Updated about 6 years ago on . Most recent reply
Out of state letter campaign
Hey BP! I live in the San Francisco suburbs and invest in Milwaukee WI. I currently have 2 SFHs, both which I purchased through a realtor. I'd like to accelerate the growth of my portfolio by picking up great BRRR properties more consistently. The best way I can think to do that is letter campaigns. The issue is I only ever spend 1 week/month at most in Milwaukee, so I'd essentially need to buy these properties sight-unseen. Is anyone else doing this? Trying to decide if I'll end up making poor buying decisions by not inspecting these properties myself prior to purchase.
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Working yellow letter campaigns is a numbers game and a long term project with a significant learning curve; there are several great service providers who have the necessary expertise and will pull a list for you and have done enough split testing to know what yields the best results. I would say commit at least to 6 months, 12 would be better. A deal in the first 3 months would be pure luck, the leads really come in after 5 or 6 monts. Buying sight unseed is not that big of a deal; you'll need a great home inspector to do the inspection for you, perhaps with a live video call. What is difficult to do is to respond to leads in person and build trust; people want to see you short notice and speak with you in person at the house. They are usually very guarded and will often not open up until the 2nd or 3rd meeting. I am a little careful to recommend partnerships, but in this case it might be worth to look for someone local who does not have what you have. Reach out to every wholesaler you can find and either partner or maybe skip the yellow letter all together and let them find the deals for you.
@Rebecca Knox is always a great ressource for these types of questions!
@Lola Uriona from Welcome Home Milwaukee PM is a great contact by the way!