Purchasing a Condo over time while it goes thru Probate

[Jessie Schmidt]

Investment Info:

Condo buy & hold investment in Dansville.

Purchase price: $88,000
Cash invested: $17,600

This was a deal that helped a family after a Covid death. It has been great to be able to help them during a devastating time for the family.

What made you interested in investing in this type of deal?

We had one condo already in this development.

How did you find this deal and how did you negotiate it?

I represented the family as their buyer's agent when this condo was purchased a year ago. They contacted me just a few days after the death.

How did you finance this deal?

Currently cash payments while the estate goes thru probate. Then we'll mortgage.

How did you add value to the deal?

By taking care of everything for the family and giving them instant monthly $ to make their mortgage payments. Also, I told them I would do the clean-out. They left the belongings that they didn't know what to do with.

What was the outcome?

So far so good. :) This will be a few months going thru probate. Then we'll wrap it up.

Lessons learned? Challenges?

Learning about working thru probate.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate broker.