E22: Why Most Investors Fail at Direct Mail (And How to Fix It) with Josh Ax

In this episode of The PETE Podcast, I sit down with Josh Ax of NEPA Cash Offer to break down what it really takes to win with direct mail in today's market. Josh has been sending mail consistently for nearly a decade — and he's not guessing. He's systematized it, scored it, and optimized it to the point where mail is still producing a 6–10X return in his market.   We dive deep into list stacking, filtering for true motivation, cadence, budget expectations, and why most investors quit direct mail way too early. If you've ever said "mail doesn't work anymore," this conversation might completely change your perspective.     Episode Highlights [0:00] – Meet Josh Ax and the origin story behind NEPA Cash Offer [2:23] – From property management to realizing owners were cash-flowing big [4:38] – His first major deal: a 35-unit apartment with 99% seller financing [6:45] – "Luck is preparation meeting opportunity" — why he was ready [8:04] – The first flip that barely made money (and what it taught him) [9:14] – Sending his first serious 2,000-piece mailer and making six figures [10:43] – How a foreclosure situation sparked his delinquent tax list strategy [12:34] – Rookie mistakes: sending mail with the wrong phone number [13:19] – Why most people fail at direct mail (they cast too wide) [14:02] – List stacking explained: delinquent taxes, pre-foreclosure, inherited, vacant, failed listings [15:23] – Creating a point-based scoring system to find ultra-motivated sellers [17:00] – Mail cadence: why he hits the same list every 3–4 weeks [18:19] – Current performance: averaging 6–7X ROAS and pushing toward 10X [19:10] – Do fancy mailers work better? The truth about "napkin marketing" [20:26] – Why direct mail outperforms TV, radio, and billboards in his market [22:51] – Has AI changed direct mail? What's evolving and what's not [23:37] – Competition increasing — but consistency still wins [24:44] – Minimum budget: 2,000–5,000 pieces and commit to six months [25:03] – Why one mail drop guarantees failure [25:45] – Clever mail hacks: "Save this with your important house documents" [26:27] – The oversized yellow letter that grabbed massive attention [29:27] – What's next: leaning into long-term rental holds vs. pure flipping [30:59] – Why owning your backyard beats expanding too fast     5 Key Takeaways Consistency beats creativity. Most investors quit after one mail drop — the winners commit to six months minimum. List stacking is everything. The more motivation signals a property has, the fewer mailers you need to send. Motivated sellers don't care about fancy design. If they need to sell, they'll call — even if it's written on a napkin. Direct mail lets you control who calls you. Unlike broad marketing channels, you can filter your audience first. Preparation creates "luck." Josh's biggest deals came after years of studying and sharpening his skills.     Closing Remark If you're serious about dialing in your direct mail strategy, this episode is your blueprint. Stop sending random lists. Stop quitting after one drop. Get consistent, get targeted, and own your market.   If you found value in this episode, make sure to rate, follow, share, and leave a review for The PETE Podcast. And send this to an investor who's ready to stop guessing and start marketing with intention.