Bill Gross is a real estate broker in Los Angeles, California. He’s been in the industry for 35 years, since 1986. Currently, a big chunk of his time has been devoted to probating real estate. Buying probate real estate appeals to most investors for several reasons, and in this episode, Bill outlines what we’re losing out on by not being aware of them.
Bill shared that according to his good friend, in simple terms, probate happens when you die; your estate sues yourself, and then the crumbs go to your heirs after spending as much money as possible on lawyers, legal fees, and court costs.
It is a legal process that happens when a real estate owner passes away. Each county in the state has its own set of laws for how money is divided when someone dies. If a dispute arises over a person’s will, the court will determine whether the will is valid or not. If the deceased did not make a will, the state has rules for how money is distributed after death.
If you’re a homeowner or a successful investor, you want to make sure to avoid probate by having an estate plan in place, including a living trust.
According to Bill, the most common scenario for an investor is when they come across someone who wants to sell a property but doesn’t know how because family members are fighting over it.
The savvy investor will then guide the prospective seller through the legal maze until they obtain the right to sell the property. The vast majority of probate cases in Los Angeles, about 95%, are handled by lawyers who have handled one or few probate cases in the last year, so they have only the littlest idea of what they’re doing. Many people get involved with an inexperienced attorney, and they get stuck in the mud. This is where Bill comes in; he assists the investors in creating a game plan.
Investors usually contact him when they want to buy a probate property. Bill responds to their concerns and guides them through untangling the situation and purchasing the property without incurring excessive legal fees.
Bill had some clients who had their money locked in escrow, 10% EMD, for nine months, and then they were outbid. There have also been instances when he and his investor outbid buyers who had spent months planning to purchase the property.
To find the latest probate deals, you can visit alltheleads.com. They provide free training and sell data and marketing solutions. They also have a weekly mastermind call and a monthly role play call, both available on their website and YouTube channel.
Another option is to speak with Bill, who would be delighted to collaborate on a game plan for you.
His brother sparked Bill’s interest in real estate. Initially, he would accompany his brother to client meetings, but they ultimately began working together in 1986. He tried to pursue a corporate career three years ago, but he couldn’t picture himself working for someone else; he wanted to be his own boss and pursue his own dream, so he quit and focused on real estate sales.
By the end of this year, he had sold a total of 30 houses and 42 sides. According to Bill, he has added significantly to his wealth by doing something he loves throughout his career.
Bill shared a statement from his first coach that he tries to live his business by: “You could have anything you want in life if you help other people get what they want.” He said that you’d receive a lot in return if you assist others in achieving their goals.
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