All Forum Posts by: Eric Sulek

Eric,

What strategy do you have in mind in terms of flipping? I agree with Don, but if you're somehow adding value to land through improvements, re-zoning, developing, then there's definitely an opportunity in doing so. 

Quote from @Eric Sulek:

I've been through a lot of area's and it can't find anyone who does land investing or land flipping.  Is it not worth the time or am I missing something?

Just completed my first lanf flip. I bought Dec 19 2023 and sold Feb 1 2024 (It can take longer to sell. This one went under contract within a couple days. A buddy of mine in the group has had one for over 100 days so it can vary) With buy price, soil evaluation and having an improvement permit done for the buyer, I was all in at a little under $14k. Sold for $47k and after 10% commission for my realtor ( a land specialist from National Land Realty.Good realtors with local knowledge are worth their weight in gold!) and closung costd, I left closing with a check just under $42k. So, yes, it worth it.

Watch all the free videos from the Apke Brothers, Seth Williams, Jack and Jill and anyone else that seem legit. I eneded up joining the Apke brothers course and it was, definitely, worth it. They have a free Discord group and a members only one. Both are full of great peole from around the world who help you if you need it! Got that deal in a few months of joining. The keys are mail, cold call, or text for leads, constanlty and consistantly and answer the phone or get back sellers, quickly! Some people spend alot on mailing and are scared to answer the phone. Sellers will tell you others didn't answer them when they called. It will take a couple weeks for mail to hit, if you use a mail house like Rocket Print (we use them), so have mail ready to go every couple weeks or, at least, monthly.

I work a 50-60 hr/week job and work on my business 1-2 hrs every evening and alot on the weekends, so it can be done if you have a full time job.I could have done better. I slacked and didn't send mail consistantly and I didn't send alot when I did. The course teaches against that because that can make it take a long time to get a deal, but I still got one. I just could have done better in that time frame if I would have  consistanlty sent mail. Hope this helps.

I'm also new.. just starting my research (picking up books, poking around here on BP, podcasts, etc.).  Everything I'm reading/hearing is that at this stage, it's all about getting your ducks in order while you ramp up the learning curve.  Pay down debts to get a good debt/income ratio, build up cash for all the things you need to pay for out of pocket / up front, particularly if you are going to be taking on debt to acquire a property.  So, if you have very low funds to start with, I think that's step 1... find ways to save/earn more and start stashing it away while you learn, network, etc.

Quote from @Eric Sulek:

I've been through a lot of area's and it can't find anyone who does land investing or land flipping.  Is it not worth the time or am I missing something?

I do some on a limited basis.  The basic problem is you may have to wait a long time for a decent offer when you want to sell.  My experience has been that I end up holding the property for an average of 5 years.  Meanwhile, not only is my money tied up earning no cash flow, but I’m also paying property taxes.  So, for me the expected ROI has to be far superior to a cash flowing improved property investment.  As compared to an improved property a land deal is generally higher risk and less liquid.  

Use the lookup

Function and my name.  Look for two posts

Journeys End and

Silver Lake subdivision. 

If you have a specific question just ask.