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| Creating Wealth Through Probate: The Best-Kept Secret in Real Estate Investing | 
 enlarge | Author: James Banks
Publisher: Kaplan Business
Category: Book
List Price: $18.95
Buy New: $10.95
You Save: $8.00 (42%)
Buy New/Used from $6.50
Avg. Customer Rating:  (21 reviews)
Sales Rank: 417036
Languages: English (Original Language), English (Unknown), English (Published)
Media: Paperback
Number Of Items: 1
Pages: 288
Shipping Weight (lbs): 1
Dimensions (in): 8.9 x 7.2 x 0.7
ISBN: 1419505149
Dewey Decimal Number: 332.6324
EAN: 9781419505140
ASIN: 1419505149
Publication Date: June 1, 2005
Release Date: May 1, 2005
Availability: Usually ships in 1-2 business days
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| Customer Reviews:
 Fluff August 15, 2005
87 out of 89 found this review helpful
Only 87 pages of material once you get rid of the worthless appendix and the apocryphical success stories. Wanna save your money? Here is the gist of what Banks tells you: Find the death records of the county you wish to buy in(not obituaries, though he never tells you why), get on the corresponding counties property appraisal website and see if the deceased had any property. Finally contact the Executor and see if they will sell for a steep discount. There you go, no need to spend your hard earned money.
 Read, Apply and PROSPER! August 10, 2005
2 out of 19 found this review helpful
This practical material is essential to one's success in the area of probate property investing, for the beginner and veteran investor alike. This is a great and enjoyable read. I was impressed with Banks' simple step-by-step instruction which is very thorough and easy to follow.
He shows you everything you need to know to start profiting. If you will buy this book, you will enjoy it, and further prosper from it if you apply it!
 Good Information for the Self-Starter August 3, 2005
3 out of 11 found this review helpful
If you have interest in learning probate investing process, this book will be a good starting point. It provides basic materials for a good understanding of the process. Since each state would have their own rules, you will need to adjust the information to fit into the rules. My boyfriend and I had contacted the author - Jim Banks - via emails after we read the book. It was nice of him to write us back in a timely manner and answer those questions that we had. However, this is just like anything other things in life. You learned the concept, NOW put it into ACTIONS.
Good luck. Rich + Amada
Probate Property: America's Best-Kept Secret August 2, 2005
10 out of 18 found this review helpful
Creating Wealth Through Probate: The Best Kept Secret in Real Estate Investing by James G. Banks is probably the first (and last) word in the acquisition of real probate property. Unlike all the other real estate so-called "gurus" we were exposed to over the last twenty-odd years, Banks not only tells you what he did, but, more to the point, HOW he did it. The distinctive nature of his subject matter is altogether exclusive to probate. This is crucial. It's not just the "sizzle" this time; it's actually that fibrous tissue of the steak as well--no schlock here. In short, it is, refreshingly, a practical work of substance.
In a chapter-by-chapter, step-by-step description, Banks explains, first, how the probate system works from the legal perspective. This not only comprises the opening salvo, but a caveat of sorts of what to watch out for as well: an unscrupulous and esurient legal system nationwide that feeds, untrammeled, off the vulnerable bereavement of an estate's surviving beneficiaries. These are the so-called "estate managers" at the superior court level who do very well by doing good--and with precious few available remedies in probate court to challenge their nefarious activities. It is titled, simply, "Probate: The Lawyer's Goldmine". Moreover, it further documents stories concerning some of the more high-profile estate assets that these goldmine "sourdoughs" and claim-jumpers of the legal profession brutally and maliciously fleeced from the survivors simply for fun and profit. In numerous cases, it involved counsel for the estate as well, and this procedural abuse still persists to this very day, and with relative impunity.
In subsequent chapters, Banks then "baby steps" the novice reader through the whole process; that is, from the standpoint of a genuine closing acquisition, not liquidation. In brief compass, he recounts the business of real estate, how to actually locate those more elusive probate properties, which experts to surround you with, and when to buy. Then, once you have it, how to plan and perform adequate renovations for eventual resale to the next buyer for a rather tidy return.
What impressed me the most was not only the simple, straightforward manner and language of the content (and with some measure of comic relief sprinkled about here and there), but the extensive research and real-world examples that have been encapsulated into the text as well. In Chapter Two, Banks demonstrates the type of eye-catching newspaper ads that may interest a beneficiary simply looking to unload "Uncle Jake's" old house--and then call YOU instead of the other guy. In Chapter Three, he provides a simple tool for tracking case files so that you WON'T waste your time on marginal to poor leads. The "meat and bones" of achievement, however, are outlined in Chapters Four and Five where he shows you, again step-by-step, everything from how to solicit the assistance of your "brain trust"--the critical assembling of your real estate experts--to the final closing of your successful purchase; few probate purchases being "unsuccessful" at 40% of market value.
Subsequent sections deal with how to effect those suitable repairs for resale and find the right workers, horror stories since 1934 from the mustard-gassed, casualty-strewn trenches of probate court coupled with the appalling costs/percentages to those ill-fated estates (you'd be surprised who's on the list), to how the actual probate process works radically different in California, which it does.
Dusted over throughout this narrative are humorous, feel-good anecdotes of what middle-income probate buyers really found in everything from musty attics to inside old, cast-iron stoves to behind deliberately loosened fireplace bricks. All these stories are true and all these would-be snipe hunters profited handsomely from their bewildering discoveries--sometimes for far more than the actual house was worth!
Now for the research end to add to the other real-world examples. In a series of no less than twelve pertinent appendices--and roughly the same length as the text--Banks treats us to his extensive, 34-year experience in dealing with state-by-state legislative fee structures, typical probate and sample notices, state probate tax structures, even MORE in the way of celebrity probate case dispositions, all fifty-one judicial flowcharts (including the District of Columbia), sample worksheets to guide the reader through the morass of itemizing and organizing your probate acquisition strategies, and the newly revised, 2003 inheritance tax schedules recently passed by Congress and signed into law by the president. It seems that all Banks left out were the territories of Puerto Rico and Guam, which, ostensibly, are far more preferable as vacation stop-overs than probate workshop venues and farms; the balance being everywhere besides he has actually worked and taught. If nothing else, Banks is quite thorough in his wide-ranging and educational tract on the premise of purchasing real property out of that rarefied air of probate.
To cap it all off, he provides the reader with a comprehensive and succinct glossary of applicable terms and definitions to assiduously support the "probate miner" in his dealings with everyone from his "brain trust" to the courts. This book may possibly be the commonsense grandchild of Norman F. Dacey's "How to Avoid Probate!" in the evolution of American probate awareness. Read it, re-read it and then read it again, methodically absorbing its contents for YOUR fun and profit.
In that proverbial old "star" system, I gave it a hale and hearty five-for-five. In the meantime, I'm scanning the legal notices in the newspapers for houses and acreage.
Buy this book, enjoy it, prosper from it--and live well.
Too Many Gaps July 19, 2005
9 out of 12 found this review helpful
The author leaves out all the day to day details on how to do probates.
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