Seth Williams Hands down... Warren Buffett, Berkshire Hathaway
First direct mail campaign and a 10% response rate?!
So I finally worked up the courage to do my first campaign and wow! I was hoping for maybe 5 phone calls and a deal or two to prove the concept. 3 days and almost 50 calls later I'm convinced this is what I want to do.
I also got 5 parcels of land (potentially 7) under wholesale contract as of now and I didn't have to buy a single lot! Also I tried the neighbor letter method but cold called instead and ended selling a property within a day for a cool $3,000 profit with none of my own money involved.
What are your guys experience with response rates?
My criteria was under $10,000 assessed value, out of state owners, and also purchase price under $50 (so I get mostly inherited properties or properties that have been owned for 30 40 years).
Congrats on the great start! Where did you get your list from?
Wow, that's awesome Zachary Prince! Given that filtering criteria you used for your list (which is very effective, especially in that value range), that sounds about right. Thanks for sharing your experience!
It's always a tricky thing with only mailing out-of-state owners, because a lot of motivated sellers still live within the same state... so it's sort of ignoring some opportunities, but even so, you can always just expand into multiple counties if you want to keep that response rate super-high.
Great information, I'm glad you're seeing it work!
Daniel Crawford I got mine through agentpro247 and then used click2mail to mail them out.
That’s definitely inspiring as I am getting ready to send out my first direct mail campaign. Where did you obtain the purchase price information?
Zachary Prince Awesome! What state are you working in?
Eric Boyer The purchase price was a filter on on agent pro. I was trying to find an option for inheritance but couldn't find one so I thought this was my best bet.
And I'm in Massachusetts. We have to use a real estate attorney as well which is why my card said cash but i pushed the wholesale hard and offered much more.
Also it took 2 days of calling to find a lawyer who deals with or even knows what wholesaling is.
Zachary Prince That’s great! I’m just north of you in NH. I’ll have to keep picking your brain. Congratulations and keep it up!
Eric Boyer that's ironic I actually just found an attorney who deals with wholesale in Mass and NH if your having trouble finding one out there.
Congratulations on you awesome success!
Did you offer a specific price with you initial mailing?
Joel Amyx no I didn't not. I just offered to pay cash and pushed very hard for wholesaling the properties I didn't think were smart to purchase.
Congrats Zachary Prince!
I also have not been doing blind offers (just yellow letters, so far). My third mailer just started arriving in people's mailboxes over the last 2 days so it's too early to tell, but on the first two rounds I had around a 10% response rate, as well, among first-time recipients. I re-mailed the first list, and then some, on my second mailer, and didn't see as much response from repeats (perhaps not surprisingly, although I've heard people say that some mail campaigns start showing better results after 3 or more mail pieces, so I don't know).
Just so I understand, in your approach to wholesaling some of the deals, are you putting those under a purchase contract and then assigning the contract to another buyer before closing, or are you putting them under an option contract, or something else?
landbaron Michel Steele last edited by
How are you structuring your wholesale contract? Are you offering it to other investors for a cut?