Bandit Signs, Letters, and Websites
I have a question as a new guy to the investor market. So far I have been sitting on the sideline absorbing as much information as I can about rehabs, flips, and rentals but I realize that none of that is possible without good leads. When looking into what the best startout process would be I find different opinions regarding volume. I guess I'll start with my situation, I work full time and have only about 2 hours during weekdays and most of the day Saturday to devote to my investment career at this time. I have heard good and bad about bandit signs and have seen others with incredible returns from this source, however, there seems to be a lot of "restrictions" around city ordinances. What is the best way of overcoming that? Secondly, regarding letters, how much on a monthly average do the best investors spend if they want to generate 2-3 deals? I would like to start a campaign using the same names on a list and sending them 1 letter every 2 weeks for 8 weeks. Is this a good strategy? Lastly, websites seem to me to be the best for generating leads without answering a phone. If you have a good message and the website is inviting the motivated sellers will likely fill out the form and have you contact them. Am I right in assuming this? I invite everyone to respond with any and all feedback.
Thanks BP Nation!
Most Popular Reply
True @Jason Hirko. But they are very effective. However, you must develop a thick skin when the city calls you or an "eager beaver" who looks after the "aesthetics of the community".
I also agree on every point raised by @Andrew Michael
Honestly, I'm always wondering why "newbies" want to start out with wholesaling and/or generating their own leads. Marketing is expensive, VERY expensive. Since you have a limited amount of time, my opinion (and that is just what it is: my opinion), would be that you devote that time and that money for down payments, to attend REIA's and to develop relationship with other investors who will be flexible when it comes to the terms of your acquisitions. Personally, I spend thousands a month just on Direct Mail and a lot of money on my websites. There is a great return on both, but you have to know that I also personally call every single lead that signs up on the website, even if they don't seem to be a great lead. The reason for that is that they must feel that you are real, they open up when you talk (vs. stereotype questions on the website), they may know other people, etc.