Getting Started in Driving For Dollars

Getting Started in Driving For Dollars

Real Estate Agent · Rockwall, TX · Member since 2020 · 7 posts · 0 votes

As a novice in the real estate investing world, I'm looking for a way to get my feet wet in the business. Don't have a ton of money but have plenty of time, so one effective strategy that I've heard is to drive for dollars and find some killer deals to then pass along to seasoned investors in my area in hopes that they lead to something whether it be a partnership or a commission. Not necessarily wholesaling per se, not making lowball offers and selling it to an investor, but rather handing over good deals in good faith to build a relationship with investors. Of course, I know driving for dollars is an extremely popular way of finding deals when you have time on your hands, but I just wanted to ask the BP community of any other methods you guys find effective for someone in my situation. I'm planning on starting a free trial with DealMachine and hopefully using that into the ground for the next 14 days, so any DealMachine tips or other deal-finding methods would be greatly appreciated!

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  • Rental Property Investor · Chicago · Member since 2018 · 613 posts · 1k+ votes
    6y

    @Chandler Catron - congrats on getting started.  Yes Driving for Dollars can be effective, but there could be more that you can be doing.  For starters, you mention "good deals" but how do you know a good deal from a mediocre deal?  

    In addition to driving for dollars there are ways to actually learn while doing. Intern for a broker, a property manager, a lender, anyone in the industry. In my opinion, this will provide much more long-term benefits of intimate knowledge and connections. 

    As an example, we recently interviewed Jared Kott and he started with no experience but offered to be the guy who served 5 day notices for a local PM company.  A few years later he owns over 100+ units and is also running a well known property management company here in Chicago.  

    I don't want to deter you from driving from dollars, just pointing out there are additional avenues, especially if you have time (it's also not a binary choice for any of these). 

  • Real Estate Agent · Rockwall, TX · Member since 2020 · 7 posts · 0 votes
    6y

    @Tom Shallcross very true! I’ve been considering reaching out to some local brokers and seeing what opportunities are there, guess it couldn’t hurt. Appreciate the input!

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