When to Perform Due Diligence (LA 1490)
Transcript:
Steven J Butala:
Steve and Jill here.
Jill K DeWit:
Hey.
Steven J Butala:
Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.
Jill K DeWit:
And I'm Jill DeWit, broadcasting from sweet Scottsdale, Arizona.
Steven J Butala:
Today, Jill and I talk about when to perform due diligence on a land deal.
Jill K DeWit:
For every property before the mail goes out.
Steven J Butala:
This is a snarky little topic where we don't want you to waste time. We only want you to do due diligence on properties that have already-
Jill K DeWit:
I'm going to help you.
Steven J Butala:
... pass the financial test first.
Jill K DeWit:
I'm going to help you. We got this.
Steven J Butala:
But before we get into it, let's take a question posted by one of our members on the landinvestors.com online community. It's free if you're already a Land Academy member, please join us on Discord.
Jill K DeWit:
Cool. Mike wrote, "Hi guys. I'm trying to conduct my due diligence on a property that I got a response on today."
Steven J Butala:
That I got a response on today.
Jill K DeWit:
Thank you. What the heck was that? Oh my god, could you imagine-
Steven J Butala:
If I conducted-
Jill K DeWit:
Wait, wait, wait I've got to say this. Could you imagine if we walked around like that in life?
Steven J Butala:
Let's do it. Let's do it all show today, on the whole episode today.
Jill K DeWit:
This would be so fun, like, hey, what do you want for lunch? What do you want for lunch?
Steven J Butala:
I'm sure there's people like that.
Jill K DeWit:
This is awful.
Steven J Butala:
Let's do it right now, annoying and funny.
Jill K DeWit:
It's annoying and funny.
Steven J Butala:
She says.
Jill K DeWit:
This is awful. That's a good one.
Steven J Butala:
Let's do it.
Jill K DeWit:
Do you remember that movie, How to Lose a Guy in 10 Days? That would be the way. If you go on a first date and you act like that, you announce whatever the person says like that with emphasis on all the wrong words too.
Steven J Butala:
Yeah.
Jill K DeWit:
Oh, this is good. Anyway. Okay, this is going to be funny. "I looked it up on the county assessor's website" ... I'm waiting for you to do it again.
Steven J Butala:
I'll do it at the end of the sentence for effect.
Jill K DeWit:
Oh, okay. Got it. "But it wouldn't pull up on the county map. It only gave a general area to look."
Steven J Butala:
A general area to look.
Jill K DeWit:
"No luck. I took the APN from the county data and I tried to look it up on the ParcelFact. Still no luck. Any suggestions on a workaround for this issue? I also tried calling county assessor, but they were not any help either. Thanks." County assessor, no help.
Steven J Butala:
So what's going on with Mike here, Jill?
Jill K DeWit:
Oh, this is totally easy. Okay. So he's just having trouble finding the APN. So sometimes it's a formatting issue. No big deal. You and I do ... Well, hold on a moment. I'll get to that in just a second. There's two parts of this question. One is I can't find the property because of my APN's mis-formatted, or something's on here wrong. I don't know what to do. So, the quickest, fastest, easiest way is to jump into something like TitlePro or DataTree, search by owner name. You have that. Or if you're staring at your purchase agreement back in the mail and you've got a reference number on it, maybe jump back into your master spreadsheet where you downloaded the data, look up and see what the correct formatting is somewhat. Usually it's in there. Like when you download the data, there's usually two ways of format APNs, and sometimes there's even an ownership number, depending on the area that starts with like an R one, two, three, four, five, six, seven. You might be able to find it like that.
Jill K DeWit:
But my easiest way is just go search by owner last name, and then you can find it in one of the other sources and go,