Let me share with you one technique you absolutely MUST key into because its just too golden for me to keep secret. This really won't interest you that much unless you're into making serious money at no-risk. Are you with me so far? Good then let's get going!
All right, real estate is the name of the game that I key into as well as many people reading this right now. What I'm about to reveal to you is an ancillary stream of income that is just so golden and its connected with the Probate process. The Probate process is a LOVELY aspect of our legal system that will make you money in many different ways and one of those is through this technique I want to share with you.
Someone passes away and they have creditors lined up and goods/assets within the estate and we have the Probate process in each state to help make sure creditors get paid and all remaining monies go to rightful heirs. That is the most simplistic version of Probate I will give and as long as I really need to dwell on at this point.
Here's where I'm going with this so stay with me here. When someone has an estate being probated the Personal Representative (called Executor in some states) is obligated to send out notification of death and claims to be filed to all KNOWN creditors. Now, that is the premise of what profit-centered technique I'm going to reveal to you in that very few IF ANY creditors are notified being individuals and/or companies that had a legal monetary judgment levied against the formerly deceased. The reason is that quite simply the Personal Representative did not know of this creditor. In addition, if after a certain filing date passes and the estate is probated then that creditor would have possibly not collected on monies due them.
Real life example here and how I'm going to tie this into profits in your pocket goes like this. Uncle Joe passes away and his nephew is the Personal Rep taking care of the estate helping facilitate the Probate process. Uncle Joe got into some financial hard times about five years ago and was not able to pay for a $4,000 line of credit at the lumber company from remodeling projects he did for a living. The lumber company filed the a judgment against Uncle Joe and easily won. However, they never collected from Joe for a variety of reasons but he fact remains there is a monetary judgment still outstanding against Uncle Joe.
Now, here the profit-centered technique I want to share with you and is where it starts getting REAL good. Down at my courthouse I cross-check the names of all estates being Probated and Uncle Joe's name pops up. I then go pull the Probate file and see that Uncle Joe does have a number of assets in his estate one of which being some land along with a chunk of equity in his personal residence even though the mortgage isn't fully paid off.
If the light hasn't started to go off yet for some of you let me spell this out in very simplistic terms. I go to the judgment holder and negotiate to either buy the judgment at super-discounted amount (I always start at $100) or sometimes what I love to do is simply get a straight OPTION to buy the judgment at extremely discounted amount. I love the option route as it means nothing out of my pocket. And yes at times the judgment holder is a little more astute so I'll negotiate a profit split on proceeds I recover.
Let me show you how golden this technique is and why its made me some great guaranteed payday with absolutely no liability on my part. See, if I find an outstanding judgment against someone who has passed away and after reviewing their Probate file its evident there are a number of goods and assets in inventory as this MUST be divulged by each state's law then I'm just a few phone calls and pen-strokes away from a big check with my name on it.
Upon securing my interest in the judgment by either controlling and/or buying in whatever capacity, I then file my claim as a creditor with the court and then just wait to receive my check!! Once I get that claim filed with the court its like planting a money seed. Sometime down the road which may be next month or at least by eight months from now which generally speaking is the longest time frame for getting estate probated, I get a check mailed to me!!!
That is when we get to PAYDAY and makes this all worth while for very, very minimal effort and is a nice little profit center I've got going. I love, and you will too, going to your mailbox and seeing that double-window envelope from the county Probate office and has that red/blue colored background. When I open the letter up its all about a check with my name on it!
Bottom-line is that in the real estate business there are many, many ancillary profit centers that keep a nice and healthy cash-flow going. This technique is just one of them and so you must find the time and/or partnership up with someone at the courthouse that once a week cross-reference a list of names from recent estates being probated against judgments on record. Do this and you too will have a “Probate Profit Machine!”.