Here’s one for the books: About two months ago a guy called me and he started off by saying “a few years ago you sold some properties to my father…” I started to get butterflies in my stomach and my hands got a little moist. Usually when someone starts a sentence off like that they want a refund or there is some flaw in the property that they were unaware of from several years ago.
But that’s not how it went at all. This guy’s father had recently passed away. And he and his sister were settling the father’s estate which, as it turns out was pretty sizable, in California. This guy’s estate stipulated that all of the assets must be liquidated before the proceeds could be disbursed to the kids or heirs.
In plain language this guy had to sell everything his dad owned before he and his sister could each get a $2.5 million check. The last assets that they could not get rid of were as follows: Two 40 acre properties in Jeff Davis County Texas, and an oceanfront lot in Grays Harbor County Washington State, two riverfront lots in Skagit County Washington State, a 1.2 acre property in Modoc County California, and finally a time share close to the Redwood Forest in California (we gave this one away).
So the son says to me, ever since you in my father did that transaction several years ago, he has spoken very highly of you guys. So if you can get these properties in your name within 30 to 45 days, I’ll give them to you for free.
I took the challenge.
Between lawyer fees and recording fees, it cost us about 500 bucks to get the properties in our name. Incidentally it costs $72.00 to record a deed and Washington State. It costs about $12.00 in Arizona for comparison.
All in all we will probably clear about $50,000 in total profit margin from this one transaction alone. We may make more, we will see.
As you probably know by now, we offer a self-education course called “$10,000 a Month for Life; Cash Flow from Land.” Purchasing property from an estate is covered in depth in this course. While it is not the main stay of how we buy property, it can be a great supplement to the bread-and-butter way we purchase property which is what I call the “direct mail” method. Making low priced offers via direct mail makes us a good living.
If you are interested in learning more about how to buy super in-expense a property, in selling it for a lot more drop us a line ads steve@LandAcademy.com
And make sure you download but are free eBook. It covers these topics in pretty good detail, and lets you know what you can expect from the self-study course.
Here’s the audio version of this blog (like a book-on-tape) with my commentary (like the director’s cut of a DVD movie):