Hello MY BIGGER POCKETS PEOPLE
I ve been looking on you tube and researching online (mainly in list source) on how to attract " Subject TO "motivated sellers using list source. Can anyone help me with this project?
Do anyone Have the answer?
There are two criteria that motivate people to be open to SubTo sales. One, they cannot sell at a price they want or need. Two, they need to sell; they can't make the payments or are moving or whatever.
The first reason means either they have very little equity, or they are unwilling to sell at the price that the market will bear.
The second reason is self explanatory.
So, how do you find people that meet these criteria? You may want to get a list of expired listings. These people wanted to sell but didn't get their price. They may or may not have equity. On listsource.com you will need to select people with very little equity--say 10% or less, and who are 30-60 days late on their mortgage. You may also want to filter for your own criteria-- number of bedrooms, house value, etc.
Why would you want sub2 specifically, I would think that you would first want to look for seller financing on a property that is free and clear, there is much more flexibilty.
For free and clear just use 100% equity when sorting list.
Thank you so much for the information Larry T. First question have you ever done "subject to" deals? Also on listsource is it possible to get owner occupancy or absantee owners being that both in a process of losing their home?
John I would like to get sub 2 properties because its hard to get finance on property with no capital or credit. So I am trying to find alternative to get deals.
Sub2 is not really a no money, no credit thing. I've done plenty of them, but almost every one of them needed some fix up and a payment or two. Plus, you are buying someone else's problem, you need to be able to solve it (back pays, repairs, etc ) and maintain the payments if it sits vacant.
What's your exit? Are you looking to flip or rent?
I bought most of mine out of foreclosure. There aren't people out there wanting sell sub2, that's your offer, you gotta sell it. Like has been said, that's almost always gonna be someone with low/no equity and behind on pays.
Thanks Darrell for your response. How do you narrow your list into getting the sub2 deals from listsource or any list program?
My exit strategy will be renting. I just want to buy and hold. I currently have a property that I am seller financing and renting but want more. I want help in getting the info. I have letters ready inplace but dont know how to get the listing or narrown my listing? Darrell how long have you been doing these deals? Do it really works on where you live?
How do you get the 30-60 day late on mortgage using the listsource. I cant find it anywhere?
My advice would be to play with Listsource. There are so many variations that can lead to a successful direct marketing campaign.
Also, I took over payments on a $550k house with $0 down.
Chad Martindale how did you go about that deal if you don't mind me asking? and where should I look to actually try and do that type of deal
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