chicago, ILLINOIS (IL) · Member since 2011 · 11 posts · 9 votes
i've checked out most of the threads regarding absentee owners and i've contacted a lot title companies here in chicago and no one knows what i'm talking about i talked to the people in my county tax office, recorder of deeds etc no one know what i'm talking about i know about listsource and the other list source but i'm trying to find free ways of getting the list
Flipper/Rehabber · Bakersfield, CA · Member since 2008 · 3k+ posts · 3k+ votes
14y
I vote for buying a compiled list with the correct absentee filters from listsource.. Heck theyre only +-.20 cents a name.
I know how valuable money is however how valuable is your time and more importantly how valuable is having hte information fast.
If youre wanting a general absentee farm most title/escrow companies will "Give" that info to you for the opportunity of doing business. It may take an introduction and creating contacts.
The huge issue is that with a farm you wont get the one filter you need which is an equity base.
If youre a sub2 or Lease Option investor youll want properties 80-95 LTV. If youre a flipper or wholesaler youll want 30-100 equity. If youre wanting Shorts then youll want 125% LTV or greater.
Bulverde, TX · Member since 2017 · 1 post · 0 votes
9y
please forgive me for anything i may ask that seems irrelevant, or has already been answered. I did my best to read first.
So I have found some properties that are abandoned and when I look into it I discover that they among lots of others are absentee owned. How do I obtain this property
Plano, TX · Member since 2015 · 34 posts · 7 votes
9y
Hello. I am just getting into lease options. I was wondering if anyone has had a lot of luck mailing absentee owners? I'm wondering b/c this can get very expensive especially if you purchase the list. At 20 cents a lead and 39 cents per mailing, it can add up. So I'm kind of wondering what the ROI is for this strategy. If I'm sending out 500 mailings and I get 1 deal, it's definitely worth it... But 1 deal every 10k mailings... I dunno. Anyone with experience doing this, I'm interested to hear your thoughts. Thanks
Flipper/Rehabber · Denver, CO · Member since 2015 · 134 posts · 61 votes
9y
My suggestion is call your Realtor and see if he can pull non owner occupied from his MLS or Realist. In my local MLS you are able to search by non owner occupied properties.
I am looking to get into wholesaling and I have located a property of interest, when I went to inquire about the home it said i would be contacting an agent, my question is being that i am looking to whole sale the home on my own do i need to or is there a way to avoid going through an agent whom i am sure would be seeking they're own commission and or gains from the deal?
Investor · Beaumont, TX · Member since 2015 · 11 posts · 4 votes
7y
Follow the instructions here and and spend the $50 to $100 to pull your own list form list source ... then make yourself one of the top 10% and make sure that you correspond at least 5 times over the next 4-5 months.
Investor · Greensboro, NC · Member since 2015 · 3 posts · 2 votes
7y
@Houston Lewis You have choices, the time value of spending you're earned cash for a list or trade your own time. The few minutes of your time you'll spend using an on-line tool that can build/provide you a list. Or where you invest your time, energy, efforts, paper, fuel, etc. to get lists from say a City source like several mentioned above don't include equity. The lists you get from paid sources (and there are many but one is mentioned often) have a click box for choosing (then entering) the equity amount you want for your specific marketing strategy. Unless you're sending out a blanket targeting everyone in which case you're far better off to target a specific audience to gain the most reward.
If you're savvy you can even learn where the most properties are being bought and sold in your area. There are many on line sources that can reveal that to you and for finding buyers as well.
When you read through both pages of the threads included here you'll find @Jon Holdman first defined the targets. Then @Michael Quarles shared more detail and @Sean OToole added to the process and equity versus loan to value to add more clarity.
So to shorten the answer you can get that list at the county assessors office for the specific city/county/area you want.
To repeat what many have shared it will not include equity. If you use the whole list you'll be blanketing and many of your pieces will go to those that are in a great position and many will go to those in less desirable financial positions. Those in the great equity position need a different mail piece than those with little to no equity. The pros here have shared great information as they always do.
From my perspective we all recommend buying a list that directly targets equity and any other metrics you desire to measure. Narrowing the target, aiming for the funnel to fill with leads calling us, professionally managing and nurturing those leads which brings us face to face with those people or families and we develop relationships with them that one day lead us to closings.
This wasn't about lead management or nurturing the leads but thats a very important part of the business. We all desire to be in the real estate space so we should all learn the rules before we dive in over our heads or say the wrong things on the first or even the last conversation.
Lets work together to make the market that feeds us appreciate us rather than enable them to think we're here taking a property from the neighbors grandparents or great grandparents. There are so many properties to buy we don't have to take advantage of anyone. Lets treat others as we want to be treated and to repeat, know the rules. You'll be appreciated and even thanked for living in that level of integrity.
I have a formal flowchart for evaluating abandoned properties and even have 5-6 different classifications.
Understanding something about the nature of the asset is critical, unless you're just house spotting for a hobby.
An REO or a Zombie house (vacant but lender has not foreclosed yet) is a time waster.
What you as would-be investor are attempting to do is hunt for equity to buy or control at a discount. Identifying the lender an approximate equity is essential.
Unchanged like finding a valuable, abandoned car with a large loan on it.
Btw, @Sean OToole my visit with you at your Truckee HQ resulted in getting $3K for my Porsche that I paid $110K cash for. The Donner Summit ate another victim.
I'm happy with my Housewife Lexus SUV (traded equity for reliability and peace of mind).
May I see your flowsheet for a reference of my own?
Flipper/Rehabber · Nashville, TN · Member since 2018 · 11 posts · 1 vote
7y
@Sean OToole When you say absentee and equity you are saying that the owner should have a decent amount of equity in the property? That is because people who do not have much equity have less of a reason to sell since they don't have much money tied up in the property right?
Investor · Truckee, CA · Member since 2013 · 546 posts · 445 votes
7y
@Daniel Evans I primarily say it because I assume your goal is to make a profit. That's easier to do when there is equity. Not impossible to do it when there isn't equity if you can get the bank to discount in a short sale, but that is definitely harder. So I always recommend starting with equity first.
Flipper/Rehabber · Nashville, TN · Member since 2018 · 11 posts · 1 vote
7y
@Sean OToole Oh right, the bank will want to make sure it gets its money back so getting a discount when the seller doesn't have equity is going to be harder. That make sense now.