In this video, I show you how I drive my target market looking for vacant properties and motivated sellers. We call this in the real estate industry “driving for dollars” and it’s a great way to find motivated sellers and vacant houses. If you want to learn how to find motivated sellers, consider adding driving for dollars as a tool. One great resource to help you with driving for dollars is https://www.lexlevinrad.com/dealmachine/
Most investors will usually drive to a property, look at the property and then drive back home. I find that if you take the time to drive around the area of that property for around 30 to 45 minutes you will learn a lot more, and have the opportunity to find some vacant properties and other opportunities from sellers that are motivated.
Many investors think this is a waste of time. I think it’s very valuable in order for you to know your target market well. You need to know how many vacant boarded-up properties are in your market and you need to be marketing to every single one of these potentially motivated sellers. You also need to be aware of all listings on the MLS and be paying attention to the prices that properties are being listed at and the inventory levels.
As an investor, you should make a point of reviewing listings in your target market, the prices of these listings, and the demand. This will help you become a better rehabber. While driving through your target market you should also be looking for any bandit signs from wholesalers, and For Sale By Owner signs from motivated sellers. You never know where you will find your next deal.