All Forum Posts by: Jim Kittridge

@Michael Quarles Thanks for the feedback Michael. I'll look at adding that criteria to my searching. We didn't get hit hard but my background is in restoration so I might have an advantage there. Is that an SMS, calling or emailing you're using for the live follow up schedule?

Hi everyone,

This is my first direct mail campaign. I've narrowed in on 1,162 targets and setup a 6 touch campaign hitting them every 4 weeks. This is the criteria I used:

-SFR

-At least 40 % equity

-Bought house 5+ years ago

-Age 65+

-Assess Value $40,000-$150,000

-Trusts are excluded

I'm sending to the same list for 6 months and will be doing this full time so answering the calls and running appointments shouldn't be an issue. Starting with a postcard as the first mailer to save a little on the front end to weed out the undeliverables. This is targeting a 50% of a county next to  Charlotte, NC. I'll post updates with everything you want to know like response rate, offers made, deals under contract, etc.

I'd like to do cold calls and text message blasts but don't know as much about them, especially with an older audience. If anyone has advice, please share!

I've also setup a we buy houses website via Carrot. I'm curious as to your thoughts on hyper focusing the entire site to the small county next to the big city or using landing pages for each town.

Love the strategy. How are the 3 campaigns going?

That makes sense Arianne. Thanks for explaining! Flipping is definitely a quicker way to generate cash to replace income from a job. Long term holds are a slower snow ball.

Do you anticipate getting more involved with long term holds as the flipping business begins to mature?

I can't make tomorrow's but look forward to the next one!

Very impressive Arianne! 

What made you choose to change focus from rentals to flips early on? It seems like the delayed financing strategy worked really well on your 2nd rental.

It's hard to know how much it will cost to restore the home without any info on the size or extent of the damage. 

Have you considered reaching out to see if there are any restoration companies with owners interested in REI? If it were near me, I'd consider it.

Hey James. Looks like it could be a promising deal. Be sure your contractor understands the mitigation required for a fire-damaged home. It isn't as simple as tearing it out and replacing it. 

Unless the fire stopped on its own, there was a heavy amount of water being sprayed into the home and that brings additional damages & hazards that you need to be aware of (wood rot, mold, etc.)

It's a great idea. I'm always surprised how many people aren't aware there is even such a thing.

Originally posted by @Sean Williams:

@Mark Ainley well what are the odds that I accidently tag you? lol I meant to take Marian as a response but it appears BiggerPockets knew I needed to get connected with you on this. Thanks for the information, the contractor we hired is working directly with the adjuster on this. His experience and expertise on how to negotiate with the insurance adjuster has been fantastic.

It has not been a total loss but the cost of the renovation is more than what we originally paid for the home which is nice! I purposefully, and uneducatedly, set the replacement cost of the policy at $75k while I knew the property was only worth about $50k...not sure if that is bad practice or not but I am the type that likes to make sure I am REALLY covered! 

Glad to hear you had the foresight to get added coverage, Sean.

Best of luck with the renovations!