Doing Probate as a Wholesaler

[Kim Hawkinson]

I'm reading up on how to start doing Probate deals and I'm super stoked b/c there's a lot of good information on this site so thanks for that everyone. I did have one question though. I see a lot of the time that I should tell the executor that I can make a cash offer and close in a couple of days, getting them excited about getting rid of the property.

Well there's a reason I'm wholesaling: I have no money of my own. Any yes, I have a somewhat small buyers list but I'm not sure how many of them are "cash buyers". Should I start asking thise individuals who want to be on my buyers list how they purchase their proerties and do they have access to funds? Also, Let's say I find a property that I THINK a few of my buyers might be interested in. Should I settle on a price with the executor and THEN market to my buyers or should I settle on a price and then market to the vast number of networking site that are out there. Unfortuanately, I'm one of those people who want to know EVERYTHING up front. Pretty impossible, I know, but I want to try and arm myself with as much knowledge before hand.

Please let me know what you think. Thank you!!!!

Kim

[Joe Dube]

Great stuff Charles, thanks for the link.

Kim,

Probates have been the type of deal that have made me the biggest checks. The way I go about finding them is using an absentee owners list. You not only get probate deals, you also get tired land lords, divorce cases, and folks that want to get rid of their vacation property. I get a list of absentee owners that currently own property in my county. Everyone that has a last sale date of 20 years or greater are my targeted sellers. All the folks with a last sale date of 6 months ago to today are my BUYERS. So basically all you need is one list for sellers and buyers. The absentee owners that have purchased a home within the last 6 months will typically be a land lord or a rehabber. Make sure to contact them by mail or phone if possible. Send up a smoke signal, you get the idea. All you need is a handful of cash buyers my friend and you'll be well on your way. I definitely ask as many questions as possible about their buying criteria and get all their contact info. also. A couple other quick ways to get cash buyers is go to the for rent section of craigslist and ask if they need more houses for their portfolio. While your at it ask them about their friends needs as well. I always ask if they have any houses to sell or if their friends have any to sell also. I also find cash buyers from the section 8 list, those guys are land lords so get a hold of them and ask your questions then get these guys some houses.

Hope this helps...