Whether you are a seasoned land investor or just got your first deal, what are some things you wish you knew when you started?
Let's share this knowledge with the community!
That people are dying to buy with owner financing.
And that you just need to buy inventory and get it advertised. I'm just learning myself, but the system works, that is for sure!
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Do you like M&Ms? We like M&Ms. Learn to love M&Ms. Mailing and Marketing. Nothing else matters if you're not mailing or marketing.
ABM - Always Be Mailing. When you're flying a plane, you don't just run the engine, then stop to see what happens, then start it up again. You keep the engine running. Keep the mailing going, while you learn, while you make mistakes, while you get overwhelmed with what to do next. ABM. Don't worry about the money. There are people with more money than land now looking to partner on your deals. ABM. You can't make money if you have no inventory to sell. Commit to a few thousand mailers, or six months straight mailing to get a solid sampling of "does this work"?
Don't think you need to be a polished corporate brand with logos or even a website. Don't fret about forming the perfect LLC structure, or any LLC if you're pinching pennies. Just mailing in your name is enough to get started. Don't worry about protecting your assets until you have something to protect.
Join all the land groups on Facebook. Read the posts. Search terms you don't understand in the group search box to learn more about them. Find related YouTube videos the hosts put out like RE Tipster's channel.
Search for vacant land on the internet. Learn the commercial websites. Study competitor websites. Study listings for what's important to list in the listings.
Follow success. Until you're confident in how to pick an untested area, see where other investors are selling and try there. Competition is still light, and often times getting a deal is more a matter of timing rather than being first to mail in the area.
That'll keep you busy for a while. :)
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Depending on your market there are a lot of tire kickers when you start off small in the under $5000 sale range, You get a lot of interest, but most people never looked at your ad and just sent an inquiry. Get you all excited, then ghost you.
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@Geoffrey, I love this advice. Thank you.
@landbaron said:
Depending on your market there are a lot of tire kickers when you start off small in the under $5000 sale range, You get a lot of interest, but most people never looked at your ad and just sent an inquiry. Get you all excited, then ghost you.
That's very true, and very frustrating. I know @Clint-Turner has some pretty effective ideas on how to manage some of this stuff.
Land takes a little time to sell.
Can you sell property in days of listing it? Sure - but it's an exception to the rule.
It takes me an average of 3-6 months to move a property and unless you're doing terms, I hear this typical for others in land as well.
You can do everything right in terms of listing and promoting the property, and might just need to wait a little bit.
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