We’re getting a lesson from Rick Ginn today about investing in properties that are in probate. Rick’s been on the podcast several other times; he’s learned some new things about probate that he wants to share with us.
He started working with probate in 2013 and he found that probate properties bring high payoffs with low marketing costs.
He has one full-time and one part-time employee to help tackle 4 counties in his area. Since starting working with probates, he’s tested his marketing approach and tweaked it over and over. It works.
Most probated properties are vacant and not well maintained. Most have flexible closing dates because the rest of the estate is being worked out, too. A few close in 30 days, but it’s rare.
Let the caller do most of the talking on the 1st call. Find out how they feel about the property and what they consider to be its problems. Don’t hurry the caller.
Some counties make probate information available online. Other counties require you to go to the courthouse and pull records. Every county is different and every state is different.
Remember that cold calling almost always leads to a question about how you got the phone number. Rick gives you a method for deflecting the question when it comes up.
He talks to the Executor or Personal Representative of the estate, not the heirs. Rick has access to attorneys to guide him when questions arise. He also uses VAs to handle parts of the process.
Listen and Learn:
- Because probate generally takes a couple of months to close, you have plenty of time to find a buyer.
- Rick’s company always answers the phone when the probate number rings.
- Don’t complain about pulling probate files manually because that usually yields the timeliest info.
- If you’re going to do probate, give it at least a year… don’t expect overnight success.
Mentioned in this episode:
- Joe’s podcasts on iTunes: Real Estate Investing Mastery Podcast
- Check out Rick’s new course: ProbateJoe.com
- Reach Rick on Facebook: Flip With Rick
- Get ‘how to’ book by Rick’s son, Zach: Bags to Riches
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