On today’s show I wanted to talk about due diligence before investing in a property. My due diligence consists of mostly websites, and a couple of calls I make I can’t go into a investment without knowing a few things about the property, but before I do that I begin with the following. Searching -Usually it’s realtor.com, Zillow or on occasion craigslist, or if I’m registered with a realtor some of them send me properties.
Once I find a investment property I’m interested in, I’ll go to Zillow and check out the county website, and see who is the owner of the property. Sometimes it might be a absentee homeowner who happens to live out of state or the property could have been taken back by the lender. On the same county site I will check out the yearly property taxes, and for insurance you can call geico, state farm, nationwide, etc. and get a quote .
Next I go to trulia heat map and check out the crime in the area I’m interested in. I also might check out spotcrime.com or crimereports.com -Then I look at neighborhood comps, if I don’t have access to the MLS, I can use propertyshark.com, or Zillow solds in your area To find the latest property -I use walkscore.com, to see how close the property is to downtown or what amenities they may be in the area. If the crime rate is low, and it’s close to walking distance to all, and the numbers make sense by numbers I mean for instance the rents in the area, and I usually go to rentometer.com to find the average in the area. –
Then I will call either a property mgr or a police non-emergency line to ask if the mgr would consider managing my property in the area I’m interested in . Or the non-emergency police line to ask if it’s a good area to live in. -After due diligence is done, if I’m using the free sites to search, I’ll call the listing agents to make an offer.
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