Real Estate Investors Ways of Finding New Deals
Real Estate Investors are super busy. I witnessed the extent of their busy life while staying at my manager’s house. If he is not on the computer, he would be on the phone discussing some wholesale deals, closing updates, checking out houses and contractors, following up with his assistants, etc. And this is what he does all day before he goes to bed.
It dawned on me that finding wholesale leads would be a challenge for most Real Estate Investors if there’s no help in other areas. According to my manager one of the most effective ways in finding new wholesale deals for real estate investors is thru ‘driving for dollars’. This is my third week in Atlanta and I got to try it myself and understand what exactly driving for dollars is and how one can be more effective.
To become effective doesn’t require a lot of hard work however understanding some important aspects is the key to your success in driving for dollars. Real estate investors cannot do this on their own. One has to hire some bird dogs that can do this job. To identify good quality investment is the main job and the goal of a bird dog is to be able to help save time, money and effort. New Real Estate Investors who are trying to break into the business of real estate can be bird dogs and can learn prospecting techniques tremendously in the process.
So how exactly is ‘driving for dollars’ executed in order to find motivated sellers? Driving for dollars is driving to some specific neighborhood, street by street, and slowly but actively look for some properties with overgrown grass or trees that looked like they need tending. If the house looks abandoned and needs attention then that’s your best bet so it’s time to note that down! You will have to get the house number with the street name. If you can’t find the house number then check out the neighbor’s and so you can just mention the nearest number of the house that you think is an ideal target. You do have to check the following information about the properties carefully before giving to the real estate investors and make sure that you did not include houses under these categories:
- If there is a house near the creek then there’s a chance that it will be flood zone so this is a no no.
- Values of the houses down the hills are cheaper than the one up on hills. Pick the houses up on the hills as much as possible.
- Stay away from the houses next to the interstate because it’s undesirable and undervalued because of the noise.
A bird dog will need to take pictures and do some more research to get more information that the real estate investors can work on. If the real estate investor will sell and it will make a profit then the bird dog will be compensated. To learn more check it out here.