Welcome to the first installment of Probate Monday. I am currently reading Ron Mead’s 31 days to Profits in Real Estate Probate. Every Monday until I have succeeded in finding a deal I will be posting a step I will be accomplishing that week.
I know Ingrid is working her way through the course as well and I’m sure we both wouldn’t mind some company to help each other along. If you choose to take this challenge I’d love for you to post comments about your progress or asking any questions or tips you might have.
disclaimer: I won’t be printing the exact details of the course, but what I’ve understood to be the steps that Ron Mead has laid out.
As the week goes on I will be posting my progress for each step and also give my techniques for accomplishing them. They will be small easy steps as to make sure we all progress and not get stuck or overwhelmed.
So lets get started…
Step #1: Finding the Name of the Deceased
Part #1: Identify the Area You Want to Search In
This may sound like an easy step but if you are like me you are wondering the following…
- What makes a good area for probate investing?
- How large of an area should I focus on?
- Can I concentrate on an area where I live?
The answer to those questions is people die everywhere and there are beneficiaries who are looking to sell an inherited property everywhere. Pick an area that is manageable because we are beginners and it’s just easier to start off small. I like to segregate my areas into counties because I know at some point we are going to have to go to the courthouse and in New Jersey probate records are separated into the county the deceased died in. Ron recommends an area that has a population of 300,000 or greater, but going smaller is fine.
My Strategy
I am going to first focus on Morris County and determine if the population will support an investor. I like to stick close to home because I don’t want to travel to other counties where the court house might be 90 minutes away. I also live about 10 minutes from Morris County courthouse so I’m a bit lucky there.
Probate Monday Notes
This should be fairly easy for everyone but I wanted to start out simple just to get the ball rolling. Next Monday will require some detective work so stay tuned.
P.S. – When you figure out which area you are going to invest in place it in the comments.
P.P.S. – If you are interested in buying Ron’s Course 31 days to Profit in Probate Real Estate go here
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Probate Monday – I love it! You should tell Ron about it…I'm sure he'd love to follow your progress. Looking forward to seeing what's next!
Also, just a thought, when you're picking your focus area, consider average DOM in your equation. I would in this market more than ever.
…jp
Thanks JP, I think that is a great idea to contact Ron. What do you think is the best way to get in touch with him? I'm headed over to his website now to see if I can find an email address or something.
Also thanks for the tip on using DOM.
Scott,
I'll be following you as well. I'm seriously thinking about picking up his course. Thanks for the heads up.
Jason
No problem Jason. So far for the price of the course you can't really go wrong. I'm also going to adjust my squeeze page to mimic what his probate letter says. I think that'll help my conversions.
OMG Scott in my original “schedule” I had written to do probates on Monday. That's too funny.
You know I found that I got the must call backs from probate letters that I sent out. I got all of my info from Preston Ely's free thingy he gives out. I would go to the umm shoot I forget what office it is, but gather my list and send out letters.
I didn't pick up a probate deal from the calls but I think the opportunity is huge. Soooo, I'm going to follow along with your probate monday's. The area I pick is Chester County…..mostly the Coatesville, Parkesburg and Phoenixville areas. Am I picking too many areas?
I like JP's tips on DOM….I have to check that out but I'm going off of the areas that I know the investors gobble properties up in.
Would love to have you join in on Probate Mondays! The more the merrier. I'll be writing an update post today with my choice and some statistics to back it up.
You can choose what ever size area you feel comfortable with. I'm focusing on one entire county as well, with a more specific focus to my surrounding towns just like you.
Would love to have you join in on Probate Mondays! The more the merrier. I'll be writing an update post today with my choice and some statistics to back it up.
You can choose what ever size area you feel comfortable with. I'm focusing on one entire county as well, with a more specific focus to my surrounding towns just like you.
Hi…I’m new here and just ran across this. So glad I did. I am in Washington State, and have 3 counties I can utilize but will only be starting with one at the moment till I get the swing of things…
Looking forward to following this and learning…
Jennifer
Hi Jennifer!
I agree with starting out small until you can get a system working for you. Once you are comfortable with the first county, add another.