I’ve had some success with driving for dollars but make sure you have an open mind as to what indicates distress, it’s not always just a run down house or overgrown grass. One of my leads came because there were for sale signs on 2 cars and a boat in front of a house. So, I figured he needed money for something. Turns out he lost his job and wanted to move to a cheaper market, I’m in Los Angeles. I didn’t close this deal but you get the point, distress doesn’t always look like what you expect.
It is a very effective way to build a unique lead list. The next question is what do you do with it. Are you going to cold call, SMS, direct mail. What method you use and how you use it is going to determine whether it is effective or not.
you can also use google map to do it virtually.
incoporated it with door knocking, you can easily locate vacant properties in the neighborhood.
Also, Signs that a property may be empty:
There are no tire tracks in the driveway after a snow.
There are no window treatments.
The gutters are falling off.
You see newspapers stuck in the door.
The paint on the house is peeling off.
The roof looks beat-up.
There is debris on the front porch.
Definitely a great place to start, especially if you have a small budget. You’ll have to put a fair amount of time in. But you can definitely find distressed properties and motivated sellers!
Yes it works but do not be discouraged if you do not get results quickly.
We are in a very competitive market, we typically do driving for dollars on the way somewhere. While driving for dollars, the majority of the vacant homes we see are owned by companies or trusts. We are still trying to figure out the best way to find deals while driving for dollars. I agree with the others, leveraging technology is a good route.