How To Calculate Acreage Size Of Property

In many instances you may not have the actual size of a parcel, (in acres) from either county data or county records from list service brokers. The GIS, (geographical information system) will supply a screen shot of the actual parcel and you will be able to pull cross streets near your subject property to determine its location. In our example, this article will illustrate how you can determine the actual acreage size of any parcel using Google Maps.

Step 1) – Acquire Cross Streets From GIS County Map

Record the appropriate cross streets from the GIS system in the county website. Example: Cross Streets from GIS in Harnett County

Edit the appropriate Land record in Investment Dominator to assist in determining the size of the subject parcel.

Cross Streets From GIS
Access Edit Function

Step 2) – Access The Cross Streets Location In Google Maps

In a new browser window, access googlemaps.com

In the “Search Google Maps” search box type in the appropriate cross streets from Step 1) above. (Example: S 3rd St & E McNeill St)

Note: Make sure you select the appropriate matching cross streets that pop-up based on your entry in the search box.

Google Maps will go directly to the selected cross streets based on your selection.

Step 3) Locate Your Parcel In Relation To Cross Streets

Use the GIS county map from Step 1) and locate your subject parcel on Google Maps in relation to cross streets.

Note: You may want to Zoom-In on your subject parcel prior to proceeding to Step 4)

Step 4) Measure Distance And Size Of Your Parcel

Find one corner of your subject parcel and <right-click> on that corner to display the appropriate menu.

Select Measure Distance from menu to start measuring the subject parcel.

To start measuring, <left-click> on each corner of the subject parcel until lines have been drawn completely around the image.

Acquire the Total area in sq ft of the entire parcel for Investment Dominator calculation.

Acquire Total Sq Ft Of Parcel

Step 5) Calculate Acreage Size Of Your Parcel

Copy the Total Area: field in sq ft into the edited record from Step 4)

Go to the Property Information section of the Investment Dominator record.

Enter the Total Area: field calculation from Google Maps into the What is the size of the property? field [SQ. FT.] box in the Investment Dominator.

Press the Enter key on your keyboard to process [SQ. FT.] box entry. Note: The system will jump back to the top of the current record.

Press the Update Record button in the upper right corner of the screen.

Scroll back down to the Property Information section of the record and view the size in Acres box.

Land Record Options

Record Options are tools that you can use to perform functions on a particular record. For example, the Investment Dominator has built-in calculators, generators, maps and more and these are called ‘Record Options‘ in the system.

Record Options are indicated with a menu icon that looks like this: and if you hover over that icon you can access the ‘Options’ or tools available to you for that specific records.

Options include:

  • Generate Documents
  • New Offer Request
  • Set Property Location
  • Market Research
    • Realtor.com
    • Trulia.com
    • LandWatch.com
    • Zillow.com
    • Redfin.com
    • Craigslist.org
    • LandsofAmerica.com
  • View On Map
  • Generate Listing
  • Generate Ad
  • Payment Calculator

Options Are Attached To Record Statuses

Record Options are attached to record Statuses. This means that as a property record moves from Status to Status the Record Options for that record change based on that update.

Default Setup

The built-in Land Statuses are configured with the following Record Options:

  • Prospect
    • Generate Documents
  • Mailed Letter 1
    • Generate Documents
    • New Offer Request
  • Pending Preliminary Research
    • Set Property Location
    • View On Map
    • Market Research
      • Realtor.com
      • Trulia.com
      • LandWatch.com
      • Zillow.com
      • Redfin.com
      • Craigslist.org
      • LandsofAmerica.org
    • Calculate Offer/ Option Amount
    • Generate Documents
  • Offer Sent
    • Market Research
      • Realtor.com
      • Trulia.com
      • LandWatch.com
      • Zillow.com
      • Redfin.com
      • Craigslist.org
      • LandsofAmerica.org
    • Calculate Offer/ Option Amount
    • View On Map
  • Option Sent
    • Market Research
      • Realtor.com
      • Trulia.com
      • LandWatch.com
      • Zillow.com
      • Redfin.com
      • Craigslist.org
      • LandsofAmerica.org
    • Calculate Offer/ Option Amount
    • View On Map
  • Blind Offer Sent
    • Market Research
      • Realtor.co
      • Trulia.com
      • LandWatch.com
      • Zillow.com
      • Redfin.com
      • Craigslist.org
      • LandsofAmerica.org
    • Calculate Offer/ Option Amount
    • View On Map
  • Open Escrow – Detailed Research
    • Market Research
      • Realtor.com
      • Trulia.com
      • LandWatch.com
      • Zillow.com
      • Redfin.com
    • View On Map
    • Generate Listing
    • Generate Ad
    • Payment Calculator
  • Complete – Ready To Sell
    • Generate Documents
    • Market Research
      • Realtor.com
      • Trulia.com
      • LandWatch.com
      • Zillow.com
      • Redfin.com
    • View On Map
    • Generate Listing
    • Generate Ad
    • Payment Calculator
  • Found Buyer – Open Escrow
    • Generate Documents
    • Market Research
      • Realtor.com
      • Trulia.com
      • LandWatch.com
      • Zillow.com
      • Redfin.com
    • View On Map
    • Generate Listing
    • Generate Ad
    • Payment Calculator
  • SOLD
    • Generate Documents
  • SKIP TRACE
    • Generate Documents

Attach Record Options To Custom Statuses

You can attach any Record Option to a Custom Status that you create in the system.

Due Diligence Checklist

After you get a property under contract you want to open up escrow with a title company and while they research chain of title, you’ll want to conduct your detailed due diligence on the property itself. While the property is in escrow, this is the time to find out any and all details about the property, so that you can still re-negotiate the agreement, cancel, or proceed with the purchase of the lot.

Continue reading “Due Diligence Checklist”

How to Do Comparable Property Research (for Land Investing) To Determine A Property’s True Market Value

  • Real estate investing is like any other kind of investing – you need to buy low and sell high. So the key to successful real estate investing is not only about the price you sell the property for, but you also need to make sure that you buy the property at the right price well below market value so that you have your profit margin built in at the time you purchase the property.

The Investment Dominator has made it easy for investors to research land parcels, find out their true market value so that they can make offers accordingly.

Here’s how you can use these market research tools.

STEP 1- Set Property Zip Code

You can set the ‘Property Zip’ code one of three ways…

  1. The ‘Property Zip’ can be included in your initial import file into the system. See here for more details.
    NOTE: Occasionally the property zip code in the Assessment Roll is incorrect, so even if you import the Property Zipcode initially from the County data we recommend that you verify that it is correct when the property is in the ‘Pending Preliminary Research’ status after the owner has requested an offer from you.
  2. You can use the ‘Set Property Location‘ option explained here.
  3. If the County provides you with that information you can add it manually following the instructions below…
  • Go to ‘Land Deals‘ and click on the ‘Offer Requests’ Stage.
  • Click the ‘Edit‘ link to the right of the record you would like to edit.
  • Scroll down to the ‘Property Information‘ section and enter in a value under the ‘Property Zip‘ field.
  • Click the ‘Update Record’ button to save the change.
duval2

After you have filled in this information, something cool happens – a new option under the Options menu called ‘Market Research‘ will appear. If you click the ‘Market Research‘ option, options for Realtor.com, Trulia.com, LandWatch.com, Zillow.com, Redfin.com, Craigslist.org, and LandsofAmerica.com will appear.

Click on one of these options to view the comparable listing maps for these popular real estate marketplaces to figure out the true market value of your property compared to what’s on the market or has been sold recently.

Recently sold properties are the best way to find out the market value of a property – in other words, what people are actually willing to pay for a property like the one you are looking at.

Average up the numbers given by the different sources, and you should have a reasonably accurate market value, and then you can use that number to make your offer.

For more information on the 4-ways we evaluate vacant land, please review module 8 of the Land Profit Generator course.