If you’ve dismissed the idea of investing in probate homes because you think they might involve too much red tape to be worth it, think again. “Probate” is an often misunderstood term. A probate home is a house where the owner is deceased, and the house is now part of an inheritance. In reality, probate homes offer some of the best opportunities to make profits with real estate. Here’s why:
- Often, a probate home has been inherited by several family members. When this happens, the family members tend to want to get the cash from a quick sale of the property.
- Most probate homes carry no mortgages. This means that the heirs don’t have a balance to pay off, so they can sell you the house at a low price and still end up with a lot of money.
- Many times, the heirs to a probate home live out of state and don’t want to deal with a long-distance sale, so they’re willing to sell quickly.
- The heirs may already own homes, and don’t want to maintain another one.
- The probate home may be in poor condition, or may need a lot of updates. The heirs would rather sell quickly than spend time and money fixing up the property.
As with foreclosure homes, you can make quick and substantial profits with probate homes, often without spending a dime. Here are two ways:
- Find an investor who is willing to put up the money to buy the property, then sell the property and split the profit with the investor.
I recently made over $12,000 by doing just that. I found a probate home whose heirs were eager to sell. My investor put up $103,000. After we painted and carpeted the house, we put it up for sale with an agent, and in just three days, we sold it for $159,000! After expenses, our profits were $12,240 each.
- Flip the probate home. Flipping just involves quickly reselling the home to an investor. Even if you don’t have the money to buy the home, you can flip it, using just 10 dollars of your own money – enough to pay for the contract deposit.
In another recent deal, I made a quick $17,000 by flipping a probate home to an investor. I had the investor lined up in advance. The probate home was worth $210,000, but since the heir didn’t want the house, he was happy to sell it to me for just $125,000. I turned around and sold it to my investor, who, knowing the house’s value, was only too happy to buy it from me for $142,000, netting me that $17,000 profit.
My courses show you how you can make profits like these, too. I’ll walk you through finding the properties, lining up the investors – and even provide you with sample letters and ads you can use. Learn more at http://www.propertyforeclosure.com.