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how to become millionaire with real estate business_17

Author: how to become millionaire with real estate business

The Definition of Due Diligence

In general legal terms, due diligence is defined as: "The care that a reasonable,

prudent person exercises in the examination and evaluation of risks affecting a

business transaction."

How to Use the Internet to Perform Due

Diligence Research on Properties

I do not know about you, but as far as I am concerned, the Internet is one of the

greatest inventions of all time and ranks right up there with f lush toilets, incandescent

light bulbs, and air conditioning! For real estate investors, the Internet is

the single best property due diligence research tool available, especially for investors

who are located in counties where the property tax rolls are available online.

And if your county's property records are available online, you can quickly

find out who owns a property, when it was purchased, how much it cost, and its

tax-assessed value. For example, here in Tampa, I can log on to the Hillsborough

County Property Appraiser 's web site and, armed only with a property's street

address, I can almost instantly obtain the current owner 's name, mailing address,

sale price, and dates for the latest and prior sales and the tax-assessed

value of the property broken down by land and improvements. I can also get a

site map plotting the improvements on the property, along with the tax account

or folio number assigned to the property. Then, I log on to the Hillsborough

County Tax Collector 's web site and type in the property's street address or tax

folio number to obtain property tax information about the property to include

any tax exemptions claimed, special tax-district assessments, and tax payment

status. Once I have completed my online research, I call the customer service departments

at the property appraiser and tax collector 's offices to verif y the accuracy

of the information they have posted online.


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