Probate Real Estate - The Road Less Traveled To Real Estate Riches
Call it one too many infomercials aired in the wee hours of the morning filmed in Hawaii with every one of the supposed real estate millionaires wearing a leis around their neck and singing the praises of foreclosure properties. It's enough to make people slap down thousands of dollars for seminars just for the privilege of not missing out on this motherlode of riches that surely awaits them.
The truth about foreclosure sales, however, is that you often find yourself amongst a rather elite group of millionaires who have deep pockets or considerable real estate construction experience and who tend to bid the price of these properties far out of reach for the average person.
It works differently with probate properties. Probate properties are not as widely advertised. In fact, you may or may not even be aware of the existence of the papers in your area that advertise them.
But therein lies probate real estate's attractiveness to the entrerprising entrepreneur.
Once you locate a probate property, you're more likely than not to be the ONLY ONE who knows of its existence! This puts you in the rather favorable position of negotiating the price DOWN, not UP as in the case of foreclosure properties.
People mistakenly believe there are complex legalities involved in the probate process, when indeed, nothing could be further from the truth! In fact there is very little technical legal jargon involved.
Now don't get me wrong. Like foreclosure properties, probate real estate usally needs some fixup work. But if you're "handy" there are a lot of little tricks you can perform that can allow you to sell the property for tens of thousands more than you paid for it.
Some enterprising souls just concentrate on finding and initially purchasing probate properties, then they turn them over to contractors and big-time investors to fix them up in return for a tidy $5,000 to $15,000 "finders fee." Not bad work if you can get it!
So the next time you are lured by the leis and mai tais, you might want to think a little longer about what you're getting yourself into, and take the road less traveled.
If you're interested in this little-understood area of real estate, please visit:
Related Tags: cheap real estate, probate real estate, probate properties, foreclosure real estate
Paul Johnson is an internet, real estate and stock market entrepreneur and publisher who has written a number of articles, ebooks and publications.Your Article Search Directory : Find in Articles
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