of property he or she has for sale in the portfolio rather than just assuming that it is just residential property. GET ACCESS TO PROBATE LEADS TODAY Using probate leads is a great way to find more leads in your area as a real estate investor. With long-term viability and executors who are motivated to sell, you will see that probates are a way to quickly find discounted properties. If you are looking for diversity in your lead package, then you can get access to probate leads easily and quickly the United States is covered by our trained team of lead specialists. Our team makes sure that you have the leads that you need in order to make your business grow. Want more information? You can visit us at www.uspro- bateleads.com today and get more information on our lead services or sign up. In addition to our lead service, we also offer seminars, we- binars, eBooks, software and individualized mentoring for dedicated investors. • > Continued from :: PG 93 Get in the Game to that second investment prop- by vising U.S. Probate Leads. We offer coun- ty-by-county listings of the probate leads listed in your area delivered directly to your inbox. Each county in
erty and make money twice. I assure you, once you move on to that second in- vestment property—whether you have done well with that first one and you do even better with the second, or you did poorly on that first one and do better on the sec- ond—once you make money twice, you will get that mo- mentum you are looking for. That first property may be very daunting, and you step back and quit after just one because it went so well. You will find yourself celebrating that success for a long time. You may never move on to the second one. Or the first one may go so badly that you never let go of that defeat, and you never move on to the second one. But you have to move onto the second one. You will be shocked at the momentum you will have, the knowledge you will acquire, the experience and the confidence you will have that are going to propel you to take even the third step, the fourth step, the fifth step forward to build your real estate investing business. It took me nine months to buy my second rental property. I paid the exact same amount to buy that one as I did my first rental property, except the second was a three-bedroom versus a two-bedroom. So I was able to find out how to get an even better deal the second time, which propelled me even further. Here I am, more than 10 years later, still buying properties to this day.
So instead of coming up with reasons why you can’t start, start to think of reasons why you can’t not start. Don’t delay. Think of all the bene- fits, cash flow, tax advantages, equity buildups, profit and appreciation. All of that is out there for you to capture today. And every day that you delay, you forego the benefits of real estate investing. Start with what you have. You will be amazed at the resources you will acquire and what you will be able to do after you start. • tenants pay all of the afore- mentioned utility costs. In order to get a good indication of what the tenants typically pay in relation to a potential acquisition, look at their in- dividual leases. Typically, the tenant’s responsibilities relat- ed to utilities will be spelled out in the lease. Additionally, in most states you can call the respective utility company, and it will provide the year’s actual utility billings for the property in question. You also will want to look at the seller’s tax returns for the property in question and compare the tax return to what the seller and the real estate broker may be repre- senting in terms of operating costs. If the costs are much higher on the tax return than the selling pro forma, you will want to investigate the difference. When in doubt, use the seller’s tax return figures, as these typically will be more reflective of actual > Continued from :: PG 99 Estimating Operating Expenses
operating costs. • > Continued from :: PG 117 Focus on Foreclosures
first public notice of foreclosure to complete the foreclosure pro- cess, up from 625 days the pre- vious quarter and unchanged from a year ago. States with the longest fore- closure timelines were New Jersey (1,249 days), Hawaii (1,236 days), New York (1,058 days), Utah (1,025 days) and Florida (1,012 days). States with the shortest foreclosure timelines were Virginia (195 days), Minneso- ta (219 days), Mississippi (237 days), Tennessee (238 days) and Wyoming (242 days). REPORT METHODOLOGY The RealtyTrac U.S. Foreclosure Market Report
provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month— broken out by type of filing. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 coun- ties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s re- port incorporates documents
filed in all three phases of foreclosure: Default—Notice of Default (NOD) and Lis Pendens (LIS); Auction—No- tice of Trustee’s Sale and No- tice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). The report does not count a property again if it receives the same type of foreclosure filing multiple times within the estimated foreclosure timeframe for the state where the property is located. •
> Continued from :: PG 49 Casting for Leads Generally, it takes some time for executors to get all of the paperwork filed and to go through their loved one’s things before they are ready to sell. There is also the process of grieving, which can cause executors to hold onto a property for a time before they are willing to sell it. With these parameters in mind, real estate investors who are looking at probate leads will find that executors who are selling property may not be ready to sell for 12 months after the filing. In many cases, the leads are still viable 18 months after the passing of a loved one. This allows for plenty of time for real estate investors to make contact with the executor. PROBATE LEADS INCLUDE MORE THAN RESIDENTIAL REAL ESTATE For real estate investors who are looking to diversify their property portfolio, pro- bate leads can be an excellent source of alternative invest- ments. While many people start looking at probate leads for discounts on residential real estate, what they may miss is that probates can include a wide variety of other types of investments. These can include business- es that are up and running, artwork, jewelry, personal property, furniture, antiques, cars, vintage cars, boats, RVs, commercial property, vacation homes and rental properties. It is important to ask each executor what types
The investor share of purchases at foreclosure auction reached 20 percent or higher in only two previous years: 2005 (20 percent) and 2015 (22 percent). The investor share of purchases at foreclosure auction dropped to a 17-year low of 11 percent in 2008. LONGEST FORECLO- SURE TIMELINES Foreclosures completed in the second quarter of 2016 took an average of 629 days from the
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