Back when I was just getting started in land investing, my family members didn’t have a clue on what I was doing.
They just knew I was a software engineer in the game industry with a side hustle about “land”
It was just easier to tell them that I was like a house flipper since HGTV shows like Property Brothers were big at the time.
These days, they consider me the “real estate” expert, lol.
They understand land a lil better, but the still have a hard wrapping their heads around the full scope of what I do or how much money it can bring in.
I’m far from a real estate expert, but I do know a lot about it since land teaches you so much.
One thing I’m noticing is that even they (family members who do NOT invest in land or any kind of real estate) thinks land investing too good to be true.
I’m not surprised by their reactions.
I mean, c’mon, because buying a property for a few hundred bucks and selling it for many thousands of dollars seems so farfetched.
But tis true…
Here’s the thing that I don’t get…
How are there people who claim to be land investors not understand this fact?
Some “land investors” are over paying for property and wondering why they cant sell the property for the prices they want.
Then theres “wholesalers” who are promising the moon just to waste weeks or months trying to find a buyer that knows what the wholesaler doesn’t.
The property’s acquisition price is too damn high.
This fact alone is why so many land investors and wholesalers are broke, they aren’t making solid decisions that help make high ROI
Wanna know how to do better?
First off, realize that if you are offering close to what the market is saying the property is worth, then you are going to have a bad time.
Next, realize that if the price you want to sell for is MORE EXPENSIVE than what you can get a similar lot on the retail market, then you are gonna have a bad time.
Finally, if you are too afraid to negotiate a price and stick to it, then you are gonna have a bad time.
So, how do you fix this?
Well, proper market research is the first step.
It will help you to understand how much meat is left on the bone and how to add value to the next person you will sell the lot to.
Next, make sure you are ready to move quickly with anyone you are dealing with.
Finding the cash or a buyer with cash takes time that will kill your deal.
That time you are using hoping to find a sucker makes it easy for someone else to come in behind you and take the deal from you.
Ask any seller what would they rather have, a contract or cash?
You may say “but but but, me and the owner had a deal! He signed a contract”
lol, how cute, what are you gonna do, take the seller to court?
You would pay too much in time and legal fees.
So, just play the game the right way to avoid the bs and make the money thats waiting for you.
The name of the game is to add value, and move fast.
Do that and win.
-Coach Vic