Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 8 years ago,
Messed up my listsource list and wasted my money
I screwed up my seller's list. Could someone take a look at the listsource criteria that I have in and tell me how to improve? I wasted $55. I consider this an investment, so I have to recoup this. For reference, I want to buy a multi unit investment property by Aug 2017. I would settle for a 4 unit building or something, but what I actually want is a 16-20 unit building.
-Property type: Apartment, Duplex, Triplex, SFR â Note that duplex and triplex returned no results but I still left them in there. Also, I don't think I want to get a SFR if I'm trying to get a multi unit property, but there were really no search criteria for what I was looking for
-Location: I put in 60612 + 2 miles – I’ve seen on bigger pockets that people say put in the full city, but I don’t know if this piece of advice applies to huge cities like Chicago. Also, if anyone is local I’d love some input on where I selected. This zip code has some EXTREMELY rough spots, but there are also other parts which have gone through very rapid gentrification.
-Equity: I did 35-100% - Should I have done higher equity?
-Owner type: Non owner occupied – This was where I seriously SCREWED UP because I didn’t select “out of state” owner occupied, so I just got a bunch of addresses of people who live literally down the block and seem to have a second property. Dumb. So I think this mistake probably caused me to waste the $55 I spent on the list, as these people will clearly be less motivated to sell than out of state owners
All in all, this list returned 211 addresses. I was using Google Earth to get my bearings on where each was and what they looked like, and not many were really that great to be honest. Some in the rough neighborhoods, most were not the multi units that I was looking for, etc etc etc. I bet of this list I have about 30 actual usable addresses tops, and of those there will probably be no motivated sellers, and I saw literally none that were 10+ unit buildings. How can I build my pipeline?
Pretty annoyed with myself about this.