Ep. 28 | 10 Land Mines to Avoid in Due Diligence
In this Legacy Series episode of The RED Podcast, Ferd Niemann takes us through 10 Land Mines to Avoid in Due Diligence.
Hosted by Jonathan Gilmore.
HIGHLIGHTS:
0:00 – Intro
0:52 – Warren Buffet is much better at avoiding a problem than getting out of a problem
1:40 – Advertising your properties
4:16 – Most mobile home park owners want to own the land not the homes but most tenants don’t want to buy
7:55 – You have to look at the size of the lots and make sure you don’t get hurt with set backs
10:10 – Read the zoning code, understand grandfathering and then negotiate with the city
11:12 – What are the development restrictions and requirements for maintenance and operations
12:00 – Make sure you have an operating city permit
13:30 – Run a police report and a sex offender check
14:19 – If someone is selling drugs in the park, hire an off duty cop to monitor the park for 2 nights
17:33 – Make sure inspect the utility and infrastructure, such as the roads and gas lines
18:42 – Make sure your title survey easement review matches up to your inspections
20:15 – Inspect the water and sewer
21:21 – Make sure there is valid title
22:10 – Make sure due diligence doesn’t start until he gets his title and survey
24:50 – Inspect the bankability of the property, make sure it will appraise, make sure it will pass the condition requirements for bank financing
25:43 – Get a phase one environmental
RESOURCES:
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