What are your experiences with Driving for Dollars?

What are your experiences with Driving for Dollars?

Wholesaler · Salisbury, NC · Member since 2019 · 34 posts · 11 votes

After dropping my lady off at work this morning, I decided to go driving for dollars for the very first time. I found nearly a dozen properties that appeared to be vacant/in distress, so overall, I thought it went pretty well.

However, I ran into some sketchy situations during my search...

After speaking with a neighbor of a small 4 unit apartment and learning it had recently been for sale, I began walking around to check it out. The owner sees me from his home and drives over to see what i'm up to. When I tell him i'm interested in the property, he tells me he isn't interested in selling. I can clearly see the property has no vehicles and saw no furniture after looking into a couple windows, so I knew they weren't being rented.
Plus, the neighbor had told me it had recently been for sale. Once the owner tells me that it would just be a headache because I would probably just rent it to anyone who had a nickel, it became clear to me that he was assuming because of my age, I would have no knowledge or experience and end up somehow costing him money in the end. He wasn't not interested in selling, he just wasn't interested in selling to me. I pushed the subject a bit more anyway, asking for more info and he seemed to calm down, until I asked him what he rented it for. For some reason, he was so against telling me how much it rented for (which I imagine any buyer would like to know). Eventually, he just drove off in a bit of a rage. That was my first encounter with a person driving for dollars.

Soon after, I found a small neighborhood with multiple houses that looked abandoned/distressed. I walked around each of them, going up to the doors to locate address numbers and see if there were any types of papers/notices that might hint to whether they are in fact vacant or not. I soon learned that one such house, apparently was not. 

After being informed there was a gentleman who maintained the properties in this neighborhood who could tell me about which properties were vacant and being directed to his home, I headed there to speak with him. As i'm walking to his door, a woman pulls up in her SUV. She begins asking me if I have a peddler's license to be going around knocking on doors (which I never did) and says that the neighbor saw me try to open her door (all I did was check the door for papers). 

For a few minutes, i'm trying to calm this woman down, assuring her that I was not trying to break into any of the multiple homes I had been seen walking around in this neighborhood and that I was just a property investor looking for vacant properties. Finally, after blatantly telling me that I would be greeted with a 9mm the next time she sees me on her doorstep, she drives off.(also in a rage)

So, I take a look at my list of properties, tell myself that's enough driving for dollars for today and head back home. It couldn't have been but 10 minutes after I arrived home that I heard a knock at the door...

Yep. You guessed it. It was a cop.

He'd been notified about a young white male driving a black truck, creeping around knocking on/opening doors (again, not what I did). So now, I had to explain to the officer what I was actually doing. At first, he was very suspecting and asked for my identification. (but that's his job.) Overall, he was kind and understanding about everything, just told me to be careful and advised me to alternatively go to the local Town Hall and ask for a list of vacancies, and also gave me a local website/tool that could help me identify vacant properties. I shook his hand, said thanks and he left to go bag a bad guy at the grocery store.

It was an interesting experience, to say the least. Has anyone else been threatened and yelled at like that? or had the police called on you?

I'd love to hear about everyone else's experiences while Driving for Dollars. :)

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Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
6y

@Corey Rippeto you are missing a key aspect here.  It is called DRIVING for dollars not peeping Toming for dollars, don't go looking in windows on properties that you do not own and don't have permission to be at, do not go walking around them either you look suspicious as hell especially if they are not vacant.  Also given the relatively low success rate of this you are wasting your own time by putting that much work in ahead of time.  

I suggest driving down the street and writing down the addresses then trying to contact the owners by mail or over the phone from home to see if they are even interested in selling before you invest so much time in investigating the property.

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  • Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
    6y

    @Corey Rippeto you are missing a key aspect here.  It is called DRIVING for dollars not peeping Toming for dollars, don't go looking in windows on properties that you do not own and don't have permission to be at, do not go walking around them either you look suspicious as hell especially if they are not vacant.  Also given the relatively low success rate of this you are wasting your own time by putting that much work in ahead of time.  

    I suggest driving down the street and writing down the addresses then trying to contact the owners by mail or over the phone from home to see if they are even interested in selling before you invest so much time in investigating the property.

  • Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
    6y

    @Corey Rippeto

    When I drive for dollars or when I am just driving around and see a property, I take down the address to contact them via phone and mail. I do not inspect the property by looking in windows etc.

  • Wholesaler · Salisbury, NC · Member since 2019 · 34 posts · 11 votes
    6y

    @Aaron K. I understand the majority of it is driving, but I would prefer to get a decent survey of the home before investing even more time and money to call/mail the owner about it (and possibly not even hear back). If a property has massive problems that can't be seen from the road, (blocked by trees, carports, etc.) that could be seen if I just got out of the vehicle and did a small look over, then I would rather find it right then and there and not after attempting to contact the owner.

    In fact, here's a prime example: One of the properties today had an entire collapsed backside and deck that was out of view from the front. By going around to get a look, I was able to catch that before spending time/money calling & mailing the owner. So in this scenario, i'm actually saving time and money by doing it that way. Sure, the owner might not even be interested in selling, but it only takes a minute to do a short walk around to know if i'm interested in buying, which is more important at first glance.

    Also, it's not like i'm going around peeking in all the windows. I only looked through a few windows, of a few properties, which were always from the front porch, and only because it was easy to do so. (didn't have to get too close to them)

    Trust me, i'd be freaked out to see a stranger peeping through my windows like that, so I wouldn't do it myself. :) 

    I would agree that it is definitely riskier to walk the properties from a safety standpoint though, which is why I tried to keep a bit of distance between myself and the properties, aside from directly approaching front doorsteps. Still, though. You're right. Might freak some people out just by walking on the property in general.

    @Charles Carillo often times, I was able to do that. But again, some properties have issues that cannot be seen from the road, so occasionally, I would walk over to check them out. Also, only looked through a few windows, which were always on the front porch. Thanks for your comment. :)

  • Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
    6y

    @Corey Rippeto it doesn't matter if the property has defects because you will learn that when you are invited to look around and you adjust your offer accordingly.  There will be far more properties where the owner isn't interested in selling than there will be properties with deal breaking defects that you can spot by snooping, not to mention as you have learned you're going to piss a lot of people off.  If you got close enough to any of my properties to see things in the backyard without permission, I wouldn't sell to you out of principal because you have no respect for someone else's property, multiply that by 1,000 if I'm living there.

  • Wholesaler · Salisbury, NC · Member since 2019 · 34 posts · 11 votes
    6y

    @Aaron K. wow. I actually never thought about it that way. 

    I was just thinking in the more than likely scenario of it being vacant, that nobody would really mind me going to look at it. 

    I would never think to walk someones property if I thought it was occupied, i'm not sure why I didn't think the same rules applied to vacant properties.. I never even considered that I should still ask permission to look around it, even if it is just the outside for a moment.. vacant or not, you're right.

    Boy, do I feel like a fool.. Thanks for that eye opener, Aaron.

  • Contractor · Evansville, IN · Member since 2019 · 142 posts · 208 votes
    6y

    Be proactive and sociable. If you see any humans, stop and talk. This disarms everyone in the neighborhood. Staying silent and to yourself, is inviting what you just went through. Talk to everyone you see, you will be surprised what you will learn.

    Walking blatantly obviously vacant properties isnt a big deal. But you gotta calm everyone down and let them know you ain't a vandal.

  • San Antonio, TX · Member since 2019 · 930 posts · 836 votes
    6y

    @Corey Rippeto

    Wow, you are really going to want to be careful doing that. A lot of neighborhoods around here, this might get you shot. I would suggest more driving, and less snooping.

  • Wholesaler · Salisbury, NC · Member since 2019 · 34 posts · 11 votes
    6y

    @Bill Kramer

    I spoke to every person I saw. I’d wave and stop people who were driving to ask them questions, to both, make people more comfortable and gather info on a property.

    There was one occasion where I saw a woman and her teenage son watching me from their door. I smiled, waved and walked over to let them know why I was there and ask them if they could tell me anything about the property I was looking at. Then, they were nice and helpful.

    Another time, a woman initially started yelling at me from across the street. After I walked over to let her know why I was there and asked her some questions, she too calmed down and pointed me to the house of the gentleman who maintains the neighborhood, and said he could give me info on any of the vacant properties.

    I understand the risk of doing this, as I did before starting. I was very cautious and considerate during the process.

    But, I now have learned to have the same respect for privacy of a vacant property as I would for an occupied one, which is why I’m no longer going to walk them until invited to do so.

  • Wholesaler · Salisbury, NC · Member since 2019 · 34 posts · 11 votes
    6y

    @Kris L.

    Yep. I was cautious, but of course, you never know for sure what could happen.

    In any case, I will no longer be walking properties until invited to do so.

    Up until now, I just never thought it would be a problem to walk an abandoned property, especially just walking around the far outside of it. I figured nobody would care. But not anymore.

    From now on, I’ll treat abandoned properties with the same respect as occupied ones.

  • Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
    6y

    Maybe wear black, do it at night with a flashlight. 

  • Wholesaler · Salisbury, NC · Member since 2019 · 34 posts · 11 votes
    6y

    @Terrell Garren

    Of course... Why didn’t I think of that?

    Terrell, you’re a genius!

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