Creating Wealth Through Probate: The Best-Kept Secret in Real Estate Investing

by James G. Banks

Book Overview

Probate property offers one of today's most exciting opportunities for real estate investors to make money, a lot of money. Very few investors know how to go about purchasing real estate - and other... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 1419505149
• ISBN13: 9781419505140
• Release Date: May 2005
• Publisher: Kaplan Publishing
• Length: 244 Pages
• Weight: 1.05 lbs.
• Dimensions: 0.6" x 7.3" x 9.0"

Customer Reviews

Probate Property: America's Best-Kept Secret

Creating Wealth Through Probate: The Best Kept Secret in Real Estate Investing by James G. Banks is probably the first (and last) word in the acquisition of real probate property. Unlike all the other real estate so-called "gurus" we were exposed to over the last twenty-odd years, Banks not only tells you what he did, but, more to the point, HOW he did it. The distinctive nature of his subject matter is altogether exclusive to probate. This is crucial. It's not just the "sizzle" this time; it's actually that fibrous tissue of the steak as well--no schlock here. In short, it is, refreshingly, a practical work of substance. In a chapter-by-chapter, step-by-step description, Banks explains, first, how the probate system works from the legal perspective. This not only comprises the opening salvo, but a caveat of sorts of what to watch out for as well: an unscrupulous and esurient legal system nationwide that feeds, untrammeled, off the vulnerable bereavement of an estate's surviving beneficiaries. These are the so-called "estate managers" at the superior court level who do very well by doing good--and with precious few available remedies in probate court to challenge their nefarious activities. It is titled, simply, "Probate: The Lawyer's Goldmine". Moreover, it further documents stories concerning some of the more high-profile estate assets that these goldmine "sourdoughs" and claim-jumpers of the legal profession brutally and maliciously fleeced from the survivors simply for fun and profit. In numerous cases, it involved counsel for the estate as well, and this procedural abuse still persists to this very day, and with relative impunity. In subsequent chapters, Banks then "baby steps" the novice reader through the whole process; that is, from the standpoint of a genuine closing acquisition, not liquidation. In brief compass, he recounts the business of real estate, how to actually locate those more elusive probate properties, which experts to surround you with, and when to buy. Then, once you have it, how to plan and perform adequate renovations for eventual resale to the next buyer for a rather tidy return. What impressed me the most was not only the simple, straightforward manner and language of the content (and with some measure of comic relief sprinkled about here and there), but the extensive research and real-world examples that have been encapsulated into the text as well. In Chapter Two, Banks demonstrates the type of eye-catching newspaper ads that may interest a beneficiary simply looking to unload "Uncle Jake's" old house--and then call YOU instead of the other guy. In Chapter Three, he provides a simple tool for tracking case files so that you WON'T waste your time on marginal to poor leads. The "meat and bones" of achievement, however, are outlined in Chapters Four and Five where he shows you, again step-by-step, everything from how to solicit the assistance of your "brain trust"--the critical assembling of your real estate experts-

Good Introductory Book.

This is an introductory book that basically tells you the general rules of buying things at probate. While the introduction and the back cover talk about buying all kinds of things at probate, the bulk of the book is on buying real estate. Real estate, as Mr. Banks puts it, is the 'Big Nuggets' of the investing world, especially if you are thinking of commercial property. When you buy something at the probate auction you are expected to come up with the cash or a cashiers check within minutes. You don't have time to go looking for a lender. He says find a rich friend if you don't have the money or credit yourself -- good luck. Why wouldn't the rich friend just pay you a finders fee and take the investment himself. Most places have a person in charge of selling estate property. Here in the county where I live that office is called the Public Administrator. They put out an auction list periodically that lists the personal property they have for sale -- computers, guns, camera, jewelry, etc. You might want to call your county clerks office and try to find such a department where you live. Investing in real estate obtained via probate is fine, but it's not quite as competition free as Mr. Banks implies. Hint: go watch an auction before you decide to go into the business. This is a good introductory book. It will give you the broad outlines, it's up to you to make it into a real business.

Terrific Insight into Probate Investing

This is a quick very thorough read on the world of probate investing. Jim Banks' experience in the area really comes through as he guides his readers through the processes. It opened my eyes into the opportunities that exist and to how I might profit.

You wouldn't believe it

I had the pleasure of seeing Jim Banks present at a workshop in LA. He talked through a probate process that, on the surface, seems pretty scary--primarily because the words attorney, court and judge are part of the process. I've always taken a do-it-yourself approach, so Jim's workshop got me interested in investing. A few weeks later I went out and bought the book, which takes you through the process and removes some of the fear factor. I'm in the process of working through two probate deals, one with a solid offer and another with so many questions that my wife wrote Jim an email (his address is in the book--go buy it!). You wouldn't believe it--Jim called to talk me through my concerns. It turns out that I was over-analyzing the process and creating roadblocks that don't exist. Because of the book and Jim's help on the phone I'm ready to make an offer on this new probate property. I know the man can't call and talk to every one of his readers, but he is interested in his customers and he does provide you with the information you need.

Good startup

This book is good startup. That is the point you should start from. Don't expect narrative, step-by-step instruction to 1 million dollars - a lot of people can not do it even after take the investing courses. Take Real Estate license course. Take Probate Law classes and reread the book again. And try after that. Thanks Jim Sergey Michalev