Hi. I'm a new wholesaler who's stuck and needs guidance.
This first paragraph is more to give you background to the problem but is not about the problem itself. I'll get to the actual problem in the next paragraph. I started my marketing for wholesaling three months ago but then almost immediately ran into severe financial issues that I'm still trying to dig out of (I'm aware of the strategies like those mentioned in @Brandon Turner 's recent video of what to do when financially struggling https://www.youtube.com/watch?v=CR6b-c3iQ2k and had already been utilizing them before I saw the video. It's a very good video and I believe in the stategies btw). Because of the financial issues, instead of hitting the ground running hard I had to slow to a huge crawl. Instead of mailing out hundreds of yellow letters a week as I had planned I have been able to mail only 20 each letters each week. I don't mind that because I have a "start where you can and do what you can do" mentality (and as I have heard so many times even on these boards, "all it takes is one deal to turn everything around no matter how small your marketing"). So based on this, as of today I have managed to mail just over 300 yellow letters. This is the background.
This paragraph describes the problem that I need help with. A number of sites that I've visited mentions that usually (with some variation) within 30 days of getting out your first 200 letters you can reasonably expect to get your first deal. They mention that to get that deal you will have to go through a lot of phone calls that end up being no deals at all. That's fine because I'm more than willing to wade through a whole bunch of "no's" to get to the one "yes". My problem is that I'm getting no calls at all to even get the "no's". In my first 150 letters or so I was getting no calls at all and then within a three day period I got six. I was so excited. Finally action was happening. I was finally getting the "no" calls and knew that eventually I would get to that one "yes", even if it took a few more months at the rate that I was doing my mailings. But then after those six calls it all stopped again. I've had no calls at all since then. This has been so frustrating. It got so frustrating that I couldn't even bring myself to come here on BP or look at any investing videos on youtube because just thinking of doing so reminded me that nothing was happening and made my frustration go up (I still kept sending my 20 mailers per week though. Nothing stopped that). Finally, I got past the frustration so that I could get on here and post today to get some guidance. Some of you will want to know where and to whom I'm marketing. I live in Norwalk, CA and since most of the info that I had read or watched suggested that it's best to start marketing in your own area (to help get familiar with your own market) I've been marketing in Artesia, CA which is less than a mile away. All of my letters have been going to absentee owners. Since I've been getting nothing but crickets I'm thinking of switching areas and targeting tax delinquent owners rather than absentee. Any other suggestions that you guys have would be so appreciated so that I can get out of this rut and start getting calls (even if they are all "no's". A "no" is better than no call at all). Thanks in advance.
It is all mental. I sent out 3000 letters once and did not get a deal. Another time I sent 250 letters and got 2 deals. As long as you are sending to targeted lists for the right kind of houses you will get deals if you persist. It takes a strong person to wholesale successfully. You are either building strength right now or finding out you do not have enough. Mail is competitive right now but will still net you deals. Stick with it.