AI For Due Diligence

We are going to do a mini-series on some of the latest AI tools that are specifically tailored for real estate investors. So we will be doing two shows back to back to highlight what is emerging as a new software arms race in property due diligence. 

On today’s show we are taking a look at Land.id (formerly MapRight). 

This software consolidates data from multiple disparate data sources and allows for the plotting of more than 40 layers of information on top of satellite imagery. This includes survey data, soils reports, topography, zoning, to name just a few.

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Episode Transcript

(00:02):
Welcome to the Real Estate Especial podcast, your morning
shot of what's new in the world of real estate investing.
I'm your host, Victor Minash. On today's show, we're doing the
first in a mini series on the latest artificial intelligence
tools that are specifically tailored for real estate
investors. So I'm going to be doing a
couple of shows back-to-back highlighting what's emerging as
a new software arms race in property due diligence.

(00:23):
On today's show, we're taking a look at land dot ID, formerly
called map right, regarded highly in this in the industry
for real estate investors and developers, especially those
focusing on land and large scaleprojects across the United
States. It's strength lies in its
intuitive mapping interface combined with an extensive data
set that is overlaid on top of the map.
So it makes complex due diligence and project

(00:45):
visualization much more accessible.
So here's a few of the major features associated with this.
Number one, it starts with a comprehensive database for
parcel data and property information, has nationwide
coverage, and gives you access to detailed parcel data across
the entire United States. And that's crucial for
developers looking at various locations in markets across the

(01:05):
country #2 it goes beyond the basic public records to access
extensive private property information.
And that's a game changer. It enables you to verify
accurate property boundaries. So survey data is also included
for a lot of the properties, helps you understand buildable
areas, setbacks and potential encroachment issues.
So a lot of ownership details, including owner names, contact

(01:28):
information, and it makes outreach and acquisition much,
much easier. There's a lot of financial
history including sales price, sale dates, mortgage amounts,
property taxes. Pretty much anything that's been
recorded on title is available in this same system.
You don't have to go hunt 5-6 different systems to get at the
information. It's all consolidated in one
place and then it provides information about the building

(01:50):
itself, the number of buildings,the structural details, anything
that it has available that it has harvested from the Internet
is potentially available for youto look at.
Once you're in the tool, you have the ability to create
dynamic and interactive propertymaps that go beyond just static
images, and that's powerful for visualizing development plans.
It incorporates high resolution aerial photography and so that's

(02:12):
accessible as an overlay to the base maps, including both
current and historical views. So for example, if you wanted to
see whether that property in Houston might have been flooded
during Hurricane Harvey, you would be able to go back through
time and look at those that satellite imagery and determine
whether that was a risk for you or not.
There's a number of map overlaysis in fact over 40 layers

(02:33):
nationwide. So that includes water features,
topographic information, elevation contours,
infrastructure, property boundaries, soil reports.
If there are public lands, what are some of the nearby public
lands and parks and protected areas.
So all of these things are available as various different
overlays. There's waypoints and
annotations. So it enables you to mark and

(02:55):
save specific points of intereston the map with dynamic
waypoints. And you have the ability to add
notes, photos and icons to the maps themselves.
The system also includes some pretty powerful search tool.
You can search based on propertyaddress, parcel ID, owner's
name, latitude and longitude, other general location
descriptions. This is a tool we've been using
in house and it's actually quiteefficient at vetting some of the

(03:17):
basics for a property as well asdigging into a lot of the
details. If you're putting together
project summary information, youcan create derivative customized
maps with your company name, logos, contact information.
All of these things allow you tocreate custom map views that are
specific to your project, your project concept.
So it can be really helpful as you're developing your own
project concept. There's some pretty advanced

(03:40):
data reporting, in particular soil reports.
This is incredibly valuable for agricultural projects or
understanding various development constraints.
There is something called deed plotting that enables you to
plot the deeds directly on the map and that enables you to aid
in boundary verification. You can overlay the meats and
bounds from the legal descriptions on top of a survey

(04:00):
and see if they match. And then they finally made this
to actually be pretty user friendly to use.
So not only is this available through a desktop, it's also
available through a mobile app. So if you happen to be on site
and you want to verify something, you can actually be
there with your smartphone, walking around the property and
then overlaying your location information with the information
that's contained on Land dot ID.So for real estate investors

(04:22):
that are focused on development,Land dot ID is a powerful suite
of tools that can significantly streamline the process of land
acquisition, due diligence, analysis of the site and
visualizing the project with a view to potentially putting
together a project description using real information.
This is just one of several new tools that are emerging on the

(04:43):
market that is in fact going to be a game changer for those in
the game of land development. So as you think about that, have
an awesome rest of your day. Go make some great things
happen. We'll talk to you again
tomorrow.