REI 008 » Probate Real Estate Investing – The Untapped Market

probate real estate investing

Probate real estate investing is still one of the sweetest money-making honey pots hiding in plain site today. Most REI folks have at least heard about it, but few have taken the time to really understand it or give it a good go.  Their loss, our gain. 😉

Today’s episode is all about the very lucrative probate real estate investing arena – which also happens to be one of my personal, all-time favorite deal-getters.

So we’ll delve together into an engaging and stimulating conversation with “the Probate Guy” himself, Mr. Ron Mead.

Ron and I have been good buds for a few years now, so I asked him to  take us on a gingerly walk through this veritably untapped probate real estate investing arena. For some crazy reason he said yes. 😉

So if you want to wrap your mind around probate deal mining, hear how it works in the real world, pros/cons, benefits and gotchas to watch out for, then you’re gonna love this episode.  Ron’s the realest deal there is.

What You’ll Learn About Probate Real Estate Investing

  • How Ron stumbled into the probate real estate investing arena when his parents passed away,
  • What is probate real estate investing, and why’s it such a great opportunity for investors?
  • How to overcome most people’s biggest objection to this,
  • How long does it take to get probate deals?
  • What’s the probate investing process look like, step by step?
  • Why ISN’T this taking advantage of grieving people? (you’re actually the white knight)
  • The biggest “gotchas” most folks have with probate real estate investing,
  • And a whole bunch more…  investing in probate real estate

Listen Now

Play

Video:

A Little About Ronbo…

Ron MeadRon and his darling bride Sharon help keep Portland, Oregan civil and fun. Ron bought his first investment property in 1979 (I was barely potty trained) and and he’s been doing probate deals since he kinda stumbled into it when his parents passed in 1995 (I was in college 😉 ).

This is guy literally wrote THE book on probate deal getting (I proudly endorse it and refer folks to him all the time). And frankly I believe no one else knows this topic from an investor’s perspective quite like old Ronbo.

Stuff Mentioned in This Episode

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15 Responses to “REI 008 » Probate Real Estate Investing – The Untapped Market”

  1. Hey JP,
    that was awesome btw. thanks for doing that podcast with ron. two quick questions: 1) once i get a signed purchase and sale agreement with the personal rep, does a judge or the probate attorney have to give an approval for the home to be sold or can we just proceed to closing without court approval of the sale? 2) do you find that most people want to list it with a realtor first? that is what i have experienced thus far. wanted to know your experience on that. thanks man! U rock bro….

    • Hey, Cliff! Great questions. My answers:

      1) No, you don’t have to get a probate judge to approve. You just need however many heirs there might be to agree. If there’s a will and it leaves the house to one person, then that person’s all you need. If it’s left to multiple folks (either by will or by default) then you just need them all to agree and sign. It’s possible you may have to wait for the property to get through a certain amount of the probate process before you actually buy though. It’s just a matter of coordinating with the estate’s executor, who coordinates with the court on the timing.

      2) I wouldn’t say “most” folks want to list it first. Some do, some don’t. I don’t ever try to push myself on someone if they want to go another route. I’m just an alternative for them that I want to be sure they’re well aware of, in case I can help. And I make sure they clearly understand what I’m offering them (i.e. quick, all-cash close, in as-is condition). If they get to the point of just wanting a way out (or a faster way out) then they’ll come back to you.

      Make sense?

  2. Really GREAT stuff as usual! Thanks for the great content JP and Ron!

  3. thanks J.P. awesome stuff man. i’ve been mailing probates for the last few months in colorado springs. there aren’t a ton but i am getting calls. so just to clarify, when i contract with the seller, all of their names will appear on the contract as “seller”? and should i refer them to their probate atty if they aren’t sure if its too early in the process yet to sell?

    • Yes, sounds right to me Cliff. If the heir(s) aren’t sure if they can sell yet, refer them to their probate attorney. He’ll know exactly.

  4. JP
    Great info. I have been marketing to probates for a few months as well. No deals or good leads yet but I’ll keep trying!

    Love the podcast as well!

    Thanks

    Eric

  5. Robert DeFratis Reply May 4, 2012 at 12:47 pm

    Hey JP,

    I bought Ron’s course a couple years back, it works just like he says it does.

    Ron is the man to learn from! Just as he talks in the Podcast, he teaches just as easily! Money well spent!

    Great podcast!

    ~Bob

    • Hey, Robert – thanks so much for sharing the candid feedback! Yep, Ron’s the real deal and I’m super proud to call him friend. I endorse him all the stinking time! 🙂

  6. Great show fellas. Great, content-rich stuff as usual. Thanks!

  7. How many Letters do you send a probabte lead??

    • Hi, Ronnie. I send 4 letters, spaced about a month apart each.

      • Oh ok , thanks JP …. That makes sense..

        Are all 4 letters about the same?

        Are the letters & envelopes hand written?

        I ask because I am mailing inheritance list now, and use the combo pack from yellow letter, but I want to change it up when I ad probabte to the mix as well.

        Great show JP “I LOVE IT” Awesome !!

  8. I mail inheritance now and use the combo pack from Yellow Letter.

    1) are you letters hand written (or appear to be hand written)?

    2)Are your envelopes hand written as well?

    3)I’m thinking of hiring someone to do this for me vs yellow letter (i’m adding probabte now, and will keep mailing inheritance) what is fair compensation in your opinion? Great show JP!!!!

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  1. Probate Real Estate Investing | Real Estate Investing Tips - April 24, 2012

    […] in a recent podcast episode with a heap of revealing questions about how to make great money in probate real estate investing.  If you want to wrap your mind around how the probate deal-getting arena works, you should […]