I'm a new investor and have been reading a lot. Choosing to go with the somewhat more difficult market in the hopes of accomplishing more.
I would like feedback from seasoned investors. What is better or should i target both?
@Abraham Hodroj When you start chasing after obituary leads you're way early to the game. You don't know if there even will be a probate. A good family trust may be able to avoid one, there might be no assets or a will could clearly direct where the assets go. You also don't know who the key decision maker (the PR) for the estate will be. In fact, if there was no will no body knows who will be the Administrator (also known as the PR) at the time of the obituary.
In the case of no will, which is about half the time, the Administrator is appointed by the court after probate is applied for which could be weeks, months or years later. Chasing obituary leads before probate begins I think you will just be spinning your wheels.
Wait for probate to begin. There's no rush. Build relationships with PRs. It still takes 6-8 weeks (at least in CA) until the PRs get the Letters Testementary or Letters of Administration which are their powers to sell assets/real estate. Until then you can't buy any property from them.
@Guy Olds thanks for your valuable insight I wasn't sure about obituaries and now I understand the difference from probates.
You guys seem to think probate (or obits) are some kind of nirvana.
Many, if not most, trust and estate property that is sold go for close to retail prices.
Why? Because most are not really distress sales. No panic sale. No emergency. No seller worried about getting nothing.
If no catalyst is present to trigger the emotional desire for a seller to discount, then there is no bargain to be had.
I'm not here to discourage you, merely to temper your enthusiasm and stay realistic.
Look for for other issues or even better, compounded issues that create perfect storms.
@Rick H. I generally agree with what you wrote. But I also think it differs from market to market. For me, almost 50% of my deals come either directly from probate or they are inherited properties that sell six months to a year after they leaves probate. That's why the majority of my marketing dollars goes there :)
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