Driving For Dollar$
Driving For Dollar$.
By Hewlett Santos. 2 minute read.
Check out this video on how I “drive for dollars” to find motivated sellers. Article below.
“Driving For Dollars” is an activity that Real Estate Investors do in attempt to locate vacant or distressed properties to buy as an investment.
As someone interested in investing in these neighborhoods, it can turn out to be a very high ROI activity. It allows me to experience the nuances and personality of the neighborhoods. It allows me to get my eyes and ears into the streets and gain perspective on the type of properties that are prevalent, the commonalities and dissimilarities between the blocks, and an avatar of the type of people I hope to reach. We drive around in the neighborhoods that we hope to purchase properties in and look for telltale signs of distress, such as:
High grass, unkept shrubs or bushes
Mail and papers spilling out of the mailbox
Boarded up windows and doors
Vacant property signs posted on the door
When we see these properties, we see opportunity.
We see the opportunity to help someone who is in a rough situation. We see the opportunity in helping to beautify communities that unfortunately are riddled with “trap houses.” We see the opportunity in potentially providing new families with their own piece of the “American Dream” by way of home ownership. We see the opportunity in helping the county to have these properties performing and generating tax revenue again, instead of decreasing the property values. A lot of times, the owners of these properties are out of state owners who don’t have the bandwidth to keep the property up to date, or simply do not care for the burden. They are quite happy to work with people like us.
Another opportunity that we see here is for people who drive for ride-share companies such as Uber and Lyft.
I don’t want to turn this into a sales pitch. However, it’s obvious that there is an opportunity here for independent contractors who drive for ride-share companies that poach up to 40% of your fare. It’s very easy to zone out and think about all of your problems/bills, etc. while on your way to drop off you current passenger. Instead, bring your awareness to looking out for distressed properties. If you refer a property to us, and we close on the deal, we will pay you $1000 or more. For doing something that you’re already doing. Definitely an opportunity there.
(P.S. You don’t need to be a cab driver to get in on this opportunity)