Things You'll Need:
- Calculator
- Newspapers
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Step 1
Pick a county or counties where you want to research properties. Typically, you should choose one or two counties right next to each other to focus your real estate probate investment options. This makes your research online or through hard copy records easier.
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Step 2
Find probate notices in the Public Notices section of a newspaper. Probate notices are required by law to be printed in a general circulation newspaper or publication so that creditors that have an interest in the property can stake claim to the property.
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Step 3
Analyze death notices to see if the estate of the person that died includes real estate property. Search public real estate records at the county clerk's office to see if there is any property owned in the decedent's name. Many county clerk's offices now publish their records online. Typically, a contact person is listed in the death or probate notice, so you can also contact the representative listed.
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Step 4
Contact the personal representative by phone. Once you find that real estate is part of the estate, contact the representative in writing. Express your sympathies for the loss of the person and indicate that you are a real estate investor who purchases properties in as-is condition. If the representative responds and is interested in selling the property, schedule an appointment to view the property.
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Step 5
Inspect the property. You may also wish to pay a professional inspector to inspect the property for any defects that may affect the value of the home. You can find professional inspectors by obtaining referrals from real estate agents or real estate attorneys who work in the county where the property is located.
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Step 6
Determine your profit range. After the inspection is completed, it's time to calculate how much money you can make by buying and selling the property that is in probate. Research online selling prices and talk with real estate agents in the area to see what similar homes in the area are selling for; these are called comps or comparables. Then subtract the amount of the purchase price from the expected selling price. This is the amount you will receive in profit when you sell the home.
