Anyone using PropStream recently?

61 Replies

I've used it recently. The company that Im interning for uses it every single day as one of two main programs and they are closing on 8-10 properties per week. I essentially use it to find best available comparables and it has been excellent for that so far!

I've used it mainly to pull leads. However, I am considering using a different service starting next month. Overall, for the monthly price, it's a great value.

That being said I have not used their skip-tracing or mailing service.

Cons: 

1. Many properties in a recent list we pulled had actually been demolished (Baltimore, MD)

2. When I asked a couple of months ago, there was no option to remove duplicate mailing addresses. So these would all count towards the total amount of leads you could pull per month AND then you had to spend the time removing the duplicates yourself. I'm not sure if they have corrected this issue...

Like I said, I'll likely be trying a different service next month. I find it most helpful for checking public records for whether a mortgage is present or not or checking for public lien records

Originally posted by @Ryan Schymiczek :

@Jacob Martin, what other main program do they use besides propstream? 

They use InvestorFuse. They are high volume wholesalers so they use InvestorFuse as lead management software to keep all of the properties that they are looking at organized.

 

Originally posted by @Mary Elizabeth Bergeson :

@Melanie Hartmann what other programs are you considering?

That's a great question! I had used REIPro in the past but I'm not sure which ones I'd be looking to try in the future. Were there any you were considering?

I have done multiple deals with Propstream. Well, I'm not giving Propstream the credit, I'm giving myself the credit. I closed the deal each and every time, not a push of a button or magical software. I mean, if that where the case, I closed deals on Craigslist before- wasn't craigslist that helped. What Propstream does is basically allows an investor to find out everything about a property at a birds eye and thensome in one consolidated place. Where you would more than likely hope around the internet for information gathering on a given property, propstream is great to get all your data in one consolidated place. Like knowing if seller has equity, who's the owner, property history etc. Yes you can get all that from Redfin or zillow but where other sites lack, Propstream delivers. They have connection with county MLS data so, having propstream almost eliminates waiting for a Realtor to send you comps etc. Just allows you to move faster in your due diligence and analysis process is all. Is it easier to find an answer, which allows you to place an offer quickly to a motivated seller? Yes. Does it help with your personality and fear of talking to a Seller on the phone and talk about uncomfortable stuff like price? No. In other words, there is no magic pill out there, just the software allows you to be faster and more efficient. After my deals close I usually interview the seller after the everyone including myself is paid (money in bank) and I ask them, (for testimonial purposes) "why did you go through me with the selling of your home" 90% of the Sellers say "well a person like yourself called and I wanted to close a deal right then and they told me they will call me back ASAP and never heard from them again". My last closing was a gem that was just sitting there for taken. I realized that their are a lot of people doing this that want this like magic button, which I blame a lot of the gurus with their "automate your business to work for you" where would be investors, after searching for their first deal, freeze up (no matter what software they were using). I maybe wrong however my latest deal (6th one in July) the Seller literally told me he originally had no faith in me. I was confused because I run a really professional ship and asked "why he felt that". He then continued to tell me 8 "8" We Buy Houses individuals called him and he told them that he was interested in selling and either they told him one or two things "let me talk to my partner in an offer" or they would say "Great! where could I send the offer?". The people he gave his email to send offer to actually sent their offer this past week after the deal has been closed on! LOL! I asked, "when did they contact you?" he then told me that he received 5 offers between Monday and Wed of this past week ( We closed on the 23rd see photo attached ) and each one are 2 months late. They all contacted him and could or closed on him months ago. They all contacted him in May early June, and coincidentally, send their offers in at the end of July? It's either disorganization, immaturity, or fear. If a seller is even remotely interested ACT! Don't expect the Seller is waiting by his computer all day every day for you to muster up the courage to send a offer. Also, a previous seller I closed at the beginning of the month, told me a Similar private wholesaling investor cane to look at his vacant property (which was a slam dunk). He just wanted to get rid of it and told the kid how much he was willing to accept (which was $25,000 less than my offer) and the Kid emailed him (not called him and said that his price was too high)? Umm he passed up on a deal where the Seller had personal gambling debt and just wanted this property liquified (inheritance anyway) and offer to sell this kid a home with a easy ARV of $395,000.00. Needing about $45,000 in repairs for a purchase price of $124,500.00. Thinking he would close right then and there he told me the kid "looked at him as if he was thinking to himself and counting". The Seller couldn't believe he didn't just shake his hand and told him the paperwork was on its way. The kid just snooped around further he told me and actually left when he was out back- like made an escape without saying "goodbye". He contacted him via email as stated above and told the seller or whom I closed with for $150,000, "After doing my calculations, this deal will not work for us". The seller almost fell back in his chair. He was real confused because the same kid contacted him a month later, totally oblivious that they had spoken and even met before, and offered $180,000 (trying to beat me out). The Seller told me, "I wouldn't even cared if he offered me full market, after that behavior I don't even want to see him again". This story, amongst others tells me there is a lot of miseducating people out there and equally a lot of people entering this business totally clueless on how to even calculate a decent wholesale deal. The seller thought the kid would of closed that day with the price he threw out there and he just literally when his back was turned, jumped into his car and sped off. For you savvy investors all % of ARVs differ from state to state but the normal range is anywhere between 60-75% depending on the competitive market. That being said, the wholesaler in the example who "missed out"on this opportunity which was my gain, denied a deal that would of made him a total of close to $85,000. The ARV was a solid $390,000 and repairs were at $45,000 which was actually over calculated purposely and ended up being $37,500 per my cash flipper but that's besides the point. Hence $390,000 x 70% - $45,000= $228,000 as a Max allowable offer

This means, in order to make it worth while, a cash buyer would need to acquire the deal for $228k or less. The Kid was offered this property for $124,500 from a dude that clearly owed money to like a leg breaker and needed to liquify stuff fast and the kid denied it. So If he was educated in this, and knew how to calculate let's see his return with A MAO if $228k, and acquiring it for $124,500 would = a $103,500 profit to be made and was past on. I months later snagged the. home quickly and knowing this guys desperation closed within 24 hours for $155,000 and the same day resold for $226,500 making me $71,500 minus 1% transactional funding and about $6500 of closing expenses with a check cut for $64,285.00 and deposited in my bank on Friday 7-10-2020 I almost tried asking the Seller the kids email so I can tell him how dumb of a move that was and was honestly going to cut him a side check out if my profit for $15,000. Why? Because I like seeing people succeed! I decided not to because of his rude demeanor described by the seller, and him running off while the seller was out back opening bulkhead.

Point of this rant is, learn the methods and the reason why this stuff works. Learn to talk to people instead of through text and email.  And know how to calculate numbers ! You could be way too high which nobody will want it anyway or you will leave thousands of dollars on the table.  

Propstream is a great tool to pull comps and do market research for SFR. My assistant and acquisitions team uses it to do preliminary underwriting.

If you don't have MLS access, I'd recommend using Propstream. It pulls in MLS & public record data and lets you comp out properties. It does break down when you start looking beyond SFR, but for most users, it will be more than adequate.

I can't speak to the other marketing features of Propstream as we don't use them.

I use Propstream daily but I have had some huge major issues with it. It's great when it works, but when it doesn't, it's a huge pain in the #$%!


1) It is lacking some major basic filters. Want to filter out properties that have been on the MLS in the last set number of days? Nope. Because, for some reason, MLS listings that have been sold are being marked as failed, it adds these to lists that I don't want. Now I have an excessive amount of properties on my lists that were sold recently and I can't filter them out.

Along with this, if a property sold on the MLS recently, even though it says sold per the MLS listing, the filter for length of ownership doesn't pick it up and I get more false properties that say it was owned for a long time. If the sale isn't older than 1 month, it doesn't pick it up.

2) The customer support is meh. It sometimes takes forever to get someone on the phone. They need a dedicated chat support so I can go through problems I’m having with them in real time.

3) They have no feature request form. This is basic. And if you do send them an email asking about a feature request, you get no response that they even saw it.

4) Every property you save has a contact associated with it in a “Contacts” section. If you add a property twice (say from a different list), it makes another contact for the same person and property. And since your mailing campaign is based off the contact info, now you have two (or more) copies of the same contact info to edit.

There a few more annoyances that I have but this is getting long as it is. I do have one last one that is a major problem and has me reconsidering my subscription:

The postcards that get sent in their mailers DO NOT look like the postcard you proof before ordering. We sent 1000+ postcards and when we got a returned one, it had my real first and last name on the return address. In the proof it did not have that at all. I did not want that on my postcards. Not only that, when I called them and talked to them about it, they did NOTHING to remedy the situation. No future discount! No partial refund! Basically, just a “Sorry we gave out your private information but we refuse to make it right.” And that was coming from the VP of the company. They said they would look into it to prevent it in the future but, I have heard nothing back to know if they fixed the problem. I am hesitant to send out cards again because I don’t know what I will be getting. Buyer Beware.

It’s a double-edged sword. Right now it is the best thing out there for what I need, but I sometimes hate using it. Until something better comes along, I’m stuck with it.

If anybody wants more information, feel free to PM me.