Tips on buying a property not listed for sale (properties, legal, Realtors)

[calvinbama]

I'm thinking about investing in a bar with some friends, and planning on going scouting next weekend. I've been looking at local real estate sites, but haven't seen any properties particularly equate to what we're looking for. If I do spot a place that looks like it fits our needs and is vacant but not for sale/rent what would be the steps to take in order to occupy it? Any info or past experience with this type of real estate transaction would be lovely.

Thanks

[Greeenback]

Originally Posted by calvinbama

I'm thinking about investing in a bar with some friends, and planning on going scouting next weekend. I've been looking at local real estate sites, but haven't seen any properties particularly equate to what we're looking for. If I do spot a place that looks like it fits our needs and is vacant but not for sale/rent what would be the steps to take in order to occupy it? Any info or past experience with this type of real estate transaction would be lovely.

Thanks

You will need to find out what you can about the site first. if it is a site (not just land), then there is a great possibility a municipal address is recorded. If there is no mail box or "addy" sign that shows the address, write down an address next to it or close to it.

Take a quick picture of it and take a picture of the streets. This will help for various reasons.

Buy a phone book and keep it with you.

Take the address and pictures if necessary, to the county courthouse, usually the Tax Assessor is located within this building or close to it. Ask them for the real estate tax sheet for a piece of real estate (provide them the address). They should have a print out. This will provide you with additional information. Take the tax sheet, and go the clerk of court's office and look at the deed. A deed represents a transaction in a title. A title includes all deeds pertinent to the piece of real estate of interest.

By now, you should have names, and plenty of information to start with. EDIT TO ADD: Be sure to make copies of the last known deed and, the prior deed if necessary in order find the survey. While you are at the tax assessor's office, ask for an Assessor map of the property (Court houses here have nice sketches)

Use the phone book to call the zoning committee (or whatever they prefer to be called). While at the courthouse, inquire about this particular information. Get a set of zoning laws from the committee, because you have to make sure the proposed "use" will be legal. If it isn't you can request a "spot zoning" and they have a hearing on it.

By now, you should have the taxes, deed, and zoning ordinances. If there is no zoning, then the county may or may not have to approve it.

Once zoning is looked at, a permit may be looked into; just pick up their form, maybe request several forms for your need. This way you can become familiar with what to expect with a permit when it comes time. The zoning authority may have this information. Ask them about where to apply for a permit -- may very well be at their office, or it may not -- I am in Louisiana, and things are different here.

Edit to Add: make sure there are no churches around. You will need to check the surrounding land use. Get copies of the ordinances in addition to land use zoning so you may know if any surrounding land uses that affect the proposed use. It must be understood that ordinances play a role, and you should not go for approval until you know for sure that ordinances do not have an adverse affect. Additional; land use zoning may include specifics about building height, length, width, and other particulars of what is accepted (it does in my area, but it is not considered building codes -- just restrictions). However; when you do get your use filed via zoning and permit, you will eventually find out if it is approved. Note: land use zoning and permits may or may not include your use being accepted via ordinances (I am in Louisiana, and you are not, my state are defined area are different)

So far, this is a start only...

I would stop here, and contact the owner if your desire for the site comes into play. Be yourself, be prepared, be nice, be courteous, be helpful, and do not act greedy. Just show sincere interest. Leave the file in the vehicle, too.

Afterward, a question will pop up I am sure. The above is just a nice start.

[Brandon Hoffman]

You should talk to some commercial Realtors. Often they don't post their properties on MLS and all over the internet like residential Realtors do.

[calvinbama]

Thanks a lot for the help. I majored in urban planning so I'm pretty familiar w zoning and land use regs. The deed and appraisors info will be very helpful. My local friends are supposed to be inquiring w realtors this week, but I have a feeling I will be doing most of the leg work.

[Greeenback]

Originally Posted by calvinbama

I majored in urban planning so I'm pretty familiar w zoning and land use regs.

That is interesting. With that said, I think you would enjoy the "Highest and Best Use analysis." Especially since you are looking at vacant land/lot.

Your endeavor sounds fun!