Driving for Dollars

[Jake Bryant]

Hello, my name is Jake Bryant. I hope you are doing well and stay healthy. I am building my business plan for REI. How excited I look forward to helping people in solving problems. One thing I stuck on an issue about Driving for Dollars. I am planning to hire someone to do driving around the town and build a list of vacant houses. How much would you pay, and how would be work if they get paid based on an hourly rate, commission, and flat rate? Please help me out. Comment here if it would be a bigger helpful. Thank you in advance! We appreciate your time.

[Matt Crusinberry]

@Jake Bryant, To be honest with you, I wouldn't pay someone to drive for dollars. While I don't take away from doing this as we have found deals by doing this exact thing. It would probably be easier to task the mailman to give you some addresses they are aware of in the neighborhoods they visit every day. They are also more likely to have better insight of what's going on for each particular property. I think your funds could be better utilized on picking up lists of properties that are about to turn, and acquiring some of the apps that are most advantageous to vacant/distressed homes.

On the other hand, if you just have a lot of capital and you want to increase your pipeline, then you'll probably end up doing it anyway; especially if you've already exhausted all other means of finding some of these opportunities, like the one I mentioned. I would say give the potential driver a percentage of any deal that you're able to close on or conduct a transaction where you make money. Also keep in mind that there's going to be some time spent going over the right and left limits of what your target deals are. Along with that, you'll probably be instructing on neighborhoods or areas that meet your criteria and where to stay away from. I hope this helps, and I wish you the best of luck!