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One of our investor students told us of an interesting probate deal or "adventure" they're working on now and while it's a good story Wholesale Curtis Martin Jersey , it also illustrates lots of the ins and out of probate or estate issues and purchases.

The Seller (we'll call him Scott) co-owned this house with his mom, and he co-signed on the loan with mom. Mom has been deceased for 3 years now.

Scott says his sister lives there and is not making the payments, so the mortgage is behind 6 months in payments, and he's ready to sell the house. He said Mom left no will for her estate Cheap Trenton Cannon Jersey , but there are 6 other siblings. If that's not enough of an investing adventure for you yet-Scott then tells us that the bank is threatening foreclosure.

They're not just threatening?.we discover that the house is scheduled to go to the courthouse steps in 3 weeks. Why would anyone even try to purchase a mess like this with a short timeframe? Well, Scott owes $33,000 + $5000 in back payments on a cosmetic, light fix-up $10k rehab house that's worth about $140 Cheap Chris Herndon Jersey ,000 when it's all fixed up. So let's do a little math to see if there's just a wee bit of profit in it.

ARV $140k minus Rehab $10k minus BuySellHold $21k minus Profit $25k equals MAO $84k

So the max we could afford to offer on this house is $84k, and he has to have $38k to cover the mortgage and the back payments, say another $35k so that each Scott and every other siblingheir gets $5k profit too. That's a total of $73k, still leaving $11k EXTRA profit for the investor!! There IS big money to be made if you understand issues like these!

Now Cheap Joe Namath Jersey , how do we work through the estate stuff. Well first we (or Scott) would have to negotiate this price with all the siblings to reach agreement on their share. Next they'd all have to verify that "mom didn't leave a will". If so, Scott could petition the probate court to appoint him as Administrator of the estate and he'd have to run a notification of the estate ad, and get all the siblings to sign document agreeing to his being made Administrator. Now. Cheap Jerseys Cheap Jerseys From China Cheap Jerseys China Cheap New NHL Jerseys Cheap NCAA Basketball Jerseys Cheap Baseball Jerseys Wholesale Authentic Jerseys Wholesale Jerseys China Wholesale Jerseys China Cheap Replica Jerseys