So, in my short education period on differing, yet the same somehow RE strategies, it is about finding motivated sellers. Wholesaling, MH Investing, Raw land flipping. I've read, listened to podcasts, and checked the top websites. Shout out to Seth Williams, John Fedro and of course Bigger Pockets for some of the best content on the subject ever compiled. Great job to all. My question is can one mailing campaign cover all possible prospects. What would you farm to get all 3 in one mailing? That is what I need. Thanks again for all your work, it is much apprecieated.
Don't know that you can and I would definitely argue that it takes time more than anything. If you listen to @Sharon Vornholt I believe she mentions she hits the same target 5-6 times. The key is hitting them over and over so the person remembers you and you stand out from the other investors who sent 1-3 post cards or letters. I did Seth's practice of hitting delinquent tax owners who were about to lose their land and I had some good leads but they were out of my comfort zone and a strange deal. I had one guy willing to sell his restuarant for 50k (he has 300k in) and I still said no because its in a town of 46. Its more of a numbers game than a magic list.
Hi @Stephen Dominick - thanks for the kind words! I appreciate that.
I can't speak much to the mobile home aspect of it, but I know there are definitely some wholesaling opportunities that will come out of the woodwork if you're pursuing tax delinquent properties. I've come across them on pretty much every mailing I've ever done. They're not in short supply if you're talking to the right people.
That being said, even though it might be possible to kill 2 or 3 birds with one stone, I think it might serve you well to pick one of those strategies (land investing, wholesaling or mobile homes) that you really want to pursue. Figure out which of those investing approaches will serve your business model most effectively. Once you know what you're aiming for, it will become the driver of your decisions and eliminate a lot of ambiguity about what you're trying to do.
Just speaking for myself, I've found that my personal effectiveness get a little "watered-down" when I start trying to pursue multiple strategies at the same time. Each of these niches has a lot of unique things to learn - it's a lot to bite off all at once.
If you can make a decision about where you want your expertise to be (rather than cramming it all into one business in the beginning), you'll allow yourself to develop a laser-like focus and you'll be far more effective in the end.
Thanks for the shout out Stephen. Interesting question you pose. This reminds me of a quote I heard and that stuck with me for many years told to me by a successful mentor of mine, "I would rather have 20 average methods to find motivated sellers than to have 1 method that works really great." Whether or not you agree this quote emphasizes the point to dominate your local area with marketing and advertising. There are free and less expensive methods and mediums to use while starting however I think this quote holds true.
Considering a Venn Diagram with 3 circles. "Mobile homes" is one circle, and so aren't "raw land" and "SFR (for wholesaling)". There are not many areas where these 3 circles overlap that allow you to market to this specific group of folks that meet all 3. If you purchase a list of addresses from a lead broker it will be 3 different lists, if you knock on doors they are all different doors, code violations don't apply on vacant land, expired listings perhaps, the only thing I can think of is perhaps knowing your area and hanging bandit signs would be the closest "all purpose" general marketing you could use that would be so ambiguous as to catch all these types of sellers.
With all this said it is possible to market to all however it will require much effort and daily activity, again being very very possible for you. I say this to encourage you to go out there and get your message across to everyone that can see it or hear it. It will take 3 times the effort to market to all 3 however if you're a go-getter it is very possible to succeed. As Seth mentioned if you are less than 100% you may have better results sticking with only 1 niche versus all 3. A big job for investors is finding deals, especially if you're looking to wholesale.
I hope this short answer helps and makes some sense. If you have any follow up questions please comment them below or if I am wrong I would be happy to learn what others are doing.
All the best,
@Steven J. said, if you get "too watered down" your marketing starts to lose it's effectiveness. Your mail piece needs to touch on their "pain".
-The list - if you don't have a highly targeted list you will get terrible results in spite of getting everything else right.
-The mailing - You can't send a few mail pieces and quit. Consistent direct mail campaigns over time seal the deal. You want to be the "last man standing" when everyone else has thrown in the towel.
I hope this helps
@Stephen Dominick I have a ninja inexpensive way of finding motivated sellers on Craigslist. I created this video to show you how to use IFTTT.com step by step to contact FSBO sellers and make low ball offers. You aren't going to have as high a response as you would from a letter writing campaign, but with the help of a VA and a system, this will yield deal flow at a super low expense.
I hope this helps:
How to Automate Deal Flow
Thanks everyone for truly great feedback. I will be signing up for a subscription with Agentpro247 and will be developing my list here shortly. I need to figure out my budget for the long haul. Thanks again, you guys and gals really are a great resource.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.