Looking for deals? Try driving for dollars

[Bradley Jernigan]

One of the best ways I have learned to find potential deals has been to drive for dollars. Some advantages include:

1. Local Insight: Driving around neighborhoods allows you to gain firsthand knowledge of the area, understanding the local market conditions, amenities, and potential investment opportunities.

2. Hidden Gems: You might come across multifamily properties that are not actively listed but could be potential deals. This gives you an edge over competitors who rely solely on public listings.

3. Direct Outreach: Identifying distressed or neglected properties gives you the opportunity to directly contact owners, potentially negotiating a better deal without the competition that comes from public listings.

4. Off-Market Properties: Many lucrative multifamily deals never make it to public listings. Driving for dollars increases your chances of discovering off-market opportunities that others might overlook.

5. Property Condition: Assessing properties in person helps you accurately gauge their condition, potential repair costs, and overall investment feasibility.

6. Less Competition: Since driving for dollars is a proactive approach, you face less competition compared to online listings or real estate auctions, potentially leading to better deals.

7. Market Research: As you explore different neighborhoods, you gather valuable insights about rental demand, tenant profiles, and property management challenges in those areas.

8. Creative Opportunities: Driving for dollars encourages creative problem-solving, as you might identify properties with untapped potential for value-add strategies or redevelopment.

[Matthew Morrow]

My first deal ever was driving for dollars. Found an off market 5 unit that would turn into a slam dunk. Time investment and persistence pays off. Keep at it!