What is “Driving for Dollars” in real estate investment?

What is “Driving for Dollars” in real estate investment?

If you don't have money and you want to get involved with real estate investing, driving for Dollars is a great way to keep your feet inside the real estate investment. Welcome to Wealthy Wednesday.

So what is driving for Dollars? Driving for Dollar is you're driving by a neighborhood, you see a home looks abundant, maybe the grass is high, and may look like it needs repair. Nobody lives there. or even if someone is living there, it doesn't look clean and needs repair. You contact that homeowner and offer for purchase and then connect with an investor who is looking to buy in that neighborhood and sell it to them. Sell the contract actually, and then get an assignment fee.

Now here are a couple of tips before you start driving, because gas is very expensive these days. So you don't just drive around.

First of all, pick an older neighborhood where homes are 50 years, 60 or 70 years old because those homes are likely to need more repairs. Also, those homes are mostly in an average price neighborhood. So there is a more buy and sell movement over there because of affordable prices. So pick a neighborhood and then what do you do is you start driving in one area, you do your schedule. You start driving and whenever you see a property, you take a picture of that property. Then at home you can print that picture on a paper and then write down and you can actually go to the tax record, county tax record and you can find the information of the homeowner. You can see the name and also the mailing address. If the property is rented or maybe the homeowner is living there, they don't have money to fix the home. So you can see the mailing address. Then take a white envelope, handwrite the address and then that photo of the property, you printed on the paper, you just write down, hey, Mr. And Mrs. whatever the name is, the homeowner. I would like to buy your home for cash. Let me know if you're interested. Very simple. Don't overcomplicate it and then put your phone number and put a stamp and mail it to them.

If you do that on a continuous basis, trust me, you will have some of the people who are interested in selling their home. And then you connect to an investor who is ready to buy. Or maybe you can do a partnership with someone who has money and then, hey, now you have a deal here. So this is driving for dollars. It's a true sweat equity strategy. Give me a call if you have any questions.

My name is Shawn Bhakta from Remax Presidential, South Florida Homefinder Team. Glad to help.

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