Doing Probate as a Wholesaler

Buying & Selling Real Estate
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Doing Probate as a Wholesaler

Kim Hawkinson
Real Estate Investor · Member since 2010 · 61 posts · 12 votes

I'm reading up on how to start doing Probate deals and I'm super stoked b/c there's a lot of good information on this site so thanks for that everyone. I did have one question though. I see a lot of the time that I should tell the executor that I can make a cash offer and close in a couple of days, getting them excited about getting rid of the property.

Well there's a reason I'm wholesaling: I have no money of my own. Any yes, I have a somewhat small buyers list but I'm not sure how many of them are "cash buyers". Should I start asking thise individuals who want to be on my buyers list how they purchase their proerties and do they have access to funds? Also, Let's say I find a property that I THINK a few of my buyers might be interested in. Should I settle on a price with the executor and THEN market to my buyers or should I settle on a price and then market to the vast number of networking site that are out there. Unfortuanately, I'm one of those people who want to know EVERYTHING up front. Pretty impossible, I know, but I want to try and arm myself with as much knowledge before hand.

Please let me know what you think. Thank you!!!!

Kim

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Joe Dube
Real Estate Investor · Palm Harbor, FL · Member since 2009 · 79 posts · 76 votes
16y

Great stuff Charles, thanks for the link.

Kim,

Probates have been the type of deal that have made me the biggest checks. The way I go about finding them is using an absentee owners list. You not only get probate deals, you also get tired land lords, divorce cases, and folks that want to get rid of their vacation property. I get a list of absentee owners that currently own property in my county. Everyone that has a last sale date of 20 years or greater are my targeted sellers. All the folks with a last sale date of 6 months ago to today are my BUYERS. So basically all you need is one list for sellers and buyers. The absentee owners that have purchased a home within the last 6 months will typically be a land lord or a rehabber. Make sure to contact them by mail or phone if possible. Send up a smoke signal, you get the idea. All you need is a handful of cash buyers my friend and you'll be well on your way. I definitely ask as many questions as possible about their buying criteria and get all their contact info. also. A couple other quick ways to get cash buyers is go to the for rent section of craigslist and ask if they need more houses for their portfolio. While your at it ask them about their friends needs as well. I always ask if they have any houses to sell or if their friends have any to sell also. I also find cash buyers from the section 8 list, those guys are land lords so get a hold of them and ask your questions then get these guys some houses.

Hope this helps...

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  • Joe Dube
    Real Estate Investor · Palm Harbor, FL · Member since 2009 · 79 posts · 76 votes
    9y

    Jennifer,

    I appreciate the compliment.  The knowledge came from lots of due diligence, hard work and study.  The data I ask for is Owner's name, property address, mailing address (since the owner doesn't live in the property you want to make an offer on), just value, price they paid, sale date.  The file will be very large so they may have to give it to you on a disc.  This method works, you'll get tired landlords contacting you, probate deals, divorce deals......pretty much every type of deal you have read about.  The key is learning how to talk with them and negotiate the deal.  The only way to do that is to pick up the phone and talk with them and practice.  Remember, I never bought a house that I didn't make an offer on so make an offer on every one of them, even if you think they'll say you're ridiculous.  The key is the level of motivation.  If they want to get rid of the property they'll make the deal.  Good luck and let us know how you're doing......Dube

    6Reply
  • Justin Mullins
    Upper Marlboro, MD · Member since 2017 · 5 posts · 2 votes
    8y

    @Joe Dube You are awesome!!! I believe all of this helpful information will come back to you in karma for sure! If you are ever in the DC area, lunch is on me!! 

    0Reply
  • Stephanie Amadi
    Flipper/Rehabber · Los Angeles, CA · Member since 2019 · 2 posts · 0 votes
    7y

    Newbie searching info about probates. Thanks for thw info, Joe!

    0Reply
  • Cee Stapleton
    Member since 2019 · 1 post · 0 votes
    7y

    Love the info joe, gave this newbie much needed confidence!!

    0Reply
  • Kishia Ward
    Atlanta, GA · Member since 2018 · 25 posts · 14 votes
    7y

    @Joe Dube Thanks for the awesome info! Just a quick question, refreshing this (:) ) when you said you ask for this data is it for county or a city or a specific area? I’m going to reach our to my two counties for data.

    0Reply
  • Mark Pedroza
    Real Estate Agent · Sacramento/Placer ~ San Francisco Bay Area counties · Member since 2012 · 1k+ posts · 743 votes
    7y
    Originally posted by @Kishia Ward:

    @Joe Dube Thanks for the awesome info! Just a quick question, refreshing this (:) ) when you said you ask for this data is it for county or a city or a specific area? I’m going to reach our to my two counties for data.

    For probate leads it's county specific. You'll need the decedents name and case number...

    0Reply
  • Kishia Ward
    Atlanta, GA · Member since 2018 · 25 posts · 14 votes
    7y

    @Mark Pedroza 

    Thanks! yeah I'm in palm beach trying to figure it out lol 

    0Reply
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