Pull the Top 3 Motivated Seller Lists on PropStream! You NEED To Know THIS! 🏠

Summary

In this video, James Hodges walks viewers through how to use PropStream to pull the top three most motivated seller lists to target for real estate deals. He highlights the importance of filtering properties based on specific criteria like property type, equity, ownership duration, and MLS status. James demonstrates how to create lists focused on vacant houses, tax delinquencies, and tired landlords—three excellent sources of motivated sellers. He also discusses cost-effective marketing strategies such as SMS, cold calling, and voice broadcasting to successfully reach these leads. The video is packed with actionable insights for real estate investors looking to scale their business.

Takeaways

• 😀 PropStream is a valuable tool for pulling motivated seller lists, especially useful for wholesaling and flipping businesses.
• 😀 James Hodges' channel focuses on teaching how to scale businesses to seven figures and operate them without constant involvement.
• 😀 The first step in PropStream is to select a target city or county, with Dallas, Texas, being used as an example in the video.
• 😀 The residential filter in PropStream allows users to focus on single-family homes, condos, townhouses, and multi-family properties.
• 😀 Setting property age filters can help target distressed properties, with 2010 being the preferred cutoff for newer properties for novations.
• 😀 It's important to exclude MLS-listed properties, as targeting non-listed ones increases the chances of dealing with motivated sellers.
• 😀 Targeting properties with a minimum of five years of ownership is a strategic move to find sellers who are more likely to sell.
• 😀 PropStream users should include 'unknown sale dates' due to non-disclosure in some states like Texas, which can reveal hidden opportunities.
• 😀 For better targeting, include equity data and focus on properties with at least 30% equity, ensuring you're going after financially distressed sellers.
• 😀 There are three primary lists to target on PropStream: vacant houses, tax delinquent properties, and tired landlords, all offering high-quality leads.
• 😀 The most effective marketing strategies for these lists include SMS, cold calling, direct mail, and voice broadcasts, depending on state regulations.

Q & A

What is PropStream, and how does it help in targeting motivated sellers?

PropStream is a software tool used for pulling motivated seller lists. It helps real estate investors, particularly those in wholesaling or flipping businesses, by allowing them to quickly and cost-effectively access property data to target sellers who are likely to sell their homes.

Why is targeting motivated sellers important in real estate?

Targeting motivated sellers is crucial because they are more likely to be in a position where they need to sell their property quickly. This increases the chances of securing deals at favorable terms for wholesalers or flippers.

What criteria does James Hodges suggest using in PropStream to pull a motivated seller list?

James recommends targeting residential properties, particularly single-family homes, with a property age between 2010 and older. Additionally, he suggests excluding MLS-listed properties, focusing on properties with at least five years of ownership, and setting a minimum equity of 30%.

Why is it important to include 'unknown sale dates' in the search criteria?

Including 'unknown sale dates' is important because in non-disclosure states like Texas, many property sales are not recorded. By including these unknown sale dates, investors ensure they don’t miss out on potentially valuable leads.

What are the three lists James recommends pulling from PropStream?

James recommends pulling the following three lists: 1) Vacant house list, 2) Tax delinquent list, and 3) Tired landlord list. These lists are targeted at sellers who are more likely to be motivated and in distress.

Why does James suggest using a 30% minimum equity in the criteria?

James suggests a 30% minimum equity because properties with this level of equity are more likely to be owned outright or have sufficient value for negotiating favorable deals. Higher equity often indicates a motivated seller.

What is the benefit of targeting properties with a max assessed value under $400,000?

Targeting properties with an assessed value under $400,000 ensures that the investor focuses on median-priced homes. These properties are more likely to have motivated sellers and are easier to negotiate compared to higher-value homes owned by more sophisticated sellers.

What is the significance of selecting only individual owners in the PropStream search?

Selecting only individual owners helps avoid targeting corporate-owned properties, which are often more sophisticated and less likely to involve motivated sellers who are looking for quick transactions.

How does the tax delinquent list help in finding motivated sellers?

The tax delinquent list helps find sellers who are behind on their property taxes. These individuals are often facing financial distress and may be looking to sell their properties quickly to resolve their tax issues.

What is a 'tired landlord' and why are they a good target for real estate investors?

A 'tired landlord' refers to an absentee property owner who has owned their property for a long time and is likely tired of managing it. These landlords are often motivated to sell due to the hassle of property management, making them a good target for investors.