#mel feller investor

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Overpricing Your Real Estate Can Cause Multiple Problems by Mel Feller MPA, MHR

Overpricing Your Real Estate Can Cause Multiple Problems by Mel Feller MPA, MHR

Overpricing Your Real Estate Can Cause Multiple Problems by Mel Feller MPA, MHR

Mel Feller is the President/Founder of Mel Feller Seminars with Coaching for Success 360, Inc. He also owns Mel Feller Ministries. Mel Feller is an Innovator, Business Leader, Investor and Entrepreneur. Mel Feller is currently working closely with his son-in-law and partner on an incubator for young entrepreneurs. Mel…

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What can a Virtual Assistant do for Your Startup in Oklahoma and Texas by Mel Feller MPA, MHR

What can a Virtual Assistant do for Your Startup in Oklahoma and Texas by Mel Feller MPA, MHR

What can a Virtual Assistant do for Your Startup in Oklahoma and Texas by Mel Feller MPA, MHR

Mel Feller is the President/Founder of Mel Feller Seminars with Coaching for Success 360, Inc. He also owns Mel Feller Ministries. Mel Feller is an Innovator, Business Leader, Investor and Entrepreneur. Mel Feller is currently working closely with his son-in-law and partner on an incubator for young…

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Reasons to Consider Virtual Office Space by Mel Feller MPA, MHR

Reasons to Consider Virtual Office Space by Mel Feller MPA, MHR

Reasons to Consider Virtual Office Space by Mel Feller MPA, MHR

Mel Feller is the President/Founder of Mel Feller Seminars with Coaching for Success 360, Inc. He also owns Mel Feller Ministries. Mel Feller is an Innovator, Business Leader, Investor and Entrepreneur. Mel Feller is currently working closely with his son-in-law and partner on an incubator for young entrepreneurs. Mel Feller…

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Know Your Inner Strength by Mel Feller MPA, MHR

Know Your Inner Strength by Mel Feller MPA, MHR

Know Your Inner Strength by Mel Feller MPA, MHR

Mel Feller is the President/Founder of Mel Feller Seminars with Coaching for Success 360, Inc. He also owns Mel Feller Ministries. Mel Feller is an Innovator, Business Leader, Investor and Entrepreneur. Mel Feller is currently working closely with his son-in-law and partner on an incubator for young entrepreneurs. Mel Feller currently maintains an…

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Success in Finding Buyers for Your Real Estate by Mel Feller MPA, MHR

Success in Finding Buyers for Your Real Estate by Mel Feller MPA, MHR

Success in Finding Buyers for Your Real Estate by Mel Feller MPA, MHR

Mel Feller is the President/Founder of Mel Feller Seminars with Coaching for Success 360, Inc. He also owns Mel Feller Ministries. Mel Feller is an Innovator, Business Leader, Investor and Entrepreneur. Mel Feller is currently working closely with his son-in-law and partner on an incubator for young entrepreneurs. Mel Feller…

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Mel Feller MPA, MHR, Looks at Success Tips for Successful Businesses and Entrepreneurs 

Mel Feller MPA, MHR, Looks at Success Tips for Successful Businesses and Entrepreneurs 

Mel Feller is the President/Founder of Mel Feller Seminars with Coaching for Success 360, Inc. He also owns Mel Feller Ministries. Mel Feller is an Innovator, Business Leader, Investor and Entrepreneur. Mel Feller is currently working closely with his son-in-law and partner on an incubator for young…

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Mel Feller MPA, MHR, Looks at How to Get and Keep Private Money Lenders Long Term in texas and Oklahoma

Mel Feller MPA, MHR, Looks at How to Get and Keep Private Money Lenders Long Term in texas and Oklahoma

Mel Feller MPA, MHR, Looks at How to Get and Keep Private Money Lenders Long Term in texas and Oklahoma

Mel Feller is the President/Founder of Mel Feller Seminars with Coaching for Success 360, Inc. He also owns Mel Feller Ministries. Mel Feller is an Innovator, Business Leader, Investor and Entrepreneur. Mel Feller is currently working closely with his son-in-law and partner on an incubator for…

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Mel Feller MPA, MHR, Looks at How Effective Your Trainers Are

Mel Feller MPA, MHR, Looks at How Effective Your Trainers Are

Mel Feller MPA, MHR, Looks at How Effective Your Trainers Are

Mel is the President/Founder of Mel Feller Seminars with Coaching for Success 360, Inc. and Mel Feller Coaching as well as Mel Feller Ministries. Mel Feller is an Innovator, Business Leader and true Entrepreneur. Mel Feller is currently working closely with his son-in-law and partner on an incubator for young entrepreneurs. Mel Feller…

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Mel Feller MPA, MHR, Examines Wealth and How Many People have Achieved it.

Mel Feller MPA, MHR, Examines Wealth and How Many People have Achieved it.

Mel Feller is the President/Founder of Mel Feller Seminars with Coaching for Success 360, Inc. He also owns Mel Feller Ministries. Mel Feller is an Innovator, Business Leader, and Investor. Mel Feller is currently working closely with his son-in-law and partner on an incubator for young entrepreneurs. Mel Feller currently…

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Mel Feller MPA, MHR, Examines How to Accurately Estimate Texas and Oklahoma Properties CMV Current Market Value

Mel Feller MPA, MHR, Examines How to Accurately Estimate Texas and Oklahoma Properties CMV Current Market Value

Mel Feller is the President/Founder of Mel Feller Seminars with Coaching for Success 360, Inc. He also owns Mel Feller Ministries. Mel Feller is an Innovator, Business Leader, and Investor. Mel Feller is currently working closely with his son-in-law and partner on an incubator for young…

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Mel Feller MPA, MHR, The Person and Qualifications that are tailored to you and Your Situation

Mel Feller MPA, MHR, The Person and Qualifications that are tailored to you and Your Situation

Mel Feller MPA, MHR, The Person and Qualifications that are tailored to you and Your Situation

Mel is the President/Founder of Mel Feller Seminars with Coaching for Success 360, Inc. He also owns Mel Feller Ministries. Mel Feller is an Innovator, Business Leader, and Investor. Mel Feller is currently working closely with his son-in-law and partner on an incubator for young entrepreneurs. Mel…

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Mel Feller MPA, MHR, Discusses Making Money in Probate Real Estate

Mel Feller MPA, MHR, Discusses Making Money in Probate Real Estate

 Mel is the President/Founder of Mel Feller Seminars with Coaching for Success 360, Inc. and Mel Feller Coaching. Mel Feller Burkburnett Ministries. Mel Feller is an Innovator and Business Leader. Mel Feller currently maintains office in Texas. Currently an MBA Candidate.

  Probate properties are some of the most profitable real estate investing deals. Several factors make them especially attractive for investment. Here is how you can make money investing in properties.

 You can find some of the most profitable real estate investing deals in probate real estate.

  They are especially attractive in real estate investing because of several reasons. This article walks you through how to make money in probate real estate.

 Probate properties are properties titled to a person who is deceased. Beneficiaries or heirs inherit probate properties once a person dies.

  The probate process involves clearing the outstanding debts and releasing the remaining to the heirs. For example, a house in probate may be sold, the outstanding mortgages cleared and the rest distributed to the beneficiaries.

  The estate is responsible for all expenses such as cleaning the yard, utility bills, maintenance, etc. Probate property can therefore be a source of distress.

 The court appoints an administrator (executor) to settle the estate. An attorney is the most common administrator. In some estates, you may find one of the heirs has been appointed as the administrator. This especially happens because the beneficiaries want to reduce attorney expenses.

  Beneficiaries therefore need to sell the properties fast to reduce expenses.

 If they sell through a real estate agent, the estate will be responsible for all real estate commissions. Selling to a real estate investor will minimize these costs for them.

 Sometimes they need to fix the house before they can sell it. If they cannot afford repairs, then a real estate investor may be the best buyer for such a property.

  How to locate probate properties

  All probates are recorded in the county court records. There are three sets of important information: The deceased, the administrator and the beneficiaries.

 When investing in probate real estate, you must periodically check court records for new filings.

  You then need to check if they own real estate from the county court records. Start with the name of the deceased. Sometimes, the property may be in the name of the estate, such as John Doe Estate.

  Finding outstanding debts is also important. If this is not possible, I usually get this information from the beneficiaries or administrator.

  Next, contact the administrator AND the beneficiaries. This is because the attorney can be replaced by one of the beneficiaries. This is very common.

  This also helps in case you do not have the correct mailing address.

  In probate real estate, you do not send I Buy Houses post cards. I usually send a series of nice, sympathetic letters every 30 days for 6 months. I always start by giving condolences for their loss and expressing interest in buying any real estate if it is on sale.

  T hey will contact me when the time comes to sell. Then I will close the deal.

 Follow the same steps to make good profits in probate real estate.

  However, you will need to know what is Involved in the Probate Process?

  Before the property is legally transferred to you, you will need to go through the entire probate process. The will of the deceased will list an executor; this is the person in charge of putting the estate through probate. If the deceased left a will, that is called “testate.”

 If there was no will, then a judge will pick an immediate family member to be the executor of the estate. This is called “intestate.” Usually intestate properties are the homes that have to be sold in probate court.

  Generally, probate will go something like this:

 Find and Begin Working With a Probate Attorney

 Contact a probate lawyer who will help you and represent you as the will goes through probate. Your probate attorney is your best ally because he will become an integral part of the probate process.

 Your attorney will do things such as: file documents with the court, help collect any money obtained from life insurance, problem solve on income tax issues, and more. He will also be your general advisor throughout the entire probate process.

  File a Petition to Start the Probate Process

  You will then file a petition with the local court office to get the ball rolling. The court office must be local to where the deceased lived. Keep this in mind if you are out of the state or you live in a different city; you will need to look into state laws to confirm that you can lead the process.

You will also need to let all heirs and beneficiaries listed in the will know that you’re petitioning to begin probate. You will provide them the court date of your probate hearing so that they can present objections, if any.

FYI: Probate hearings are public record and your hearing date will most likely be listed in the local newspaper. This is to provide notice to anyone who the deceased owes money to you are unaware of, and it allows them to step forward.

  Take Inventory of the Estate

 You will have to go through the estate and take inventory of the estate. This means gathering all-important documents. That may include:

 Estate planning documents (Will, burial and funeral arrangements, living will, power of attorney, advance medical directive)

Assets (Stocks, bonds, other properties, cars, deeds, life insurance, bank statements, etc.)

Debt

The inventory and documents required to collect inventory will vary from state to state. Check your state laws and check in with your probate attorney to make sure you collect all proper documentation and that you report it correctly.

   Notify Known Creditors and Pay Legitimate Claims

  Then, once you have taken inventory of the estate, you will need to notify those who the deceased owes money to. This is known as “notifying known creditors.”

  Once you have identified legitimate creditors (such as credit card companies), you will pay out their claims with money from the estate.

  You will also use the estate to pay other debts such as personal loans.

  Manage Income Tax Returns

 You’ll also need to file income tax returns for the deceased. This includes paying any inheritance taxes due.

  Assets Are Legally Transferred to Beneficiaries

 After all bills and creditors are paid, you will petition the court to legally transfer all assets to beneficiaries of the estate.

 How Long Does Probate Take?

 The length of probate depends on the estate and the will you have to prove. The presence of a will can make probate a shorter and easier process because everything has already been planned and assets have been assigned to beneficiaries.

  How long probate takes also depends on state laws. In some states, if you are dealing with a small estate the probate process can take as little as 6 months. In other states, probate is a lengthy process that can take up to two years.

 Check your state laws to make sure you file for probate in time. In some locations, like Texas, you must file within 4 years of the date of passing.

 Can You Avoid the Probate Process?

  In some states, it is possible to avoid probate if the deceased has put all assets into a revocable living trust. This trust must be established while the person is alive, and the estate will not have to go through probate after death.

  The other positive associated with a revocable living trust is that you will not have to worry about selling the house through probate court. This means that you will be able to avoid the legal fees that come with selling in probate court. You will also have a much more flexible timeline.

 Intestate Probate Real Estate Sales

  What is an intestate probate sale? If the estate is intestate or does not have a will, usually that estate will have to go through the formal probate process. This means that the court controls the entire sale and bidding process for the home.

  What happens in an intestate probate home sale?

 Every state has different rules, regulations, and practices for intestate probate sales, but generally, they follow the same steps. The executor gets a house inspection done and then will need to find a top real estate agent to work with. The attorney may make suggestions of agents to work with, but it is up to the executor to pick a skilled agent who will list, market, show, and ultimately sell the home.

 Sometimes real estate agents will have Certified Probate Real Estate Specialist (CPRES) certification, which is helpful because they will be much more knowledgeable about court regulated probate home sales. Look for this certification on an agent’s profile or ask your probate attorney to hire a real estate agent with this certification for a more experienced probate agent.

  After the real estate agent lists the home, they will market the home. Some states require that the home is listed in the newspaper; check in with your realtor and probate attorney for a full list of the required places the home must be listed as for sale.

 Timelines for the sale process vary by state as well. Some areas, like California, mandate the home be sold within a certain number of days. Once you get and accept an offer on the home, there will be a waiting period of about one month to a month and a half. This waiting period is the time it takes for your attorney to secure a court date to finalize the sale. Check your local state laws to confirm a more exact timeline for intestate probate sales.

  Some states have a complex bidding process for probate homes. Once you accept an offer, other buyers can step forward and outbid the current buyer. It depends on the state, but some “overbidding” laws are very specific. The most commonly known overbidding law is in California: buyers must offer an additional $1,000 plus 5% of the proposed sale price, minus $10,000. Other states have simpler rules, and demand these bidders raise their offer by $5,000. Keep in mind that some states also advertise the primary offer as higher than it actually is, as to drum up a higher sale price for the home.

  Waiting periods and finalization procedures vary by state, but know that even after an offer is finalized and accepted by the court; it may be at least a month before the home is legally sold.

 This process can be confusing and complicated, which is why it is so important to work with a real estate agent with probate experience. A CPRES agent will know exactly how the process works in your state and will guide you through until the home sells.

  Testate Probate Real Estate Sales

  In some states, if a will is present, then you can petition the court to sell the home yourself, outside of probate court. In California, this is called an “informal” probate process because it isn’t highly court regulated like an intestate sale is.

  In fact, selling a probate property without court involvement is often easier and less expensive because you will not have to pay court fees, you can go through a traditional home sale process, and you will have much more control over everything.

  The ability to close the probate process and sell the home without court intervention depends on your state laws, so you will need to check in with your probate attorney.

Mel Feller, MPA, MHR, is a well-known real estate, business consultant, personal development Consultant and speaker, specializing in performance, productivity, and profits. Mel is the President/Founder of Mel Feller Seminars with Coaching For Success 360, Inc. and Mel Feller Coaching, a real estate and business specific coaching company and Mel Feller Ministries. His three books for real estate professionals are systems on how to become an exceptional sales performer. His four books in Business and Government Grants are ways to leverage and increase your business Success! Mel Feller is in Texas. Visit www.melfeller.com and www.melfellersuccessstories.com  

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Reasons Why Many Investors Fail

Reasons Why Many Investors Fail  

By Mel Feller, MPA, MHR

Mel Feller Seminars, Coaching For Success 360 Inc. /Mel Feller Coaching    

 Investing is supposed to be easy; you take an amount of money, invest it in the market, and let it grow in value over time.  If it is so easy, then why do so many people fail at it?

  Here are few reasons why investors fail.  I hope that you are not committing all of these mistakes.  If you commit any of them, take note of them and take action to correct them.

 Reasons Why Investors Fail

 No Financial Goals or Change Goals Too Often. If you are going on vacation, you have a plan, right? So why wouldn’t you have a plan for your money? After all, a typical vacation only lasts a week while you want your money to last your lifetime, and possibly more. Sadly, too many people have no plan and simply throw money into the market, thinking they will figure it out later. Later comes, and they still have no clue. Sit down and think about what you want financially. Once you have an idea, create a plan around it and stick to it!

 Invest in the Wrong Securities. This does not mean you invested in some now defunct internet start-up over Apple. What this means is you are invested in emerging market stocks when you have three years until retirement. You should have your money in more stable investments, such as bonds. Another example is having a portfolio asset allocation that is appropriate for your goals. If you are close to retirement, you should not be invested 100% in stocks. Understand what you are investing in.  Stocks are for the long term, bonds are for shorter-term periods.

 Invest Emotionally, Not Rationally. You see the market up 300 points and think you have to get into this rally or conversely, you see the market drop by 300 points and sell everything. In both cases, you are acting on emotion. Do your best to take your emotions out of the picture. Expect short-term volatility, because it will be there. Nevertheless, always remember that you are in it for the long term.

  Being Too Greedy. You see that Apple stock keeps rising so you go ahead and invest in it because you think it cannot lose. On the other hand, you have lost much of your retirement savings in the past few years and to make up for it, you invest everything you have in technology stocks. Do not be greedy. Stick to your plan. When you chase investments, you will be burnt. Trust me. I have done it and so have many others.

 Relying on Experts. Tune into the business channel and you will see some expert pumping up a stock. You think that it sounds good and invest in it. Bad move. No one knows how the market is going to react. There might be a short-term pop in the stock the expert is promoting, simply because so many others are blindly following their advice. In time though, the stock will return to normal. Stay focused on your goals and on the plan, you created for yourself.

 Listening to Outdated Articles. With the internet, you can find a story on just about any topic you want. What you need to pay attention to is the timeliness of the article. There is no reason to get excited about what an article says if it is outdated. In addition, with how quickly news travels, it can become outdated quickly.

 Becoming Overwhelmed. There are thousands of mutual funds, stocks and bonds to invest in. You could easily spend your entire life researching each one of them. Too many fall victim to analysis paralysis. This happens when you have so much information; you end up not making a decision because you are overwhelmed with it all. Search out low cost index funds and stop there. Pick a few that will give you the allocation you need for your goals and more on. No need to research until you cannot take it anymore.

 Investing to Save on Taxes. I hate paying tax as much as the next person. However, there is no reason to invest in a security simply because it will save you on taxes. Realize that I am not saying you should not save in your 401k and IRA accounts. I think you should be contributing as much as the law allows you to. Nevertheless, do not go investing in other products just for the tax savings. If they are part of your plan, then by all means, invest. If not, move on and invest to meet your goals.

 Investing on Margin. Many investors were burnt in earlier years because they have too much money invested on margin. If you do not know what margin is, it allows you to invest in securities without having the cash up front. If the security increases in value, you can sell it, pay your outstanding balance, and keep the rest. Problems arise when the security drops in value. In this case, you do not need to sell it in order for the lender to get his money. Once the value of the security drops below a certain point, you need to add cash to your account to make up for the difference. My advice: Do not invest unless you have the cash. If you do not have the cash, then save up until you do. There is no point into going into debt to invest money.

 Not Understanding Compound Growth. The more time you have, the more your money can compound upon itself. Another way to explain compounding is that you earn interest on not only your principal, but also on the interest, you have earned as well. As your investment account balance increases, the compounding of your money increases at a faster rate, earning you more money quicker. You will not become a millionaire overnight, but your money will grow.

 Fixed Income Does Not Mean Fixed Value. If you are investing in bonds, also known as fixed income, your principal invested can lose money. There is no guarantee that you will not lose money. Bonds are less volatile than stocks and as a result are less likely to lose value, but that does not meant they will not.

Mel Feller, MPA, MHR, is a well-known real estate business consultant and speaker, specializing in performance, productivity, and profits. Mel is the president of Mel Feller Seminars with Coaching For Success, Inc. and Mel Feller Coaching, a real estate and business specific coaching company. His three books for real estate professionals are systems on how to become an exceptional sales performer.  His four books in Business and Government Grants are ways to leverage and increase your business Success in both time and money!