Driving for dollars for a single property purchase?

Question

Hi all,

I have been looking to purchase my first duplex for a few months but am struggling with such low inventory on the MLS. I am considering driving for dollars to aggregate a list of potential duplex owners to contact but all the research I find implies this strategy caters specifically to wholesalers.

Looking for opinions from experienced investors if you think this could be an effective strategy even though I am currently only looking to purchase one property with financing.

Thanks

Justin Reed · Answer

I would just send out direct mail. You can easily pull a list that matches your exact duplex criteria, scrub it, and send the mail all in an afternoon or weekend to be honest.

I have much higher returns than I ever did with driving for dollars, it saves me time, and it's a lot less work.

Scott Bottomley · Answer

@Brad Annen

Driving for dollars can definitely work. But, since you’re looking for specific types of properties there may be more efficient ways to narrow your search. I send you a FB message

Joe Aiola · Answer

@Brad Annen I agree with @Derek Felch - driving for dollars is a great way to get you off market deals. Just understand that it takes consistency. You may have to call 5, 20, 50, or 100 houses to get a deal. Following up is also critically important. Call each house once a month to stay top of their mind.

I also wouldn't limit yourself to just driving for dollars - you can purchase lists through a site like Listsource.com to target a different audience. Again, this takes consistency.

Hope this helps and best of luck!

Derek Felch · Answer

I think targeting owners of properties you want through direct mail and/or cold calling is a great way to find off market deals.  It can take some time, and maybe a few contacts before you get something.   You are doing the same thing that a wholesaler would be doing, but the difference is simply you are wanting to purchase it for yourself rather than assign a contract to someone else.  Does that make sense?

Driving for dollars for a single property purchase?

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