How's my Driving for Dollars Strategy?

[Nick Tolson]

Hello everyone,

I've got about 5 weeks to find a deal (For Rehab & Flip) in the Los Angeles area. 

All in, our team can do about $1MM Max with rehab cost included (we'd put 20% down with a hard money lender).

I have been in contact with Wholesalers but nothing has aligned for us yet, therefore I've added D4D to my arsenal of locating a deal.

Right now, these are the steps I'm going through:

1. Go on Zillow to find Pre-Foreclosure properties in areas I like and make sure an auction hasn't been set yet.
2. Drive to the house to check condition of home and surrounding neighborhood.
3. If I like the house, I'll knock on a neighbor's door of the subject house to see what the owner's story is so I can determine if the owner might be motivated.
4. Get in my car, pull out my laptop and run numbers so I have an idea of what I'd like to offer.
5. Knock on owner's door, smile, and pitch.

I've only been doing this since Saturday and have gotten one "I MIGHT BE INTERESTED", but it's not so promising.

I know it really is a numbers game and most flippers suggest sending mailers out, but I want to know if anyone has had success in the past 12-18 months D4D and what your strategy was.

Thank you!

[Will Barnard]

Your strategy is good, your execution may need some improvements.

As an example, why waste time trying to get info from a neighbor, just knock on the subject Property door and let them know you are looking for a property in that neighborhood, are they considering selling now or in the future. You do not need an offer price on door knock day either. If they ask, you tell them you will go back home and crunch some numbers then get back to them.

In other words, keep it simple and spend more time actually doorknocking rathervthan all the other steps which will often be wasted.