I always hear new investors saying that they do postcard/letter mailers, but I don't think I've ever talked to someone that says they cold call (by cold call I simply mean randomly calling pre-foreclosures) on a consistent basis.

Well- first deal was a call of a post card -turned into a 5 unit mixed use that was a slam dunk value add.  

Hi, I am looking to setup postcard mailings.  

The adjacent City of Maumee (also enacting their own rental property ordinance, about 10x worse than Toledo's, and similarly supported by the mindset that businesses and personal property are not afforded equal protections...that said I am expecting a lawsuit there too) just mailed out post cards to the effect of "Do you know of a blighted, vacant, derelict, or decrepit property?

Find cash buyers(craigslist, bandit signs, mailing yellow letters/post cards)4.

people for whatever reason thinking wholesaling is how you get rich when you have limited to no capital and want to get started.. so distressed assets start getting a lot of attention and people are not complete idiots.. you get 5 post cards saying the same thing and all of a sudden their house is worth more than they think It is in their mind.. has to be why would everyone want to buy it. 

First was a postcard mentioning I was going to be sending them a home seller's guide. 

Hosting an open house might not be very expensive (some snacks, mailing material, etc.) but having a publicized memorable open house, say, with sandwiches and lots of marketing materials can get pricey, especially if you want to send out postcards to 100+ people in your farm area.What if a local business was willing to front that cost in exchange for being listed as a sponsor on the marketing materials?

You also need to find out when they purchased the property because you're gonna be sending them yellow letters or postcards.

If you were a buy and hold investor (not interested in being a wholesaler or flipper) who is looking to buy 2 rental properties over the next year, would you invest time and money in a direct mail marketing campaign (post cards) for deals or would you go different/cheaper routes (driving for dollars, knocking on doors, etc.)