Hey all, new here and looking for some opinions/advice. I’ve spent some time the last 1-2 weeks reading the forums and watching some of the Youtube videos and listening to some podcasts. I was aware of Land academy from prior research on how to send offers to owners, which is what I’ve wanted to do for a while. I’ve done the typical “we buy houses” mail with some success, bought a couple houses at 50-60% value, rehabbed them and rented them and have done very well with them. This last year however I got sidetracked and flipped a few foreclosures out of state that were not very productive, big waste of time.
I’ve since started back up my business to start locating homes locally, not only to buy/flip but for doing terms deals like owner financing, lease option etc. I’ve been cold calling expired listings/FSBO with a VA and myself for 2 months, feels like a complete inefficient use of time and money. I feel sending offers to owners to purchase will also bring these other deals. The hate has no effect on me, I get a good laugh out of it.
Now that I’ve been studying up on the land side, I’m interested in adding that to my business as well. I’m trying to do this full time. I’m a chiropractor by education but haven’t practiced in about 10 years, I’ve had some other businesses in the mean time while dabbling in real estate. My wife is a hospital administrator, her income allows me to focus on this full time.
Here is my dilemma, trying to decide if I should join the house academy, Land academy, or both. I’ve paid for education in the past, I see the value in it but also don’t want to fork out a big lump sum right now if I don’t have to. I just did the 15 minute conference call to discuss details. I’m drawn to doing the land academy right now and holding off my house business for a few months until I get the land thing going. I don’t need the profits to live off of, they will all be going right back into the business. I would also prefer to not start with land costing 1k and selling for 2k, buying for 5k and selling for 10k sounds more like it. Would this be a bad move while learning? Since I can put all my profits right back into mail and buying more land, could I get a good land business going in a reasonable time, maybe making 10-20k a month within 6 months? Anyone else pulled that type of scaling off? What are the most successful members making off of land monthly/yearly?
I think I can get this going faster than someone that is completely new to the business since I’ve already done deals via direct mail marketing, I have no issue talking with Sellers and negotiating. I also have my RE license, I just posted about this in another thread. Not necessary but nice to have for some of the stuff I like to do.
Any thoughts or advice would be appreciated, would love to hear about others experience that have a similar story to mine.
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