Property Radar Criteria Combinations

[Sunshine Chow]

I am new to using Property Radar and was just wondering if anyone can share some of the criteria combinations or Quick Lists  that they use in searching for off-market SFRs. I've been playing around with Absentee owners who purchased properties more than 10 years ago and absentee owners in pre-foreclosure. Any tips and tricks would be helpful. This is such a powerful tool and I'm excited to learn how to use it to its full potential.

Thanks in advance!

[John Collins]

Hi Sunshine!

Yes, PropertyRadar is amazing. I live in it! The short answer is to use the Contact Support link in the app to book a demo with Kim or Keith. I've spent hours with them over the years and they, obviously, have spent tens of 1,000s of hours helping folks (like me) with their lists.

To fully answer your question, I'd need to know more about your investing goals. Location. Buy-and-hold. Fix/flip? Price range? Finance? (Their Investment Analysis tool is super handy, BTW.)

The real power of PropertyRadar is when you combine it with your local knowledge of a particular area. (I'm in the greater Sacto area and know nothing of SoCal). Finding off-market deals is hard work! But the reward is better returns! Totally doable if you stick to a process and know what your "competition" is doing. 

For example, if I found an area that was on the fringes of being gentrified, or near a large employer with swings, I could get more specific.

Here's an example of the thought process:

I went to Google and looked for a major stable employer swing. Found one in Riverside: https://www.pe.com/2018/03/24/riverside-county-bui...

"Riverside County’s $114 million outpatient center aims to complement hospital

Riverside County has started building a 200,000-square-foot medical office and outpatient surgery building on the campus of the 439-bed Riverside University Health System – Medical Center that will change the way patients receive treatment.

When it opens in 2020, the $114 million center in Moreno Valley is expected to add a missing, critical component to the array of services provided by the county hospital, and position the system to become financially self sufficient after years of running deficits."

Hospitals are large employes with employees who need to live nearby and there's a lot of turnover and they hire young new emplyees all the time who need a place to rent. Good for rent and FHA buyers on a flip.

So here's a list I built on that "insight" into the market: https://goradar.it/C0003702

I did a radius of 12 miles from the hospital, SFR, 3+ bed, absentee owner out of county (hands off), and purchased at the top of the bubble (2005-2007) so they've been on a ride. Valued under $500k. Not listed for sale.

There's 799 of those.

Now I'd then segment that list into several others based on the age of the owner, where they live, the equity, type of financing, etc. 

Getting connected to them will require a specific message that speaks to their position. 

How I reach out to the free and clear owners over the age of 75 may be different than a financed under age of 40 owner. 

I've always found that when I connect with the owner (especially absentee owners who are bombarded by poorly executed marketing) with their circumstance in mind I get a better response. (Most investors are lazy and just pump out a form template with a form copy and it's trashed because that absentee owners got a dozen of them. Stand out!)

I'd also look into the List Insights for other things to catch my eye. Only 7% are underwater. Only 11% are owned free and clear. And I'd look at specific neighborhoods in that 12 mile radius and undertsand what's going on with recent transactions.

Finally, I'd use Transfer Search and look for other flippers in that 12 mile radius and see how they are performing. What kind fo deals are they doing, returns, etc. Maybe drive by some of those properties and check them out. Even reach out to them and buy them lunch and pick their brain.

https://help.propertyradar.com/using-propertyradar...

Hope that helps!