Any one ever Drive for dollars ?

Question

Joao Cappellano · Answer

@Brandon Turner also mentions in webinars, you can carry a hand written letter (or create one using) biggerpockets.com/dmletter and keep it in your car for an opportune moment. Someone will see it at some point, whether its the owner or a neighbor (who may inform the owner of said letter). Unfortunately I haven't even done this myself yet, but i remembered the idea being mentioned. My wife and I are very new to investing in real estate and are currently at the analysis paralysis hurdle we still have to get past. Good luck on your journey!

@Or Basan

Terrell Garren · Answer

If I am driving, I am driving for dollars.  One benefit of self managed property is travel between properties.  I take different routes through different neighborhoods to look for things like - comp rental rates, new for sale signs, auction signs, distressed property, contractor vehicles, etc.

Rachel H. · Answer

@Or Basan Yes, it's called farming an area. My preferred way to scout out neighborhoods and areas. Though it takes time, you'll be able to witness the neighborhoods firsthand. Most real estate investors want to do things the easy way. Cold calling and direct mail come to mind. But nothing beats face-to-face contact. Good luck!

Caleb Jordan · Answer

I have definitely found some juicy vacant houses driving for dollars, but have not heard back from home owners. But I also was not super focused on it.

Andrew Faukner · Answer

I've just tried a couple, but didn't have any success. I know to be successful you have to try lots more. One interesting aspect I've noticed is that the information about the homeowner varies quite a bit by county. In one county, the information was easily accessible online, but in the county next door, you would have to go to the county clerk recorder and request the information. It would be great to hear what happens in your "driving for dollars". Good luck!

Phil Z. · Answer

I have, but I never really followed through with contacting the home owners.

You'll want to drive all the streets of a neighborhood looking  for homes that have signs of vacancy (tall grass in the summer, or non-plowed driveways in winter), or are just in poor condition.

Then look up the owner information via public records and try to make contact one way or another. (letter to the house, facebook, skip-trace)

Any one ever Drive for dollars ?

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