Help with ListSource please...

[Katharine Gonzalez]

Fellow BPers...here's hoping no question is a stupid one...Trying to learn the best parameters to create a list on ListSource to generate a list of absentee (in and out of state)  single/multi family home owners in my target market area and realizing I don't have a complete grasp with respect to the "Property" parameters, I understand why an owner with equity is necessary, but another post I read indicated that a $30k min of equity would avoid "junkers". This is where I get confused: why $30k? Any thoughts? Thanks in advance!

[Adrien C.]

In my opinion, the 30k is market dependent as well as exit strategy dependent. If you're looking for a property to rehab, you want equity so you can rehab and sell for a profit. Less than 30k doesn't leave much room for rehab and profit. Now in my area, you can get some decent rentals with good cash flow that have less than 30k equity. But the big picture is to market to properties that are worth your time buying. 

My just purchased absentee owner list: 

SFs up to triplex (no condos) 

2-5bed 

50-100% equity with min of $30k 

3+ years ownership

Both in/out state owners; trusts ok but no corps 

Total count of 1000 (from a population of 250K) 

I'm expecting 50-70 call backs and 3-4 wholesale deals plus 1-2 owner financing or lease options.