Nine people told me they'd buy anything I brought them. When I brought something, all nine had a reason.
I do service work, so I'm walking through houses all week, and the idea of finding deals for the investors I already know seemed obvious. I asked nine of them if they'd buy a discounted house. All nine said yes. Two of them said "anything, just bring it to me."
I treated that as nine buyers. It was zero.
What I actually had was nine people being polite to a vendor they like. I never asked any of them what price, what area, what condition, or how they pay. I wrote down names and phone numbers and called that a buyers list.
Then I spent 1,400 on a mail drop to an absentee owner list and got three calls. One was real. Older 2 bed, 900 square feet, needed a roof and most of the mechanicals. I put it under contract at 92k with 500 down and a 10 day inspection period, which I'm grateful for now.
Called all nine. Two never called back. Three said too small. One only buys with a garage. One said the area was outside where he works. One said the number was too high and wouldn't tell me what number wasn't. The last one asked if I had photos of the crawlspace and then went silent.
On day eight I panicked and posted it in two local Facebook investor groups. Got a lot of tire kickers and one lowball at 71k that evaporated. I terminated inside my inspection window and got the 500 back, so the cash loss is the 1,400 in mail plus maybe forty hours.
The posting bothers me more than the money. I found out afterward that some states treat publicly advertising a contract you don't own as acting like a broker without a license, and I have no idea where mine lands on that. I'm asking an attorney before I ever do it again.
What I'd do differently: before spending a dollar on mail, get three people to write down a price ceiling, a square footage range, and the streets they'll go to. If they won't write it down, they aren't a buyer, they're a friendly conversation.