Aug 31

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Real Estate Investing – How to Generate Estate Property Leads

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EstateSale-FConsidering all of the property leads that I get I must say Estate Sale Properties by far have been the most profitable flips.  These properties are generally mortgage free since 9 times out of ten they were owned by an elderly couple who purchased the property many years ago and have long since paid off the mortgage. The beneficiaries, once past the grieving stage, are eager to get their inheritance. Both of these scenarios are prime for a great deal since the ingredient for a great deal is: 1. Negotiating room (equity) and 2. A motivated seller.

These are the two key factors that will make for a profitable deal. However they must work together to make a deal make money. You can’t have one without the other and think you are going to end up with a great deal. You can have plenty of negotiating room but if the seller is not motivated you are not going to be negotiating as they will be stuck on a price that often times is well over what you are willing to pay. Same thing goes to say that you can have a seller motivated as heck to sell the property but if there is no negotiating room (equity) in the property you can not pay less than what they owe on the property. So your motivated seller is of no use to you.

With Estate properties you generally get a property with negotiating room and a bunch of motivated sellers wanting their part of the inheritance now that Uncle Jack has moved on and left them the property. The problem is trying to acquire these leads. Many wholesalers go to the court house to look up Probate filings ( since they are public record) and then mail out a letter to the listed executor of the will. This is a great tactic however every other wholesaler and Investor in your local market are doing the same thing and aiming at the same list. How many letter that state ” I buy houses” do you think the Executor gets once Probate is over? The competition in this area has increased since the housing market has been flooded with foreclosures. Estate properties have much more of a probability of being a great deal than doing a short sale. Therefore every Investor and Wholesaler is grabbing at the same probate list at the Court House.

I decided to skip the feeding frenzy and get to the family before it becomes public record and is handed to these vultures. I go straight to the local funeral homes and build a relationship with the funeral director. I explain to him that I want to help families settle their estates by buying their home and relieving them of the burden of having to pay fees etc… if they list it with an Agent. You have to wait until the property is Probated of course but this way you plant the seed and give the family an immediate option once Probate is complete.

Simply design a Sympathy Card that states…

I am sorry for your loss. I know this is a very hard time for your family and I sympathize with you in your time of grief.

I just wanted to introduce myself and let you know that I can help when you are ready to settle the Estate in the upcoming months.

I buy Estate properties and can settle in an little as 30 days.

Please contact me when you are ready to discuss.

Carol Stinson


     Ask the funeral director to put your card in with the family’s care package that they will receive from the funeral home. Make sure your card is sympathetic yet to the point about what you can offer to the family. This has been very effective for me. But don’t expect a call for right away as the grieving process will not allow them to think rationally about settling the Estate. However as the months go buy and they are left paying the taxes on the property along with the utility bills they begin to see the need for the sale of the property. This is when they will remember your card in the care package and give you a call.

     You have to be patient when approaching estate sale leads this way but trust me it works! Remember no one else in your local market is doing this. So while they are all at the Court House trying to get a lead you have beat them to it by going to the source.

About the author

Carol Stinson

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