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Many of you have been taking advantage of my special offering for my Probate Real Estate Investing manual at the discounted price and I am thrilled so many have an interest in at least looking at being a Probate Agent. This may not be for everyone but since we are in the real estate business and this is another avenue to produce income then why not?

I have been asked for more examples on how I earn so let’s dive into this some more. First, during the 90′s my primary focus was to earn a minimum $10K to $15K per side so I could cut down my work hours. Average commissions where $4500 per side so I want to earn about 3 times this per deal so I could cut my time down from 60+ hours per week to 20. The reason for this was I wanted my time back so I could enjoy my family especially with my kids entering their teenage years. This was my entire purpose which led me to Probate Real Estate.

Once my search for this vehicle led me to Probate Homes and I completed my first flip earning around $20K for my side I soon realized I had found something. Yes, there was a period before my first flip that I started thinking this wasn’t going to work but I stood with it and promised myself I would do at least one flip then decide. Will after earning $20K and learning all the things I did wrong in approaching and working with the estate I decided to perfect this even more and start doing more deals No one and I mean none of my peers (real estate agents and investors) where even remotely interested in Probate Real Estate Investing or adding Probate Agent to their business plan. Even after I was getting a name as the probate guy did any agents even ask me what I was doing. They basically had blinders on doing the same things agents before them have done and handed down.

So here it is again. I follow all the probate files at my courthouse each week and select the ones which have real estate. I approach the heirs asking if they have an interest to sell “as is”, quick close” and for all cash (you know what all cash means right? if not call me). I meet those petitioner/executors who have an interest and I go throw my procedure to come up with a wholesale number I can buy the probate and then flip it and earn myself a profit of at least ($25K these days) per probate. On those where I can’t receive the wholesale price I need to buy/flip I try to bring a retail buyer in and earn a 4-6% commission. I have a 21 day period to do this if I can’t buy and it has been working like a charm for over 22yrs. If I find a buyer or have a buyer and my average price range is $350K then I just earned anywhere from $12k to $15K just doing this deal as an Probate Agent. No competition from other agents or buyers! If I can’t find a buyer during my 21 days grace period I pitch for the listing and I usually receive it because I have learned this is not about sales or selling but about relationships and I treat people right. I always look to give them more value than what they are giving me. If I can earn the estate more money because I have a buyer at the time who is willing to pay more for the property I will do it and not buy to flip. I give all the options to the estate. if I just end up with the listing I still earn a 2-3% commission or $7K to $12K representing the estate. Again no other agents or investors usually know the property is available. Wow!

In California we have a court confirmation sale proces for Probate Real Estate which is going through the old sale process and we check these sales weekly for sleepers where we can go in and bid for our client and earn 3-6% commission. Again, not on the MLS and most of the time no one knows but the heirs and original buyer. If you can see a value of the way I work as a Probate Agent you should check this out.

During the 90′s I averaged from 10-15 probate real estate transaction per year but I was only working on the leads which came from my marketing piece. This was about 3 out of 100 which when out and I would usually average 1-1.5 deals from those leads. Today in 2010 with my GaryDTeam we are also going after the other 97 who did not respond as my tracking tells me 50% of them will sell over the next year. This is a great concept if you understand farming. We are looking for 24 probate transactions in 2010 and 4 flips. Being a Probate Agent is a Six Figure opportunity and I hope this information helps you take a look. The best part is this takes about 5 hours per week in addition to my regular business.

5 Feb 2010, 7:59 pm

Gary DiGrazia Sr
ReMax In Motion Real Estate
http://www.probate-realestate.com

Article Source:

http://EzineArticles.com/?expert=Gary_DiGrazia_Sr

Technorati Tags: home for sale by owner, me realestate

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By Robert Snell, The Detroit News

One of Metro Detroit’s most expensive homes — a Novi palace worth at least $18 million before the real estate market crash — is facing foreclosure and scheduled to be sold at auction Tuesday.

Once one of the region’s grandest displays of wealth, the 13,777-square-foot mansion on 19-plus acres instead could become a symbol of the bust — and languish on the market for years, real estate experts say.

The estate is packed with princely perks: five bedroom suites, a bowling alley, steam room, wine vault and a media room with a herringbone leather floor. Outside: $5 million worth of landscaped waterfalls, a pool with a 60-foot-long water slide and a par-three golf hole.

• The Detroit News photo gallery of the Novi mansion

“It’s like going to Disney World,” said real estate agent Chris Knight, who has sold the home twice. “It’s a phenomenal, one-of-a-kind special property. Waterfalls, ponds all over the place, streams. Lots of Venetian plaster walls. Imported this, imported that …”

The home is owned by an entrepreneur who built an empire of laser hair removal clinics, but is coping with a web of money problems. Tucked behind security cameras and a remote controlled gate at the end of a gated street, the house is on a boulevard of million-dollar homes plagued by the same foreclosure problems as the rest of Michigan and the nation.

The Turnberry Estates subdivision off Eight Mile, near the Meadowbrook Country Club, consists of about 17 houses that sold for $1 million to nearly $10 million in the past few years. Its homeowners include business executives, a restaurateur, a real estate agent and two former Detroit Lions: Charles Rogers and Robert Porcher, who recently moved out.

Downturn sinks all boats

A third of the subdivision’s homeowners have either faced foreclosure in the past two years or had mortgage problems, public records indicate.

Since March 2008, one house was lost to foreclosure; three were scheduled for sales but avoided them; and two foreclosure sales are pending — including Rogers, according to the Legal News. The former No. 2 NFL draft pick faces a sale Aug. 31 after defaulting and owing $1.17 million, according to a Wednesday notice in the Legal News.

Throughout Metro Detroit, 719 properties worth at least $1 million have received foreclosure filings since January 2009, according Irvine, Calif.-based RealtyTrac Inc.

The number of $1 million-plus homes facing foreclosure could indicate wealthy owners are treating homes like any other bad investment, and dumping them, experts say.

“If you’re in that stratosphere, you do look at it like an investment,” said Bob Taylor, president of the Michigan Association of Realtors who is a real estate agent in Birmingham.

“It will ruin their credit, but they’ll still have plenty of money in the bank and they can go ahead and buy something else.”

But none of the properties in Metro Detroit, perhaps, is as opulent as the estate at the end of Turnberry Boulevard.

Entrepreneur Rich Morgan, 44, bought the mansion in 2007 for a song: $9.75 million.

Too rich for current market

That was nearly half the $18 million it cost to build the house in 1998 and a fraction of the $25 million that some real estate officials estimate as the true cost after land acquisition and design costs.

The home is fit for a titan, featuring “safe rooms” to keep out crooks, a 10-car garage and two specialty rooms catering to wine tastings and cigars.

Morgan was the third owner in two years, buying the mansion from investor Patrick Tortora, who had bought it from Larry and Judy Wisne. The couple, whose family owned the now-shuttered Tribute Restaurant in Farmington Hills, sold it in 2005 in a divorce settlement.

The same year Morgan bought the mansion, his company was sold. He founded American Laser Centers, a Farmington Hills-based provider of hair removal, cellulite reduction and skin rejuvenation, in 2002.

Morgan returned to the company, which has more than 170 locations nationwide, in 2008 and still serves on the company’s board. He did not return multiple messages.

Since buying the home, he’s seen a raft of financial problems. Farmington Hills law firm Trott & Trott says Morgan and his wife defaulted on the mortgage and owe more than $3.07 million, according to a notice published in the Legal News.

He also owes $199,763 in delinquent property taxes and four states have filed tax liens against him totaling $574,986, according to public records.

Given the housing market and the estate’s location far from millionaire enclaves of Birmingham and Bloomfield Hills, there may be few prospective buyers, Taylor said. “The number of prospective purchasers, we’re not even talking about the top 10 percent, or 1 percent,” he said. “We’re talking the point of a needle.”

The opening bid at foreclosure sales typically is the amount owed to lenders, and the lenders usually end up with the property, according to the Michigan State Housing Development Authority. In Morgan’s case, he could redeem the home within six months by paying the same amount as the top bid.

“Lenders in Michigan will wait typically until the redemption period has passed before marketing the property for sale,” said RealtyTrac spokesman Daren Blomquist.

Knight, the real estate agent, visited the home recently. He’s a friend of Morgan’s and said the home is in better shape than ever.

But Knight said it could be a tough time for a $10 million home to hit the market.

“There’s a number it would be gobbled up at,” he said, “and a number that it would sit forever.”

Technorati Tags: home for sale by owner, homes realestate

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Technorati Tags: for sale with owner, home for sale by owner