We live in the most amazing time. You can start a business right from your laptop. You can run the business right from your laptop. You can be anywhere in the world and run your business (from your laptop).
That includes looking for multifamily apartment deals. But do you really get the full effect if you are just looking at a listing on the internet?
I have several different tools that I use that help give me a picture of exactly what the property is like and whether it is the type of property that my investors and I are interested in. And of course, all these tools are right on my laptop. Here are some that I use.
Google Earth –
If you haven’t downloaded this onto your computer yet and use it on a regular basis when evaluating property, then what are you waiting for?
When I want to get a better idea of what the property is like, I type the address into Google Earth and take a 2000-foot view of the area.
What properties abut the one I am looking at? Are there a bunch of other apartment complexes that I have to compete against right across the street?
Is it at the end of a cul-de-dac and no one will be able to find the property? Is it surrounded by industrial plants and vacant lots where people dump their trash?
I can get a very good feeling about a property without ever leaving the comfort of my hot tub (Not really. I don’t own a hot tub but you get the point).
Sex Offender Registries –
Every state has them and you should be searching them on a regular basis. Type in the address of the subject property and see what pops up. If any registered se!x offenders live on the property –
If any live in the area, understand why. Is it a half-way house? Is it another apartment complex where the owner does not do background checks? All of these things tell me a lot about the type of property that I am investigating.
Tax Records –
Most every county or taxing authority in the US has their records on-line. I just recently came across a county (that shall remain nameless) that still is living in the dark ages.
Look at the history of this property from the tax records.
Who owns the property? Do they own any other property in the area? Are the taxes paid on time? Are they delinquent? What has been the sales history on the property? When did the current owner buy it?
Could there be a lot of equity that will enable me to get creative when making an offer?
These are just a few of the websites that I review on a regular basis to get a better handle on the property from the comfort of my laptop. I cover more of them in the Gold Coaching video entitled “Look Over My Shoulder as I Analyze a Deal”.
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Leave a comment below to tell me what tools you find helpful. The best suggestion will win a free copy of my Online Lead Finder software ( a $497 value)