Probate Real Estate Investing w/Sharon Vornholt
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Episode Description
Welcome to the Freedom Point Real Estate podcast! Sharon Vornholt joins Jeremy Dyer in this episode to share her expert knowledge about probate investing; they cover what probate is, how to grow and succeed as an investor, Sharon's advice for a young investor, and much more.
Sharon Vornholt is the owner of Innovative Property Solutions in Louisville. KY. She began investing in 1998 and is best known for her expertise in probate investing and marketing and branding. Sharon is the creator of the “Louisville Gal’s Real Estate Blog” and is the host of the popular podcast, “Let’s Talk Real Estate Investing”, and Probate Investing Simplified Course. Sharon has helped hundreds of people refine their brands and create customized marketing plans that allow them to generate a steady stream of leads through the lucrative niche of probates.
CONNECT WITH SHARON VORNHOLT!
Website: https://www.innovativepropertysolutionslouisville.com/
LinkedIn: https://www.linkedin.com/in/sharonvornholt/
Facebook: https://www.facebook.com/sharon.vornholt
Instagram: https://www.instagram.com/sharonvornholt/
Twitter: https://twitter.com/svornholt
Blog: https://louisvillegalsrealestateblog.com/
Probate Course: https://probateinvestingsimplified.com/
CONNECT WITH JEREMY DYER!
Website: https://startingpointcapital.com/
Instagram: https://www.instagram.com/startingpointcapital/
LinkedIn: https://www.linkedin.com/in/jeremydyer
Facebook: https://www.facebook.com/startingpointcapital
Book a Call! https://calendly.com/startingpointcapital/discuss-investing-with-jeremy-dyer?month=2023-12
Summary
Tip #1: Understanding the Probate Process
Sharon explains the step-by-step probate process, from the opening of the estate to the sale of the property and distribution of assets to heirs. She emphasizes the importance of identifying the decision maker within the probate process, who holds the authority to sign real estate contracts.
"When you're talking to people... you always want to know who am I talking to and... are you the personal representative because... that is the person that has to sign the real estate contract."
Tip #2: Recognizing Motivated Sellers
Probate properties often present unique challenges, with many in need of significant repairs or updates. Sharon highlights the motivation behind probate sales, noting that heirs are eager to liquidate assets and settle debts, presenting investors with lucrative opportunities.
"The major hurdle that investors have is their own mindset... you have to get out of your own way and think solely of how can I be of service to this person."
Tip #3: Tapping into the Silver Tsunami
As the Baby Boomer generation ages, an influx of properties is expected to enter the market, presenting a prime opportunity for probate investing. Sharon discusses the significance of this demographic shift and the wealth of opportunities it presents for savvy investors.
"There's a huge amount of opportunity for real estate agents because a lot of these homes will be listed... to position yourself as a probate expert... there's a huge amount of opportunity."
Tip #4: Overcoming Mindset Barriers
Many investors shy away from probate investing due to misconceptions or discomfort surrounding the process. Sharon dispels common myths and encourages investors to embrace probate as a valuable niche, emphasizing the importance of mindset and service-oriented approach.
"They don't understand the process... and then they have to overcome their own mindset... they think they're taking advantage of someone or in some way when it couldn't be further from the truth."
Tip #5: Embracing Lifelong Learning
Continuous education and adaptation are crucial for success in real estate investing. Sharon shares her commitment to lifelong learning and encourages investors to stay informed, adapt to market changes, and explore new strategies to achieve their goals.
"I think the secret to success is just not giving up... always be learning because things change... and being prepared to live outside of your comfort zone."
Tip #6: Building Relationships and Finding Mentors
Building relationships and seeking mentorship are essential components of a successful real estate investing journey. Sharon advises new investors to focus on mastering one strategy, cultivating relationships with private money lenders, and seeking guidance from experienced mentors.
"Figure out who your private money lenders are in your area... at some point, you're going to have to plunk down some money and pay somebody for help... the secret... is to always be looking at the mentor that's next that can help pull you up the next level."
Tip #7: Standing Out through Marketing and Branding
Effective marketing and branding are key to distinguishing oneself in the competitive real estate market. Sharon recommends Mike Michalowicz's book, "Get Different: Marketing That Can't Be Ignored," and emphasizes the importance of standing out and providing value to potential clients.
"Marketing is how you get leads but branding is why they choose you... marketing and branding are like a couple... the other secret that people need to know is that marketing and branding are like a couple."
Tip #8: Preparing for Future Opportunities
Looking ahead, Sharon plans to expand her educational offerings and provide valuable resources for investors interested in probate investing. She emphasizes the importance of preparation and anticipates future opportunities in the evolving real estate landscape.
"I'm always looking to provide different educational venues for people... it's really our duty to give back to folks... provide value for people."
Tip #9: Leveraging Resources and Networking
Investors can access valuable resources and network with industry professionals through podcasts, books, courses, and real estate investor meetings. Sharon encourages investors to seek out diverse sources of knowledge and engage with their peers to foster growth and collaboration.
"Listen to podcasts that are on different topics... look at the other arms that you need to run a business... you should strive to be known within your peers and your groups."
Tip #10: Taking Action and Continuous Improvement
Ultimately, success in real estate investing requires action, persistence, and a commitment to continuous improvement. Sharon underscores the importance of taking deliberate steps towards one's goals, leveraging available resources, and embracing opportunities for growth.
"You have to always be learning... you can go faster further if you have a mentor... success... happens with... what Sharon eloquently laid out... provide value to your listening audience and people will tune in."
