How to find out owner of property?

[panta_rhei]

Hi,

I recently stumbled across a nice piece of property with some potential I think. It's a storehouse of a relocation company but located in the midst of one of the best living neighbourhoods of the city. So one could develop an apartment building there.

I've got the information about the company who uses the storehouse. Now I'm trying to figure out the strategically best way to approach the thing. There are two possibilities: 1) the relocation company owns the property itself or 2) they rent it. If I call up the company and just state my interest of buying the property it might go bad if they don't own it themself because they fear of getting kicked out somehow. So I'm thinking if it was better to approach it somehow indirectly with some kind of "pretense". Does anybody have experience with that kind of situation or has any idea how to go about it?

Any thoughts are much appreciated!

[Mdhaas]

Your area may be online....try http://publicrecords.netronline.com/

[MichaelQuarles]

If you PM me the address state and county I will tell you who owns it...

[tatertot]

Personally, I don't think any sort of pretense is in your best interest. You are starting right out destroying any possibility of building trust.

It's a lot easier to do a deal if you have a reputation of being a straight shooter.

[panta_rhei]

@ Michael and Mdhaas: Thanks, but I should have mentioned that I'm talking about Germany.

@ tatertot: Thanks, I was thinking that too. So you'd just call the company up and say that you're interested in buying the property?

Another related question: I'm kind of a novice in investing. I think I've got a good understanding of the theory, but never invested myself. Also I'm only 25, not that it was a problem for me, but when I'll have the chance to talk to the owner of the company I need to persuade him to take me serious. Any thoughts/experiences about that?

[tatertot]

[[[......So you'd just call the company up and say that you're interested in buying the property?....]]]]

No.

I would never make an offer on a property before I knew everything about it. So I would find out who owns it. I'd talk to the planning commission and see what would be allowed or not allowed as far as changing the building on it.  I'd talk to public works and the fire marshall about it. I'd check on crime stats in the area.

You want as much knowlege about the property as you can gather before you make an offer.

If it is owned by a company, I'd gather whatever I could find about them.  Only then would I approach the owner of the building.

Be aware that if it is a business, it is for sale. You just might not like the price that you'd have to pay to buy it. If the building is useful to them and making them money, they won't sell it unless the price is generous.

They will run the figures and decide if they are better off financially to take your money and move. Or not.

Be aware that they are going to want to know where the money is coming from for the purchase. So have your financing in order.

Know before you approach them what real estate has sold for in the area close by.

It is much easier if a building is listed with a broker.  Then you know that they want to sell it and you know who owns it, and things like the size and taxes.  For a building that is not lsited for sale, you will have to put in some more work to prepare.

[panta_rhei]

Thanks. I think that was a misunderstanding. I didn’t mean to make an offer right away. I just meant to state my intention. In order to start my due diligence I need the authorization from the owner in order to be allowed to inspect the documents at the building authorities, land registry office, etc.. (at least here in Germany we need that, I don’t know how it works in the US). As far as the area is concerned, I know it very well, since I live there myself. Also I know the market pretty well, since I actually work for a real estate investment company myself. But since I only got work experience < 1year, I still lack practical experience, especially as far as deal sourcing from sources others than realtors is concerned.

I think the fact that the property is not listed, is actually the biggest chance here. If it was there were already dozens of bidder, since it’s actually a prime residential location. Storage houses are available plentiful in other areas for much lower rents than the potential rents on the property.

So what do I tell the company when I call them up? And what Information can I expect them to want to know? You already mentioned financing, any more I should consider?

Many thanks!