Hi everyone! I am here today with my mentor Dr. Marijo Wilson, and in this video we are covering the process of probate, what that looks like, and the differences between small estates and large estates!
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Hi, I’m Chimene Van Gundy, bestselling author and mobile home millionaire and in today’s video we’re actually going to talk about what is probate real estate investing. Joining me today is my mentor, Dr Marijo Wilson has been training and mentoring in real estate for over 15 years. And I’m so excited that she’s here. So Marijo, what is probate? So probate is the process that you go through. When somebody passes away, people die!?. They do. I guess it’s going to happen to all of us someday. But what happens if you think about you as a person, as a corporation, during your lifetime, you create assets and you create liabilities. So the process of probate is where there’s an assessment by your heirs of all of your assets, all of your liabilities. In other words, the bills, the debts, the hospital bills, the nursing home, all of that. And then what you have to do is figure out are your assets higher than your liabilities? And if that’s the case, then you’re solvent and you can pay all those bills and you’ve got money left over that can be distributed out to the heirs. And if you’re insolvent, it means that your liabilities are higher than your assets. And some of those people are not going to get paid. So a lot of times the primary asset that somebody has is guess what? They’re huddles, right? So a lot of times that house has to be sold for the liabilities to get paid off so that the attorneys can get paid and so that everything can be settled and then the heirs can get a little bit that’s left over. So that whole process of determining assets, liabilities, and settling the estate like you would a corporation that’s going out of business, because when you die, your corporations no longer in business, right? And that’s the process of probate. And so on probate, you’re always gonna see something called SE for smallest state. And LE is largest state. So typically and 98% of the time, smallest states do not have any real estate in them now except they might have a mobile home that’s personal property, but really typically small states for our personal property, those are going to be things like bank accounts and other things that aren’t really attached to anything. Whereas larger states are going to be actually their real estate that they own. So whenever you’re doing research on probate, make sure that you’re looking at those larger states because that’s where the real estate is going to be held. What would be next with probate? Well, another thing I would like to mention in some states and you, every state’s got different rules with regard to probate, right? So you have to know the rules of the state you’re investing in because I’ve found in probate and some states if you have a homestead, in other words, you have a piece of real estate there. You’re living in as your primary residence that that’s not actually counted against you. And so that home when the second spouse passes away and that has to be sold, that a lot of times a small estate can actually include their primary residence. So you have to know if that’s going to be the case in whatever state you’re investing in. And that’s right. So in Texas it is one of the few states in the u s that’s a homestead state. So make sure that you know which homestead states that there are when you’re dealing with probate. The other thing that I love, and this is where I think again women excel at right is making relationships and communication. I started going to visit my local probate clerks and probate court. The clerks are automatically know when cases are coming up, so before cases are even filed. If you go in and make a relationship with the clerk, find out what cookie she loves cookies go along way and then go on ahead and make that relationship. They’ll actually send you a text message or call you saying that they have a file that you probably need to look at and then you can be ahead of any other investor in the probate real estate investing space. I really don’t know of any huge probate real estate investing space. It’s something that I did. Another thing that you can do is when you are doing probate, real estate investing is making it a win win situation. Do you remember the case that I had in new Braunfels, Texas, where the woman died and the only living air was actually a grandson in Smyrna, Georgia, and he was working on his master’s and phd and didn’t know what to do with the property. So when he came up for his hearing, we walked to his house and I had him tag everything that he wanted so that he could take it back with him. And then what I did was got a pod and had movers put it in there. And then I told him that once we went through the property, I would split with him 50/50 whatever was left. So I made $25,000 off the rest of the contents that were in that home and I gave him a check for 12,500 that’s creating a win win scenario. But let me tell you what happened. What happened was he referred me three more people that he knew whose parents or grandparents had passed away and they needed help with their probate deals. And I got three more deals out of that just because of the integrity that I had with this individual. So probate can be an amazing way for you to carve out a little niche and real estate.
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