But if I was a stalker, this is what I would do to research potential properties to buy. Or I could tell myself that this is just due diligence. But whatever it is called, here is how I did it:
- Learn about the Owner - Johnson County, Kansas has an online property mapping tool called Automated Information Mapping System (or AIMS). Many other counties/cities have the same or similar tool. Essentially, this allows you to type in any address and get great facts on the property you are considering. First, you will get a screen that looks something like:
Then in the upper-middle white bar, type in the potential property address. The map will automatically center on your address and a white information box will pop up with the current property owner's names, mailing addresses, and other information.
Armed with the current owner's names, you can google them to learn more about them. If the owner is a business/LLC, you can go to your state's secretary of state website and perform an business entity search. You may be able to learn the name of the incorporator or members to figure out who actually owns the property.
- Learn about the property
On the left-hand menu, there are options for "flood zone" and utilities. These options are immensely helpful and actually saved us from buying a lemon of a property. It is nearly impossible to build on any land that is included in a flood zone (and for good reason). Therefore, if there is a portion of the property in a flood zone, its value should be reduced (per acre) substantially from a non-flood zone acre. Second, flood zones may limit your access to property. For example, we considered a piece of land where the flood zone was near the road and the "build spot" was off the road. We would have had to get a very expensive permit to install utilities and other improvements on the flood zone area just to get to the build site. NO THANKS! Finally, we were again saved by noticing a wastewater line that was located squarely in the middle of a build site we were interested in. Luckily, we called the county and learned that the wastewater line had a 15 ft no-build easement on either side, so essentially the build site was worthless.
- Learn about the neighbors
You can use the blue "i" icon on the top menu of the AIMS website to get information on any property. After clicking the icon, you can click on any neighboring property to learn who owns the land. This has been an invaluable tool for Matt and myself in determining if a property was right for us. We were interested in a small acreage in south Overland Park. When I clicked on the massive piece of land surrounding our smaller acreage, I learned that a local developer owned the whole chunk. We called that developer and learned that a huge neighborhood development was planned, which really wasn't our style.
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ReplyDeleteLearning as much as you can about any property before you purchase it is important. Many people do not do due diligence. Sometimes it is because they do not know how to find the information they need. At other times, they are in a rush to get their hands on the property and do not do the necessary checks.
ReplyDeleteKeneth Parish @ Lion Land Marketing