Up until this point, my marketing campaign has consisted of strictly Out of State Owners. I’d gather the leads from the tax records and mail those leads. The call response rate has been very very good and it’s only a matter of time before I get a deal of those. When it comes to Out of State Owners there is one short fall, you will eventually run out of leads to mail to. There are only so many towns and you only mail to these types of leads every 6 months or so. Doing a town per week, I’m sure to run thin after about a year of marketing. This leads me to trying to find another lead source.
I don’t have a lot of extra cash to buy new lead lists for probate or time to really go to the courthouse. Well I may have the time, but my free time doesn’t coincide with the courthouse’s hours of business. This all means I must look someplace else to get new leads from. After talking with my coaches for a bit, they really support driving for dollars.
It’s a simple idea, but for those that are new and don’t quite understand the real estate investing lingo just yet, driving for dollars is basically just driving around a neighborhood and noting houses that have a lot of deferred maintenance , are vacant or are for rent. You could drive for dollars in any neighborhood, but to get the most bang for you time you should focus on level 2 types. Level 2 types are areas that have a predominant amount of rental properties compared to owner occupied. Kasey mentioned you should be writing down an address at least once ever 2 minutes.
This past Saturday morning Lance and I went to hang bandit signs like normal, but decided to spend most of our time driving for dollars. We got about 30 addresses of houses that met the above criteria. We didn’t now the area to well, so we spent some time driving through nicer parts that didn’t have to many junky houses.
The next step is to take those addresses and find out who the owner is. We can do this by cross referencing the addresses with the tax records, which will also give us the mailing address of the owner. Good simple stuff!
Your probably wondering which letter I use to mail to these people right? Well, I am just going to use the same letter I sent to the Out of State owners which simple says I’m interested in buying houses in your area and was wondering if your house is for sale. It’s a little more thought out then that, but that is the idea.
Does anyone have any good strategies that thy use when driving for dollars?
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