Hi I was wondering how much money you should save to get started with to get started with buying your first property and marketing. Thank You for any advice and suggestions
@willh97 Hi, Will! My name is Brad Warren, and our company is a land banking company that sells land to patient investors to help them build generational wealth. I was actually featured on last week’s podcast. Our minimum investment is only $25,000, and I’d be happy to schedule a Zoom call to introduce myself and tell you more. You can email me at [email protected]. Thanks!
@willh97 that’s a tough one.
to state the obvious: everybody’s situation/commitment/model/finances/goals are unique.
some approaches and considerations might be the best way to respond:
When in doubt, educate, learn an applicable skill, network–this can/should all be for free while you figure stuff out.
here’s some points of reference and approaches:
go minimalist on technology subscriptions until you’ve sold a few properties and realize you are serious about sticking with land flipping. don’t worry about website, llc, domain name, Zapier, or all the other stuff that will come later. lots of great free stuff that is nevertheless impactful: google sheets, google docs, browser extensions, trello, air table, county websites…plenty of free help as you’re starting out.
focus on education, picking markets, learning how to price and mail, and then practicing by mailing.
as the leads come into your phone/email, you’ll be excited to get deals and your additional “must haves” will become apparent; the deals will provide the data and experience you’ll need to figure out how your money is best spent on next steps, such as acquisition systems, processes, and technologies. Meanwhile, your education is critical to avoiding pitfalls and unacceptable risks, especially in the early stages—it’s the education combined with your prudence that allows for striking an informed balance between cost control/cash flow and growth/risk
i won’t hazard giving you a dollar amount to get started, except to say get some education, pull data, and send mail. Your additional funds over that amount depends on the properties you’re trying to acquire—big difference between funds needed for a no public access 2 acre desert lot in Arizona and a buildable 2 acre 30 minutes outside of Austin. you always can find a funding partner for a good deal with enough profit and acceptable risk/return calculus. Of course, deciding how to raise funds is critical as you start out—i used a combination of partnerships (with friends and family), credit lines, and my own cash until the business became self-sustaining.
there’s a bit of ready, fire, aim as you’re starting out, but that’s OK.
Wow, this went long.
Good luck
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Thank You very much for the advice and things to think about when getting started. I’m going to take some time to do some research and see what tools are out there for free and how to get started with a low budget. Take time to find out how people are getting leads, organizing them, figuring out what to offer. This something I hoping to do on the side in addition to my job when I get started.
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@willh97 that describes my journey so far as well. I think a lot of us start out this way. don’t hesitate to ask for help on this forum or to me directly
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