What is Driving for Dollars ⁉️ & #1 Reason to AVOID it. - myEmpirePRO

What is Driving for Dollars ⁉️ & #1 Reason to AVOID it.

What is driving for dollars?

It is a data collecting strategy in the wholesale real estate investing world that I think you should avoid.

Many people misconstrue DRIVING FOR DOLLARS for a marketing strategy.

The problem with that notion is that you cannot refer to a strategy as marketing unless an actual outreach to a potential lead happens.

The reason why I do not recommend it is the battle that most entrepreneurs struggle with between the importance of quantity versus quality.

what is driving for dollars for wholesaling  real estate

Below is a question for us to address with this lesson…

“I contacted someone about their property.

They informed me the property I contacted him about was not available.

However, he said he is selling this property for 35k.

I don’t have an estimate of repairs because I don’t know if it’s even worth it.

Propstream said the value was $66,400.

Can you give your advice/feedback on what you would do?

This is my first lead and I’m lost.

Thank you!”

Enjoy the video.

Check out this 12 part series on how to avoid driving for dollars,

  1. skip 80% of the hustle,
  2. make money with or without closing deals
  3. And simultaneously 10x your closed deals.

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What is the best way to drive for dollars?

The best way to drive for dollars is to NOT drive for dollars because there are more cost effective ways to market for wholesaling.

It is the most expensive data collection activity.

You put some $20 – $30 gas in your car and drive around for 2-4 hours to collect less than 100 addresses.

These are addresses of properties with very high chances that you won’t find their owner.

So if you can’t find the owners, you can’t prospect and prequalify them.

While wasting all that dear time on one piece of potential lead, I have prequalified 200 properties all online.

As a result, I save money on Gas.

And I save time by applying leverage of the machines of 2000&DIGITAL.

The 2nd best way to drive for dollars is to have other people do it.

You can leverage digital marketing to build a team of drivers around the nation.

They will collect data for you on their own dime while prequalify, skip trace and prospect for deals.

Therefore it’s safe to say that driving for dollars is not worth your time.

This is especially true if you know that you are skillful enough to find a $20 per hour regular job.

That will be $40 – $80 that you are effectively throwing away for every 2-4 hours that you drive around collect property addresses.

Investing half of that in proper marketing would created 1,000% productivity in your business.


How does the driving for dollars app work?

The idea is to have the mobile app on as you drive around town to track your movement, location and to enter the addresses of prospect properties.

There are a few resources involved in this activity.

You time is the first resource involved.

And I don’t know about you and how you value your time.

For me, it’s not worth it.

When I consider how easy and cheap it is to find quality data all online from the comfort of my home,

It’s simply not the best use of my most valuable resource.

Once you collect these addresses, you then have to find contact information for the homeowners before you can actually market to them.

Everything you did before that is basically data collection; the most expensive way to do it ever.


How do I find homeowners information?

The process of finding homeowners information after collecting data is skip tracing.

However the more data you collect, the cheaper it gets to skip trace.

When you drive for dollars, the list of data you collect is typically small.

It’s gets very expensive over time because you pay more per data that you skip trace

But also that’s because it is harder to create systems and leverage from small samples of data.


Driving for Dollars script: What do you say?

There are questions that you must get answered from verifying the owner’s name to prequalifying for motivation level.

You can see more details about these questions here.

If the seller is not motivated, you don’t have time to waste

Because you should have more than enough leads and prospects waiting in your pipeline to be served.

The success rate in driving for dollars is less than 2% percent for that very reason.

For the most part, it’s high hopes in a business model with no leads pipeline.

A Dead Business.

The response rate on the data is no better and the leads quality is no better either.

In recent times, the driving for dollar apps are starting to introducing the virtual or online version of this data collection strategy.

I am not buying it.

If you want to win BIG in wholesaling and real estate investing, it requires real and up to date marketing skills.

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Padilla 5.0 out of 5 stars ⭐⭐⭐⭐⭐ Awesome book!!
Excellent read!!

Cliff R. 4.0 out of 5 stars ⭐⭐⭐⭐ Full of actionable, useful information for sure.
The author does an excellent job of cutting through much of the real estate wholesaling BS that is prevalent in the market. That is to say while most gurus are teaching what they DO NOT DO, Ola outlines steps of creating value at the center of your marketing. His down to earth delivery just makes sense. He speaks of leveraging technology, the importance of multiple income streams, and an overview of the real estate wholesaling business in the new age of business marketing. For example, he mentions that many people don't even like their family members stopping by unannounced, so how can you expect them to be ultra receptive to a stranger popping up looking to capitalize on a misfortune. Of course that's not how the "Door Knocking" conversation would be framed, but that's exactly what it is. All in all I enjoyed the read and if you plan on making action your focus, you will too.

Brian Ellwood 5.0 out of 5 stars ⭐⭐⭐⭐⭐ Solid Advice From Someone Who's Been There
Ola is a legit real estate investor and marketer. He's a real student of wholesaling and marketing - his approach to marketing for wholesale deals - ADD VALUE - is recession proof and feels right. Don't pass up this book!

Melton Thomas 5.0 out of 5 stars ⭐⭐⭐⭐⭐ A true mindset shift!
As a virtual real estate wholesaler and investor, it makes sense to me to optimize my approach and use technology to drive. This book gave me a clear, concise framework that I could leverage and implement!

stacy 5.0 out of 5 stars ⭐⭐⭐⭐⭐ Amazing
This book is amazing and very beneficial. The author is very knowledgeable on the concepts at hand. Definitely a great book to read.

What is the best way to drive for dollars?

The best way to drive for dollars is to NOT drive for dollars because there are more cost effective ways to market for wholesaling.

How does the driving for dollars app work?

The idea is to have the mobile app on as you drive around town to track your movement, location and to enter the addresses of prospect properties.

How do I find homeowners information?

The process of finding homeowners information after collecting data is skip tracing.