You may have heard the term “Driving for Dollars” before. Essentially, this term refers to driving around in search of vacant or distressed properties. The PropStream mobile application makes this process seamless and easy to track. Track the routes that you take while driving for dollars and instantly pull up key data on the properties you find.
To locate the drive feature on the PropStream mobile application, simply tap on the drive icon located at the very bottom center of your cell phone. The first option on the screen is if you’d like to record the drive that you’re about to embark on. To do so, tap the On button or leave it under the Off option. Now the first avenue for driving for dollars would be to set filters and drive.
This very unique feature allows you to search up to a 50-mile radius from your current destination and look for a property other than just being physically distressed. Once a radius is applied, you can now use the same filters on the left-hand side that are located on the desktop version of PropStream. For example, within a five-mile radius, you can search for a non-owner-occupied property that’s vacant.
From there, you can select any of the quick list choices available. You can apply certain property characteristics, such as property classifications, property types, bedrooms, bathrooms, building size, lot size, year built, home features, unit number range, school district, as well as whether the property is in a COA or in an HOA.
The next category will be our MLS status. Here we can look for a property that’s on or off the market. Look for certain MLS keywords that are on the description of that property, MLS listing date, the status the property is currently under on the market, days on market, listing amount, and whether it was listed below market price.
The next filter would be the pre-foreclosure and bank-owned filter. This will allow you to stack whether that property is also under a notice of default, an auction, or even suppress these property conditions. Maybe you don’t want any pre-foreclosures in your search. You do have recording dates, auction dates, opening bid amount, pre-foreclosure release date, and the default amount that you can specify as well.
The next section would be the ownership info, which will allow you to apply years of ownership, the type of owner, the last sale date and last sale price, the location of the owner, whether it’s been transferred between family members, and any unknown sale dates as well.
For the Lien, Bankruptcy, and Divorce status, this will allow you to stack whether this property also has a lien, bankruptcy, or divorce or whether a lien was released at one point or bankruptcy was dismissed. You can specify the type of lien or you can suppress these records as well. This is for those that don’t want to deal with these particular situations. We have the lien recording date, bankruptcy recording date, and the lien amount that can be adjusted, as well as the divorce filing date and the tax delinquent year.
The last two variables are the valuation and equity info filter. This will allow you to specify an estimated value, estimated rental income, growth over a period of time up to two years, estimated equity by dollar amount, estimated equity by percentage, loan to value ratio as well as the assessed total value.
Finally, the mortgage information. This will let you identify any properties that have up to four loan positions. You can specify the open mortgage remaining balance, the first loan to current value by percentage, the first loan of current value by equity dollar amount, whether the property was bought in cash, or exclude those records, whether the property is currently free and clear, or exclude those records, or if you would like to include seller carryback notes or exclude those as well.
Once you’ve applied all of your filters, simply hit apply at the very bottom. We will take your filters and populate all the properties within that radius that fit those specific criteria. At this point, you can zoom out on your map to locate and identify those properties that fit your criteria. From there, you’ll be able to tap on your results located below, get to the details of the property, analyze the situation through the property details, run comps to get a value of the property, and look at the opportunity to see if it’s worth your time or not.
Then at this point, we can skip trace the property, get a phone number, get an email, and hopefully make contact. Or send postcards, purchase documents, even get directions to drive to that property. Now, at the very bottom, you will see the duration, the distance you’ve traveled, and the stops you’ve made. You’ll also have the ability to edit your search filters and finally, you can hit “End Drive.” Which will prompt, if you didn’t do it from the beginning, to save your drive.
The other option is “Just Drive.” This feature simply will show you the exact route that you're taking in real-time. You're technically freestyling your driving for dollars, so what we'll do is allow you to record yourself taking your routes and the idea is that while you're driving you'll be able to utilize our map to zoom in next to the property and tap it to get the details of the property.
From here we can hit the heart button and save that property or if we fool that we have enough time a sufficient amount of time we can actually tap on details and get into the details of the property and analyze that property another avenue rather than tapping and seeing the description or going into the details and viewing the details of the property if you're just on the go you can tap and hold and that will just save the property and put it in your favorites folder that way you can just drive right by really quick.
At the very bottom, you'll see your duration, the distance, how many stops, and you'll have the ability to end your drive. Now for those that do save your drive, they will be located in the “More” section under the mobile activity drive log. This is where we will store all the saved drives that you've taken or all the recorded drives that you've processed.
You'll be able to see the last 24 Hours, the last seven days, the last 30 days, or all of the recorded drives that you've done in the past. From here you can select any one of them to view the distance traveled, the time, and the stops made along the way.