Hello BP fam, I hope everyone is well.
To keep a long story short, I'm struggling getting a consistent steady stream of deals coming in. I have tried many different strategies to find potential investment properties, but they seem to have their faults.
Driving for Dollars- Everyone mentions this is a beginners best friend. Driving around and finding distressed properties is how to get the best list of the most motivated sellers, and is one of the least competitive lists to target. All it takes is time, and starting out you have plenty of it. It sounds perfect, but there are a few things about scaling it:
1) There is a set amount of properties to work with. There are only so many ugly houses in one area before you start running into the same ones. If I drove around and covered my entire service area once, why would I do it again unless 5 years has passed?
2) It takes forever to find houses. I average finding about 100 houses/12 hours of driving. Sometimes I have really good days where I find 30 houses in an hour or I drive around for 3 hours and find only 5. I've tried automating this and hiring out, which seemed like it could have been promising.
Pulling Lists- I've tried pulling lists before, but it seems like everyone is targeting the same lists. Probate, tax liens, pre-foreclosure, expired listings, etc. In the past, I've pulled lists of thousands of properties, and had them skip traced, specifically through Propstream, and most of the information came back with wrong numbers and other wrong information, like 60% of it. My cold caller even said it was the worst data he's ever seen in 3 years. I feel like I must have done something wrong and want to try again.
Is it Propstream as the skiptracer that's the problem? With the wrong skiptracing info from Propstream, I'm wondering how accurate all the info on Propstream is in general now. Or, is this even more of a numbers game than I'm thinking and really need to call 10,000 leads to get one deal. I just got Batchleads and will use them for information and skiptracing to see if that might be better.
Online Ads- I've used online ads in the past as well, and I used to feel like this could be the most useful lead generation technique as everything is inbound. People clicked your ad because they want to sell their house for cash, they're already interested. No list building, no cold outreach, just warm leads, this sounds perfect. Except it's expensive. I know it will pay for itself, and then some, but I need to know it'll work.
In the past when I did this, I created about 10 different ads on facebook and connected the ads to a cash offer form on my website, ran them, found the best preforming one and scaled it and deleted the others. I spent $140 in one week, $20/day. I got about 120 people total to my cash offer form and not single person filled it out. These people clicked on an ad with a picture of an ugly house and said "Does your house look like this? We'll buy it!" and didn't fill out the cash offer form. I was so confused, so I stopped the campaign.
I looked into Google PPC ads and Performance max ads, but after spending hours creating my ad, it was going to cost about $65/day to be competitive in my area. I am working with a limited budget, around $800/month, until I get my first deal. I'm a bartender, so I could increase my budget by picking up a few extra shifts a month, but this will cost time.
I guess I just need some guidance. I'm looking for a lead generation technique that will land me my first deal and is scalable. What am I doing wrong, what could I do better, what are some things I could try?
