The Standard Operating Procedure (S.O.P) is a technique in guiding you to be successful in your tax delinquent investment business. It does not only protect your interest and goals, but also, the budding transaction. Now after getting the entire pertinent datum after a phone call, let me share with you the easy standard procedures that you should learn to perform to update your data spreadsheet to be more efficient. You should learn how to document everything properly to make your system more organized and goal oriented.
After the phone conversation, start to look for the original record of the property to deepen your research about property. This will add to the information you currently have from the phone conversation with a tax delinquent property owner. Check every detail on your spreadsheet. Update it as frequently as necessary. Try to probe the legal description and get as much information you can in researching the tax delinquent investment property. The more info you have about the property the easier it is to complete your research regarding that property. Also, try to probe more about the assessed value of the said property. Knowing if it’s feasible or not to turn a huge profit. Know the size of the property to determine if it’s a fair transaction or not. Validate it from the previous conversation you had with the seller. Researching more about the property gives you solid information about it. It saves you time, effort and money. Validate the information you acquired from the seller and contact the seller again if something becomes confusing for you. A good research yields a good transaction. Observing these easy steps will help you in your research about the property.
It would also be convenient if you make an updated spreadsheet of the properties you have researched after phoning. By doing this, it’ll let you know what the property value of this specific property so that you may be able to start formulating a price when you are ready to put it back in the market. The value of the abandoned land will become more apparent if you have sufficiently researched about it. With more complete knowledge of the properties you invest your money in, the better your chances are to get a high value for them when it comes auction or selling time. Time is GOLD and when you spend the time to research your properties, your Tax Delinquent Investment can bring you the GOLD. So in turn, proper execution of the Tax Delinquent Investment SOP equals G-O-L-D.