When it comes to flipping houses and finding rental properties, having the right tools can make all the difference. That’s where PropStream comes in. This platform is a game-changer for real estate investors like me, and can do the same for you.
How I use PropStream to identify profitable deals for my flips and rentals.
Step 1: Setting Up Your Search Criteria
One of the things I love about PropStream is the ability to narrow down my search based on specific criteria. Whether I’m looking for undervalued homes, distressed properties, or absentee owners, PropStream’s filters let me target exactly what I want. Here’s what I do to narrow my search.
Location: I start by selecting the area where I want to invest. PropStream’s map feature makes it easy to zoom into neighborhoods or specific zip codes.
Property Type: I typically focus on single-family homes for both flips and rentals, so I filter for that.
Equity and Ownership Length: PropStream allows me to target properties with high equity or that have been owned for a long time. These are often great indicators for potential deals.
Tax Liens and Foreclosures: I can further narrow my search by looking at properties that have a tax lien and in pre-foreclosure, showing duration, how much they owe on a property, etc.
Step 2: Analyzing Property Data
Once I have a list of potential properties, PropStream gives me detailed data to evaluate each one. From tax records to mortgage information, I can see everything I need to make an informed decision. For flips, I focus on properties that need cosmetic repairs but have a solid structure. For rentals, I’m looking for cash flow potential and good neighborhood ratings.
Step 3: Accessing Comps
Another key feature of PropStream is its comparable sales (comps) tool. This lets me see how similar properties in the area have sold, which is crucial for determining my offer price. By analyzing the comps, I can estimate what my flip could sell for or how much rent I can charge. It also allows me to see other properties that may have flipped in the area and what profit was made from it's sale.
Step 4: Skip Tracing and Marketing
PropStream even helps with direct marketing. I can skip trace property owners to get their contact info, making it easier to reach out directly with an offer. This is especially useful for off-market deals, where the competition is lower. This saves time because I can find the sellers address and contact information all at one time instead of leaving to use another program to find what I need.
Conclusion
PropStream has become an essential tool in my real estate investing toolkit. Its powerful search, data analysis, and marketing capabilities help me find and secure profitable deals for both flips and rentals. Whether you’re just starting or an experienced investor, PropStream is worth checking out!
The information in this article are the experience and opinion of the author. Due diligence should always be done before investing in Real Estate.
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