Driving for dollars is a fun way to get familiar with an area, make connections with locals, and most importantly find investment properties. Here’s a short Q & A with our Sales Director, Jared to get you familiar with how DFD works:
Q: What is Driving for Dollars?
A: Driving for dollars is driving in neighborhoods, searching for and gathering information on potential investment properties.
Q: How would you describe a typical day DFD?
A: I wake up early, get coffee, bring a friend and get excited to try and find properties. Once I get out to the neighborhood I take my time finding properties and talking to people on the street trying to get more information on the neighborhood, it honestly feels like a treasure hunt.
Q: When do you go?
A: I go on the weekends. I’ll typically spend my whole morning DFD if I commit to an entire neighborhood.
Q: How do you decide what neighborhood you want to drive through?
A: Prior to going out, I do some research on which areas are trending. It’s a good sign if there are other flips in the neighborhood, meaning there will be more comps.
Q: How do you measure the success of DFD?
A: It was a successful morning if I kept good notes, got leads from observations, talked to people on the street (mail carriers know a lot about a neighborhood F.Y.I), and isolated the houses I want to contact.
Q: How much success have you had DFD?
A: A lot – I’ve ended up buying quite a few deals that I found DFD. However, it can take a little while waiting for responses from property owners.
Q: Do you always bring someone along with you or do you often go alone?
A: I usually like to bring someone with me. It makes it easier to take pictures, notes, and drop off flyers quickly.
Q: How do you contact the owner to buy their property?
A: In the past I’ve used postcards, flyers, or letters in the mail.
Q: Have you ever had any awkward encounters while DFD?
A: Yes, it happens! I’ve dealt with rude people and even dogs chasing me, but it’s just a part of the experience. You just have to laugh it off if something weird happens.
Q: Do you have any tips for newbies?
A: Have fun with it. Don’t spend all of your time DFD because this is only one of the many strategies you should be using to finding properties. You need to be using as many tactics as you can to find really great deals.