing such as using leverage or creative financing, etc – but I feel it is an important one.

Real Estate investing is a wonderful vehicle to use to become financially independent, but it is also one that can make it tempting to put the cart in front of the horse and stretch yourself too thin as you try to achieve this goal.

I believe that it is easy to see the potential riches to be made in real estate and this sometimes causes investors to set their sights on future riches and overlook or minimize a weak financial base.

It is important not to overlook your financial base – doing so may make you a motivated seller down the road.

Looking at your financial base in my opinion involves taking a look at where you stand in relationship with your assets and liabilities as well as what your debt load to income looks like. Getting your hands around this will involve putting this information to paper and then if you haven’t already done so make sure you have a budget in place and work from there.

Here is a pretty good video that talks about how to get your financial house in order:

Please look for more to come on this topic.

Have a great day and happy investing

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