Driving for Dollars (Mini-Course!) | Wholesaling Real Estate [Day #10] | Summary and Q&A

TL;DR

Learn how to effectively use the driving for dollars method to find highly motivated sellers in the real estate market.

Key Insights

• 😘 Driving for dollars is an effective and low-cost method for finding motivated sellers in the real estate market.
• 👨‍💼 Working with a partner can be beneficial, but it's essential to establish clear business structures and discuss potential scenarios to avoid conflicts down the line.
• 😥 Closing costs can be negotiated and may serve as a selling point when presenting deals to potential buyers.

Transcript

what's up guys it's rick and it is friday evening and it's that time so let me get a little disclosure today start today i'm in south florida we have a a huge thunder cell coming in so if it cuts off i'll reboot and jump back on so it i mean it's like pitch black out so the power goes off it's not me it's not you it's the weather um it is what it i... Read More

Questions & Answers

Q: How often should I go driving for dollars to get a deal?

It is recommended to go at least once a week and aim to collect at least 150 leads per session in order to increase your chances of finding motivated sellers.

Q: How do I skip trace the leads I collect during my driving for dollars efforts?

There are various tools available, such as TruePeopleSearch and White Pages, that can help you find contact information for property owners. Alternatively, you can use skip tracing services for a more efficient approach.

Q: Should I incorporate my friend/partner's name on the contract when we do joint deals?

If you are entering into a partnership with your friend, it is advisable to create a separate LLC where both of you will own 50% of the shares. This will help establish clear ownership and ensure a fair distribution of profits.

Q: Should I offer a net number to sellers when signing contracts?

Offering a net number can be risky, as you may not have a clear understanding of outstanding liens and other costs associated with the property. It's best to stick to the purchase price and determine closing costs separately based on the deal specifics.

Summary & Key Takeaways

• The economy is in a recession, making driving for dollars an even more valuable lead generation tool.

• Driving for dollars involves driving around neighborhoods and identifying distressed properties that may have motivated sellers.

• Common signs of distressed properties include high grass, lack of landscaping, boarded-up windows, and missing mailbox receptacles.