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Note Investing Due Diligence Resources
The note investing due diligence process can feel like a daunting task when first looking at all the steps that should be performed. The first step is to break up your due diligence into two (2) phases known as initial due diligence and secondary due diligence. During initial due diligence you want to perform a high-level review of the note you are looking to purchase, with the intent of focusing on only the best notes and underlying collateral. Only after your initial bid is accepted by the note seller will you begin to perform your secondary due diligence, which is much more granular. During the secondary due diligence phase you are going to verify additional data points and confirm prior facts and potential assumptions that were made during the initial due diligence phase.
If you want to learn more about note investing due diligence, make sure to check out NoteVestment.com’s Ultimate Guide to Note Investing Due Diligence! This Ultimate Guide is a huge deep dive into note investing due diligence, which is jam-packed with detailed content to get you more knowledgeable about the note investing due diligence process.
Due Diligence Resources
The resources below are some of the websites and resources that can be utilized to perform your due diligence while note investing. We’ll continue to update this resource page as we continue on our real estate note investing journey.
Online Property Valuation
Shack Shout is a great tool to use in real estate investing. It works like a website aggregator, where the site will pull up all of the main property websites you would be interested in using for a specified address. This list can include links to multiple sites (e.g. Zillow, Realtor.com, Trulia, school ratings websites, Bing Maps, Google Maps). It is an amazing tool to use when the address can be found and is pulling in the information correctly. Unfortunately, some addresses do not populate all of the aggregation sites on Shack Shout. That being said, it is still a great one-stop shop site to use to see many of the sites you need to review during your note investing due diligence.
Realtor.com is one of the main online real estate websites that has listings throughout the country. While you are performing due diligence, you will find that some property addresses only come up on Realtor.com, while others appear only on Trulia or Zillow.
Trulia is one of the main online real estate websites that has listings throughout the country. One of the great features of Trulia is that you can pull local crime data surrounding a subject property you are analyzing. This crime map is a great tool to use during due diligence.
Like Realtor.com, Zillow is another one of the main online real estate websites that has listings throughout the country. While you are performing due diligence, you will find that some property addresses only come up on Realtor.com, while others appear only on Trulia or Zillow.
City/Market Data & Analysis
The Census Bureau has a wealth of available information, which can be accessed for FREE. In addition, they offer FREE tools to help you drill through data sets quickly and efficiently. Like USA.com, leverage the data available through the Census Bureau to hone your target investment markets.
With a simple interface and search feature, you can quickly pull up city data analytics across the United States for FREE. There are numerous data points to include: population, vacancy, growth, rental %, ownership %. Use the information available on this website to help narrow down your target investment markets.
Getting Eyes on the Property
Google Maps can be leveraged in a number of ways in order to get eyes on a property. Not only can you look at the satellite view of the local area surrounding the property, you can also go to the Google Street View and see what the property looks like from the street. Make sure to check when photos were last taken during your due diligence.
Just like Google Maps, Bing Maps offers a great resource for the long distance to start initial due diligence and get eyes on a property. Leverage the satellite view, street view as well as a unique bird's eye view only provided on Bing Maps to get a great initial look at the exterior of a property. Like Google Maps, make sure you check when the photos were last taken.
Hire someone for a nominal fee to go and take photos of a property you are thinking about investing in. With a service like this, make sure to be as detailed as possible as to your job requirements to ensure that you get the best results.
A competitor to Task Rabbit, you can hire someone from WeGoLook to drive-by a property, take photos and even record a video. Make sure to be as detailed as possible as to your job requirements to ensure that you get the best results when using WeGoLook.
Nationwide Title Review
ProTitleUSA is a nationwide Title Search and Analysis company, providing its customers with the highest level of Title services in all areas of the real estate market. One company, nationwide coverage, both commercial and residential title work, equals increased productivity. I have personally spoken with the founder, Alex Goldovsky, on several occasions and he has always been both professional and courteous.
The Public Access to Court Electronic Records (PACER) is an electronic public access service that allows users to obtain case and docket information online from federal appellate, district, and bankruptcy courts, and the PACER Case Locator. Specifically to be used to look for potential foreclosure and/or bankruptcy records of borrowers.
This FREE resource offered on NoteVestment.com is an interactive map that identifies the judicial and non-judicial foreclosure states across the United States, and provides each states respective foreclosure statutes. This map is a great resource to have when you are initially looking into a new potential market, or need to review specific state foreclosure statutes quickly.
A FREE resource offered on NoteVestment.com is our Superior Lien State Interactive Map. This map dynamically displays Superior Lien States, which can be utilized when performing your due diligence on a potential note. A great resource to have in your tool belt.