Am I burning my money?

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Hey everyone,

Just started sending yellow letters again to potential sellers. Currently flipping my first property and I'm already looking to either find my next potential flip or wholesale a property. 

I pulled a list from listsource with owners who have at least 40 % equity. After receiving a few calls, some owners mentioned their property was on the market already rehabbed. After going through my list and filtering all the owners with 100% equity, I found out most of these properties were foreclosures bought a few years back or properties that are on the market already rehabbed. A lot of the properties were bough between 2006-2010. 

Do you think I'm burning my money here? Obviously, I'll stop sending letters to the owners who rehabbed and are selling the property at market value. But for those properties bought back in 2005-2010, do you think it's worth to keep sending letters to their owners? In my opinion, these are most likely experienced investors and more than likely they are not motivated to sell, especially since they haven't owned the property for too long. 

Let me know what are your thoughts.