Originally posted by J Scott:
A couple things you should consider:
1. Are you only looking for properties with equity? Or are you interested in properties without equity where you could facilitate a short sale? If you're willing to target properties without equity, you have a lot more options in today's market.
2. What are the criteria your buyers are looking for? Regardless of #1, you should focus on properties you can resell.
Our buyers want properties that are brick, 3 bedrooms or more w/ a garage, that cost $25k or less.
They don't care much about equity, as most of them want to buy and hold for the long term.
Based off the info you gave me yesterday, I understand that I want to filter for free and clear properties, but I just spoke with RealQuest, and they said the product can't search for cash purchases or free and clear properties yet, but they plan for it to be able to do so in the future.
It can, however, filter for LTV at time of purchase, and the amount of time the property has been owned.
As I mentioned, I have a saved search created that identifies all absentee owners in my target zip codes. I need to filter the results from this query even more to increase the likelihood that the people I find are in position to be able to sell their houses cash in the price range my buyers are looking for.
With the limitations of RealQuest, and the criteria my buyers are looking for, do you have a recommendation regarding the LTV and time of ownership I should look for?
Being that the absentee owners on my list have owned their homes for varying amounts of time, I'm having a tough time figuring out what to filter for for LTV.
I recently read an investor say online somewhere that he's gotten good results contacting absentee owners with original loan dates of 15 years or more. Do you agree with using that as a decent criteria to use to filter the absentee list down further?