Difficult time searching for homes

[James Devoe]

Hi Everyone,

My wife and I are new investors and we've been looking for creative financing deals, specifically, Absentee Owners. I've been using Propstream and Zillow to look for Multi-family to do our 1st House-hack. While I've been able to find quite a few on Propstream, and sent out hundreds of postcards to the owners, I haven't gotten a single call back. 

It's been very frustrating and it makes me wonder if I've been doing something wrong.

Should I re-examine my process or stick with it until something comes my way?

[Chris Seveney]

@James Devoe

Doing this to find deals I have been advised you should be spending $500-$1500/mo in marketing to owners. Not sure what your spend is but typically it takes 4-6 touches before a person commits to selling.

[James Devoe]

@Chris Seveney

Thank you, I haven't been spending nearly that amount of money in marketing. Propstream only charges you 58 cents per postcard. 

I'm not sure what other types of marketing would be effective in this market.

[Chris Seveney]

@James Devoe

I do not do mass mailing like that but from what I have seen you should be sending out about 1,000 mailings a month and retarget people every 3-4 months

Another way I have seen is people using google and Facebook ads and having negative key words to try and get leads.

[Jake Soper]

Unfortunately that's a reality of direct mail. It takes consistency and targeted data to be effective like @Chris Seveney mentioned

One tip i have for you.. @James Devoe Dont send mail through propstream using the same templates as everyone else. Take the time to personalize your mailer and maybe use something a bit more high quality like a personal or professional letter.

OLM has a very talented design team that can help you accomplish this. 

[Dwayne Poster]

Mailing to absentee owners, isnt that an oxymoron ?  I pull title, then get on the phone and seek a relative who knows the owner. Some resist, but most make a contribution of some sort, that eventually lead to a yea or nay.  Court dockets, google, neighbors, property maintenance, somebody knows something.

[Wale Lawal]

@James Devoe

Here are some ways to find real estate deals:

1. Look for deals on the MLS (with the help of a real estate agent).
2. Drive for dollars.
3. Let everyone know.
4. Participate in real estate clubs.
5. Do direct mail marketing.
6. Identify pre-foreclosure properties.
7. Show up to the courthouse steps.
8. Check out eviction records.
9. Post a Craigslist ad.
10. Search Craigslist.
11. Buy a tax lien.
12. Search the BiggerPockets Marketplace.
13. Put a sign in your yard.
14. Rent yourself a billboard.
15. Get a magnetic sign for your car.
16. Create a radio commercial.
17. Look for “For Sale by Owner” signs.
18. Browse expired listings.
19. Tell your family and friends.
20. Place an ad in the newspaper

Read this blog for more details https://www.biggerpockets.com/...

All the best!

[James Devoe]

Thanks @Chris Seveney @Jake Soper @Dwayne Poster @Wale Lawal 

All great nuggets of advice.

Hopefully I'll have better luck soon

[David M.]

@James Devoe

Sorry, but all I can say is, yes, its very hard to generate leads... Thats a sticking point for most of REI and the sales business, or any sales business for that matter. Good luck.

[Chris Seveney]

@David M.

I agree.

What I have seen a lot more of is wholesalers trying to offload mls listed deals by getting them under agreement. This is not something I would recommend but are seeing a lot of it lately