First Day of Driving for Dollars - What’s My Next Step?

Question

Looking for input from those who’ve had success finding properties driving for dollars.

I’ve got a list of about 25 vacant looking properties. I’ve already done the digging, and got owner addresses and information. What’s next? Keep doing it until I have a bigger list to market to?

The part I’m looking for the most help is understanding when to factor rehab costs. It seems like a lot of blog posts on here and the internet in general, say to basically have a “cash” (sometimes wholesaling) offer ready to go when you start marketing. But how do you know what price you should offer without knowing details of the rehab?

Or, should I be marketing something like “I’m very interested in your property and would love to come take a closer look and potentially make an offer.” That way I can crunch all the numbers more accurately then go from there.

I’d appreciate any feedback!

Curt Davis · Answer

I would take into account what they tell me about the home along with a base rehab cost. Until you see it you are just guessing but you want to guess on the high side and if the numbers seem to still work then schedule an actual inspection.

Good luck

Curt Davis · Answer

You should skip trace the owner to get their phone number and then call them. Much faster and more direct.  Then you can ask them about the home and condition.

Good luck!!

Eric Martin · Answer

@Curt Davis thanks for the tip! I’m guessing that’s just something I can pay monthly for a service at that point?

Would you use their description of condition as the basis for your rehab cost estimates?