Streamline Your Sales Due Diligence for Facilities with airSlate SignNow

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what is due diligence when do you need it what happens I'm an answer sure you send out a bunch of mail and very intelligently plan for what's gonna happen like all of our members do I'm sure and the offers start coming back so you're staring at a bunch of Kemp sir you got a bunch of Purchase Agreements on it's on your desk what do you do which ones do you buy well that's what their diligence is you need to make sure that they were priced right in the beginning you need to make sure you can sell it for more than you actually are buying it for needs to be fast what you don't want to hold on to the property for very long you need to know if it has access and things like that so Joe's gonna review review what those things are and what her checklist says but that's really what due diligence is should I buy the damn thing right and where to get the information a lot of people I think are afraid you know getting into this because I like okay wait a minute everyone how do I know if it's a quizzing by what do I look what if I missed something what what I check we like to think we solved this so we're gonna we're gonna help you with that right now so first I'm gonna talk about the first thing is physical review and boy I tell you before I don't know how we got by with but before we had parcel fact I call it person facts is our tiny little miracle you know it and it was in response to fear to pure frustration finding a dress less property it's great for houses houses have an address in floods typically have an address I've seen somewhat though if I ask majority and 50 million properties that there are in the country have not been signed assigned a USPS address work to get to receive mail because nobody lives there that it's vacant land right and so it's very very difficult if not used to be impossible to find this property so we concocted a relational database with some API providers and made and made that go away entirely and we're on version 2.0 of it now I'll show you in a few seconds exactly you can pretty cool you're gonna love to see this my stepping on your toes no this is great I love it okay now I'm gonna talk about all right we're gonna you need to do a physical review you're gonna show us that in a minute you also need to look for what we call our the for a this is Jack's own personal gosh back from the 90s mental checklists to go through to make sure it's a good property what are the forays while they are one access does it have access yes or no and then you can even take a step further depending what your buying criteria is does it paved you know what do you want can you get to it exactly can your buyer get to it do they need four-wheel drive to us him go ahead acreage larger the Sun the larger the property it better it's just the way the internet works attribute go-ahead job does it have some special redeeming quality like is it beautiful views is it on a lake is it cross the Grand Canyon can I park my mobile home there some kind of address something that makes it a little bit different yeah and affordability this one goes without saying what's important to mention Jeepers better mmm-hmm for you and then so you can pass it on to your buyer yeah so when you're learning and you're doing your due diligence to buy properties you got to always be thinking of these forays and especially when you're starting out make sure it has all the forays make it easy I talked a little bit about I just threw it in here info a lot build ability now I have a company now if you really want to make it easy if you're doing info Lots which we cover in land academy 2.0 infill lots are properties that are in a subdivision or in and around already built homes or properties so you're driving down the street you see a home a home a home a home a lot a home a home a home in philosophy valuable and you can buy them for very little amount of money you can hit some home runs with them for Lots yeah the question always becomes when you get a purchase agreement back on a let's say five thousand five thousand dollar purchase agreement on a property no is worth fifty thousand bucks very very frequent can I build on where are the utilities I really need to make sure that I want it before I buy this thing that I can make some money then you order an info report which we started with what happened with another member Mike Marshall who works for LA County exactly then paper review one of the things you want to think about is ownership so you want to confirm we use title pro 24/7 which by the way is free to our members you need you made sure you looked at the property you know it has access you know you can get to it you've got all that physical part of it now you want to make sure can i buy it can I can I properly convey it and how do I do am I talking to the right person so that's like ownership you need to make sure too that you're talking to the person who can make the decision do they really own it are all the signers alive and able to sign but I'll talk more about that a minute you're gonna check the chain of title and you're gonna check for liens and all these things I'm just kind of dancing around the top but just things for you to know when your do your due diligence so and I made a little a little list here - I had this print out for all of our members and they can go online and get this and print this out it's due diligence 101 so you can kind of have it on your desk here are the steps you need - real quick make a quick assessment so like we talked about the offers go out they come back you quickly want to go okay do I want to buy this or not so I want you to do these six things real quick and you're gonna either pass or you're gonna move it to the next level and like I said - one is you're gonna confirm ownership am I speaking with a person who can make the decision in our all the owners alive been able to sign we go into more deeply with that like I just mentioned in title pro but when you're just doing your real quick due diligence use parcel fact and Jack's gonna show us here in a minute when he pulls it up and you can see how we do it confirm the size is a really you know four point nine acres I really thought it was hitting five acres did I get it right confirm the access check for attributes again that we're talking about mm-hmm cuz I'm the tax situation this is one you want to make sure you know I had a time real quick - you could ask the seller but I like to prefer I want to take it one more step so I'll ask the seller but also confirm it myself by either going on the county website if I can check myself or I could pick up the phone and call them it's very easy to do that and then confirm the offer price is you're also good Leslie good quick fast six have you printed this out and had this on your desk every time an offer came in and just went through real quick you all quickly go go all right now I'm I love it or I hate it already and I'm not the host my time when the comparison values always change but for rural land you use land watch land and farm realer calm and sometimes dredgen mm-hmm that's what they are now thank you so yeah and think of a cursory overview and then you move it to the next level for more in-depth due diligence so so now I'm gonna pass this over to Jack he is going to show you a parcel fact he's gonna blow up a land and a house example just kind of show you how great this is it's a quick little overview of what's actually like in my parcel fact in my history and it has to do with properties that we have reviewed and/or we're buying or it has to do with properties that we review we have reviewed on our Thursday webinar with either our regular and advanced land investor call or a house Academy a call yeah here's a property in Orange County that we're taking seriously if not buying I can't remember it's a house it's just happened that was the first one yep this is something too that all of us have open on our computers all day every day right right yeah it's over click done it that's ok ok you can see the data set for this house SFR it's got a ton of the cursory click of a button you can see what the information thatís got tax value right right in this case in this case we do have the sale information they paid 375 for it or in 1991 we're looking at it obviously for a lot more than that what's great about parcel fact 2.0 in this situation is this well what's going on with the next neighbor the next-door neighbor and you can see here here's all the information for the next-door neighbor mm-hmm and on and on and on scroll out in fact you could scroll to a different state and click on anything that you'd like then we'll really see get a real good feel for what people have paid is it a good place to get comps not yet but it's a great place to see who owns what and what's going on with the neighborhood and a huge benefit to parcel fact 2.0 is that 50% of the properties that get sold in this country gets sold to a friends and family or owners of properties within a 1 mile radius so that's who's gonna buy your property so there's your there's your data set I'm going to kiss you it this gets you a huge jump on who's gonna buy this property after you buy it as long as it's priced right we can take a look at again that's a house example this is one of the reasons this this right here is for me is like ha the best thing on the planet because back in the day when we were pulling up parcels and all you have is you know Range Township you know the flat the you know first fourth of whatever it is of the section you know I'm trying to say you only have a legal description and it was hard to find some properties now you just put in state county a p.m. boom here it is the vast majority of the properties and this happens to not be one just by chance don't have an address like Jill just said so this is a property you can see it's got access can look at topography there's a lot of information down here about utility presence it depends on the Assessor jurisdiction that you're dealing with but you can take actually take this GPS coordinate and slap it into Google Earth and not sure it's if it's going to come out but I'm gonna give it a shot yeah we'll see if it how it comes out live in this broadcast we felt lucky back in the day when we figured out with agent Pro and we have title Pro we have the the step up from agent pro 24/7 that we share with all our members but we got we felt lucky when we got just one the center point GPS coordinate back then now we have the whole if you look when you play a parcel fact it's the whole thing and most properties are not a square rectangle it's amazing so you can see the topography and any access to this property this already immediately really seriously passes a lot of my tests or runs here so and then what's going on across the street so now now it's like you're sitting there staring on a purchase agreement looking at this information saying you know what I think I can resell this because I'm going through the same thought process that a buyer will that my buyer will mmm-hmm so you can check the quality that way and then we'll do one more this is actually pretty amazing tool that Joe and I concocted together and our team here's a really rural property that and if you're in our group you're already know these are the kinds of come in all the time four and a half acres they live in Indian River Michigan but the property is in I think Arizona here Arizona Park estates probably Apache County and so you can see who this is a very logical candidate to sell it to the person next door right so whoever here's had Herman Josephine Harry wood here's their mailing address you know you it's very wet the easy way to click around his property and find out exactly what's going on so I love your little six six step thing though that's cool thank you so that's kind of what part that's a real quick view of what parts of facts all about [Music]