You know the property. There seems to be one in every community, no many how expensive. Several years ago I had on my street in a seven figure neighborhood. This one even had private tennis courts!
If you signed up for my Hunting Club offer, downloaded and read my free report, “What Makes a Real Estate Deal?” then you have in your possession a simplified version of my PETIO format lead sheet. This is a great way to organize your research efforts on a given file. It’s also a very clear way to present to others what you’ve found and what you know about it.
We’ll begin by examining the “P” in the PETIO deal analysis format
“P” of course, stands for Property, as in real estate. However, it could easily be personal property, too.
The primary difference, for our purposes, is how title (ownership) is passed from a deceased owner to a new, legally entitle owner.
For small personal items getting a receipt from the estate seller might be sufficient
For more expensive items, worth perhaps in the thousands, like stock shares or an automobile, for instance, may require a more formal trail of paperwork.
Some things may seem like real estate (such as a trust deed note or mortgage that the deceased owner was receiving payments on) but are just another form of personal property
Title to real estate typically requires a more formal method to transfer. Many states have an informal, “summary probate”, for simple estates when a valid will is available. In California, summary probates are based on the value of the property as of the date of death.
We’re most interested in vacant properties owned by deceased people, prior to probate. We call these situations “pre-probate” deals. Put these property situations on your short list of priority opportunities.
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What actions are you taking to find and locate your property prospects?
Are you employing a sophisticated, multi-sequence mailing strategy? Or, are you just starting and spending your time ‘driving for dollars’? Whatever actions that you are taking, I want to help make you more effective at turning your efforts into money.
If you are in fact, taking action, kudos to you. Somewhere between 80-95% of well-intentioned people will take NO meaningful action at all today. They will have nothing to show for the day, perhaps for the week, month or even the year (for which only a little over two months remain).
However, if you are part of the 80-95%, job number one is to uncover what’s interfering and preventing you from taking the actions necessary to profit from real estate investing.
I’m no psychologist however I strongly believe our individual success starts as an attitude. I’ve got to get my attitude right before I get out the door.
What do you do to get your attitude right?
