Transcript:
Hey there, it’s Casey Denman from TaxSaleAcademy.com and thanks for joining me for our weekly question segment.
This week’s question was posted right here on our YouTube channel by Antonio. The question was “When is the best time to do drivebys?”
Fantastic question Antonio.
Before I answer the question, I just to clarify for everyone watching, Antonio is talking about property drivebys or site visits. This is where we’ll drive by the property to make sure our research online matches what actually exists in the real estate. This will tell us if that beautiful two story home online was recently burned to the ground. Or if that mobile home has been hauled off the lot. It can also tell us things like if that vacant lot is the area’s low spot that collects water.
Drivebys are a very important part of the research process. We can do so much online, but nothing can compare to seeing something with your own two eyes. There are a few strategies we teach so you can hire this process out if you’re not local, but at the end of the day it’s important you get some sort of visual on it. Otherwise you’ll start to increase your risk.
Alright, so when do you do this driveby? As close to your purchase as possible. If you can driveby on the way to the auction, then that’s going to be best. Obviously, this isn’t always possible but the closer to the auction the better.
In Tax Sale Playbook I wrote about a story where I ended up with a burned down house. The former owner felt that if he couldn’t own the house then no one else should. Poured some gasoline on it, lit a match and walked away. My research was too soon and I ended up with a burned out structure. There’s actually a picture in the book.
Obviously, if it’s a vacant lot you have a little more leeway since you’re primarily looking at the physical characteristics of the land opposed to the actual condition of the structure. Now, there’s still a possibility someone dumps trash on the property last minute, but at least you don’t have to be concerned with the actual structure itself. So if you need to driveby a vacant property a week or more in advance, then you should be ok. Emphasis on the word should there.
But when it comes to structures of any sort, be sure to delay the driveby until the last possible minute. Understand that if you or someone you hire doesn’t drive by the property at all there is a pretty high level of risk. If you do driveby it a month ahead of time you’re reducing that risk. If you drive by it a day ahead of time you’re reducing it farther. And if you’re on the phone with someone standing outside the property as you place your first bid, you’re risk is coming down even more. Obviously, we can’t do that, but hopefully you get the point.
The closer to the auction, the better. This is just one way to mitigate your risk.
Antonio I hope this video has helped you as well as everyone else watching. If anyone has a question feel free to post it below in the comments. I’ll certainly answer your question and I might just respond in a video like this one.
And if you’d like to get started in this incredible business, I’ve got lots of links down below in the description which will certainly help. One of them will take you to TaxSaleAcademy.com where you can get your free copy of Tax Sale Playbook or you can click join and become a member of the academy for the most advanced, actionable, step by step training that we offer.
Take care, see ya!