Flipping Land

[Stephen Dominick]

I would like the folks from BP to give their opinion on flipping land.  I skipped back to podcast 039 with Seth and had to listen to it twice to try and get my head around it.  I live in the Pocono Mountains of Pa, we have plenty of open land and have been hit exceptionally hard by the market over the years.  I am geographically located relatively close to major metropolitan areas both east and south.  Just wondering, I really like the idea of no tenants and no toilets.  Thanks in advance fro your time. 

[Seth Williams]

Hi @Stephen Dominick  - I think you'll find that there is opportunity just about everywhere in the U.S. I've never worked in your area before, but from what little I know about it, I would think that the Pocono Mountains is an awesome place to test the waters. 

If you want to give it a go, there are a number of things you'll need to understand moderately well in order to make some headway. For starters:

• Learn how to execute a direct mail campaign (i.e. - finding the right list, sorting it adequately, sending out the right message and handling the responses as they come in).
• Learn how to do proper due diligence (figure out all the relevant details about each property, learn how to establish a ballpark value for each parcel and make appropriate offers that will actually allow you to make money in the end).
• Learn how to list and sell properties (understand where to list them, how to attract the most attention, how to offer a value proposition that buyers actually want, all while acknowledging that some properties will inherently sell a lot faster than others... and this is okay).

There's a lot more to be said about the process as a whole - but this is the "10,000 foot high" overview of what you'd need to figure out in order to operate a feasible land investing business. Each of these things will present their own unique set of challenges and there is a lot of stuff that lives inside each one of them. I wouldn't expect to master these things overnight, but if you're determined to make it work and you have patience with yourself along the way, you can definitely get there.