I'm sure I'm in the same situation as many other investors out there. I'm competing with a lot of other investors in my area. Its almost impossible to purchase a flip house through MLS because everyone is bidding the prices up. Everyday I drive for $$$ and send out letters to distressed properties. I think my problem is, I only send out 1 letter and sit back and wait for the phone to ring. I do personalize the letter and handwrite the envelope because I think that makes the owner more apt to opening it.
I would love to hear how other investors go about direct mailers.
How many letters do you send?
Do you send the same letter more than once or do the follow up letters reference the first letter and so on?
How long do you wait to send follow up letters?
Other than driving for $$$, how do you find distressed properties?
Thanks in advanced
I did a lot of driving at the beginning of the year. In total, I sent out over 500 mailers. About 20% were returned and I have about 30 calls. I got one quick deal in the first month. I sent a second letter a month later and got 20 calls but no deals. The magic was in the return mail and tracing down the owner. Over the course of the next 2-4 months, I got 3 from that. Then I got too busy with my paid lists and other stuff that driving took a back seat. Now I run a free monthly course on finding off market deals and show other people how to do the labor intensive work.
I send 10 - 20 letters per week. Thats not enough letters. Phone calls trickle in here and there. At this rate it will take me a year to get 1 good deal. If I had more free time and money then I would send atleast 500 - 1000 per week.
For my driving for dollars list I like simple handwritten yellow letters in an invitation envelope. I recently stopped sealing the envelopes. Now I just tuck the flap in. I've heard it gives a better open rate.
I mail every 4 - 6 weeks to the same list.
Post what you do on social media! When I go look at a house I will take a couple pics and put em on Instagram and Facebook. I got 3 good leads from social media from people I've been friends with for years that didn't know I own rental property. The deals didn't work out for one reason or another but those leads were free. Also, more people know I'm looking for properties.
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