Finding my own properties to rehab
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?
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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.