Flipping Probate Property
Posted by Techyscouts | Posted on 06/30/2015
Looking To Flip Real Estate? Here’s Why Probate Properties Could Be For You
These days we hear a lot about of buzz about “house flipping” as a popular real estate trend. The essence of house flipping is simple: buy property at less than market value with the intent to sell it for a profit. If executed properly, there is potential to gain significant profits. However, there are many intricacies involved in the house flipping process. Factors include where you should buy, what type of property you should purchase, and when you should make your investment. As the real estate market in Los Angeles continues to expand, savvy real estate flippers will continue to reap the benefits.
Expanding Opportunity in Los Angeles
When it comes to flipping real estate, almost any type of property is eligible. Whether you are interested in flipping apartments, condos, stand-alone homes, foreclosures, or offices, the Los Angeles market is ripe for any type of flipping. That popularity has continued to rapidly rise in the last few years. Because the housing market in Los Angeles is so costly, experienced flippers have moved away from the rundown neighborhoods of the past and started moving into the higher end, more affluent segments of the market. In 2013, the average real estate flip in Los Angeles earned flippers a profit of $126,100, making it the sixth best market in the US. The exponentially increasing price tag of real estate in LA has created even more opportunities for huge returns. With such a diverse market, there has never been a better time to be in the real estate flipping business.
Targeting Probate Real Estate
If you’re interested in flipping a property, but don’t know where to start, probate real estate might be a rewarding avenue for you to explore. Targeting probate properties is a popular form of investment for many reasons. In probate real estate, there is a court-supervised procedure where the assets of a deceased person must go through probate, to establish the validity of the will. Properties sold in probate court are often priced much lower than other homes, allowing you to make a greater profit when you sell the property for a higher value. Predominantly, the inheritors of probate real estate do not have any need for the property and do not have the time or finances available to invest in a multitude of house repairs. This typically makes them eager to make a deal with the highest bidder in a short period of time. Probate investments allow you to deal directly with a decision maker who is ready and highly motivated to make a sale.
Contact Mike Millea Today
If you have questions about investing in residential or commercial property in Los Angeles, CA, Mike Millea is an expert. With over 30 years of combined experience in real estate and tax and estate planning law, Mike’s knowledge is an immediate asset to any investor. Feel free to contact him for more information by phone at (310) 939-9356 or by filling out a form online.