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Hey everybody!

Welcome back to another newsletter discussing the topics of real estate and financial freedom.

Today, I wanted to talk about the topic of “Driving for Dollars.”

This topic will build off my newsletter last week that discussed wholesalers.

Driving for Dollars is a deal flow strategy that basically implies getting into your car and driving through neighborhoods where you want to invest.

These are typically neighborhoods that are geared towards rental properties.

Driving for Dollars is one of the main strategies that wholesalers implement.

However, you don’t have to be a wholesaler to do it.

As an investor, instead of scrolling Zillow looking for your next deal, you can go out and find your own deal yourself.

It may take some extra time, but is often how great deals are found.

When I implement this strategy, I use an app called DealMachine to help me with this process. It is a monthly subscription, but helps keep everything organized.

With the app, you simply tell it to start driving and it will record your drive. It will also record past drives you have made so you can avoid driving the same streets twice.

Whenever you see a house that is distressed you can simply add it to your list.

A distressed house usually consists of the following:

-Boarded up windows

-Super tall grass

-Overstuffed mailboxes

Once they are added to your list, you want to figure out a way to contact the owner of the property. Luckily, the app provides that information by pulling it from county records. This usually comes with an extra fee.

You can then:

-Call the owner

-Email the owner

-Start a Postcard Campaign

If you are afraid to make the phone calls or don’t have time, you can hire a part-time virtual assistant to make the calls for you.

For the postcards, you would typically start a mail sequence that would send the owner of the property up to 6 pieces of mail over a certain time period.

The goal is to find a motivated seller who is interested in getting rid of their property.

Some people look down on “Driving for Dollars”. However, it is a great way to get started in real estate by hustling for your own deals and finding deals for other investors.

The goal is to find “off-market deals” and go direct to sellers so you are not competing with everybody else.

There are a ton of different software/apps to use when implementing Driving for Dollars, but DealMachine is my favorite.

I’ve recently started doing this more so I can find better deals.

Yes, it requires more work and effort, but that is how you create deal flow.

That is all I had for today’s newsletter.

I’m actually getting back from New York City today where I’ve been on vacation this past week and had a great time getting to see all the cool tourist attractions.

Have a great weekend everybody and I’ll see you again next week!

If you haven’t already, be sure to follow me on Instagram: @realestatewithcaleb

Disclaimer: My newsletter should be viewed as educational content and should not be construed as actionable advice without consulting the proper professionals.