Posted by phil fernandez on December 10, 1999 at 09:11:08:
Irwin’s right. It’s easy to learn how to read the wills down at the probate court. The court clerk can show you how to do this in ten minutes and she won’t charge you. Probate is not rocket science. Save your $1,500 or $6,000. The statement Jim Banks made that only he knows is total BS.
Probate real estate investing - Posted by Al C.
Posted by Al C. on December 10, 1999 at 06:07:05:
Hi Folks,
Does anyone out there know anything about probate real estate investing? Are there web sites I might visit to get more information? I got interested after I saw a video by Jim Banks, who is endorsed by Ken Roberts (commodities expert and home study person). This Banks guy claims he is the only person on the planet who can teach you this information. His 80 minute video really gets you pumped up however, his video program costs a whooping $1500.00. To go to his 3 day seminar it’s only $6,000.00!
Is this stuff that good? I need more information but it does sound interesting and I know all about buyer beware.
If anyone knows anything about probate investing, good or bad,or where I might find other info. please e-mail me back! Thanks, and happy holidays!
al crafts
bellefonte, pa.
My probate headache… - Posted by Ben
Posted by Ben on December 10, 1999 at 19:47:47:
I purchased a tax lien on a property where the owners had died, the house was for sale and the estate was being carved up by creditors. I jumped ahead of everyone in priority and became a secured creditor, (can’t lose right, just wait for the sale and get paid?) Well,I just got notified that the house was sold right out from under me “free and clear” of all tax liens. Now I have been relegated to unsecured creditor status owed debts by an insolvent estate. I am sure I will get paid eventually since I am still high priority and only owed several thousand (and I will sue everyone in sight) but I am now realizing the probate game has many different rules than the regular world.
Re: Probate real estate investing - Posted by Bud Branstetter
Posted by Bud Branstetter on December 10, 1999 at 12:45:39:
Ditto on the comments about costs. It is not all encompassing doing probate. It is just another tool to find deals. Many probate offers take months to go through the attorneys and court. There aren’t many looking but then there aren’t many doing Joe Kaiser’s tired landlord concept either. The rewards are in finding the deals no one else has.
Re: Probate real estate investing - Posted by John (WA)
Posted by John (WA) on December 10, 1999 at 11:42:57:
If you have that kind of money available for your RE education, may I suggest you attend the CRE conference in Feb. For the money, it will be a great investment.
Re: Probate real estate investing - Posted by Irwin
Posted by Irwin on December 10, 1999 at 07:40:08:
For $6,000, in 3 days, I could turn you into a pretty good probate lawyer. Of course, getting the rest of your law degree and admission to the Bar in your state is extra.
Look at it this way. Probate (i.e. home owners who have died)is only one small part of investing. You’re looking for motivated sellers generally, and people trying to wind up the affairs of a deceased person are (sometimes) motivated to liquidate that person’s real estate quickly. There might be a few legal twists and turns, such as obtaining court approval, involved, but your lawyer takes care of that. You can learn to search Probate Court records for info on decedent’s estates in about 15 minutes. (BTW, not every sale of a deceased’s property has to go through probate.) You should already know how to search for vacant properties, read the obits, talk to realtors, bankers etc…, In other word, there’s nothing magical about “Probate”, so what’s he going to teach you for all that money? If you got pumped up by his 80 min pitch, just imagine how pumped you’ll be after three days. You’ll have to be tethered to the earth with steel cables. The only thing that will be deflated will be your bank account.
Re: My probate headache… - Posted by ScottE
Posted by ScottE on December 11, 1999 at 13:35:18:
Ben,
How could that happen? Was there a title policy issued to the current owners? Who issued the deed and what type of deed was it?
Man, I’d be HOT and looking for answers, pronto!
Scott