First driving for dollars

15 Replies

I conducted my first driving for dollars the other day.  I picked a small section in my target market and just drove around looking for houses that appeared abandoned or neglected.  I came away with about 30 or so houses over a 3 hour period (so about 10 per hour).  Anyone else ever try this?  Did I do OK with that return rate?  The plan is to direct mail to the property owners in hopes of finding a motivated seller in the bunch.  Anybody ever have success using this strategy?

yes, lots of people use this strategy. you should knock on their doors too, not just mail a piece of paper that will most likely end up in the garbage.

Thanks @George P.  I'll have to try it next time I go out.  Does that make a big difference in response rate?  I could see how it would, but taking the time to knock on every door would really cut down on the amount of properties you could identify, wouldn't it?

yes, so dont stop at 50 properties. if you see people around (neighbors), stop and talk to them. do not do it for all properties.

Remember that you objective is to create leads that can become qualified suspects who are interested prospects that you monetize. 

It ain't the size of your list that counts. It's what you do with leads.

Since you are chasing opportunities to buy equity (or cash flow) at a discount keep this in mind when you research these properties. You can use my PETIO method detailed in other posts on these forums.

I'm now spending my lunch breaks at work using google street view to virtually D4D. 

I know some of the imaging is out dated - but it gives me a good idea of areas to focus my physical driving in. I'm finding streets I didn't know where there, areas with the size/style of house I'd focus on, ect. 

Or for example, I'm looking for duplexes. It's an easy way to make a list of all of them in my target market. 

@Dallas Martin good job, keep up the work. This is One of my favorite things to do when I don't have anything going on. Also it somehow relaxes me lol

Like @George P. Said knock on some doors and talk to neighbors also, they'll have some good information as to what's going around in town.

Keep up the good work, and happy investing!

Have you guys developed a good system for tracking all the properties while driving? Do you carry a notepad? Drop a maps pin? ect?

@Natalie Kolodij - That's a great idea for pre-screening an area.  I'll have to remember to do that prior to going out next time.  I just wrote down all the addresses for the properties I found on a piece of paper and put them in excel when I got back to my house.  I thought about using the My Maps feature in google to create a custom map with all my targeted properties on it after I'd gone out to identify them; but now I'm thinking I'll use your idea along with a custom map to plan out the drive ahead of time.

I'm just always trying to find a faster/better way to record as I'm out driving. I feel like the pulling over/ finding the address/ writing down/ figuring out what street I'm now on...can take a long time. 

I wonder if there's a software or google map feature that accurately will grab and mark an address for you while driving. I'd pay money for that haha 

@Rick H.

Can you point me in the right direction for this PETIO method? What is it?

Use search feature to find PETIO.

Originally posted by @George P. :

yes, lots of people use this strategy. you should knock on their doors too, not just mail a piece of paper that will most likely end up in the garbage.

 He said abandoned properties, so you can't necessarily knock on the doors, because it is abandoned. Why shouldn't he send out postcards/mailers to the owners of these properties? I am asking because I literally did the same exact thing and just sent out postcards 3 days ago. Is there another, better way to go about this and get in contact with the owner? I also try to find phone numbers but for some people I can not.

Javon Dixon (look for him)

posted before that he uses home snap as his driving for dollars app here on BP

@JavonDixon

Also it might be helpful to use applications that are tracking your path, for example MapMyRun, this kind of apps designed for sport activity and they are tracking your path, so you'll not drive same street 2 times.

for abandoned, see if you can talk to neighbors that might know where the owner is. i am not saying do not send mailers. it's just that if it looks interesting or there are "let's say" people moving boxes out, stop and talk to them. better than mailng in that case.

good suggestions on the map apps.

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