Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

If you have thought of doing lease options you have run into a home that you may not have wanted to lease option because of the amount of work that is needed to get the property in "good" repair.

A solution would be to market to those that will fix the property as their option credit and still pay rent. A way to ensure the work gets done - do not let the new tenant buyer live in the home until the work is done and make your contract void if the work is not done by a certain time.

We have all heard of lease options and possibly even sandwich lease options. This can be one of the easiest ways to get started without much money and hear is a method to get lease option and many of them.

Call the for rent ads in the newspaper. Most of the people in the “for rent” ads do not want to rent properties and they may have not considered doing a lease option.

When you think of probate many think there is only one style of probate when there are actually three types of probate.

First is the supervised probate. This is when the courts take an active role in approving each and every transaction. Because of the time required by the courts this will be an expensive method.

Second is unsupervised. The court will not take as much involvement into the transaction in the probate unless the values exceed the courts limits.

When a person dies and leaves a mortgaged house. A probate fee will be sought from the beneficiaries / those left behind. This probate fee is determined by the value of the property. If the beneficiaries cannot pay the fee to close probate on the mortgage property the property will be sold. This sale is often known as an estate sale.

By having a Revocable Living Trust you can avoid probate completely.
As the trust owns the property if you die the trust still owns the property. Any beneficiaries remaining in the trust will still control the property. The property will be given to the new beneficiaries without any disturbances of probate.

The other way to avoid probate is to use a joint tenancy / ownership. You can have several people that own the property or use a Tenants in Common to define one owner – the tenants – with more than one owner.

All estates must go through the probate process; regardless if they have a will because a will doesn’t avoid probate it initiates it. To avoid probate you will want to have your assets in a revocable living trust.

Most states allow estates within a certain dollar amount to be exempt from the probate process. For example some states have small estate or summary estates sales, allowing up to $100,000 worth of property to be exempted.

Probate is defined as:
The judicial process whereby the will of a deceased person is presented to a court
and an Executor or Administrator is appointed to carry out the will’s instructions.

In other words when someone dies all of their assets are given to the courts to decide who gets what. After settling any disputes the courts distribute the assets to the government, creditors then the family.

Hi everyone, it's been a while. just trying to balance my day job and REI. I caught a cold so have spent the last day and a half getting caught up.

I have seen in several posts questions about working with good Realtors. Many feel that using a Realtor will stunt their growth as an investor. A Realtor can be a fantastic tool in advancing our careers. Your Realtor can show you comparables, bring you properties you couldn't have found, give advice, help create needed connections to others such as hard money lenders, and so on.

Because finding a Realtor can take time and may require us to talk to several Realtors before we find a good one I would like to present the way I find Realtors:

I want to learn more about mobile homes. I have been searching craigslist for investment opportunities and have found more adds for mobile homes cheap than I have for properties.

How does financing work?
How can they be assigned?
How are they as rentals? How do you check area rental rates?
How do you comp them?

They seem like little gold mines.