Investing in Real estate for flips, long term holding or just for tax benefits is nothing new. I have been doing this for 30 years. We all know you can leverage with Real estate and earn fantastic returns along with tax benefits. The difference and what I want to talk about is choosing a special niche of Real estate which most stay away from. This niche is Probate Real estate Investing.
I have been Probate Investing since 1987. Let me Deportation explain the process and why it has been so lucrative but for so few. When a person passes, if they don’t have an income trust then their est must be probated in order to pay off creditors and transfer the assets to the rightful heirs. This is a time consuming process which is very hard on the family and an average of runs for 4 months plus.
Now, the real est in an est is usually the biggest asset and is going to be sold to stay the est and disburse the internet dollars to the heirs according to the will of the decease. Sounds simple doesn’t it but in reality this process is the most stressful and time consuming event in most people’s lives when they are the Executor of an Est. The duty the Executor has is nearly unbelievable particularly when this person most likely hasn’t had to do anything like this. There are time lines and requirements the doctor has to adhere to, assets to first find, then measure, manage and finally disburse to the heirs. There is limited help from the Est Attorney which represents the household as most tasks are handled by the Lawyers Para-legal and the Executor is usually kept in the dark. I have seen this predicament a common denominator with Executors in probate.
There are two processes in Calif it’s possible to probate under. The old law is a dinosaur and basically handcuffs the Est as far as the real Est to be sold is concerned from attracting only Wholesale buyers. The other process is the done under the Independent Administration of Est Act allowing you the Executor to treat the real est to be sold like a regular home sale with a few conditions. A much easier process and also enables retail buyers who have interest in the Probate Investing to bid. I could just on regarding this process but I think you can understand. States other than Calif will have a process comparable to or less than Calif’s Probate process so once you understand Calif’s Probate process, it’s usually just a small adjustment for a different State. During the 90’s most locations where processed under the old probate process in my area and in my opinion it was to keep any liability off the lawyers for allowing a property to sell to cheap with a possible criticism later on form the heirs. There is really no other reason to go through the old court confirmation process when selling a home in probate other than this. In our Probate world, probably 50% are going through the I. A. E. A which is where we want to be but many are still being probated under the old process.
For those in the know, you can purchase probate property early in the process and control the sale. I can determine which probate process the sale will conducted under in my offer and I’m usually the only person approaching the Est. I’m there the week the probate file is opened at court which is before most tasks have been completed. It’s produced many wholesale buys for my investors and I over the years and here means that I love Probate Investing.
Executors want the probate LSO ARE off their plate. They are focused on a empty property being vandalized, maintenance to be performed, and in some cases they have moved into the home during this process. What we bring to them is peace of mind by buying the probate real estate and taking the biggest frustration off their shoulder muscles. Also, this is Free money and even though they are selling to me at a discount, the proceeds look mighty good to them and the heirs not to mention the biggest asset now in cash. Buying probate property with the right strategy and know how can indicate $50K profits (90 days) if you know what you’re doing. Plus many don’t understand the Probate process or options so avoid. Unlike foreclosures there are no lists which tell you which properties to approach.
I also love Probate Investing because we don’t purchase impaired like many foreclosures plus the properties are usually in great shape as it’s not a distress sale. For 19 years I have enjoyed probate investing and it still amazes me today that most of my fellow agents and investors bashful away. I’m not whining…
When a term of probation is dishonored, it’s no joking matter. The penalties will change depending on what occurred; however, a infringement can indicate a one way trip back to offender or the defendant’s phrase can be reinstated. Following a probation infringement, an arrest can follow shortly afterwards. What are the results next will depend on your North park criminal defense attorney as well as your history. When deciding how to give a punishment you, the judge will consider if you have any earlier probation violations, the character of the infringement, any new criminal activity committed by you, any irritating or mitigating circumstances and the importance of the probation infringement.
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