finding leads through attorneys

6 posts by 4 users

Medium 1399559357 avatar pricestar66 Steven Price jr
Takoma Park, MD
19 Posts
0 Votes
2 Awards

Steven Price jr

from Takoma Park, Maryland

Feb 05 '13, 10:43 PM

Hello fellow investors i've been wholesaling for about 2 years now and was i talking to a few other investors on how they get the leads. I asked them about going though Bankruptcy, Divorce & Probate attorneys i tried this once and all shot me down they spoke about about client & attorney priveledge info and they couldnt tell about their clients situation on their assest , I wanted to know if any has a sucess from calling these types of lawyers and what i can do to get them to call me. By the way i live in DC if you where wondering.

Medium 1448388906 avatar rtpg1 Rick Harmon
Investor from Carbon Canyon, CA
2861 Posts
2315 Votes
9 Awards

Rick Harmon

Investor from Carbon Canyon, California

Feb 10 '13, 09:33 AM

I think that you are more likely to get better responses by starting with principals. This means contacting heirs, beneficiaries and executors/administrators (personal representatives) directly and identifying the ones that are motivated to sell.

My experience us that probate attorneys, in particular, prefer to see their estate client list a given property prior to sale in order to give it maximum exposure to the market, presumably to reduce the risk if a disgruntled heir becoming dissatisfied with the sale price and terms.

This is not to say that it's impossible to buy starting with the attorney as the starting point, however you'll like continue to get the same response as in the past until you develop better business relationships with the BK and estate lawyers.

Early in my career I, before I discovered more fertile grounds (probate) I easily found BK attorneys eager to refer clients to me. However, I don't recall a single referral closing because they lacked equity. Of course, we're attempting o buy equity at a discounts. I suppose I could have become an expert at buying BK short sale properties, but that just seemed like there were too many moving parts and few rewards for the effort. I'm sure there are a few people out their laughing because they've unlocked that puzzle and will keep silent.

Medium rtpg logo drop shadowRick Harmon, Rick the Probate Guy's Podcast

Medium 1448388852 avatar merch Jason Merchey
Investor from Summerville, SC
309 Posts
21 Votes
2 Awards

Jason Merchey

Investor from Summerville, South Carolina

Feb 10 '13, 09:49 AM

@Rick Harmon no laughs here! I know very little about this topic. I would even have to ask you, how does one find heirs, beneficiaries and executors/administrators (personal representatives)? I am imagining that the attorney isn't going to tell you, and that it is found with public records?

Rick Harmon

Investor from Carbon Canyon, California

Feb 10 '13, 10:06 AM

If you think of property ownership along a timeline of life events, it's easier to see when the opportunities (and triggers) might appear highest.

Using this concept, you'll have a better picture of buying property prior to, during or after probate. Part of the challenge for all marketers is identifying prospects that are reachable.

I know some people track obits, cross-reference decedents name with real estate records, then chase down surviving heirs, all prior to probate. This is not my style, however I see nothing wrong with this. This is especially true once you've had the opportunity to help someone who is a 'deer in the headlights' and uncertain what to do or who to turn to.

When I get these calls, I put business aside and see where to be helpful. I'll never forget how I felt when my own Dad died when I was a young guy. After all, what come around...

Medium rtpg logo drop shadowRick Harmon, Rick the Probate Guy's Podcast

Steven Price jr

from Takoma Park, Maryland

Feb 11 '13, 10:26 PM

Thanks Rick for the info I did run into the loop holes you were speaking of i had came across a rental property through a chapter11 bankruptcy attorney but it wasn't enough equity to do the deal ,Not to mention out of a 156 unit property 51 were vacant the owner had missed payroll 2 months straight, The owner was motivated to sell but not at the price i was looking for. As we all know this is a numbers game.

Medium 1399663995 avatar bannister700 William Bannister
Commercial Landlord from Oshkosh, WI
300 Posts
77 Votes
1 Award

William Bannister

Commercial Landlord from Oshkosh, Wisconsin

Feb 11 '13, 10:37 PM

News papers still print the divorce and obituaries for those chasing deals like that. They have a legals section in most papers. The principles are right there for you to see clear as day.
All you have to do then is match the name up on facebook or search engine or tracker or how ever you go by finding them. Most court records show address of plaintiff and defendant ect. The court house they have computers to look it up if you have case numbers but family stuff can be sealed it depends. An attorney could better answer this.
Yes the attorney client privilege is a hurdle in this matter.
Seems like there might be easier deals then the ones that involve bifurcation of a home via divorce. This sounds like deal in drama to me.

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