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Author Topic: Background on Property  (Read 2806 times)

Offline SD Newbie

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Background on Property
« on: December 27, 2004, 07:50:24 pm »
Hi All,

Based on my name I have stuff to learn, but I've been studying since September and very active on multiple discussion forums.

I noticed a duplex with a 'For Sale By Owner' sign and I decided why not start with a duplex... Even though I want to start with flipping a few properties...  You gotta get your feet wet some how and I am more than ready... I was going to wait until the beginning of the year, but what the heck...

I just got some basic information from the owner who is selling the duplex - Price, size of each unit, and address....  She is very adement about NOT using an agent, which makes life a lot easier...  ;)

I have a realtor friend who I can get comps from but from what i remember reading I should be able to track down some info from the tax assessors office, right?   ???

I know I remember reading something to that effect.  I think the property can be traced.... I can't remember excatly what it was but i am sure someone here can help a guy out... ;D

I plan on going to the tax assessors office tomorrow to jump on this right away, but it would be reeeallly nice if someone could tell me what to get... :D

Anyway, I'll be looking forward to getting some info from some of the heavy hitters on this site and even if this opportunity doesn't pan out to anything it was still fun jumping in...  ;D

Thanks all...
The "SD Newbie"

Offline tedjr

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Re:Background on Property
« Reply #1 on: December 28, 2004, 04:42:55 am »
Howdy SD Newbie:

There is not a whole lot to learn at the court house or tax office. You can get the size, age, tax value, how long current owner has owned, even this cound not be correct if sold recently. You could look up ther deed records to see who they bought it from and get a copy of all the loan documents. You can go back futher and even to when the subdivision was platted and get a copy of the plat map. You can check for any liens or judgements against the owner such as IRS or such. You could spend a few hours looking over all the data about that property.

By learing about past due taxes and judgements you will get an idea of how motivated the seller is. A lot of this info is online too making life a lot easier. I will get the prelimary info just to get the facts. If I think the asking price is a bargain to start with I will look up online the above info. The last house I bought for instance I knew the size 1800 sq ft, taxes $2100, appraised value of $112,000 and the asking price of $29,900.  I knew it was a REO and the seller was Greentree Financial and I knew they had loaned $120,000 to the previous owner. I knew something was wrong with the house because of the low price. I  bought it for $24,000 and am spending $55,000 in a major overhaul plus the HML fees and points etc. I should net $35,000 profit hopefully. I later learned that the seller also had to pay $14,000 in back taxes to sell me the property. I did not care what the taxes were before I made the offer.

To come to a boil here, a lot of the info is useless but a lot is great to know. You can find more than you need to know especially if the asking price is too high to start with.

Hope some of this helps
Ted P. Stokely Jr

San Antonio, Texas

Offline SD Newbie

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Re:Background on Property
« Reply #2 on: December 28, 2004, 10:03:37 am »
Hey Tedjr,
Thanks for the input... You always have some good advice...  :)

As far as getting some of this info online, I should be able to go to the tax assessors website vice making a visit correct?  Or is there a different site that you may have been referring to?

Anyway, I appreciate your time and thoughts

The "SD Newbie"

Offline tedjr

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Re:Background on Property
« Reply #3 on: December 28, 2004, 10:13:06 am »
Howdy SD Newbie:

Here in Travis County there are several sites to get info from. The tax collector has a site to view the taxes for the current year and any past due years. The appraisal district has the tax value, owner, sq ft, deed recording info, age, and a lot more. The deeds are also searchable at yet another site where I can get copies and or search the property records as well as liens and judgements filed and still a lot more such as DBA records and  even more I do not even know about.

No reason to go visit if you can get it online.
Ted P. Stokely Jr

San Antonio, Texas

 




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