Today’s post is a sampling of some of the questions I get from my subscribers about the How to Buy Probate Real Estate product.
Ron's Book Teaches How to Buy Probate Real Estate
Question: My first question is when you make on offer on a Probate Real Estate and it needs to be fixed up does the investor purchase the home up front or after i have fixed it up?
A. Nothing like a good strong answer like “It depends” is there? If you do the rehab yourself, you will generally make more money. However, some folks, like me for instance, don’t do rehab and just flip the properties “as is” so that’s the other option you have so you can see there is no set answer. Another factor is what your investors want. Some want finished houses, others do rehab themselves so you can do it either way.
If you want more information on “investors” and other guerrilla financing questions, my book “Make A Flippin’ Fortune” can give you all you need to know. I wrote it specifically for questions like this.
Q.What exactly should i asked the clerk in order to get this information on these probate homes?
A. Just tell the clerk you are researching Probate files and you would like to know their procedures for viewing. They can tell you how it works in your county.
Q. When i make an offer and the seller agrees how long do i have to pay the seller?
A. You will have to have your funds available at closing and the closing date is very flexible. The buyer and seller agree on a closing date and it is normally outlined in the Purchase agreement. It is generally a statement something like “Closing will occur within six weeks.”
Most of the time the seller wants a quick closing and the buyer wants a little more time.
If you the buyer have already built your “investor” list and you know who you are going to sell to, or “assign to” it greatly relieves the pressure on you. This topic also addressed in my Flippin’ book.
Q. When i purchase the home am i free of any tax liens or any other hidden costs besides repair?
A. Liens do not transfer with title. That means at closing all liens against the probate real estate must be satisfied (paid) by the seller.
Q. And also when you say your going to make an offer with cash does the investor know this and do they normally have that much cash to throw down?
A. Not quite sure about this question Kevin, but my investors do have all cash for any transaction I do.
That’s the beauty of building your buyers (investors) list ahead of time. You know they have the funds ahead of time.
The other advantage is that if you decide to assign the contract, you know they have the money to pay your assignment fee.
Also, if you begin to work with set of investors and consistently bring them good deals, they have no problem with your assignment fee. They expect you to make money, just like they do. Sometimes others who you have not dealt with before are not as understanding.
Again, for more information on questions like these, please go to:
As I have said many, many times, getting the money for these Probate Real Estate deals is the easiest part of my strategy.
One last thing.
Stephanie asked me yesterday if there was a discount if she bought both the Probate book and the finance book at the same time.
My answer is “ABSOLUTELY”.
If you go to my website:
How to Buy Probate Real Estate with Low Risk and High Profit Potential
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