If you're in the real estate industry, you know how important it is to have access to the right resources.
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This is where many investors get a little off track. The best list isn't the same for everyone.
Choosing the right lists gives you a competitive advantage over others. Knowing this will teach you how to craft your lists more appropriately for your real estate niche.
From finding the best properties to making informed investment decisions, having a solid toolkit can make all the difference.
That's where PropStream comes in. In this blog post, we'll be sharing our top recommendations for PropStream lists that are tailored for wholesalers, flippers, agents, and buy and hold investors.
Whether you're just starting out or you're a seasoned pro, these lists are sure to help you take your real estate business to the next level as well as give you the understanding of why certain lists are better for certain areas of real estate.Back to top
Different Lists and Filters for Different Areas of Real Estate
PropStream offers a wide range of lists for real estate investors, including wholesalers, flippers, agents, and buy and hold investors.
For wholesalers, there are lists of properties that are discounted below market value and can be easily acquired and resold for a profit. Flippers will find lists of properties that are in need of repair and have the potential for a high return on investment after renovations.
Real estate agents can use PropStream's lists to find properties that are likely to sell quickly and for a good price. And for buy and hold investors, there are lists of properties that are expected to appreciate in value over time and make for a solid long-term investment.
No matter what your investment strategy, PropStream has a list that can help you find the perfect properties to add to your portfolio.Back to top
Best Propstream Lists for Wholesalers
In general, lists for wholesalers benefit from being pretty large. It is a volume game and the more contacts with motivated sellers the better. This is true to most other areas of real estate but it is especially true with wholesalers since the close ratio is often much lower than buyers that are holding, flippers and especially agents. Your main filter for any of these lists will be equity.
You need to filter to at least 30 percent equity and in tougher markets even higher. Then utilize the filters below for a little motivation.
For that reason, you should consider larger lists and focus on the homeowner's distress. Make sure to follow any laws in your area in regard to who you target. If you are unsure contact a local real estate attorney or avoid targeting the more specific distress lists, or at a minimum understand how to approach them legally.
This list includes properties that are in the pre-foreclosure stage, meaning that the owner has defaulted on their mortgage payments and the property is at risk of being foreclosed on. These properties can often be purchased for a discounted price and resold for a profit.
This list includes properties that are owned by individuals who do not live in the property, such as out-of-state landlords or vacation homes. These properties can be good candidates for wholesaling because the owner may be more motivated to sell.
This list includes properties that are currently unoccupied. These properties can be a good opportunity for wholesalers because the owner may be more motivated to sell a property that is not generating any income. Additionally, vacant properties may be in need of minor repairs or updating, which can be done at a lower cost compared to occupied properties.Back to top
Propstream Lists Best for BRRRR Method
BRRRR properties have a little different need. If you are wanting to Brrrr you will have a little easier time than wholesalers as you can pay slightly more. But you still need to be in the right areas.
Once you know the areas that make sense you can filter down a little more granularly than wholesalers. You won't need as much equity since you are basing decisions of rent to price ratio. Leave equity alone or keep it reasonable.
Start with Price filters then move on to the specific lists below. Your pricing needs to be based on rent to price ratios and other factors such as rental desirability. For more info on how to find Brrrr properties in general go here. Once you know where you are looking and the price range you can use Propstream filters to narrow down your lists.
Tire landlords are simply landlords that have owned rental properties long enough and want to sell a few or liquidate all of them. Once you filter by the area and price you will want to add absentee owners to your filter set, exclude corporations, and add the length of ownership to at least 10 years. You can play with the filtering or keep corporations but the idea is to narrow your list to the most likely to sell and this list works well with those filters.
Driving For Dollars
Driving For Dollars is great for any list and propstream has the ability built-in. But as in the article linked above it works especially well for Brrrr properties. No filters are needed here. Just target your location as per mentioned here. Then Drive around and mark down as many properties as possible.
Absentee owners for Brrrr is still a great list. It's a very large list so if you have niched down too much above it will give you a big pool to shoot for. Unlike Tired landlords, you can remove the length of ownership filter. Use owner location to narrow down your list if you would like. Out of state owners are more likely to sell than owners that live in the same city.
This list is targeted by a lot of investors, but since you know the area and are going to hold onto the property, you might be able to pay more and do less rehab than a flipper would give you a small advantage. This doesn't mean offering too much though.Back to top
Top Propstream Lists for House Flippers
The point of fix and flip is to buy and add as much value in as short a period as possible to sell. You aren't looking for properties that will rent well. You want discounted properties either because the owner needs to sell quickly or they need to do a lot of work to get the house ready for the market.
Knowing this helps you to choose slightly different filters than Wholesalers, or Buy and Hold investors. You don't need as much equity as wholesalers since you can add value when fixing it up. Equity is great but don't miss opportunities that can be made.
You also don't need to worry as much about whether the rent-to-price ratio is good. You are looking to sell the house not rent it out. That's not a bad option for new investors as a backup plan but not necessary for flippers with better cash sources or more experience.
The below lists work great for flippers. You might want to add a little base equity to all of the lists but keep it at 10 percent or less to avoid filtering too many properties.
Guess what old homes need? Fixing up. I'm sure you got it. If you are an experienced fix and flip investor then homes that need a ton of work probably don't bother you. Targeting these homes can instantly cut your competition down.
Most buy and hold investors aren't considering these properties and wholesalers need to get them at a larger discount to sell them to, well you of course. This is a huge competitive advantage. The older and more run down the better.
Add old homes to your Propstream list by filtering by age or houses with no last sold date. That is all. Keep it pretty simple here, just make sure you are ready for the amount of work you will find in these properties.
Vacant Homes Filter
Targeting vacant homes with Propstream is pretty simple. They have a set filter for this and it's basically based on post office data. This is a great list for flippers as the homes often are vacant long enough that the property has started to decay.
This eliminates a lot of the competition and those that are looking for these homes usually aren't agents. Just like before your competition is wholesalers and these houses often end up in flippers' hands, so beat them to the punch.
Very Small Homes on Standard and Larger Lots
This is probably one of the best lists for very advanced flippers and developers. If you have the chops to add on square footage this list is probably the best. In the more expensive cities today, the price of square footage is so high you can buy a small property for full price and add square footage.
Small houses on small lots can usually go up a level and small to normal houses on larger lots can add on multiple ways. These projects are clearly for more advanced flippers and builders but they are extremely lucrative when done right.
The filters are simple. Use maximum home size to keep the houses smaller and if you want you can use the property size filter to make sure the property is bigger, in case you don't want to consider building a second level the second filter will help.
This works best in higher end markets but can be done with certain houses in mid-priced areas.
Knowing zoning can also make this even more valuable for developers who aren't afraid of splitting lots or tearing down and building multifamily when it is allowed.Back to top
Propstream Lists for Realtors
Realtors are able to utilize propstream for their business as well. Typically agents have access to the MLS which is a great tool, but it's often hard to use. Propstream can often be easier to target properties and pull lists. Here are a few lists that makes sense for Realtors.
Farm List - Circle Prospecting with No Filters
That is correct. No filter at all. Agents have the luxury of being able to target any house at any time. Especially if they understand the other strategies. It's nice to be able to choose a location you like whether it's just a certain radius around your own residence or it's something you want to specialize in such as lake homes.
Use the draw tool to highlight the area you are interested in or search for specific zip codes. If you want to use exclusion filters go ahead and select away. But the main concept here is you want to be the one anyone thinks of when selling a house in a certain area. You know this area better than anyone this is your farm area.
Niche Property Type Lists
Some agents build a reputation for a certain type of home. Maybe it's tri level, or land, or condos. You are selling your knowledge in specific types of homes vs the exact location. Pick a certain city or county and go broad. Narrow down your list by home criteria vs location or motivation. You are selling specialization in this scenario and that is your competitive advantage.
Any Motivation List already Mentioned
Ok, this might seem like I'm grasping but it's true. Somewhat similar to Wholesalers a realtor doesn't need to be narrow. They can use motivation to try to get quick wins. So any motivation works. The best part is they don't need to filter out equity. Here is the advantage over other investor types. You can go broad here and just use seller motivation, such as pre-foreclosure or Vacant.
In fact, maybe you want to filter out properties with equity. Very few investors are targeting low to no-equity homes. Those that are targeting no equity, usually are working some sort of outside the box transaction that might scare off sellers. Use that knowledge to your advantage.Back to top
In conclusion, PropStream offers a wide range of lists that can help real estate investors of all types find the perfect properties for their niche. From distressed properties and pre-foreclosures to absentee owners and estate sales, these lists offer a wealth of opportunities for wholesalers looking to flip properties for a profit.
Try to think about list building from a different perspective. Instead of focusing on why might sellers sell, focus on what houses you have a competitive advantage over the competition on. Then add the motivation factors.
Flippers can find properties that are in need of repair and have the potential for a high return on investment. Real estate agents can use PropStream's lists to find properties that are likely to sell quickly and for a good price. And buy and hold investors can find properties that are expected to appreciate in value over time.
No matter what your investment strategy is, PropStream has a list that can help you succeed in the real estate market.Back to top