Overview of Driving for Dollars Strategy
Driving for dollars is a strategy real estate investors use to find off-market deals. It involves driving around target neighborhoods, looking for distressed properties. Investors write down addresses of distressed properties, research them, then market to the owners. The goal is finding deals competitors have not noticed. It can supplement other marketing strategies.
Benefits of Driving for Dollars
Better prices on distressed properties mean better deals and profits. Distressed properties signal owners struggling financially. Common signs are: unpaid taxes, late mortgage payments, pre-foreclosure status, roof tarps.
Tips for Successful Driving for Dollars
Success takes perseverance sourcing multiple leads over months. Technology helps automate driving for dollars. Mobile apps evaluate routes and locate distressed properties on maps. Despite technology, manual driving still produces results. Investors must put in time to find untapped deals. But finding undiscovered properties gives a competitive edge.