Driving for Dollars

[Tyler Hespeler]

I have been spending a lot of time analyzing deals on the MLS and then driving the neighborhoods of these deals to check out what the area is like. It occurred to me that while I've been driving around, I could also start "Driving for Dollars" and take note of properties that look abandoned, and send letters to the owners. I've been researching this strategy and everywhere I've read seems to say to mention that you are a cash buyer. I'm still new to the game and do not have the funds to make a cash purchase. I am more looking to invest but I also am open to wholesaling. I was wondering if anyone has had experience with this strategy yielding sellers who are interested in seller financing, or going through a bank.

[Bob Woelfel]

@Tyler Hespeler the reality is when most investors say "cash" they typically mean they have a private or hard money lender willing to do the deal for them.  Granted there are those that actually buy with their own cash or have the ability to, but in my experience they are the minority.  Many wholesalers have no intention of buying it themselves and end up selling it to a "cash" buyer.

Just keep you letter vague.  Tell them you saw their house and you are interested in buying it.  When they call you can inquire about various ways of purchasing it from them.