Finding my own properties to rehab

7 Replies

I'm thinking about starting my own marketing campaign to find properties to rehab. The MLS is too competitive and local wholesalers I know don't have what I am looking for in a property.

If I wanted to start my own direct marketing and wanted to find 3-4 properties a year to rehab, how should I start? I have identified about 800 properties that fit my criteria, now I need to connect with the owners.

Keep in mind, I don't want this to be my job, I have a full time job already. I just need to find properties to rehab on the side. How many mailers would you send if you only wanted to close on 3-4 properties a year?

@Bryan H. I am experiencing the same kinds of outcomes with the MLS and local wholesalers. Curious to see what kind of feedback you get on the marketing campaign from others.

Closing 3-4 Properties a Year depends on how often you will be marketing. If you plan to market monthly, it's actually like having a job because you will have to be prepared & available to answer the leads when they come in and figure out if the deal is a fit for you or not. (unless You Plan to hire Someone to take calls)
Also depend on who you will be marketing too. Depends on where your located marketing to one group as compared to the other may possibly generate more leads.

I am in the exact same position and recently started my own mailing campaign.  I started with about 200 letters to out of state landlords and a few driving for dollars.  My wife printed and stuffed the envelopes and I have been receiving the calls.  I have had a tremendous response and looks like after the first mailing I may get 2 deals.  That is an incredible deal to letter ratio.  That said it has been very time intensive taking/returning the calls.  As I expand this I will probably work with @Jerry Puckett to do my mailings and probably hire a VA to pre-screen calls. I like to do things myself first to get a feel of what I will be asking someone else to do.

Many of the successful wholesalers started out as fix and flip guys but converted to wholesaling after doing exactly what we are discussing.  Never know we both may find a new niche.

Bump

Two deals after 200 letters? that's phenomenal!

I grossed around $10,000 last month in one deal after mailing 1000 letters. I got really lucky, but conversion rates can be as low as 2 or 1 percent. Be sure to remember that consistency, persistence, and quality is key.

Originally posted by @Bryan H. :

I'm thinking about starting my own marketing campaign to find properties to rehab. The MLS is too competitive and local wholesalers I know don't have what I am looking for in a property.

If I wanted to start my own direct marketing and wanted to find 3-4 properties a year to rehab, how should I start? I have identified about 800 properties that fit my criteria, now I need to connect with the owners.

Keep in mind, I don't want this to be my job, I have a full time job already. I just need to find properties to rehab on the side. How many mailers would you send if you only wanted to close on 3-4 properties a year?

There are some successful rehabbers on BP to reach out to via the @ or colleague request. Pick their brains, maybe get a coach to help you out... 

Kudos,

mary

Hi @Bryan H.  

I've heard that having a website to drive your audience to will help organize your leads. It will also give you a chance to limit your non-targets by stating what your criteria are. (However, wholesaling those deals to other investors, even though they don't fit your needs, may get you involved with deals in a small way and could generate some extra cash).

Then, you can call them one-by-one on your available schedule, based on their responses to your website. Prioritize the ones that fit your needs the best and go down from there.

Good fortunes

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you