In this blog post I’m going to talk about one of the fastest and overlooked strategies to make cash in real estate. What I’m about to share with you will work if you’re Brand new to real estate, if you’ve done a deal or two, or even if you’re a seasoned investor. I remember when I first learned about this strategy I couldn’t believe more people wasn’t doing this. I was a little hesitant to even do this post because I don’t want to cause unwanted competition in my market. So make sure you read this post from top to the bottom. I may change my mind and take this down tomorrow.
So I don’t know about you but the courthouse has always been a place I tried to stay away from. From paying traffic tickets to jury duty I just dread going inside that building. Well that was my old way of thinking until I went in there and a couple weeks later turned that into $11,000. I’ll talk more about that later on. Wouldn’t it be cool to walk into a courthouse and in a couple weeks that visit turn into $11,000?
So let’s talk real estate for a minute for those that are new. The fastest and easiest way to make money is wholesaling. It doesn’t require a lot of time, and little to no capital to get started. I’m not going to go deep into this you can search around my blog to learn more about wholesaling if you’re unfamiliar of the process. As a wholesaler you become valuable knowing how to find good off market deals and then selling them to cash buyers.
Now of course their are several ways to find deals, from door knocking, putting up bandit signs, attending auctions, doing direct mail campaigns. Their are plenty of ways to skin a cat. The thing is most investors are thinking all the same. For instance in my market when it comes to direct mail, everyone and their mama is advertising to absentee owners who owned their property for 10 years or longer. So what does this do? It creates heavy competition, and it leaves the seller confused of who should they sell their house to with so many options.
Now you can find deals from mailing to absentee owners don’t get me wrong. However you need to spend 3x the amount to find these deals to out beat your competition. Or you end up having to pay higher than the other investor just to secure the deal. So what are you supposed to do when this happens? How can you find a targeted group of motivated sellers that everyone else isn’t going after?
You walk into the courthouse and ask for a special list. Now before I tell you what this list is let me give you a backstory. I remember when my grandfather passed back in 2001. It was a very sad day for my family especially my grandmother. At the time I was a junior in high school, and I remember my grandmother getting a letter from an investor. At the time I didn’t think about it, but it was someone offering condolences to our family and how he could help us out. Now at the time I didn’t understand what help he was offering.
It wasn’t until I discovered this secret niche of targeted sellers (Probates) back in 2010 where I finally realized what that guy had sent my grandma. He knew that since my grandfather died, she might not of wanted to live in the big house anymore and that he could buy it for cash. Now my grandma didn’t sell it because my dad stepped in and took care of the house and my grandmother. But lets say if my dad wasn’t there I’m sure she would’ve sold the house.
Fast forward to 2010 my very first off market deal (non mls deal) came from a similar letter I sent to a lady who had lost her mother. The crazy part was that the lady who received my letter was thanking me so much for reaching out to her. No one else had sent her any letters or postcards, and she was desperate to sell the house in Florida because she lived in New Jersey and couldn’t take care of it. This is when I realized I was on to something. Whenever I would mail out letters or postcards to a list I would always get people saying they are tired of me sending them mail every week.
Lol I would laugh because it could be the very first time I sent out a marketing piece to them. They would receive so many other letters and postcards from other investors interested in buying their house. It also had me wondering why other investors weren’t targeting these sellers. However obtaining the list wasn’t as easy as logging online to a website and just purchasing the list. Also the list brokers who did sell these list sold them for a insane price. $3-$4 for each lead… no thank you.
So how can you cash in on probate deals right now? Well first you got to understand the psychology of why this works so good. According to the United Nations 2,473,018 people die every single day in the United States. Unfortunately these people pass on debt, and houses to their loved ones to deal with. Most of the time their is no real emotional attachment to the property, and the family member or friend would rather sell it for quick cash to get it off their hands.
So A you could contract it, and then flip it wholesale to another buyer… Or B. you could buy it, fix it up and rent it out or put it back on the market to re-sell. Now many people will argue that the probate process just takes do damn long to deal with. Which isn’t true for all cases. Well that is if you know how to deal with them and use shortcuts. So what I decided to do was create a video to talk about this further. Also to prepare you of what’s happening in the market if you’re not aware of it yet. It’s kind of scary, but its the only way to financially prepare your family and yourself for the future.
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