Went driving for dollars today

[Jose Diaz]

Hello everyone, hope all is well. Today before and after work I went driving for dollars and was able to spot more than 10 properties.  I wrote down their address to look up information. 

 My question is, what information would I be specifically looking for? I am guessing that based on what I find determines how I market to them correct? 

Thanks 

[Rick H.]

Let me help you get a clear picture of your objective: you are either trying to buy equity or cash flow at a discount. That's pretty much it.

You initial effort should be in creating a lead list of "suspects". Using the driving for dollars technique means collecting info in the field and sanitizing or 'scrubbing' it by eliminating obvious unqualified properties. From the ones you drive and identify, eliminate:

1) Corporate owned, including bank, investor, LLC, investment trusts

2) Recent purchase

3) Insufficient equity

Every seller needs a motivation. We call them triggers or catalysts. Something that causes them to want to sell NOW. Consider merging your list with other lists to discover "perfect storms" where people are overwhelmed with multiple problems.

A single mailing is insufficient. It is statistically extremely unlikely that you will send an owner a single letter that makes them do a backflip and want to sell their property to you at terms that you'd accept.  No one us that good at copywriting, especially when new. So, just hit them every couple of weeks with a simple letter that keeps you in the forefront of their mind.

Real estate investing can be very complicated however, there are lots and lots of people who have made tons of money despite not being wiz kids. Don't overthink the prospecting part of investing.  Just take the necessary action.