Goodbye Short Sales...........................

The biggest things holding me back were not knowing at what point can I market the representative and how do I find out and where do I find the 5 critical components of information.

well..............................I'm good now.

So I'll be finishing up some Short Sale files and referring the new ones away while I increase my probate strategy. Of course continuing Sub2's.

I'm going to be wholesaling most of the probates to other investors and keeping a few of them myself. So wish me luck and I'll keep you guys updated as the progress moves on.

I think in 6 months time I'll have completely exited Short sales and completed at least a handful of probates.

Edited: 06/26/2010 at 07:52AM

James Hiddle

Real Estate Investor · Altus, Oklahoma

2,567 posts
7 awards
56 influence

Apr 09 '09, 04:53 AM

Cool

Edited: 06/26/2010 at 07:52AM

Amy L.

Real Estate Investor · Boston, Massachusetts

114 posts
3 awards
50 influence

Apr 09 '09, 04:56 AM

Good luck. I'd be interested in hearing about your probate strategy. Would you mind sharing?

Edited: 06/26/2010 at 07:52AM

Nick J.

SFR Investor · Scottsdale, Arizona

3,008 posts
21 awards
66 influence

Apr 09 '09, 05:05 AM

Originally posted by Amy Larson

Good luck. I'd be interested in hearing about your probate strategy. Would you mind sharing?

sure, look up probate cases, send death letters, make low offers, repeat :mrgreen:

Amy, anything specific you want to know?

Edited: 06/26/2010 at 07:52AM

Will Barnard

Rehabber · Santa Clarita, California

Donor Pro

7,834 posts
23 awards
92 influence

Apr 09 '09, 05:40 AM

Nick,

I got cousin Vito all ready for your upcoming strategy as you requested. Let me know where and when to send him on his first errand (for lack of a better word)

PS If you are out of class and have a moment call me, I have updates.

Edited: 06/26/2010 at 07:52AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Nick J.

SFR Investor · Scottsdale, Arizona

3,008 posts
21 awards
66 influence

Apr 09 '09, 07:27 AM

nice............

Edited: 06/26/2010 at 07:53AM

Daniel Bruckner

Real Estate Investor · San Clemente, California

5 posts
50 influence

Apr 11 '09, 10:18 AM

Good for you. Just add probates to your real estate acquisition portfolio. I find that it is best to diversify and create my own specific niche in each area. As short sales have generally brought me the greatest successes, I tend to focus most efforts here as the profits are extremely good for a little amount of work.

I wish you the best in probates as this niche is extremely profitable as well.

Edited: 06/26/2010 at 07:54AM

Nick J.

SFR Investor · Scottsdale, Arizona

3,008 posts
21 awards
66 influence

Apr 11 '09, 12:27 PM

Originally posted by Daniel Bruckner

Good for you. Just add probates to your real estate acquisition portfolio.

Daniel, I'm not adding, I'm replacing. I've gotten tired of dealing with short sales. I've done more than I can remember and it's made me a lot of money, I'm just tired of dealing with the banks, BPO's and having handfuls of them end up at the courthouse steps.

I'm looking to change it up a bit and deal directly with motivated sellers only via probate. Catch a few at .30 and .40 on the dollar and start actually doing the rehabs for long term rentals. Even if I only catch 1 or 2 a month I'll be happy.
Thanks for wishing me luck

Edited: 06/26/2010 at 07:54AM

Zeshaan Haq

4 posts
50 influence

Apr 12 '09, 02:44 AM

Hey Nick, I am new to real estate investing and I am interested in probates.Can you explain to me how it works?Thanks

Edited: 06/26/2010 at 07:54AM

Matt Mathews

Real Estate Consultant · yucaipa, California

239 posts
1 award
50 influence

Apr 12 '09, 04:43 AM

Good choice Nick!
You could however, package and sell your expertise to a few RE Agents who are still waiting for a call back from the Lender! Ha! Ha!
Don't forget about L/O's with Probates-they work great when the family/heirs don't want to or have to sell to pay fees and estate taxes.
All the Best!

Matt Mathews
Mathews Realty Associates

Edited: 06/26/2010 at 07:54AM

Nick J.

SFR Investor · Scottsdale, Arizona

3,008 posts
21 awards
66 influence

Apr 12 '09, 06:41 AM

Originally posted by Matt Mathews

Good choice Nick!
You could however, package and sell your expertise to a few RE Agents who are still waiting for a call back from the Lender! Ha! Ha!

are you kidding me, you'd be surprised how many agents here call themselves 'certified short sale experts'.............and I've done more shorts than they've sold house.

Originally posted by Matt Mathews

Don't forget about L/O's with Probates-they work great when the family/heirs don't want to or have to sell to pay fees and estate taxes.
All the Best!

Matt Mathews
Mathews Realty Associates

Ya, I've also considered attempting to implement creative strategies, but I'll work on that as I go. My main focus will be to actually purchase these, rehab them (decent for rentals, nice for retail-resale) and wholesale a few of them out if I'm already caught up in 1 or 2 of them. Knowing my luck I'll be working on 1 when a really sweet deal comes my way and I'll have to wholesale that out to someone else. I don't plan on getting crazy with it simply b/c I'll still be doing as many Sub2's as I can get my hands on.

Edited: 06/26/2010 at 07:54AM

Scott Hubbard

Rehabber · Tucson, Arizona

1,031 posts
11 awards
57 influence

Apr 12 '09, 07:58 AM

I wish you luck Nick. I tried several times to purchase probate properties and it is a challenge to say the least.

There is an extreme amount of competition from buy and hold investors who are willing to pay more for the property then 30 to 40 cents on the dollar.

If you are trying to avoid a third party negotiation, probate is not going to be the answer since you are simply substituting the lender with the courts.

Again, I wish you lots of luck.

Edited: 06/26/2010 at 07:54AM

Nick J.

SFR Investor · Scottsdale, Arizona

3,008 posts
21 awards
66 influence

Apr 12 '09, 09:02 AM

Thanks Scott, I'll be fine

Edited: 06/26/2010 at 07:54AM

Tracy Venezia-Royce

Real Estate Investor · Phoenix, Arizona

33 posts
1 award
50 influence

Apr 14 '09, 06:29 AM

Hey Nick good on you, probates a less sexy/public niche so I'm sure you'll do fine.

Since you've been doing SS's for so long you'll probably still have people referring them to you. We only do SS's so if you want to still get paid on them but not have to do anything anymore I'd be happy to help with that while you move on to different pastures!

Best!

Edited: 06/26/2010 at 07:55AM

Nick J.

SFR Investor · Scottsdale, Arizona

3,008 posts
21 awards
66 influence

Apr 14 '09, 06:39 AM

I should auction up my ongoing incoming leads :mrgreen:

Edited: 06/26/2010 at 07:55AM

Account Closed

5 posts
50 influence

Mar 07 '10, 01:48 AM

Originally posted by motiv8td

I've mentioned this a few times in the past about wanting to eventually exit short sales and enter Probates.

The biggest things holding me back were not knowing at what point can I market the representative and how do I find out and where do I find the 5 critical components of information.

well..............................I'm good now.

So I'll be finishing up some Short Sale files and referring the new ones away while I increase my probate strategy. Of course continuing Sub2's.

I'm going to be wholesaling most of the probates to other investors and keeping a few of them myself. So wish me luck and I'll keep you guys updated as the progress moves on.

I think in 6 months time I'll have completely exited Short sales and completed at least a handful of probates.

Account Closed

5 posts
50 influence

Mar 07 '10, 01:49 AM

We offer Probate leads across US. Pl call us 218 585 8977 or atchut@judgmentscorner.com

Rod Marlow

Real Estate Investor · Sherman oaks, California

53 posts
2 awards
50 influence

Mar 26 '10, 01:18 AM

Hey Nick..
I've been watching your Short Sale videos and they are great and I really appreciate you and James takin the time to share them with us.
I just happened to read this post and am wondering if you went anywhere with Probates...or did you find it to be a pain dealing with courts instead of lenders?

Edited: 06/26/2010 at 12:13PM

Account Closed

77 posts
4 awards
50 influence

Mar 26 '10, 04:41 AM

Hey Nick:
I'm going to miss your funny faces short sale calls with the realtors.

Well I wish you all of the best on your new field of entry and I look forward to you sharing about your experiences as always.

David H.

Edited: 06/26/2010 at 12:14PM

Account Closed

77 posts
4 awards
50 influence

Mar 26 '10, 04:44 AM

Nick:
Please disregard that last posting about the probates. I didn't see the date of the that posting. Keep on making the short sale videos.

David H.

Edited: 06/26/2010 at 12:14PM