As a home investor, acquiring a vacant or abandoned property can be an incredibly valuable addition to your real estate portfolio. Unfortunately, it can also be a very difficult task as it can be hard to find the owners of these abandoned properties.
As this continues to be a growing problem for home investors, you might look to skip tracing for a solution. Skip tracing can be a very valuable tool for real estate investors hoping to invest in vacant or abandoned properties.
What is Skip Tracing?
Skip tracing refers to the act of tracking down someone who has skipped town. Skip tracing is used for a variety of reasons such as debt collection.
For real estate purposes, skip tracing generally refers to tracking down the owner of an abandoned or vacant home. Skip tracing can help you gather information such as a person’s current place of work, current address, identifying information, and other details. This information can be taken by real estate investors to contact the owner of a property that the investor is interested in.
Online services utilize specialized software to comb through public records and expedite your search for an absent property owner.
Why Skip tracing is Worth it
While most individuals generally choose to perform their own investigations, they are making it much harder on themselves than it needs to be. Unless you are a licensed investigator, tracking down an absentee owner is going to be a time-consuming, and likely fruitless, endeavor.
As mentioned above, the primary reason a home investor should consider utilizing skip tracing services is to find and locate the owners of valuable vacant or abandoned properties. Skip tracing can help you quickly find the owner and make an offer.
Additionally, real estate investors who rent out their properties may be interested in skip tracing in order to track down renters who have skipped out on their leases. Skip tracing can help find these individuals and collect the money that they owe.
Lastly, and probably the least common reason for using skip tracing, real estate investors might be interested in this service in order to perform a more detailed background check. This could be used to verify the owner of a property when making an offer. Furthermore, skip tracing can be used to ensure that potential renters are trustworthy individuals who can be expected to honor their leases.
Skip tracing can be a fantastic solution for home investors interested in purchasing abandoned or vacant properties. This service can help investors save time and money in their search to quickly and efficiently buy and sell new pieces of real estate.