Let's Talk Real Estate Investing with Sharon Vornholt
Sharon Vornholt
Hi! I’m Sharon. I started my investing journey in 1998 while I owned and operated another successful business. Real estate was originally my side hustle. I invested part-time for about 10 years doing rehabs and picking up a handful of rentals before finally becoming a full-time investor. In 2008 when the market crashed, I became an "accidental wholesaler". (That was never my plan.) Today, I help real estate investors create unforgettable brands and marketing plans that work! I also help people become an expert in one of the most lucrative niches on the planet, probate investing. I have been the leading probate investing expert for more than a decade, and I can make you an expert too. Whether you are a full-time investor or real estate is your “side hustle” for the time being, I can help you take your business to the next level. If you’re ready to shave years off your learning curve you are definitely in the right place. These podcasts not only bring you information packed interviews, but also tools, tips and a whole lot of “how to” information to help you start or grow a successful real estate investing business. Be sure to check out the Louisville Gals Real Estate Blog and my course Probate Investing Simplified. https://louisvillegalsrealestateblog.com
Categories: Business
Listen to the last episode:
Today we’re going to talk about whether probate properties need court approval to be sold, and how to handle the current problem tenant residing in the property.
This question was from a person new to probate who was both an agent and an investor. She was trying to help the seller who inherited the property but was stumped by how to proceed with this unusual and very sticky situation.
Here’s the situation in a nutshell:
The seller inherited a property with a non-paying tenant who also happened to be a relative. To make things even worse, the tenant refused to let the new owner into the condominium for inspection or to show the property so it could be sold. The new owner was reluctant to evict the relative but found himself in a really uncomfortable position. He inherited a property he couldn’t even enter and was getting no rent on the property.
What would you do in this situation?
Listen in to hear more about what I had to say.
[00:00 - 02:33] - Opening & Question Overview
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Question comes from real estate investor & realtor, wants to purchase inherited duplex
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One unit occupied by problematic non-paying tenant who is a family member
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Asks if court approval is needed beyond typical probate court
[02:34 - 04:19] - Tenant Issues & Offer Considerations
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Tenant not paying rent, only utilities, refused $700 cash for keys offer
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Not allowing showings or access to property
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Should factor in lower offer price & costs for repairs
[04:20 - 05:56] - Probate Court Approval Process
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Requires probate court approval but standard, no special approvals
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Attorney can provide proper contract language on closing timeline
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Good to know local state laws, can have small regional differences
[05:57 - 07:27] - Financial Impacts & Offer Adjustments
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Estimate 4-6 months before re-renting: eviction, clean up, repairs
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Factor in costs for lost rents during this period
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Adjust offer price accordingly
[07:26 - 10:07] - Closing Tips
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Don't reveal as owner to tenant, pose as property manager instead
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Check local laws, get probate investing starter kit & resources
Resources Mentioned in this show:
FREEBIE: Probate Investing Starter Kit
Probate Investing Simplified Course
Key Quote:
"I would tell the seller that unless I could see the unit, I would have to assume that it's trashed” - Sharon Vornholt
WANT TO LEARN MORE?
Connect with me through my website, Instagram, and LinkedIn
Or you can send me an email at sharon@sharonvornholt.com
Be sure to check out the Louisville Gals Real Estate Blog and my course Probate Investing Simplified.
Learn more about this podcast on iTunes, or Stitcher.
If you liked my show, please LEAVE AN HONEST REVIEW, like, and subscribe!
Previous episodes
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443 - Do Probate Properties Need Court Approval to Be Sold? Thu, 30 Nov 2023 - 0h
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442 - 10X Your Wholesaling Business with Dan Toback Thu, 16 Nov 2023 - 0h
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441 - How to Set Your Business Up for Success in the New Year Thu, 09 Nov 2023 - 0h
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440 - How to Invest in Real Estate Using None of Your Own Money Thu, 02 Nov 2023 - 0h
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439 - Probate Investing for Agents and Investor/Agents Thu, 26 Oct 2023 - 0h
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438 - Digital Marketing Strategies for Real Estate Investors Thu, 19 Oct 2023 - 0h
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437 - Getting the Best Results from Your Probate Direct Mail Campaigns Thu, 12 Oct 2023 - 0h
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436 - Secrets of Successful Female Investors with Jasmine Calio - Episode #437 Thu, 05 Oct 2023 - 0h
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435 - Build a Wholesaling Business on a Shoestring Budget with Nathan Payne Thu, 28 Sep 2023 - 0h
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434 - What Happens to Rental Property During Probate? Thu, 21 Sep 2023 - 0h
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433 - How One Real Estate Investor Did Over 4000 Transactions Thu, 14 Sep 2023 - 0h
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432 - 7 Simple Truths About Working in the Niche of Probates Thu, 07 Sep 2023 - 0h
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431 - Using Digital Marketing to Generate Motivated Seller Leads Thu, 31 Aug 2023 - 0h
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430 - How to Buy and Wholesale MLS properties with Rent to Own Thu, 24 Aug 2023 - 0h
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429 - Why Bother with Branding For My Marketing? Thu, 17 Aug 2023 - 0h
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428 - Grow Your Real Estate Investing Business Faster with Partners Thu, 10 Aug 2023 - 0h
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427 - Creating a Lifestyle Business Through Real Estate Investing Thu, 03 Aug 2023 - 0h
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426 - Why Real Estate Investors Must Master Presentations Thu, 20 Jul 2023 - 0h
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425 - Following Up After the Seller Says No Thu, 13 Jul 2023 - 0h
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424 - What Happens When Someone Passes Away in Your Rental Property Thu, 06 Jul 2023 - 0h
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423 - Becoming Financially Free in 5 Years with Real Estate Thu, 29 Jun 2023 - 0h
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422 - Preventing Burnout for Real Estate Investors Thu, 22 Jun 2023 - 0h
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421 - Choosing a Real Estate Investing Strategy Thu, 15 Jun 2023 - 0h
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420 - The Power of Professional Marketing for Real Estate Investors Thu, 08 Jun 2023 - 0h
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419 - How to Talk to Sellers of Probate Property Like a Pro Tue, 30 May 2023 - 0h
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418 - Successfully Run Your Real Estate Investing Business Using Virtual Assistants Thu, 25 May 2023 - 0h
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417 - 5 Ways to Get Started in Real Estate Investing with Little to No Money Down Thu, 18 May 2023 - 0h
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416 - Getting Unstuck: Growth Strategies for Real Estate Investors Thu, 11 May 2023 - 0h
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415 - How Real Estate Investors Can Find Off-Market Properties in 2023 Thu, 04 May 2023 - 0h
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414 - How the Silver Tsunami Creates Massive Opportunity for Real Estate Investors Thu, 27 Apr 2023 - 0h
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413 - Can Newbies Succeed in the Probate Niche? Tue, 25 Apr 2023 - 0h
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412 - How Real Estate Investors Should Organize Their Probate Lists Thu, 20 Apr 2023 - 0h
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411 - Investing in Turnkey Rental Properties with Nathan Brooks Thu, 09 Mar 2023 - 0h
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410 - Content Marketing Strategies for Real Estate Investors with Josh Culler Thu, 23 Feb 2023 - 0h
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409 - Building Direct Mail Campaigns Thu, 16 Feb 2023 - 0h
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408 - Direct Mail: A Proven Way to Generate Leads for Your Business Thu, 09 Feb 2023 - 0h
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407 - 5 Proven Ways for Generating Leads for Your Real Estate Investing Business Thu, 02 Feb 2023 - 0h
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406 - Tips Finding the Right Real Estate Investing Mentors with Omni Casey Thu, 26 Jan 2023 - 0h
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405 - The New Relationship Marketing for Real Estate Investors Thu, 19 Jan 2023 - 0h
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404 - Luxury Air BNB Investing for Busy Professionals with Rachel Gainsbrugh Thu, 12 Jan 2023 - 0h
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403 - Why 95% of all Real Estate Investors Fail with Rufus Thibodeaux Thu, 05 Jan 2023 - 0h
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402 - Real Estate Investor's Guide to Marketing and Branding - Part 2 Thu, 29 Dec 2022 - 0h
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401 - Real Estate Investor's Guide to Marketing and Branding - Part 1 Thu, 22 Dec 2022 - 0h
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400 - Do Real Estate Investors Need Good Sales Skills with Matt Cavanaugh Thu, 15 Dec 2022 - 0h
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399 - The Top 5 Reasons Real Estate Investors Fail in This Business Thu, 08 Dec 2022 - 0h
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398 - Reinvention: Finding Joy in Your Business Again With Melissa Johnson Thu, 01 Dec 2022 - 0h
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397 - Success Tips for Real Estate Investors with Charles Carillo Thu, 24 Nov 2022 - 0h
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396 - Real Estate Investors: Narrow Your Focus for Greater Success with Pili Yarusi Thu, 17 Nov 2022 - 0h
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395 - The Benefits of Using Master Lease Options as Interest Rates Soar with Bill Walston Thu, 10 Nov 2022 - 0h
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394 - How to Finish the Year Strong Thu, 03 Nov 2022 - 0h