Probate Investing – Learn How To Get In The Mind Of The Executor

by | May 24, 2018 | Landlord

Probate investing and the executor.

Today I want to talk about getting inside the mind of the executor.  Probate investing is my favorite real estate niche of all. This group of sellers is very motivated to sell any property in the estate.  Once you can understand the seller’s viewpoint, it’s easy to see that investors provide a much needed service to anyone settling an estate.

The terms executor and administrator are interchangeable. Click To Tweet

Who Is In Charge?

The terms executor and administrator are interchangeable.  The term personal representative refers to either of the above.  So what’s the difference?

The executor is named in the will by the deceased. The deceased has specified who they want to be in charge of their estate.  The administrator is appointed by the court in the absence of a will.  Both the executor and the administrator have the same duties and legal responsibilities. That person is the decision maker, so that is the person you ideally want to be in contact with regarding the sale of the property.

There are times however when one of the heirs will be the one to show you the property. This is generally because the personal representative isn’t available.  Maybe they live out of town or they can’t be there for some other reason. This isn’t unusual, but you need to be aware that they cannot legally sell the property unless they are also the PR.

Get in the habit of asking the person contacting you if they are the executor.  If they say no, ask what their relationship is (family member, heir etc.), and ask who the executor is and get their contact information.

The Typical Investor’s Mindset

If you ask the bulk of the investors out there why they aren’t working in probates, they will tell you that they feel uncomfortable since the property is being sold due to a death. Many will say they don’t know how to talk to those sellers; they don’t know what to say.  Sometimes they will say probate investing is just plain “creepy”.

Learn how to get into the mind of the executor. Click To Tweet

The truth of the matter is, these are just regular people that have a problem. They have an estate to settle that involves selling property. This whole process can be very confusing to the executor or administrator. They aren’t familiar with the terminology or the timelines. In addition to settling the estate, they have their own lives to get on with. They have jobs, families and other responsibilities. The last thing most of these people need is an unwanted property they have to sell. When you can show up as the expert, they will be so thankful for your help.

Once you understand your role and how you can help those folks selling the property, it’s easy to get inside the mind of the executor and understand how they feel and think.

Why do they put off Selling the Property?

There are two main reasons.

One is those is overwhelm.  The executor is being pulled in a lot of different directions. Often times they just don’t know where to start. The other reason is all the “stuff” in the house. They have to decide how to dispose of all the personal belongings. I can tell you from experience that this is a gut wrenching experience.

Those were the deceased’s treasures. They were things they loved in many cases, but they have little if any value to the family. Family members will choose keepsakes, pictures and heirlooms and then there is … the rest of it.  The family has to decide what to keep and what to dispose of.  There can be a lot of guilt in the mind of the executor and the family members when it comes to disposing of personal belongings.

When you can step in and offer to finish this job for them you have just solved a huge problem for the executor and the heirs.

A solution to a problem that allows them to get on with their life. Click To Tweet

That is what investors bring to the table where estates are concerned.  A solution to a problem that allows them to get on with their life.

They don’t want the property. They just want to sell it, settle the estate and move on. When you can help them do that, it changes everything for the seller. That’s why having a clear understanding of their viewpoint makes your job as an investor so much easier.

Learn how to become the go-to probate expert in your area.  You can quickly and easily learn how to be the obvious choice for anyone with a probate property to sell. 

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 About this guest post author, Sharon Vornholt

My name is Sharon Vornholt and I have been investing in real estate right here in Louisville, KY since 1998.  I am passionate about real estate investing. I also love teaching others how to succeed in this business.

In addition to being a full time investor I am a blogger, a coach and I host a podcast called “Let’s Talk Real Estate Investing”. 

Probate Investing Simplified will help you become a probate investing expert in 6 short weeks. Click here to learn about it. 

Entrepreneurship is the path to building a lifestyle business that supports your dreams and your goals. This real estate investing blog is dedicated to providing quality content that will help you do just that; build the business and the lifestyle of your dreams.

In addition to writing for my site, I  have written for numerous other real estate sites and publications. I am a regular contributor to REI Wealth Magazine, and I have written almost 150 articles for BiggerPockets Blog. 

Probates – Learn How To Find Off Market Deals Using Probate Marketing

by | May 15, 2018 | Landlord

Probate Marketing and Off Market Real Estate Deals

Are you tired of competing with droves of other investors for deals?   (I know you are)

It’s pretty frustrating when you’re looking for deals where everyone else is looking.  So why not look somewhere else?

OFF market deals are … everything else. There are a number of types of off market deals. Click To Tweet

I’m talking about off market deals.  So what exactly are off market deals?

First let’s talk about ON market deals. Those are homes that are listed on the MLS or other online sites. These are the sites where most people are searching for deals, and there is a LOT of competition there.

OFF market deals are … everything else.  There are a number of types of off market deals.

  • Pre-foreclosures (hard to work with)
  • Absentee owners (not always motivated to sell now)
  • Pocket listings (you need a Realtor in your pocket for these)
  • And more…

But, the most lucrative type of off market deals by far are probates.

Why is that?

How To Find Probate Deals Click To Tweet

It’s because these folks are among the most motivated sellers on the planet. They have just inherited a house that they don’t want.  They just want the cash that’s sitting in the house!

They also want to be rid of the problem of settling the estate and move on with their lives, and this involves selling any property in the estate.

And … if they have inherited a house that needs a lot of repairs and/or updates, they want to get rid of it quickly.  They’re not going to put their hard earned money into fixing up the property to sell it on the MLS, and that’s where you come in.  These sellers are looking for someone to solve their problem which just happens to involve an unwanted property.

But here’s the big thing; the The #1 reason you should be working with probates . . . Click To Tweet, and I want you to think about this for just a minute.

The question is: will you ever run out of leads?

Sadly, the answer is NEVER.  People pass away every month, year after year.

The challenge is learning how to get the leads and what to do with them once you get them.

Well, Sharon has those answers for you.

She has created a probate investing called Probate Investing Simplified.

Not only will you learn everything you need to know about working in one of the most lucrative niches of all (probates), but you will get a complete series of letters you’ll need to market to these folks.

And… there is a special “Direct Mail Bonus Module” for you.  You can use the information in this bonus module to market to sellers for all types of off market deals.

Is this program only for real estate investors?  Heck no.  Realtors can learn from this course too.

There is a special page where you check it out for yourselves.  Just head over to Probate Investing Simplified

How Does the Course Work?

The course will be dripped down one module a week for 6 weeks.

You will get your bonus Direct Mail Module and your other bonuses in week #6. (There’s a reason for this).  You need to get your foundation in place before you start your direct mail campaigns.

You’ll have plenty of time to get through the module’s short lessons each week, before moving on to the next module the following week. Between each module you’ll have the opportunity to get all your questions answered so you never get stuck.

Have questions? Just send Sharon an email at sharon@sharonvornholtcom.

Happy Investing!

*** This content uses referral links. Read my disclosure policy for more info. ***

Renting A Vacant Rental Home Fun Story

by | Feb 16, 2018 | Landlord

vacant rental home

A Vacant Rental Home Story

When you have a vacant rental home, your job is to find a great tenant as quickly as possible.  If you have an effective marketing campaign, you will get a large number of phone calls, texts and emails asking for information about your vacant rental home. (more…)

Things I Hate About Being A Property Manager

by | Jan 31, 2018 | Landlord

 

While I love what I do, there are things I hate about being a property manager.

Managing rental problem or being a property manager can be a challenging job.  This is a people job and dealing with people can be difficult. Everyone has a different perspective and a different agenda.  Trying to do your job and keep everyone happy can be impossible some days.

(more…)