Back Door Profits Through Probate
by Scott Rister
Let me share with you one technique you absolutely MUST key into because its
just too golden for me to keep secret. This really won't interest you that much
unless you're into making serious money at no-risk. Are you with me so far? Good
then let's get going!
All right, real estate is the name of the game that I key into as well as many
people reading this right now. What I'm about to reveal to you is an ancillary
stream of income that is just so golden and its connected with the Probate
process. The Probate process is a LOVELY aspect of our legal system that will
make you money in many different ways and one of those is through this technique
I want to share with you.
Someone passes away and they have creditors lined up and goods/assets within the
estate and we have the Probate process in each state to help make sure creditors
get paid and all remaining monies go to rightful heirs. That is the most
simplistic version of Probate I will give and as long as I really need to dwell
on at this point.
Here's where I'm going with this so stay with me here. When someone has an
estate being probated the Personal Representative (called Executor in some
states) is obligated to send out notification of death and claims to be filed to
all KNOWN creditors. Now, that is the premise of what profit-centered technique
I'm going to reveal to you in that very few IF ANY creditors are notified being
individuals and/or companies that had a legal monetary judgment levied against
the formerly deceased. The reason is that quite simply the Personal
Representative did not know of this creditor. In addition, if after a certain
filing date passes and the estate is probated then that creditor would have
possibly not collected on monies due them.
Real life example here and how I'm going to tie this into profits in your pocket
goes like this. Uncle Joe passes away and his nephew is the Personal Rep taking
care of the estate helping facilitate the Probate process. Uncle Joe got into
some financial hard times about five years ago and was not able to pay for a
$4,000 line of credit at the lumber company from remodeling projects he did for
a living. The lumber company filed the a judgment against Uncle Joe and easily
won. However, they never collected from Joe for a variety of reasons but he fact
remains there is a monetary judgment still outstanding against Uncle Joe.
Now, here the profit-centered technique I want to share with you and is where it
starts getting REAL good. Down at my courthouse I cross-check the names of all
estates being Probated and Uncle Joe's name pops up. I then go pull the Probate
file and see that Uncle Joe does have a number of assets in his estate one of
which being some land along with a chunk of equity in his personal residence
even though the mortgage isn't fully paid off.
If the light hasn't started to go off yet for some of you let me spell this out
in very simplistic terms. I go to the judgment holder and negotiate to either
buy the judgment at super-discounted amount (I always start at $100) or
sometimes what I love to do is simply get a straight OPTION to buy the judgment
at extremely discounted amount. I love the option route as it means nothing out
of my pocket. And yes at times the judgment holder is a little more astute so
I'll negotiate a profit split on proceeds I recover.
Let me show you how golden this technique is and why its made me some great
guaranteed payday with absolutely no liability on my part. See, if I find an
outstanding judgment against someone who has passed away and after reviewing
their Probate file its evident there are a number of goods and assets in
inventory as this MUST be divulged by each state's law then I'm just a few phone
calls and pen-strokes away from a big check with my name on it.
Upon securing my interest in the judgment by either controlling and/or buying in
whatever capacity, I then file my claim as a creditor with the court…and then
just wait to receive my check!! Once I get that claim filed with the court its
like planting a money seed. Sometime down the road which may be next month or at
least by eight months from now which generally speaking is the longest time
frame for getting estate probated, I get a check mailed to me!!!
That is when we get to PAYDAY and makes this all worth while for very, very
minimal effort and is a nice little profit center I've got going. I love, and
you will too, going to your mailbox and seeing that double-window envelope from
the county Probate office and has that red/blue colored background. When I open
the letter up its all about a check with my name on it!
Bottom-line is that in the real estate business there are many, many ancillary
profit centers that keep a nice and healthy cash-flow going. This technique is
just one of them and so you must find the time and/or partnership up with
someone at the courthouse that once a week cross-reference a list of names from
recent estates being probated against judgments on record. Do this and you too
will have a "Probate Profit Machine!".
Bio:
Scott Rister is a successful full-time investor living in Dallas, TX. Closing 72
deals in one 9 month period, Scott's property acquisition company, One-Stop
Realty, LLC maintains current holdings in four states.
After building a sizable portfolio of keeper properties that was not getting him
where he wanted to go, he discovered the art of wholesaling. Since that time
he's done hundreds of deals and focuses exclusively on motivated sellers using
technology and a targeted marketing approach.
Scott Rister's approach is based on the belief that the successful real estate
investor will leverage the best use of his/her time by implementing systems that
can run on auto-pilot with minimal maintenance.