I agree with all the above. Newspaper advertising is dying but not completely dead. I get a good stream of highly targeted leads from the newspaper ad I run. I'm looking for something very specific and I state it in the ad. When the leads call they get directed to my call service and the lead is automatically put in my database regardless of where I am or what I'm doing. It frees up my time and energy. The key is to knowing what type of deal you're looking for.
I do short sales and my ad is specifically written to go after those who are upside down and flexible. A simple We Buy Houses ad next to the other 15 guys with the exact same ad isn't going to give you the results you want. Make your ad a little longer and explain what you want and they will call.
That being said, you MUST go after the online media in order to generate leads and what Don said was right on.
I'm new to this forum and BP so I'm just saying what's worked for me. Hope it helps