Filed under: Articles — Abe @ 12:00 am

As you can see, it is pretty simple to find probate properties, especially now because many counties have their information available on the internet. Find out if there is real property and contact the PR. Remember, every PR is not going to respond. But if you stay persistent with your mailings, they will start calling.

Probate is the legal process of someone passing away. It is the distribution of assets of an estate to the heirs after all debts have been satisfied. Many times, these estates contain real property and have to be sold to pay off these debts.

When a person passes away, a Petition for Probate is filed at the County Courthouse and a Personal Representative (PR) is appointed. The PR is the person in charge of the estate. They are given the task of liquidating all personal property, paying off debts and distributing what is left to the heirs according to the wishes of the deceased.

In many cases, inheriting a property can be a burden. There are estate taxes that need to be paid, repairs to the property need to be made, and maybe a mortgage. Adding to this burden is, many times, the PR lives out of town or even out of state. The PR not only needs to sell, but wants to sell because it is a hassle dealing with a property that is far away.

There are a few ways to find probate properties in your county. Once a Petition of Probate is filed, it becomes public notice and must be published in order to notify the creditors. If your county does not have a daily legal notice paper, you can go to the courthouse or on line to research the files. The most important data you want to gather from these notices are: the case number, the attorney in charge, the name of the deceased, if there is real property, and the name and address of the PR.

Once you have determined there is real property, you need to contact the PR. Send out a letter and maybe follow up with a postcard. You can also call them. The telephone number may be on the legal notice or you may find it by doing research on the internet.

Once you have made contact with the PR, find out if they are interested in selling the property. Remember to tell them, as you should also state in your letter, that you will buy the property in its as is condition and that you can close the purchase quickly. If they are interested, make an appointment to see the property.

Now that you have met the PR and seen the property, it is time to make an offer if it meets your criteria and is the type of investment property you are looking for. You want to buy at least 30% below market value. This will usually cover all your costs, rehab work, and profit. Depending on how much work needs to be done, and how much profit you want to make, you may have to adjust that number. If the PR accepts your offer, get it under contract.

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR

John P. Myers is a successful real estate investor in N. California. He buys homes using various methods and specializes in fixers, foreclosures and probate properties.

http://www.ftballcoachwholesaledeals.com/

Fixer Uppers Getting the Most Bang for Your Buck

Filed under: Articles — Abe @ 12:00 am

Remember to keep your first fixer upper simple. Set a time frame and budget and try to stick to it. Do not overspend on upgrades and always put the most money in the kitchen and bathrooms. Keep the colors neutral and always pay attention to the little details. They may seem little to you but could be very noticeable to a potential buyer.

Buying a home that is a fixer upper is a great way to make money. However, it is not for everyone, and there are many things to consider before purchasing one.

If you are thinking about buying your first fixer upper, I recommend you look for one that is 15 to 20 years old and one that is in need of only cosmetic or minimal repairs. Cosmetic or minimal repairs could range from just a fresh coat of paint, replacing old and outdated carpet and linoleum, to updating the kitchen and bathrooms. Starting out on a smaller scale will allow you to get a feel for, and find out what doing a fixer upper is all about. This way you can decide if this is something you actually want to do. If you were

to do a major rehab where the whole house needs to be gutted, you might run into all kinds of problems that you are unable to handle and tie up all your time and money.

When you start to consider what areas to spend the most money on repairs, remember the kitchen and bathrooms sell the home. These are the two most important areas where you will want to spend the majority of your rehab budget. This is also where you will get the highest return on you money. Keep in mind that this is an investment property and you will not be living there, so you will need to choose items and colors that will appeal to a wider range of buyers.

Before you get started, you will need to determine what needs to be replaced, what can be restored, and what can be repaired in order to bring the home up to date. When deciding on how much to spend on upgrades, you have to take into consideration the area the house is located. You want the house to look like the nicest one on the block when you are done but if you overspend on upgrades for the area, you will not get your investment back.

In the kitchen, you will need to update the lighting from as minimal as buying a new chandelier to replacing panel lighting with recess lighting. Replace appliances that are not working, mismatched and outdated. When it comes to the floor, you have many options. You might consider replacing it with tile, wood, or laminate flooring. If it already has wood flooring, you can save a lot of money by having it refinished. There are many options to repairing or replacing countertops. Replacing the countertops with tile or granite will give you the best return on your money. You may also consider using a pre-fabbed laminate countertop that will fit right over the old one. This will save time and money. Another way to save time and money is to have the cabinets resurfaced if they do not need to be replaced.

In the bathroom, you will need to update the lighting and almost certainly have to replace the sink, vanity and toilet. The floor will also need new tile or linoleum. When it comes to the shower, there are many options to consider. You can choose from as simple as installing a pre-fabbed fiberglass insert or resurfacing, to doing a whole complete tile job.

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR

John P. Myers is a successful real estate investor in N. California. He buys homes using various methods and specializes in fixers, foreclosures and probate properties.

http://www.ftballcoachwholesaledeals.com