All Forum Posts by: Allen Seto

@Kamai Armstrong it is possible.  We all have to start somewhere.  But there is lots of info here on Bigger Pockets on how you can get going with little or no capital...there are strategies that you can implement.  Keep educating yourself and dive into all the available content!

I was just curious if some of the seasoned investors here could share their stories of if/when they knew that they were going to make it in the world of REI. What was your breakthrough moment? The situations and circumstances that made you think to yourself....It's actually happening for me???

Hello All,

I just signed up for Bigger Pockets a couple of days ago and am loving all the great discussions and content. I would like to get some feedback on using the Wholesaling strategy as a Launching Pad for my REI career. I have been doing a lot of research and going through an educational process even before joining here on BP. Specifically I have been focusing on the probate niche as a starting point. I have been down to my city courthouse and did some direct mailing to a first batch of leads.

My question is: Is Probate-Wholesaling the best and most efficient way to start building capital for a new investor?  I understand from reading some of the other forums, that probate leads can often take 6-8 months to materialize, and I have seen some members state they have spent upwards of $8k on marketing material.  As a new investor, I do not have that kind of marketing budget (closer to $0), and a 6-8 month timeline for leads to start actually developing seems far off.  

For someone just starting out, eager to get going, and lacking the marketing budget, is Probate-Wholesaling the best place for me to be focusing my efforts?

Hi @Tania Vasquez, I am also new to wholesaling and have just started a campaign in my area.  I am focusing on probate cases and have sent out a direct mail campaign to leads I was able to find.  I agree with @Account Closed...Just Do It.  I am learning as I go, but am excited to see what happens next.  Keep us updated on how it progresses....Best of luck!

@Ellis San Jose and @Brandon Battle

Thank you!  I already wasted some money on stationary and postage as well as time and effort on sending out marketing material to some of these $0 Real Estate leads.  Oops....But now I know for next time.

Any other tips on what I should be looking for on these documents that may help the process?

@Ellis San Jose thanks!

So if it lists $0 under Real Estate...ignore that file as a lead?

Hi Folks,

I have been down to the courthouse in my city and was able to pull some probate files that I hope can generate leads for me.  I have a question regarding some of the terminology.  On the application document, under the heading VALUE OF ASSETS OF ESTATE, it will list ($ amounts are an example):

PERSONAL PROPERTY: $500,000

REAL ESTATE, NET OF ENCUMBRANCES $275,000

TOTAL $775,000

Can someone please tell me (in simple terms if possible) what each of these means? 

Would PERSONAL PROPERTY indicate cash and other assets (i.e. non real estate)?  And a value listed under REAL ESTATE, NET OF ENCUMBRANCES indicate that there is a property potentially available for sale?  And what exactly does NET OF ENCUMBRANCES mean?

If under REAL ESTATE, NET OF ENCUMBRANCES it lists $0...does that indicate that this probate case has no real estate properties involved and I should ignore that particular file as a potential lead?

I find in the probate files I have gone through, that the last known address of the deceased is typically a retirement home.  And an address for an actual "home" is nowhere listed in the actual case file.  So I have to do some digging (direct mail, phone calls etc) to determine if there is real estate involved.

I guess what I am asking is the following:  Does a value listed under REAL ESTATE, NET OF ENCUMBRANCES typically indicate a home or property as part of the estate?  And if it is lists $0 as the value...then I should move on (i.e. don't waste any more time and/or resources on that lead).

I apologize if this is a "newbie" question....

Thanks in advance!

@Flavio Garcia good for you for knowing what you want in life and getting after it....especially at 21.  I am sure your youthful energy and eagerness to learn will serve you well.

Hey @Chad Armond, I think just about everyone here on Bigger Pockets can relate to those exact same feelings of fear.  I know I can.  Just keep going and get better/learn a bit more everyday.  Tons of material here on Bigger Pockets to get started...and search the forum if you have any questions.  If you can't find what you are looking for, reach out in the forum and ask! 

Hi @Miguel Romero, I am new to this investing thing myself but I will offer some of the brief knowledge I have picked up thus far.   In a nutshell: Good deals are everywhere!  It just takes a wise and smart investor to find them.  They are found wherever your creativity can take you.  Main thing is to find a motivated seller!  There are all kinds of motivations for someone needing to sell a home....divorce, new job, loss of job, bankruptcy...the list is really endless.  Keep poking around here on Bigger Pockets....tons of resources.  Make education a priority and you will find that there are other ways to find deals other than the more widely known "conventional" ways....

Good Luck!