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Let's Talk Real Estate Investing with Sharon VornholtAuthor: Sharon Vornholt
Hi! Im Sharon. I started my investing journey in 1998 while I owned and operated another successful business. Real estate was originally my side hustle. I invested part-time for about 10 years doing rehabs and picking up a handful of rentals before finally becoming a full-time investor. In 2008 when the market crashed, I became an "accidental wholesaler". (That was never my plan.) Today, I help real estate investors create unforgettable brands and marketing plans that work! I also help people become an expert in one of the most lucrative niches on the planet, probate investing. I have been the leading probate investing expert for more than a decade, and I can make you an expert too. Whether you are a full-time investor or real estate is your side hustle for the time being, I can help you take your business to the next level. If youre ready to shave years off your learning curve you are definitely in the right place. These podcasts not only bring you information packed interviews, but also tools, tips and a whole lot of how to information to help you start or grow a successful real estate investing business. Be sure to check out the Louisville Gals Real Estate Blog and my course Probate Investing Simplified. https://louisvillegalsrealestateblog.com Language: en Genres: Business, Entrepreneurship, Investing Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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Do Probate Properties Need Court Approval to Be Sold?
Episode 444
Thursday, 30 November, 2023
Today we’re going to talk about whether probate properties need court approval to be sold, and how to handle the current problem tenant residing in the property. This question was from a person new to probate who was both an agent and an investor. She was trying to help the seller who inherited the property but was stumped by how to proceed with this unusual and very sticky situation. Here’s the situation in a nutshell: The seller inherited a property with a non-paying tenant who also happened to be a relative. To make things even worse, the tenant refused to let the new owner into the condominium for inspection or to show the property so it could be sold. The new owner was reluctant to evict the relative but found himself in a really uncomfortable position. He inherited a property he couldn’t even enter and was getting no rent on the property. What would you do in this situation? Listen in to hear more about what I had to say. [00:00 - 02:33] - Opening & Question Overview Question comes from real estate investor & realtor, wants to purchase inherited duplex One unit occupied by problematic non-paying tenant who is a family member Asks if court approval is needed beyond typical probate court [02:34 - 04:19] - Tenant Issues & Offer Considerations Tenant not paying rent, only utilities, refused $700 cash for keys offer Not allowing showings or access to property Should factor in lower offer price & costs for repairs [04:20 - 05:56] - Probate Court Approval Process Requires probate court approval but standard, no special approvals Attorney can provide proper contract language on closing timeline Good to know local state laws, can have small regional differences [05:57 - 07:27] - Financial Impacts & Offer Adjustments Estimate 4-6 months before re-renting: eviction, clean up, repairs Factor in costs for lost rents during this period Adjust offer price accordingly [07:26 - 10:07] - Closing Tips Don't reveal as owner to tenant, pose as property manager instead Check local laws, get probate investing starter kit & resources Resources Mentioned in this show: FREEBIE: Probate Investing Starter Kit Probate Investing Simplified Course Key Quote: "I would tell the seller that unless I could see the unit, I would have to assume that it's trashed” - Sharon Vornholt WANT TO LEARN MORE? Connect with me through my website, Instagram, and LinkedIn Or you can send me an email at sharon@sharonvornholt.com Be sure to check out the Louisville Gals Real Estate Blog and my course Probate Investing Simplified. Learn more about this podcast on iTunes, or Stitcher. If you liked my show, please LEAVE AN HONEST REVIEW, like, and subscribe!
