Driving for dollars

5 Replies

This topic of "driving for dollars" is often brought up when the matter of finding wholesale deals arises. I believe the concept is great, but I'm still unclear on one thing. Once I find a vacant, or run-down looking property, and I go to contact the owner, what exactly do I say without sounding rude? I would never want to do business with someone who comes across as rude, and someone who randomly calls me and brings up my ugly property sure would rub me the wrong way. Any tips or input would sure be appreciated! Thank you!

Ian

I am a real estate investor that is interested in investing in "whatever area". I drove by your property and it meets my criteria for an investment property. Have you ever considered selling it?

Then have a conversation - find connections to relate to them - always find out why they are selling and how much they want. 

I constantly have people that want more then market value. Trying to educate these people is tough and you need to plant the seed early. 

Sure. But, I don't play anything off. I am very honest. My criteria is any house I can make money on but if they ask I describe their property. I.e. 3/2/2 built between 1990 and 2000. Does your property meet those requirements? Yes, great! Can I ask you a few other qualifying questions that will help me assess your properties value?

Cold calling is difficult even for the most experienced.  It can pound you emotionally. Most are better suited for a less confrontational approach.

A number of good people out there have some good marketing systems you can use for reaching out to vacant property owners. I think you will find them mentioned here on BP. Use your "driving for dollars" to log the addresses of the properties to plug into one of those systems.

Believe me.  If the seller is motivated, when he or she gets one of these marketing pieces, he or she will call YOU, and you have a whole different dynamic than you calling them cold.