OfflineThe May 28th Conference Call Assignment was all about locating owners and the methods taken to do so. Here is what I would like to call an addendum to that assignment and also a very good reference guide to follow if trying to actually locate owners and/or other information on a property.
Due diligence is extremely important, regardless of the type of property you’re thinking of buying. In development property and land deals, buyers start the fact-gathering process with their first encounter with the property and it continues until they either bail out of the deal or go to settlement.
Here’s a list of sources of information (people, places & things) that are good starting points if you’re trying to research a property.
Sales & Ownership Data
Tax assessor information is available in several forms. For every piece of data, there is a primary source. The primary source is likeliest to be the most accurate and current source of information. For real estate documents that are recorded, such as deeds, liens, restrictive covenants, easements and subdivision plans, the primary source is the actual record of filings maintained by the applicable governmental department as well as the documents themselves and the recording information shown on them. These are usually kept at the courthouse for the county in which the property is located (Recorder of Deeds or Tax Assessment Dept.). People usually use title insurance companies who send searchers to the various courthouses to look up records. The deed contains the legal description of the property, which sets forth the property’s actual dimensions.
You can also search in free or fee-based databases that allow you to get information on properties nationwide or in a particular geographic area, such as: http://www.searchsystems.net; http://www.realquest.com; http://www.brbpub.com/pubrecsites.asp. These are great tools as long as you remember a couple of things. They should never be used as a substitute for hands-on research and inspection if you need results that are current and absolutely accurate. No database, even a governmental one, is a primary source of information. The governmental database, however, may be the next best thing to the primary source depending on the manner in which it was created and the frequency with which it is updated. When title companies insure property title, they do not rely exclusively on databases. They send people to where the records are maintained to physically search them. Real estate appraisers do not just use databases. They conduct additional due diligence and physically inspect the properties involved.
For several reasons, the farther you move away from the primary source of information, the greater the likelihood that the information may not be current and accurate. There is the time factor. The information has to pass from the primary source down the line through other people or organizations. In addition, there is the “garbage in, garbage out” principle. The integrity of any database, governmental or not, hangs on the thoroughness and competence of the people responsible for compiling and maintaining it. Databases can save you a tremendous amount of time and effort. You can use them most effectively as screening tools and to gather information subject to confirmation and further research if the situation or property warrants it. In addition, they are invaluable in identifying contacts if you need additional details or clarification.
If you want to find out who owns the property but don’t know the address, one way to be able to identify the property is to go to the municipal building and look at the tax maps or tax plats of properties in the municipality. By process of elimination, you should be able to identify the property (thus giving you the owner name, address, parcel identifying number). It’s a good idea to take a copy of the tax map with you when you return to the property since this will help you to pinpoint its location by counting parcels on the map from intersecting streets or other landmarks, particularly if the property is vacant land. Again, be aware that some of the information in the database or on the tax maps may not be accurate, particularly the size & shape of parcel, zoning classification, and whether the property’s serviced by public utilities.
New Construction Communities
If you want to find out who is or will be building in an area, take one municipality at a time and get the list of approved subdivisions and land developments from the municipality (manager’s office, code enforcement or land development offices). Then you can visit the new construction sites, talk with the site agents and get brochures. If the jobs haven’t started yet, you can go to the builders’ websites for preview information.
Municipal Records
You can identify properties that have applied for rezoning or subdivision & land development approval by requesting a list from the municipality of the properties. After you decide which properties you want to investigate further, make an appointment to review the development files and plans at the municipal office. This is public information, and anyone is entitled to review materials relating to actions taken by a municipality in public meetings and hearings. This can be an excellent source of information on owners who may be thinking of selling their properties.
Utility Maps
Checking the street for manhole covers and hydrants won’t necessarily give you correct information about whether a property can be serviced by public water and sewer. Instead, consult the mapping available through the municipal or regional sewer & water authorities, county or regional planning commission and private water companies.
Zoning
Each municipality adopts a zoning ordinance and zoning map for the properties within its borders. This material is available for review or purchase at the municipal office or through private vendors. Always make sure you’re looking at the most current ordinance and map since these are amended periodically. In addition, read the whole ordinance and not just the section on the particular zoning classification because the ordinance contains provisions that apply across the board on issues like definitions of terms used, accessory uses & structures, signage, and minimum frontage requirements.
The zoning officer (a/k/a code enforcement officer) at the municipality is the one to whom you should direct your questions about the zoning ordinance or map or if you want to find out anything about a property that may have happened in the past, like granting of variances, special exceptions or conditional uses.
Proposed Highways & Facilities
Depending on the nature (federal, state, local), you can access information through the municipality, county/regional planning commission, municipal comprehensive or “master plan” and federal or state agencies.
Profile Data of Area or Municipality
Municipalities and county or regional land planning agencies prepare comprehensive or master plans as a primary tool for their land planning. These plans contain a wealth of information pulled from various sources including US Census Bureau, Dept. of Labor, US Dept. of Agriculture soil surveys, FEMA floodplain mapping. In addition, you’ll find data about natural resources, statistical data on housing stock and non-residential developments, existing and proposed roads, transportation facilities, utilities, plants, commercial operations, hospitals and schools. Be sure to check out the proposed land use map and accompanying text. Here you might find clues for future growth areas and even potential for successfully rezoning particular properties. The master plans are available at either the municipal office or the county/regional planning agency.
Floodplain Maps
To determine if the property is in an area subject to flooding, consult floodplain maps. These are available through either the municipality, county/regional land planning agencies, or FEMA (http://www.fema.gov). As referenced by Nancy Chadwick.
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Thanks Anita for looking out for the rest of us newbie to the site
i will use that information to the fullest.
____________________
You are my Savor in this world of realestate
wilson,IL.
Do not let no one stop you from knowing more knowledge and initiative.
Have to say thanks,im trying to do better with the info i can get on a house that i find some look like they have been empty for a long time, all web sites pertaing to this subj can only help,,,,now let me take a look...
John W McCarty {Jay}
Hi, everyone!
I'm new here, so please forgive me if this has already been asked. I've looked through the posts and didn't find the answer to my particular situation. I'm retired, on Social Security Disability, and I only bring in approximately $700 per month. Out of that has to come my rent and all my bills. I don't have money to spend. My credit is terrible due to a periond of unemployment and other personal issues.
I can't afford the price of a newspaper subscription, and I don't know of any other way to look for FSBOs. I just found a post that said to " Do your homework, make sure the numbers are there, find an end buyer and get a fee for your time and effort." This is great advice, but what if you don't know where to even begin to look?
Can someone out there start me off in the right direction? I really need to get started in the business, and I will work very hard in it, but I just need a little help getting started here.
Thanks!
Thanks you very much Anita, I have not gotten my feet wet as yet, I am just soaking up as much as I can and will soon decide which area I want to venture into. Between you and Sully I have learned a lot.Sully is a power house in his own way and you are truly a book of knowledge.I am taking my time to learn , and with God,prayers,the forum,DG family and Dean's books I will not fail. This is my year to recover all that I have lost, and once I get started there wont be any stopping me. I am believer with God's Word and His help that nothing is impossible is we believe. Many thanks
When you are driving doing your normal errands, look for vacant houses. You won't believe how many there are. Write down the address, call town hall. You can get lots of info by doing that or go to town hall to get owner address and name. Send them Carol Stinson's letter. When you get replies you can match them up with buyers that you got by placing ads on craigslist. Except for the driving, which you were doing anyway, and the cost of a couple of letters it is free. You can get the right contracts on this site, too.
Good luck.
Lauri
" The only difference between me and successful people is they started before me."
by Shane
How much of this due diligence is necessary when assigning deal? I just purchased the SFL system and in very few instances on the EDGE videos or in Profit form Real Estate now or anywhere else I've looked do I hear anyone talking much about due diligence. One person said not to worry too much about it and get bogged down in it, and that is fine, but if I can pick out the most important points of due diligence, what would they be?
Sincerely,
Kevin A Goldman
Goldman's Gardens Real Estate, LLC
Wholesale Real Estate Investing
Great Success to Us All!
My Journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/62066/...
Why do I deserve this? Because everyone should be able to enjoy their life, not struggle through an existence.
Thank you for the post. I always wondered how title searches are done. Where do they go for the information? This was an eye opener. Thank you again
i'm nu on the bloc. have'nt received book# 3 yet. when i do i will have a lot of help to push me forward. thanks to all for the encouranging info.
grooveman
great info thanks
Regards
Tom
Thank you Anita,
The information you shared was very resourceful. It will be useful in the information
e-bunny (Mary)
I say it is just like anything else it is so over sold right now ive spent over 18000,00 and now in debt with all the programs and promises wasn't in debt before i check into realestate but now i am and will make the best of this situation and have no choice but to go forward and make the best of it.
I am by no means an experienced investor, but I know that you can have all of the book knowledge in the world, but if you dont get out and as Jan says "get your feet muddy", you will never realize how to put your head knpwledge to work. Got to get out there and make some mistakes and tweak what best works for you, and dont try to shotgun every strategy. You must focus on one at a time, then move on to the next level. Sounds like your in the pits and I have been there too, but please dont let it kill your dreams. Get out of bed knowing if I work my plan that something good will happen to me. 95% of people who start a business without a plan FAIL, while 95% who have a plan succeed. Good luck Rick.
Steve
Steve
We seldom get what we want, but we will always get what we expect.
For all the apprentices (newbie is a bad word here!)
"Persistence Pays, Procrastination Delays!" - smurfy
"I can do ALL things through Christ who strengthens me." - Philippians 4:13
"He will keep in perfect peace whose mind is stayed on thee" Isaiah 26:3
"Those who wait on the LORD Shall renew their strength; they shall mount up with wings like eagles, they shall run and not be weary, they shall walk and not faint." Isaiah 40:31
View my journal here: http://www.deangraziosi.com/real-estate-forums/investing-journals/59850/...
Great ideas to pass along. I have spoken with so many start up investors who what to do everything from the comfort of their office. As you point out, most of real estate investing is getting out and actually looking, inspecting and verifying information. The easy way is not always the best way. Keep going and posting your awesome information.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
I had a question about finding a home owner of a house. I finally getting my first deal put together however i need to make sure the guy that is signing this contract is in fact the one and only owner.
These online sites all want 30 or 40 bucks for a record and sadly i am as broke as they come due to a lay off. I wanted to know if any one knows a site were to find this information for free.
I called the local office and they said they give info out for free if i go in, however no ride there
Any help would be great
Thank you
Finding out who is the owner of a property - for free- can be difficult. However, I recently was speaking with a banker who provided me with a web site that allows you to look at public records nationwide. The site is www.NETROnline.com
This site allowed me to view records that aren't provided on my local county website - AWESOME!
I hope this will help you and others.
Good hunting!
This site allowed me to view records that aren't provided on my local county website - AWESOME!
I hope this will help you and others.
Good hunting!
Thanks Anita, I have been doing so even after I bought Deans first book so long ago and the info you are giving is right...So I dont overthink or underthink it, just follow the steps, next week I will be going tours with some realtors, to get an insight and maybe add them to my network
My Star Player
Due diligence is extremely important, regardless of the type of property you’re thinking of buying. In development property and land deals, buyers start the fact-gathering process with their first encounter with the property and it continues until they either bail out of the deal or go to settlement.
Here’s a list of sources of information (people, places & things) that are good starting points if you’re trying to research a property.
Sales & Ownership Data
Tax assessor information is available in several forms. For every piece of data, there is a primary source. The primary source is likeliest to be the most accurate and current source of information. For real estate documents that are recorded, such as deeds, liens, restrictive covenants, easements and subdivision plans, the primary source is the actual record of filings maintained by the applicable governmental department as well as the documents themselves and the recording information shown on them. These are usually kept at the courthouse for the county in which the property is located (Recorder of Deeds or Tax Assessment Dept.). People usually use title insurance companies who send searchers to the various courthouses to look up records. The deed contains the legal description of the property, which sets forth the property’s actual dimensions.
You can also search in free or fee-based databases that allow you to get information on properties nationwide or in a particular geographic area, such as: http://www.searchsystems.net; http://www.realquest.com; http://www.brbpub.com/pubrecsites.asp. These are great tools as long as you remember a couple of things. They should never be used as a substitute for hands-on research and inspection if you need results that are current and absolutely accurate. No database, even a governmental one, is a primary source of information. The governmental database, however, may be the next best thing to the primary source depending on the manner in which it was created and the frequency with which it is updated. When title companies insure property title, they do not rely exclusively on databases. They send people to where the records are maintained to physically search them. Real estate appraisers do not just use databases. They conduct additional due diligence and physically inspect the properties involved.
For several reasons, the farther you move away from the primary source of information, the greater the likelihood that the information may not be current and accurate. There is the time factor. The information has to pass from the primary source down the line through other people or organizations. In addition, there is the “garbage in, garbage out” principle. The integrity of any database, governmental or not, hangs on the thoroughness and competence of the people responsible for compiling and maintaining it. Databases can save you a tremendous amount of time and effort. You can use them most effectively as screening tools and to gather information subject to confirmation and further research if the situation or property warrants it. In addition, they are invaluable in identifying contacts if you need additional details or clarification.
If you want to find out who owns the property but don’t know the address, one way to be able to identify the property is to go to the municipal building and look at the tax maps or tax plats of properties in the municipality. By process of elimination, you should be able to identify the property (thus giving you the owner name, address, parcel identifying number). It’s a good idea to take a copy of the tax map with you when you return to the property since this will help you to pinpoint its location by counting parcels on the map from intersecting streets or other landmarks, particularly if the property is vacant land. Again, be aware that some of the information in the database or on the tax maps may not be accurate, particularly the size & shape of parcel, zoning classification, and whether the property’s serviced by public utilities.
New Construction Communities
If you want to find out who is or will be building in an area, take one municipality at a time and get the list of approved subdivisions and land developments from the municipality (manager’s office, code enforcement or land development offices). Then you can visit the new construction sites, talk with the site agents and get brochures. If the jobs haven’t started yet, you can go to the builders’ websites for preview information.
Municipal Records
You can identify properties that have applied for rezoning or subdivision & land development approval by requesting a list from the municipality of the properties. After you decide which properties you want to investigate further, make an appointment to review the development files and plans at the municipal office. This is public information, and anyone is entitled to review materials relating to actions taken by a municipality in public meetings and hearings. This can be an excellent source of information on owners who may be thinking of selling their properties.
Utility Maps
Checking the street for manhole covers and hydrants won’t necessarily give you correct information about whether a property can be serviced by public water and sewer. Instead, consult the mapping available through the municipal or regional sewer & water authorities, county or regional planning commission and private water companies.
Zoning
Each municipality adopts a zoning ordinance and zoning map for the properties within its borders. This material is available for review or purchase at the municipal office or through private vendors. Always make sure you’re looking at the most current ordinance and map since these are amended periodically. In addition, read the whole ordinance and not just the section on the particular zoning classification because the ordinance contains provisions that apply across the board on issues like definitions of terms used, accessory uses & structures, signage, and minimum frontage requirements.
The zoning officer (a/k/a code enforcement officer) at the municipality is the one to whom you should direct your questions about the zoning ordinance or map or if you want to find out anything about a property that may have happened in the past, like granting of variances, special exceptions or conditional uses.
Proposed Highways & Facilities
Depending on the nature (federal, state, local), you can access information through the municipality, county/regional planning commission, municipal comprehensive or “master plan” and federal or state agencies.
Profile Data of Area or Municipality
Municipalities and county or regional land planning agencies prepare comprehensive or master plans as a primary tool for their land planning. These plans contain a wealth of information pulled from various sources including US Census Bureau, Dept. of Labor, US Dept. of Agriculture soil surveys, FEMA floodplain mapping. In addition, you’ll find data about natural resources, statistical data on housing stock and non-residential developments, existing and proposed roads, transportation facilities, utilities, plants, commercial operations, hospitals and schools. Be sure to check out the proposed land use map and accompanying text. Here you might find clues for future growth areas and even potential for successfully rezoning particular properties. The master plans are available at either the municipal office or the county/regional planning agency.
Floodplain Maps
To determine if the property is in an area subject to flooding, consult floodplain maps. These are available through either the municipality, county/regional land planning agencies, or FEMA (http://www.fema.gov). As referenced by Nancy Chadwick.
Jill Holden | San Diego
Investor Services
Team Development
I purchase the blue print on 8-6-2011 and just did nothing with it. I had let negative feedback from family members talk me out of starting, and now I am starting today and will work my plan and keep moving forward. Thank you for providing the positive information.
I purchase the blue print on 8-6-2011 and just did nothing with it. I hadlet negative feedback from family members talk me out of starting, and now I am starting today and will work my plan and keep moving forward. Thank you for providing the positive information.
Yes, go forward and remember not to talk to those who would pull you down. You remember the story of the bucket of crabs not needing a lid. Every time one of the crabs tries to climb out of the bucket, the others pull them back in. Your future will be brighter and you can change your life by doing what the others choose not to do. Take care.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
same here. no one wants to hear about real estate. cant be done. especially my wife/neighbors who should be giving support.
I know how hard it is to get started when you have no support from your spouse I am going thru that right now but I am refusing to listen to it I need something different in my life a change so sick of waiting tables for only 10 dollars a day thats right not an hour in a day and working my butt off for it. Not afraid of work just want to get paid for it and if I can help someone else in the process of it I am all there. I like win win situations too bad there is not more of that in this world.
Does anyone know how to get the tax sale overage forms, seems to be a big secret
Thanx Scott
Thanks Anita,
For you continued insight, sharing and pouring into others, God richly bless you.
Aileen
Here's to learning and applying & Here's to a wealth of success.
Help is on the way. Check your "inbox".
"Winners never quit and quitters never win."-Vince Lombardi
Rick
Rick Cooper Investments
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/98042/...
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Hi Anita,
Thank you very much for sharing your hard work!
Denver
Haines,Ak
Get er Done!
"Do, or do not. There is no 'try'"
------Yoda
Think, say and do what is right; refuse to think, say or do what is wrong.
Good day Rick & Peggy. Help is closer than you think. We all were in your shoes before. I know it can get very frustrating but hang in there. Just know if it were easy, everyone would be doing this. You'll make it.
"Winners never quit and quitters never win."-Vince Lombardi
Rick
Rick Cooper Investments
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/98042/...
My website: http://rickcooperinvestments.usapropertywholesale.com/
Linkedin profile: http://www.linkedin.com/pub/rick-cooper/50/538/a7a
Before title insurance can be obtained on a Quit Claim deed in my state, the title would have to be confirmed by the chanchery court.. Laws may be different in some states. As in real estate it's location, location, location; it's also research, research, research.
Jimmy
Most of my students are excited to inspect all of their properties before they make a contract.
I find it good practice when you are beginning in real estate that you inspect all of your properties before you make any offers. This will give you great experience in seeing what type of conditions you will have in different properties for sale. Also you can compare what you see with what you can find out from the seller.
now that I have been doing real estate for a long time, I can make a pretty good assessment of what the property needs just asking the seller or their agent what king of condition it is in. I can then determine what rehab it needs then shoot them an offer with out even seeing the property.
After the seller accepts my offer, I then use my inspection period to determine if I was close or if I need to re-negotiate my price. And at times I do, and most of the time seller want to sell and are willing to re-negotiate.
This is a way to same a lot of time and can make a lot more offers.
Mike Kessler
Real Estate Advisor
I always say Keep Moving Forward! Never Give Up On Your Dreams!
As Matt Larsen says "Feed the Need" - Edge 2013
Follow my daily investing journal and read about the deals I've done and am working on at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/117493...