3 Fatal Mistakes in Buying Land

I mark the land ich here let's talk about those three fatal mistakes that I see the average real estate investor making every single day first big mistake you've got to call the County Recorder and confirm that that seller owns the property so what do you do first of all you find out exactly what county that property is located in then you quickly go on nako dot org if it's WWE Network that lists all the counties in the country do a quick search you can do the state you can do the county whatever you want to do but make sure you go there then all you need to do is if you don't want to talk on the phone you can email the recorder and simply ask whom owns this property at this legal description they'll email you back or they'll tell you it's frontier equity properties LLC when was it recorded and that gives you a good clue as to how long did that seller even own that property are they buying it for long term are they flipping it what's going on with that property kind of gives you a little bit more than the story anyways so now you've got that information we're gonna email our seller now and say hey can you fax me or email me a copy of your recorded deed for that property when they do it we're good to go if it takes some time a little sketchy if they don't do it at all don't buy the property what I've seen is people go online and they can just easily copy now whatever ad is online and say hey that's my property they can use a fake PayPal account or a fake escrow account and take people's money the typical term for this is a phishing scam that is the number one fatal mistake that I see people make you've got to confirm that that seller owns that property otherwise who knows what you're getting into now there are situations where I've actually sold property under an option and that's a whole other ballgame because I'm just controlling that if that's the case then you need to have a copy of the option agreement to see that they are controlling that property otherwise look out not a good thing at all all right second most fatal mistake I see the average real estate investor making online is they get real excited about a property they're gonna build their dream home there or they're gonna put their RV on the property and they're just gonna camp out and hang out six months out of the year or they're gonna raise sheep they're gonna do something cool on that property but they don't confirm with the county planning Zoning Commission if what theory use for that property is allowed and so they'll invest thousands of dollars ultimately to be disappointed and 99.9% of the sellers out there they don't guarantee that property you're stuck with it and now whatever dream you had to do on that property is wasted and then you've got to go on and try to resell that property and it's a whole hassle and just a big ball of disappointment so what do you do like we did with the first mistake we've got to contact the county planning Zoning Commission we're gonna go back to our website WWN ACON a co.org we're gonna find our county and we're gonna call or email planning and zoning we're going to give them the legal description of that property along with an Assessors parcel number and we're just gonna ask our questions what restrictions on this property what can I do on this property can I build the house can I raise sheep can a camp can I put an RV all these things are very important when trying to determine that your use for that property is allowed so it's very very important that you do that the third most common fatal mistake I see buyers making every day and being really really disappointed with their purchase is not calling the County Treasurer to confirm that the taxes are paid current this one is really something that I've seen time and time again by people on the tush so it's real real important that again we're gonna go back to our site WWJ co.org na co we're gonna find our county treasurer and we're gonna shoot them out an email again with the legal description and Assessors parcel number and that information you should be able to get from your seller very easily and it should be on the ad if it's not you need to email your seller and get that information and then you're simply going to confirm the taxes are paid current if they're not paid current you need to email your seller and ask them who's responsible for these back taxes I assume you are if they say oh you know you're responsible for those back taxes then you've got a decision to make well how much are they if their owner s you know you're gonna pass on that deal if they're reasonable and you're getting it at a good price well maybe pay the back taxes big deal but you want to know what they are you certainly don't want to go into it blind and then be disappointed when six months later you get this crazy tax bill and again try to contact your seller and say hey I thought this property was clean clear as you had advertised online and they say oh well you know you got it for a good deal or you know what are you complaining about it was you know it's buyer beware we didn't guarantee anything there's nothing writing you bought the property blah blah blah and you have no recourse except you know of course never to buy from that seller again but technically if it's a large enough transaction or even it's a small transaction money's money you've got to contact that County Treasurer and confirm the back taxes if they're already and then contact your seller and see who's responsible for these back taxes if they're free being clear and there's no are issues great you've got a clean deal on your hands but if there are well now we got a choice to make but at least you know you know so there you have it the three fatal mistakes number one not confirming if the celery of knows that property number two you got a call planning and zoning confirm that what you want to do on that property you can actually do and number three make sure there aren't any back taxes thanks a lot now these are three of the fatal plan mistakes I see people making every day there's actually more seven more I got this bonus information coming to you so be on the lookout for it thanks a lot

Channel: The Land Geek

Views: 647,548

Rating: 4.8869147 out of 5

Keywords: Investing Cash Flow Machine, Richard Roop, Ways to Make Money, Seller Financing, Jack Bosch, Income Earn System, cheap land, wholesale land, owner financing, The Land Geek, Land Business, off grid property, Recreational Land

Id: Hf85D6N-seU

Length: 7min 49sec (469 seconds)

Published: Wed Mar 14 2012