best marketing for a limited budget

[Dan Miller]

I'm a new investor and trying to figure out how to get the best bang for my limited buck. Let's say I have $500 a month that I can spend on marketing until I get my first deal completed. What is the best way to market (I'm looking to either wholesale ugly properties or lease option pretty ones).

My original thinking was:

a) get an answering service and a zero option for a live operator to capture leads (probably $75 per month on average)

b) bandit signs (buy 200) "we buy houses" at a cost of about $350 or so (one time expense). don't know if stakes are included or not (metal or wood?)

c) some limited and very targeted direct mail (no idea on costs to acquire a target list, such as out-of-state owners or expired listings, etc.).

d) hand out flyers/business cards that say "we buy houses" etc.

If you had $500 per month to spend, I think my original thinking would be over budget, not including the one-time expenses of bandit signs, but not sure. Where would I get the best bang for my buck?

Thanks!