I've Hit a Brick Wall with Leads, What Now?
Max here...
I've hit a figurative brick wall! 6 months ago when I started "wholesaling," I thought I'd be in much different place by now. The "this is going to be easy" mentality was never present. I've always known that this would be a challenge. But, I knew it would be a task worth taking on.
I've seen both my parents pass away with 0 assets. I don't want to do that to my family. My goal has always been to wholesale enough properties to buy & hold properties with cash, creating long term cashflow for my family.
However, since I need some "wholesaling income" to supplement part time income lost last year, it's been rough creating a marketing budget that'll provide sufficient quality leads, while putting food on the table. I'm sure many of you can relate.
So far, I've put about $7K into marketing, and I've only gotten one deal that netted $12K. While this seems great, It's only been 1 deal, in six months of driving driving driving (over 2000 properties), mailing absentee owners over and over (1,700 properties), and scouring the internet for possible deals. I have a lot of patience; it is my nature. But both, my and I and growing frustrated. Our reaction is "something needs to change," not "I need to quit." We're not quitters.
I know my weakness, which I think is good think. I don't know how to "sell." I struggle with talking to people, and having finess while maintaining confidence. Also, the higher quality leads are rather expensive. I got some decent quality leads from mailing absentee owners, but my budget doesn't allow it any longer. I've resorted to driving for vacant and dilapidated homes, and mailing them, just because it's more targeted and cheaper because it's a lower quantity of leads; also, I'm on Zillow everyday with saved search. But these are not bringing in the quality leads I was getting with the mailing list.
Am I missing something here? What should my focus be? I'm scrambling just to put food on the table, and I haven't even started a fund for my first buy & hold.
Should I try a flip? Just to make some cash?
Sorry in advance if this seems like a rant.