Investor · Philadelphia, PA · Member since 2021 · 64 posts · 12 votes
I’m in the middle of house hacking my first rental property and I’m thinking about my next move. I continue to hear stories of people driving for dollars and finding great deals. After going to many trials and tribulations with my first deal, I can’t help but think there are deals found by driving for dollars that ended up being bad deals due to unexpected issues with the house. Therefore, I’d love to hear some stories of driving for dollars: how quick did you pull the trigger after discovering the home? Was there anything unexpected that the inspection found, or even worse, didn’t find? How did you pay for it?
Real Estate Agent · Boise, ID · Member since 2016 · 1k+ posts · 888 votes
3y
@Eric Samuels Driving for dollars is a way to find properties and or which ones/ areas to look into. Once you get the deal your due diligence should take care of any unexpected issues. If you aren't doing good due diligence it has nothing to do with driving for dollars.
My 2 cents be quick to lock a deal up and take your time on due diligence as once you own it there is no going back just forward. Also I would narrow down your funding before driving for dollars. If you are using conventional lending you will need a property that is lendable.
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
3y
Make a excel sheet on your phone and note the addresses of all properties in distress. I prefer door knocking, saves the time and money of skiptracing.
Rental Property Investor · Member since 2023 · 24 posts · 6 votes
3y
I have a keen eye for dilapidated houses or abandoned houses that have been given up on. When I'm driving; for some reason my eyes can always pick up on high grass, abandoned car in driveway or roof shingles missing that gives me a signal that the house owner is either out of town or has given up on the property.
At that time, my biggest problem was the follow-up. I had so many abandoned property addresses I just did not follow up consistently due to other opportunities that popped up.
After driving for dollars, I've been able to find my discounted deals mainly on different county and state databases.
All of my experiences have been good driving for dollars because each home gives a unique story about the owner situation