Middletown, RI · Member since 2014 · 14 posts · 2 votes
Now that I got your attention...
My purpose for using listsource is to buy my own first multifamily in a very small area in my state. After using listsource to refine my search for multifamily properties, I ended up with 37 properties. Then I proceeded to buy the list for a purchase price of $6.39 and guess what... Their minimum payment is $50 dollars and there is no way I can get that list if I don't expand my search to include properties and areas I am not interested in.
Is there an alternative similar to listsource that doesn't require a minimum amount?
Specialist · Grand Rapids, MI · Member since 2012 · 582 posts · 353 votes
12y
@Jose Figueroa - per the comment from @Joe Butcher - AgentPro247 is an alternative option you could try. It's a subscription service (I pay $18/mo) which you can use to pull up to 2,000 records per month.
It's the same data that a title company would have access to, the only difference is that YOU are the one who controls it and specifies the criteria (rather than working at the mercy of your title company).
Their system is relatively simple to figure out - here's a quick video tutorial I put together on it a while back:
Investor · Chicago, IL · Member since 2009 · 566 posts · 274 votes
12y
If you have an account set up with list source you can make purchases under $50. To have an account set up you need to speak with a representative. The account requires at least 1 transaction per month to stay active. There is no cost to set up an account although they probably want your commitment to more than one transaction.
Also if you can't spend $50 for a list you really need to reevaluate your business plan. I'm all for cutting costs or saving money when possible however $50 is extremely cheap for a list. You can't get a list from anyone (that I am aware of) for less than $50. List brokers are much more expensive than listsource.
Be careful with how you are refining your data within listsource especially for any commercial properties or multis with 5+ units. You can't get the same information for 5+ units from list source because of how they pull data. I.e. mortgage information for 1-4 units is generally available if it's under a conventional personal loan where it's recorded to the credit bureaus. Commercial loans don't record through credit bureaus so it is much harder to pull the data. I would discuss this over with a very knowledgable list source representative. Several people I spoke with had no clue what worked when you started to pull data from 5+ units. The main list available is just multi family in certain zips, counties, cities etc and number of units. There are several functions that relate to multi families so be careful you pick the right one. Good luck!
I did call list source, and spoke with a rep. to ask if there was a way to buy this list and they didn't offer me any solutions, they just said there was no way to do it if I spend less than $50.
I have no problems spending $50. I am looking for a residential multifamily, so I can buy it and live in it, rent the rest of the units and get used to being a landlord before I continue buying more rental properties.
The inventory in my neighborhood is low. My next step after getting a realtor to help me find my first multifamily is to take action on my own and look for properties using list source. I am not looking to do wholesaling. After reading many bigger pockets posts about list source criteria, I ended up with 37 multifamilies. Unfortunately, it seems that for my first step, list source won't work for me.
Wholesaler · Westminster, CO · Member since 2014 · 309 posts · 104 votes
12y
I have purchased listsource lists as low as $9; I don't think that I've ever paid $50+ for any list from them. Not sure what the deal is. I sometimes have trouble with my debit card on their site but otherwise my experience has been positive.
Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes
12y
What kind of info did you need from list source that you can't get from a title company? It's free for them to pull all that info for you. The only thing they don't usually have is mortgage info.
I have never tried a title company since this is the first investment I am doing. I am not sure how should I approach them to get them to pull this info for me. I have used the tax assessor, but it doesn't offer the options of "absentee owned out-of-state" or equity the owner has on the property.
Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes
12y
I wouldn't exclude trust properties. I don't find trust owners to be more or less motivated. They just have better estate planning. I've bought from both corps and trusts. Lots of multi units and small commercial props will be owned by corps. Plenty of small corps are motivated sellers. Just saying.
Send me the city or zips and I'll run it through my title account and see how many I get. My account won't give me equity info, but depending on how big the list is, it might not be an issue. I'm happy to work with no equity and want those calls, so maybe I see it differently
IMO, you're really going to need a bigger list if you hope to buy something sooner rather than later.
Specialist · Grand Rapids, MI · Member since 2012 · 582 posts · 353 votes
12y
@Jose Figueroa - per the comment from @Joe Butcher - AgentPro247 is an alternative option you could try. It's a subscription service (I pay $18/mo) which you can use to pull up to 2,000 records per month.
It's the same data that a title company would have access to, the only difference is that YOU are the one who controls it and specifies the criteria (rather than working at the mercy of your title company).
Their system is relatively simple to figure out - here's a quick video tutorial I put together on it a while back: