List Source - help with my criteria

[Account Closed]

Good afternoon,

I am trying to build my first Absentee owner list through listsource. The following criteria is what I have gathered through the forums as being the most recommended. However, the last bullet point is giving me some trouble “Last Market Sale Date”.

• Equity: 40%-100%
• Minimum Equity 30k
• Property Type: SFR
• Bedrooms: 3 - 5
• Absentee Owner (In and Out of State)
• Mailing Address and Property Address Complete
• Exclude Corporate
• Exclude Trustee
• Last Market Sale Date: 01/01/1900 to 01/01/2008

Before I add the above "Last Market Sale Date" I have a list of 967. After I add that filter I have a list of 119.

But, if I run the same report but change the "Last Market Sale Date" to 01/02/2008 to 01/02/2015 I get 311.

If you add 311 + 119 it does not equal 967. So I guess my question is what is the best way to filter and find homes that have been owned for more than 7 years? "Last Market Sale Date" seems to be incorrect in its results. 

[Jerry Puckett]

@Account Closed ,

I think the reason your data source is dropping so many names is because not all properties transfer from market sales. All cash sales of distressed properties for example, which were never listed, they would be eliminated with a filter like that. Only homes sold from a retail listing will show up with that criteria.

If you're set on using that as part of your criteria, try using "length of residence". Although they do not actually reside there, it should calculate the amount of time the owner has been in title.

Most people compiling equity lists skip anyone who has been in title less than seven years or so. I used to do that also,

But then realized I was missing 2 key groups that I've done alot of deals with; Inheritors and the growing ranks of newbie Landlords who have already figured out they're in over their heads ( I call them really really bad Landlords, or RRBL's). That second group is growing larger every day. What I have found is that there has been tons of cash flying around the market for the last two years. Many, disgusted with there 401k or other investment strategies have decided to throw their money into Real Estate without even knowing what they're doing.

They're going out, making bad deals, and very quickly coming to the realization that they just weren't cut out to be landlords! They just want out! And I'm happy to oblige! The RRBL's usually have about an 18 month turn around, so if I filtered for length of residence, I'd lose them.

Many of the "niche" lists (Inherited, Probate, Code Violation, Eviction....even Divorce) spend time on the Absentee list, you just don't know they're there until after the seller calls and explains their situation. Almost every property that goes through probate will be on an Absentee list also. If you filtered even 2 years time in title, you'd lose them. So even though they're unidentified, you're reaching them if you leave off the last sale date, which means you're mailing to a list that others spend hundreds of dollars to attain.

That's my reasoning. Times are changing and methods must too. I do understand that it also produces some unproductive calls, but keep in mind that the entire process is similar to looking for needles in a haystack. Ask yourself if the handful of unproductive calls is worth the exponentially higher odds of landing a deal. For me it's a definite yes.

(P.S. Another tweak, go ahead and include the trusts, definitely worth mailing to.)