Being a real estate investor can at times feel like you are really a private investigator.\u00a0 This is because making the deal happen can require many \u201cdetective\u201d type skills.\u00a0 And, if you can deduce a little bit better than your competition, you just might get the deal.<\/p>\n
For example, you notice a property that looks neglected and vacant.\u00a0 Sensing that it is a potential deal you look up the owner\u2019s name on your local tax assessor\u2019s data base to send them an offer letter.\u00a0 Upon looking up the owner you note that the owner\u2019s address is listed as the same for the property you are interested in.\u00a0 Should you send your letter to a vacant house or should you investigate further?<\/p>\n
I would investigate further.\u00a0 Here is why.<\/p>\n
The owner may have become what I will term \u201clost.\u201d\u00a0 Your job to get the deal is to find them.\u00a0 After all, you can\u2019t acquire the deal unless you can bring someone to the table to sign the deed.<\/p>\n
Perhaps the owner died. \u00a0Now you need to find the heirs.\u00a0 Perhaps there was a divorce, foreclosure<\/a> or a bankruptcy and the owner has simply abandoned the property.\u00a0 Strange, but it happens.<\/p>\n So how can you go about finding them?<\/p>\n First, check with your local tax collector.\u00a0<\/strong> Are there taxes owed?\u00a0 If not then some one is paying them.\u00a0 Where are the checks coming from?\u00a0 Where are the tax bills being mailed?\u00a0 Even if taxes are owed, you may still have a deal that warrants further investigation as the actual owners may not even know they own it.\u00a0 If you can find them, they may be happy to get rid of the property.<\/p>\n Second, double check the local tax assessor\u2019s data base.\u00a0<\/strong> Who is listed as the owner?\u00a0 What is the address of the owner?\u00a0 Is it the same address as the subject property?\u00a0 If not, there is a starting point for you to search further.<\/p>\n Third, check with your local register of deeds.\u00a0<\/strong> Do a mini title search <\/a>on the property.\u00a0 Most everything is online now.\u00a0 Some, like mine in Shelby County, TN are free.\u00a0 For others you may need to use a subscription service.<\/p>\n Fourth, try good old Google.<\/strong>\u00a0 Type in the name and address and see what comes up.\u00a0 Obviously, the less common the name you search for the better.\u00a0 If you do have a common name like John Smith, try and refine the search as much as possible, by adding the city, zip code or some other qualifier.\u00a0 Google will often lead you to other sites like Linked In or Facebook that can provide you with enough information to lead you to the owner.\u00a0 It is amazing what people post on social media sites.<\/p>\n Fifth, check your local court sites.<\/strong>\u00a0 Perhaps you will find a will at the probate court and from there you can find heirs.\u00a0 For bankruptcy courts, Pacer.gov<\/a> is an awesome resource.\u00a0\u00a0 Pacer is a government pay site, but only on a per page basis.\u00a0 So you pay as you go and it is only eight cents per page.<\/p>\n