Real estate investments, when done right, can yield huge profits. Those who have years of experience under the belt usually know exactly what type of real estate to invest in, when to invest, and what type of investments they should ideally make. Unfortunately, for anyone still new to the real estate investment game, knowing where to get started can be daunting. One way to get going is to find probate real estate leads and to make appropriate investments, which can be used to profit from the transaction in the end.
Even though probate real estate leads can result in highly profitable transactions, it can be difficult to know where exactly to look for such leads. In this post, we’ll take a look at different strategies that can be used to help you pull in profitable leads for probate real estate.
What Are Probate Real Estate Leads And Why Do They Matter?
Let’s start this post by looking at what probate real estate leads are and why such leads should matter to you if you are looking to become a real estate investor. A probate real estate is essentially a type of property that was inherited by someone. When a relative passes away, and property is left for a loved one to inherit, a probate process is put into action. This is a legal process where the property is transferred from the deceased individual onto the name of the heir or heirs. In some cases, there will be a single heir, but there are cases where multiple heirs may be mentioned in the deceased person’s will.
Once the probate process has been completed, a large number of people who have inherited property, in other words, the heirs, are looking to sell the property. These people are often looking to make a quick sale – and would often be happy to settle for a price that is less than what the house is marketed for.
There are different reasons why the heirs would want to sell the property quickly – in many cases, they would be better off with the money that can be obtained, instead of actually owning the property. Other reasons why probate real estate is often sold for under market values include:
Whatever the reason, real estate investors, whether new to this type of investment opportunities or already experienced, should know that probate real estate leads can bring in larger amounts of profits compared to many other types of real estate investments that can be made.
Finding Local Probate Real Estate Leads In Your Area
Now that we have looked at what probate real estate leads are and why they should matter to you if you are looking to become an investor, we are now going to take a look at a few strategies that you can use in order to obtain such leads that you may want to follow up on.
Fortunately, there are many ways to find appropriate leads if you are looking to invest in probate real estate – the key is to know exactly where to look. Before we do continue, however, it is important to note that the availability of these leads depends from country-to-country, and in some countries, even from one state to the next state. Thus, you will have to take all of the methods into account and see which ones apply to your local area to understand which strategies are most appropriate for you.
Search Probate Listing In Local Newspapers
In some areas, probate real estate leads may be presented in local newspapers. This particular option is not very popular in all areas, especially in countries where the government utilizes the internet more often. In such cases, listings for probate real estate properties will rather be listed on appropriate websites instead of within newspapers that are distributed to the local population.
Search The Internet For Probate Listings In Your Area
As mentioned in the previous strategy, many governments and local authorities are starting to utilize the internet more. With this in mind, you will find that probate listings are now listed in newspapers less than they were previously listed. Thus, it may be a good idea to take your search to the internet if you are serious about finding a good opportunity in your area.
There are different websites that can be used in order to look for possible leads in your area. A good idea would be to visit the Public Record Center database and to look for leads there. Be sure to set the appropriate filters so that the results presented to you are only related to probate processes that have been completed at local courts in the state that you reside in.
This service is not available to all countries, however. In some countries, local websites may also be available where courts will upload details of cases that have been filed and completed at the court. It would be a good idea to also look for such local database websites and search there for potential leads.
Obtain Leads From A Local Probate Court
There are probate courts throughout the country, and they deal with these types of cases on a daily basis. For this reason, one potential strategy that can help you get in on a lead early on is to visit a local probate court in your area and ask them if you could pull a list of the recently completed cases that were handled by the particular court.
Not all probate courts will be cooperative when you approach them about probate filings, that's what we suggest that if you're going to get into the probate niche you should have some training prior to your fist vist to the courthouse.
After you're prepared and get the court to provide you with probate real estate leads, it should be noted that you may be required to pay a fee for the clerk to make photocopies of the documentation for you. The fees are usually very small, however.
Get In Touch With Probate Attorneys In Your Area
Another good strategy would be to get in touch with probate attorneys who are practicing law in your local area. In most cases, it would be a better idea actually to build a professional relationship with these lawyers. This way, you will often be able to get an inside scoop on probate cases in your area as they happen. Some lawyers would even be willing to provide you with details of a case just after they have handled it. This way, you can be the first to obtain details about the lead and also be the first to contact the new owners of the property.
With the right probate real estate leads at your disposal, you will be able to make real estate investment that will turn into a profit on your side. The only problem is finding such leads can often prove to be difficult. With the right training, you can not only access these leads, but you can become a probate real estate specialist and have a constant flow of leads with little to no competition.
If you would like more information on being a probate expert, please feel free to check out our Probate Real Estate Investor Course