All Forum Posts by: Perry Schoolfield

Haven't been on here in a while.    I'm looking for an investor friendly (reasonably priced) electrician to rewire a 2003 build in Kilgore, Tx.     Please let me know if you have anyone in east texas area that is good and hopefully reasonably priced.   Thanks

I appreciate the criteria, Michael.
Could you clear up a couple things for me?

In Criteria for pulling equity you say...

1) last sale date. (Not recorded date) 1900 - 2005 absentee 1997 owner occupied

I'm assuming you mean pull years 1900-2005 for absentee
owner list, and 1900-1997 for owner occupied list?

For resales, I'm not sure what you mean by
"3) zips which support 2/3rds of median"

Perry

Glad it's working for you Chris. Did some further investigation of county records today, and looks like majority of names are cash buyers from about last 3 years. What I was wanting was owners that had paid down their mortgages over a long period of time. I don't know how motivated cash buyers will be to sell after only owning the property for a short time. We shall see.

Thanks for the responses.

The company rep at listsource told me yesterday to use the
%equity criteria, which I did and bought a sizable number of
names from the list. (Both times I have called, I think it is a
filipino rep on the other end. She is very hard to communicate with). By the way CoreLogic owns both listsource and RealQuest and listsource and RealQuest both access the same data for their
lists (so I am told).

As you say, it appears that most of the names are recent buyers
in the last year or two. I'm considering asking for a refund.

I actually went out and checked on a number of these properties
in the county's online judicial records. Here in Texas (at least in this county) you can search and find the actual recorded mortgages (deeds of trust) and deeds. I often do this if a seller wont tell me what they owe, and I want to estimate their mortgage balance.

I noticed that these properties did not have any recorded mortgages (deeds of trust), which would suggest that they were
cash sales. I can't imagine a mortgage lender not recording their
1st lien at the county if indeed there was a loan on the property.

So I guess whatever software listsource uses goes through the records, and if a recorded mortgage not found, it assumes it is a cash sale (equity = 100%). If they find a mortgage release recorded, I guess that is a 100% equity as well.

I haven't checked, but maybe it would work to specify 99%-99% instead of 100%-100% for the range of equity if you're looking for free and clear (or maybe just 70%-99% if looking for high equity). Seems like that would exclude all the cash sales.

I'm with you Carlos. I noticed Quarles as an expert on this
subject from his posts. I would be interested in hearing his
2 cents.

Perry

I'm using the listsource mailing list for my yellow letters to locate
properties to wholesale, and have had some success.

For those that are familiar with the selection criteria you go through on that website when building a list, I have a couple of questions for you:

I'm choosing the absentee owner list.

Under "Property" criteria there is a place to specify a date range for Last Market Recording Date.

Under "Mortgage" criteria there is a place to specify a date range for Mortgage Origination Date.

Since I'm wanting to choose properties that have a maximum amount of equity, it is logical I would want to specify the beginning date of one (or both) of those date ranges as far in the past as possible.

I've noticed however that for the particular counties in Texas in which I'm interested, the counties must have not started recording those dates in the database until about Oct of 1992. So, if I want to selectively choose mortgages that are more than about 20 years old, that is not possible
(as the dates don't exist in the database).

(It seems to me if you could specify the beginning dates of those date ranges to be blank, that would pick up all those old mortgages before oct '92. I actually suggested that to one of the company reps, and he said he would pass it along to the computer development staff. I'm not holding my breath on that).

Am I missing something here, or is there a better way to select those
high equity properties?? What has worked for you?

I know under Property Criteria there is a place to select based on % equity in the property, but I am very skeptical about the mailing list company really being able to determine that to any accuracy. (Am I wrong?).

Any thoughts or direction in this would be appreciated. Thanks.

Perry

Hopefully Phill will reply to this:

The latest video talks about licensing "territories" to the
purchasers of the MAPS system.

I dont quite understand that.

Sounds almost like a restriction that franchises have.

A couple of very important questions are in order............

How large a "territory" is a purchaser allowed? (One neighborhood, One suburb of Dallas, two suburbs of Dallas, All of Dallas, Dallas/Fort worth area, etc??).

How many other licensees are allowed to work that same territory (if any)?

I don't see how as a practical matter you can restrict the purchasers to a specific area.
I DO see how you could disallow the input of a particular property into the MAPS software system that is outside their designated area. Does this restriction to a particular "territory" only apply if you are entering your properties into the MAPS system??

A video explaining this "territory" aspect of the system would be appreciated.