Searching for primary residence - Driving for Dollars?

[Mark Frattini]

Hello everyone,

I wanted to see what you think about using the driving for dollars strategy for a primary residence.

I am a multifamily investor now in search of my own primary residence. I am looking for a single family home in small pocket with great schools a few miles north of downtown Los Angeles. If you are familiar with La Crescenta/La Canada/Montrose/Glendale you might know the specific area. Homes are not listed very often and when they are the asking price is more than I am currently willing to pay.

I have already driven the area and have a list of homes that have neglected yards and deferred maintenance on the outside of the home.

Can the driving for dollars principle be applied to a primary residence?

Will the strategy still work if I need to finance the property and not pay cash?

If I did find an owner that was interested why would they consider selling to me vs listing the home and getting a better price?

If this is possible what would be the best way to reach out to the owners (mailing, attempt to call them etc.)?

I have a list of ~20 houses total so far.