All Forum Posts by: Seth Williams

Hi @Stefon Franklin - I hear you, it can be pretty tricky to nail down a reliable market value for vacant land. It's not an exact science, and it doesn't necessarily have to be either. To Mark's point, it's important to offer a small fraction of what you think the value is, so even if you end up overestimating on the front end, you'll also be giving yourself a huge, built-in margin of error to work with.

If you do decide to use assessed values, just make sure you understand what what "assessed value" means in the area where you're working. This number can be calculated very differently depending on what state the property is in (and it's generally based on the assessor's opinion, which may be a helpful starting point if you have nothing else to work with - but it's definitely not a conclusive, appraised value).

I can send you some more valuation ideas if you're interested. You could also do a Google search for "how to value land" and you'll find some helpful info near the top. :)

Hey @Mike Snyder - I'm glad you learned a few new things from that post! 

I know what you mean - some data services will provide certain filtering options that others won't (and sometimes they actually do have certain filtering options available, but they're sort of "hidden" - in that, it isn't blatantly obvious when you can sort by a certain criteria). This is part of why I outlined 5 different options in that post, because if one doesn't work for the specific type of list you're trying to pull, you can always try a different one.

I don't think any of them are perfect from every angle, but you can usually find what you're looking for if you're fully informed about what the different options have to offer.

As for the filtering market value & equity percentages (if I'm understanding your question right), I think you can do this with either ListSource or AgentPro247 - might be worth checking either of those out. I will say that sometimes when you're trying to filter by both - it will only work if the county's database actually includes both of these values (and this isn't always the case for every county). If this information isn't available in the database, it may tell you that there are zero records available (which doesn't actually mean there are zero - it just can't deliver what you're asking for, because it doesn't have all the information you're requesting). 

As for the absentee owners outside of a certain distance - I know some of the services (Melissa Data & AgentPro247) can filter down to the out-of-state owners... but I don't know of any that can do it more specific than that with the simple click of a button. However, if you know which specific zip codes within the county you DON'T want included, you could leave those boxes unchecked with a service like AP247, for example). 

There's usually a way to get what you want, but that doesn't necessarily mean it will be easy to get it. 

This is probably old news by now - but I had no idea @Ken Corsini and his wife Anita were rising stars on HGTV's Flip or Flop. Crazy! 

I was at the gym this morning and did a double-take when out of the corner of my eye, I randomly saw them on a promo commercial for an upcoming episode. I'm sure that will be an entertaining show to watch. 

Now I just hope it makes its way to Netflix some day, or I'll probably never see it.@Ken Corsini

Thanks for the mention @Karl James

@Bryan Hudspeth - I've got a ton of info I can send your way. If you want to shoot me a message, I'd be happy to give you some more details on how you can address these things.

That's great to hear @Alison Wise! If you have any questions as you're getting started, let me know. I can try to point you in the right direction. :)

Hi @Iverem Rose - yep, there is a difference. ListSource is pulling its data from the CoreLogic database, whereas AgentPro247 is pulling it's data from the Black Knight database. 

These are two of the biggest real estate databases in the country, and I've found that in many cases, one of them will have more current and accurate data in some counties, and less current and accurate data in others (and the "better" source of data can vary based on which market you're working in).

The nice thing about AgentPro247 is that it actually gives you the ability to verify how current the data is (i.e. - when it was last updated), whereas ListSource doesn't offer this option... you just have to trust it.

Also, both services have a few different variables by which you can sort your data - so depending on what types of property owners you're after (and what information you need in order to complete your campaign), you may find that one is a better solution for you than the other.

Hi @Scot Savarese - thanks for the shout out! 

Without knowing anything else about the market these properties are in (i.e. - the level of inventory, sales/listing comps, potential uses, etc.), it sounds like your plan could feasibly work. 

If this are has a TON of similar properties on the market, you'd want to be fully aware of how much other inventory is out there (because this will essentially be our competition on the selling end). If there's a lot - this would make it all the more important to be sure you're getting your properties at a very, VERY low price (which shouldn't be difficult, because the properties on the market won't exactly be a hot commodity). 

When you make sure you're building in this extra margin, it will allow you to price your property cheaper than the others on the market when it comes time to sell, which will give you some extra protection in making sure you don't overpay and can make more profit from the deal.

Thanks for the shout out @Fady Fareed!

Hi @Lazar Hausman - yes actually... I did a pretty deep dive into an online service called ZimpleMoney earlier this year. It's basically a cloud-based loan amortization software that not only calculates the payments, but can even collect them automatically from your borrower via ACH and email notifications to all parties when needed. 

Honestly, it's WAY better than any other standalone software package I've ever seen, because in a way, it acts like a full-blown loan servicing solution, by collecting the payments and notifying all parties if/when payments are missed (which happens much less often, because the payments come out without anybody thinking about it).

@Alan Wolkov - I think your concern about finding buyers is a valid one. It's an area where some struggle (especially in the beginning), but it's certainly overcomeable - and it's something that can definitely get easier when you get more established, learn how to advertise effectively and build up a buyers list.

To put it as simply as possible, I'd say it's ultimately a matter of:

1. Buying the right properties in the first place.
2. Offering a compelling price point (which usually isn't hard, if you buy it right).
3. Compiling the information well (with good images and descriptions).
4. Getting your listing in front of as many eyeballs as possible (and keeping it visible).
5. If you're able to, provide the option for seller financing, so buyers have more ways to buy your property if they're unable to get the cash from another source.

Does that make sense? If any of the other guys have anything to add - feel free to chime in.