Like when we work tax sales in Memphis we can buy 30 properties in two days with our direct mail piece... but here in Oregon the top wholesalers I know that use all the tried and true methods IE  direct mail.. bus bench's bird dogs bandit signs etc.. they will spend 20 to 30k a MONTH.. its all a numbers game. and it really depends on the marketYou could send letters in parts of Detroit and get HUGE positive response.. or Eastern New York or any other major rust belt city were you have more homes than people or in areas that are renter dominated and your target is burnt out landlord syndrome. the area you choose is as important and the direct mail piece you send.  

Pot.

I tell them I don't care about the holes in the walls, the porn dungeon or the kitchen piled high with dirty pots and pans...

So it makes sense when @Jay Hinrichs and @Brian Burke are building from the ground up, they are taking a accepted and informed risk for a relatively high return which seems a lot better pot odds then investing in the current crop of these low margin value-adds in which you are taking an unknown risk masquerading as low-risk for an acknowledged low return.

.$1,000,000 in Torrance - 1521 Beech Ave,Torrance, CA 90501 - 3 Beds 2 Baths 1,360 Sq Ft - Built 1927 Lot 4,275 - Prop Tax $12,696  $1,000,000 in Henderson - 1964 Larkspur Ranch Ct, Henderson, NV 89012 - 4 Beds 4.5 Baths 3,503 Sq Ft -Built 1997 Lot 8,712 - Prop Tax $ 3,636 - (1/3 the tax of CA)The property in Henderson is 70 years newer, twice the size, the lot is twice the size and the taxes are 1/3 of the Torrance property.Californians are "frog in the boiling pot" mesmerized.