All Forum Posts by: Mark Pembleton

Hey everyone,

Just finished my first flip in the Northern Virginia area and it was a success!  I got the deal from a bandit sign but now I want to move to direct mail for my deals. I just finished sending 2,500 mailers and want to make sure I am on the right path. Here are the details:

- Mailed a list of 2,500 names, 100k - 375k assessed value, SFR/Townhouse, >50% equity, >3bed, >2bath, Age of owner 55+.

- Hand stuffed a handwritten letter (photo copied) on lined white paper and sent with a live stamp. 

Results:

- 17 total phone calls

                   - 10 removal requests

                    - 5 retail sellers

                    - 2 appointments/offers

- 0 deals

Now I know that I should stick with a campaign and mail the list 5+ times.  However, I can't help but think that with numbers like these something is wrong.  Anyone have advice of what I should do next?

Ernest,

I will be in Texas for the holidays for this one.  I will get Joe and Edith there though.   We are excited to talk about our first flip.  

I agree with Jason. You are missing all of the Flippers costs. Its not as simple as deducting 30k of profit. The flipper will have holding costs, cost of money, realtor costs, staging costs, closing costs, taxes, and a TON of risk. I don't know of any flipper that will take on a 120k rehab for the possibility of a 30k profit. I would stick to the 70% rule (possibly higher for the area). ARV 275k*.75 - 120k rehab - 5k Fee = MAO 81k. If you get close to those numbers. Let me know I am a buyer!

See ya there @Ernest Chamblee!  

What is your process to view the property?

Thanks everyone for coming out.  I hope to see you guys again soon!

Ernest,

Hello I just moved here from Germany (active military) and I will be retiring soon. I am ready to jump feet first and look forward to meet other investors in the area. See ya at the next meeting!

Mark