All Forum Posts by: Chris Adamski

I have searched through the forums and am unable to find direct answers.  I am very familiar with the probate process as well as how to purchase properties subject to.  My questions are in regards to the exact steps for taking a property in probate using sub-to.  

I understand the PR has the authority to sell the property. However, prior to probate closing and estate distribution, with the property still being in the decedent's name, the PR cannot sign a POA - only an authorization to release information. Without a POA, how can I get any of the account information changed? Mailing address, new insurance policy, etc.?

Would I need to wait until the title transfers into the PR's name before being able to purchase using sub-to? I'm assuming at the point of transfer, the PR (now being the owner of record) would be able to sign a POA to allow me to make necessary changes on the mortgage account.

I'm likely overthinking this but just can't wrap my head around how to make this happen.  Can anyone outline the process for buying a probate property sub-to?  Thank you in advance!

@Nick Quarandillo

I can absolutely relate to where you are at, but in my experience I would say unequivocally to stay in college and get your degree (assuming a useful major).  I was of the "C's get degrees" mindset for my undergrad and also had little tolerance for the 'petty assignments' - most of which I did not complete (maybe because I didn't go to class enough to even know I had an assignment due).  I started as a math major - too much studying and too many assignments.  Switched to accounting - more of the same.  Switched to Finance and found my sweet spot where I could use my natural talents with numbers and formulas and score just high enough on exams to make up for my lack of completing assignments.  I was far more concerned with living the college life than focusing on what the future held for me.

Four years went by, had the time of my life, did just enough to earn my degree and then BOOM ... making the big bucks working at a large bank ... $30k/year.  Climbed the proverbial corporate ladder for about 7 years, went back to school to get my MBA (this is where you really learn how to think analytically and strategically - I actually very much enjoyed grad school), and still climbing the "ladder" (feels like a Jacob's ladder).  Granted, I make a rather solid income now which makes investing/financing much much easier - but in hindsight there are things I would have changed.  With that said, here is the path I wish I would have taken:

- Take my undergrad education more serious.  Would have stayed an accounting major - would suggest anything in the business field if not accounting (finance or marketing).

- Get my RE license and start wholesaling/investing (house hack where you live on campus to start) and/or do some traditional listings to get my feet wet in the industry while in college.  Good side hustle since you can control your own schedule.

- Network Network Network 

- Find time to party once in a while - it is college after all

- Graduate and evaluate what's next.  Even if RE was going well, probably would have still taken a W2 job initially for the financing benefits

- Work my arse off to max out my conventional loans in order to quit the W2 job I didn't want in the first place

- Would probably still get my MBA - may not prove to be that beneficial as an investor, but I really did enjoy it and made a few good connections along the way.

I know this is definitely not everyone's path, but this is the one I would have followed if I could do it over again based on my personal experiences.  Whatever it is you choose to do, do it wholeheartedly - don't half a.. anything you do, unless you want to come out of it working in a dingy cubicle, making $30k/year just to make someone else rich.

@Tom Gimer @John Thedford

I've been following this thread and there has been a lot of good info provided.  I know I am most likely getting into legal technicalities, but wanted to get your opinion (or maybe John has seen examples).  Would 475.43 also prevent a wholesaler (unlicensed) from doing a double close?  It reads as though the property can not be marketed by anyone other than the official owner, and therefore could not be marketed by a wholesaler, who has both the intent and the means to close on it themselves, prior to closing with the seller.  With this being the case, this would require a wholesaler to hold the property until they can find their own buyer which really defeats the purpose of wholesaling - the entire point of the statutes I suppose.

I don't do any investing in FL, but if I ever did I think these statutes would be enough for me to just go and get my license.  I have gotten my license for the two states I invest in exactly for these gray lines (not so gray in FL, however).  Plus, the license just makes investing a lot easier in other aspects in my opinion - not to mention the additional opportunities having your license provides.

I currently have my agent license in AZ simply for the luxury of not needing to rely on an agent for showings, writing offers, MLS access, etc. I am in no way a traditional realtor and currently have a day job that I don't intend to quit any time soon. My employer does not allow me to maintain my real estate license if it requires me to be affiliated with a third party - but would allow me to maintain it if I owned my own brokerage. I have not had my license for the required two years needed to get a brokers license (nor the necessary number of transactions) and therefore NEED to be associated with a third party brokerage - with that said, is it possible to be part owner of a brokerage without having your brokers license? I understand the brokerage would need a designated broker, but would I be able to be part owner with only a salesperson's license for now?

Thank you Mark Pedroza . That is exactly what my long winded question was trying to ask! With that said, do you think it is beneficial to send mail to the petitioner, or do you wait until there is a named PR/Executor/Administrator? I know the petitioner isn’t always the PR and isn’t necessarily the ‘decision maker’, but I also don’t want to miss potential opportunity. Appreciate the responses and info!

Thank you for all of the great info @Mark Pedroza.  For some reason, I am coming across a high volume of open probate cases that do not list an Executor, PR, or Administrator - only the Decedent and Petitioner are listed.  Thanks again for the info.

@Will Peters

I started different direct mail campaigns not too long ago as well.  I too am committed to hand written letters to some and envelopes to all.  I used Calligraphr.com (no affiliation with the company) to create a font that looks like my own handwriting.  I'm not taking credit for 'finding' this service as I found it on BP as well as in different podcasts, but it has sure saved me a lot of time. 

It does take a bit of time to initially make all of the necessary adjustments to make it look just right, but now I just throw my paper and envelopes in my printer and print them all out using the mail merge functionality from my list.  I get packs of 40 envelopes from the dollar store, rolls of forever stamps from ebay (you can find stamps for around .40 per stamp for some reason), and use my own printer with my own font.  So for about $.45 per letter I'm able to send direct mail in my own "hand writing".  Granted, I still stuff my own envelopes - so this clearly isn't the most efficient method in terms of time, but it sure beats manually writing everything.

Hopefully this helps in your efforts.  

Thank you Mark Pedroza . I certainly try to be conscientious in my contact with probate leads. In your experiences, do you send letters to Special Administrators and/or Petitioners (if there is not a listed PR/Executor/SA)? I want to make sure that I am maximizing my DMM efforts, but not sending letters to those who don’t have the authority to sell.

I have been pulling leads myself for marketing to probate leads and feel I may be overlooking some opportunities.  Thus far I am focusing on mailing to Personal Representatives who do not appear to be a spouse of the decedent.  Where I'm hoping to get some advice is that I have come across quite a few cases where there is only a 'Petitioner' and/or 'Special Administrator' - should I be mailing to these people when there is not a PR on file?

In reading through the BP posts, I have seen the arguments for and against contacting the Special Administrators that appear to be attorneys.  I have seen a few attorney names that appear over and over again - I'm thinking about sending them a separate mailing piece that is more general in nature to cover the various cases they are overseeing as opposed to focusing on the individual cases.  I also understand that when the courts do not have the ability to appoint anyone as a PR, they then appoint a Special Administrator who typically has the authority to sell any real estate owned by the decedent - this is making me think I should be mailing to these people as well (assuming they don't appear to be a spouse).  In your experiences, do you send mail to the Special Administrators and do your strategies/content change vs. a PR?

Lastly, do you send mail to a person listed as a Petitioner if there is not a PR or SA?  If so, does your message change to these people?  From what I have seen, most Petitioners do seem to be related to the decedent, but I'm questioning if they have the authority to sell.  Does a Petitioner become a PR/SA after certain milestones are met in a probate case?  Thank you all in advance for any advice.

@Aaron Tobler I'll definitely let you know the next time I will be in Madison and hopefully meet up to chat.  In regards to the off market properties, feel free to PM or email me with the details - I appreciate it.