Probate help

[Sharlisa Elzy]

Hi, I am in the process of doing a probate wholesale deal for a multi-family unit. There are six units, all one bedroom! I have only been in contact with the lawyer and not the actual executors of the property so I wasn't able to really gage motivation! I really want to get a good deal and close this thing as it would be my first deal! Do you all have any advice? Should I ask the questions I had lined up at the actual walk through of the property or ask the lawyer to put me in touch with the owners prior to. Btw this property is on the Southside of Chicago. Could be a great rental property for interested investors.

[Rick H.]

Let's be clear: you are pursuing a lead, not doing a deal. Since you haven't even been in contact with a principal (executor or administrator) you don't even have a prospect.

What you have is an opportunity that you have identified that (may) fit somebody's investment criteria.

Now, if you are not a principal (unable or unwilling to close using your own resources) you'd better figure out how you add value to this estate seller and justify carving out a chunk of the equity. And if you're not a licensed agent or broker, you'll need to figure a way that the attorney will favor your involvement and understand the above.

Should you be asking questions, yes! Absolutely. I suggest you get clear as to what you potentially bring to the party before you contact the PR and rehearse what questions to ask and why they're important, both to you and the ultimate buyer, as well as the seller who you will want to perceive you as knowledgable and professional. Know what financial statements are appropriate for a six unit building, current and potential rents, how financed, building systems, etc.

Opportunities are found, deals are made.