Buy Foreclosures - Advice Articles

Interview with Ron Mead The Secret Goldmine Of Probate Real Estate

Noelani Rodriguez:
You’ve written a nice book about probate real estate.. It is easy to read. It’s obviously worth thousands or even millions of dollars in real estate profit potential, and it's only $29.95. That's fantastic Ron. How’d you come to do probate real estate instead of something more common like foreclosures?

Ron Mead
I've worked in real estate for twenty years as a mortgage broker and investor. I worked in foreclosures for a couple years in the mid ‘90s. I found that it wasn’t as easy as everybody made it out to be. Plus, it seemed like everybody and their brother was in the foreclosure business. Then in the mid-90s my mother passed away, and I inherited a house about five hours away.

While making one of my numerous trips back and forth the idea came to me that if someone would offer me a reasonable price for her house I would take it. I thought that there were other people just like myself so after I sold the house I decided to create a business that would help others who had inherited houses and would like to sell quickly.

Noelani Rodriguez
Ron, you’ve told me the story one time about a real estate foreclosure investor that had a distressed seller pointing a gun at them, in other words that in foreclosures you’re sometimes dealing with people that don’t want to sell to you. However, in your book you talk about how sellers in probate are often very happy you came along. Can you say more about that?

Ron Mead:
Sure, that's the major difference that I've found. The foreclosure nobody wants to sell to you, but oftentimes they have to. In probate lots of people want to sell to you. So you’re dealing with happy people not highly stressed people. To me that makes a big difference.

Noelani Rodriguez:
That's fascinating that you found people that actually want to sell their house to you as an investor. Can you tell me more about why people in probate want someone like you to come along?

Ron Mead:
All of us today lead extremely busy lives. So when a loved one passes away, the day we inherit property we inherit a very large project which most of us don’t need. Consequently, if I can offer a quick and simple solution for their project, they view me as the answer to their problem. In addition, oftentimes there are two or three brothers and sisters who inherit the property and live in different parts of the United States or the world. For them to dispose of a property that is far away from where they live is very difficult.

Quite frankly the bottom line is, they really don’t want the property they just want the money.

Noelani Rodriguez:
You said something in your book that struck me as extremely interesting about how children inherent property tax liability. Can you say more?

Ron Mead:
Generally the elderly after 65 defer their property tax liability through a senior deferral. Once they pass away, their deferred taxes become due. Consequently they need to turn the property to cash and that’s how I can help.

Noelani Rodriguez:
Your book has done remarkably well on our site as well as others, you also coach people and help them find probate real estate?

Ron Mead:
Yes that’s a service that has come out by demand. Some of the people who have bought my book for have asked about coach them through their first order to purchases and I have been willing to do that.

Noelani Rodriguez:
And it helps some retired or disabled people invested in probate a real estate, which I think is wonderful.

Ron Mead:
Yes, over the past year, I’ve helped someone who is as professionally trained chef but has as a spinal degenerative disease, and can no longer stand for any period of time. About a year ago, we found a house to purchase out of probate, which he did for $93,000. He’s lived in the house for the past year, and he just recently called me and told me he sold the house for 172,000. It makes me feel good that I can help people like this.

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