I was wondering why there was no probate forum here. Gary Digrazia's Diamond Farming system could be discussed, as well as investors' experiences with purchases out of probate.
Yes, it may be a very useful tool. I am three weeks into my first rehab that I aquired from a probate.
I got a hold of the family as the sign was going up in the front yard. Seven children (adults) of the former owner had to split the proceeds. We reached an agreement before it hit the market. They appreciated a quick sale versus trying to get top dollar.
I am in a very challenging market to find motivated sellers. Any information regarding probates would be helpful. I have considered contacting families by searching the obituaries.
I really do not know the best way to go about this. I do not want to come across as predatory. Any personal experiences may be helpful. A dedicated forum may create a wealth of information.
Quote:
We were the only buyers offering a "net to the seller" price which made it simple for the sellers to calculate their shares. It worked, even though we were not the high bidder!
I guess I could share a quick story about a friend of mine who picked up some raw land at a probate sale a couple of years ago.
He was the only bidder and got it for around $30k. Within two weeks he was offered over $250k from a developer. He turned them down and held the land for just over a year. At that time he sold it for close to $800k.
So…. $770k profit in one year from one deal… I would call that a successful probate deal. I just wish it were my story instead of my friend’s.
Sign up for your local REI Anonymous. Go to the meetings and meet up with other addicted investors. It won’t cure your addiction, but at least you might make a few sympathetic friends and make a few more dollars while you’re at it.
Wouldn't this go under Foreclosures and such?? We can open another forum if need be.
I would think the probates would be *very* different from the foreclosures. Too many differences to detail here.
I think it is a swell idea. I too would like to know more about mr. Gary Digrazia and his diamond farming system. thanks
Yes, it may be a very useful tool. I am three weeks into my first rehab that I aquired from a probate.
I got a hold of the family as the sign was going up in the front yard. Seven children (adults) of the former owner had to split the proceeds. We reached an agreement before it hit the market. They appreciated a quick sale versus trying to get top dollar.
I am in a very challenging market to find motivated sellers. Any information regarding probates would be helpful. I have considered contacting families by searching the obituaries.
I really do not know the best way to go about this. I do not want to come across as predatory. Any personal experiences may be helpful. A dedicated forum may create a wealth of information.
Take care,
[addsig]
Quote:
We were the only buyers offering a "net to the seller" price which made it simple for the sellers to calculate their shares. It worked, even though we were not the high bidder!
Great tip Bargain!
I think a probate forum would be a nice addition.
I guess I could share a quick story about a friend of mine who picked up some raw land at a probate sale a couple of years ago.
He was the only bidder and got it for around $30k. Within two weeks he was offered over $250k from a developer. He turned them down and held the land for just over a year. At that time he sold it for close to $800k.
So…. $770k profit in one year from one deal… I would call that a successful probate deal. I just wish it were my story instead of my friend’s.
: )
Sign up for your local REI Anonymous. Go to the meetings and meet up with other addicted investors. It won’t cure your addiction, but at least you might make a few sympathetic friends and make a few more dollars while you’re at it.
: )
Great! Now I have to build a TCIAnonymous website. Thanks for the extra work .
Joel is our enabler.
: )
Community baby, Community.
The real bitches are recovery steps 8 & 9 - talk about using up bandwidth!!!
Jim
Oh, i need a fix. Access Granted. This one is going straight to the veins. Ah thats better. "Lean back"