Strategic Direct-Mail Campaigns, and where the HECK to start!
Hey Community!
I am currently on the search for my first fix & flip opportunity. As of now I am sourcing via wholesalers, MLS, and Non-MLS marketplaces. Long story, short... One of my mission critical priorities is to be fully self-sufficient in my sourcing efforts. Direct mail is where I would like to start, but I don't have the first clue as to what search parameters I should be focused on in order to build a list. I visited listsource.com and there are an overwhelming amount of options. HALP!
P.s. All answers are welcome... and please let me know if I need to expound on anything in order to get a more direct answer!
P.s.s I tried to search for a previous thread about this topic but was not very successful. Forgive me if this is a repeat!
Hey Sean, I would reach out and meet wholesales in your area they might even find yourself a property to invest in.
This is just advice I'd give a friend if they were looking for your first flip I wouldn't do direct mail for your first deal. I would meet your top local wholesalers and surf MLS. I do 10-15 flips a year ALL from wholesalers and MLS.
Direct mail will be a big expense, while most big wholesalers and flippers can make way better margins going straight to seller I wouldn't recommend it for your first deal. Get a flip or two under your belt then expand to go straight to the source.
Hope this helps, best of luck!
Quote from @Brett Tvenge:
This is just advice I'd give a friend if they were looking for your first flip I wouldn't do direct mail for your first deal. I would meet your top local wholesalers and surf MLS. I do 10-15 flips a year ALL from wholesalers and MLS.
Direct mail will be a big expense, while most big wholesalers and flippers can make way better margins going straight to seller I wouldn't recommend it for your first deal. Get a flip or two under your belt then expand to go straight to the source.
Hope this helps, best of luck!
I really appreciate your advice on this topic, Brett! Currently I am working with an agent for MLS properties, as well as receiving plenty of wholesale leads. I guess its a habit from my current industry to want to be able to generate your own leads. I definitely am not in a position to take on unneeded expenses though, especially if there isnt much of a ROI. Its kind of a relief to hear that there is plenty of success to be had with MLS/wholesalers, so I'll probably stay that course for now. Thanks again for your input.
I have found all of my deals - except my most recent one - on the MLS.
The most recent one was in my neighborhood (so I'm familiar with the houses, the market, etc) and came because I sold my friends a house directly next door, and they were talking to the owner.
Tell EVERYONE you know that you're trying to buy a house. KNOW your market inside and out, so when you do see a great deal, you can jump on it. Be ready to act quickly - with your funding lined up now.
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Lead generation/deal sourcing is a full-time, stand alone business. It requires a completely different set of skills from rehabbing houses. That's why you see most wholesalers doing 100% wholesaling.
As Brett and Mindy have suggested, stick to buying from wholesalers/MLS to start out. Keep as many lines in the water as possible. Good luck!
