From the BiggerPockets Blog

 BiggerPockets Blog »

Jump to Forum View All

Click a category below to view different forum categories.

BiggerPockets

General Info

BiggerPockets Q&A, Site Questions, & Announcements

1518 topics, 14423 posts — Last Post 04/20/14, 03:09PM

BiggerPockets Exclusive PRO Area

118 topics, 842 posts — Last Post 04/20/14, 04:40PM

New Member Introductions

10904 topics, 85767 posts — Last Post 04/20/14, 05:26PM

Real Estate Success Stories

396 topics, 6162 posts — Last Post 04/20/14, 01:05PM

General Real Estate

General Real Estate

Buying & Selling Real Estate

5948 topics, 46896 posts — Last Post 04/20/14, 05:23PM

Renters

644 topics, 5822 posts — Last Post 04/20/14, 10:45AM

Get Foreclosure Help - Help Stop Foreclosure Forum

316 topics, 2557 posts — Last Post 04/16/14, 03:58AM

Home Owner Association (HOA) Issues & Problems Forum

237 topics, 1609 posts — Last Post 04/17/14, 08:53AM

Do it Yourself

657 topics, 6291 posts — Last Post 04/20/14, 05:15PM

Reviews & Feedback

Real Estate Deal Analysis and Advice

3686 topics, 29547 posts — Last Post 04/20/14, 05:26PM

Real Estate Guru, Book & Course Reviews and Discussions

1134 topics, 11564 posts — Last Post 04/20/14, 08:34AM

Ask About A Real Estate Company

741 topics, 7325 posts — Last Post 04/20/14, 01:13PM

Real Estate Investing

Real Estate Strategies

Wholesaling

5608 topics, 43769 posts — Last Post 04/20/14, 05:18PM

Rehabbing and House Flipping

3336 topics, 31016 posts — Last Post 04/20/14, 02:51PM

Real Estate Development & New Home Construction

553 topics, 4686 posts — Last Post 04/20/14, 12:11PM

Innovative Strategies

704 topics, 6030 posts — Last Post 04/20/14, 10:54AM

Tax Liens, Notes, Paper, & Cash Flows Discussion

866 topics, 6678 posts — Last Post 04/19/14, 06:06AM

Rent to Own a.k.a. Lease Purchase, Lease Options

695 topics, 4908 posts — Last Post 04/20/14, 04:56PM

1031 Exchanges

143 topics, 1054 posts — Last Post 04/18/14, 08:41AM

Foreclosure Investing

General Foreclosure & Pre-Foreclosure Forums

1688 topics, 11298 posts — Last Post 04/20/14, 01:58PM

HUD, VA, and Tax Sales

415 topics, 3097 posts — Last Post 04/19/14, 10:19PM

REOs

1214 topics, 10578 posts — Last Post 04/20/14, 12:34AM

Short Sales

1535 topics, 13121 posts — Last Post 04/20/14, 02:17PM

Landlord & Tenant Forums

Landlord & Rental Property Questions

7214 topics, 70805 posts — Last Post 04/20/14, 05:27PM

Mobile Homes & Mobile Home Park Investing

638 topics, 5141 posts — Last Post 04/19/14, 09:49AM

Investor Basics

Starting Out

7712 topics, 60522 posts — Last Post 04/20/14, 05:15PM

Investor Psychology

431 topics, 6107 posts — Last Post 04/20/14, 06:04AM

General Real Estate Investing

4719 topics, 37223 posts — Last Post 04/20/14, 04:47PM

Real Estate Investor Marketing

1732 topics, 14098 posts — Last Post 04/20/14, 05:20PM

Commercial Real Estate

Commercial Real Estate Investing Forum

1410 topics, 8994 posts — Last Post 04/19/14, 04:34PM

Multi-Family and Apartment Investing

1110 topics, 9244 posts — Last Post 04/20/14, 05:24PM

The Business of Real Estate

Real Estate Technology and the Internet

Real Estate Technology, Social Media & Blogging

641 topics, 4897 posts — Last Post 04/20/14, 08:43AM

Business Basics

Goals, Business Plans & Entities

831 topics, 7562 posts — Last Post 04/18/14, 04:25PM

Real Estate Finance & Legal

Financial, Tax, and Legal

Tax, Legal Issues, Contracts, Self-Directed IRA

2789 topics, 20033 posts — Last Post 04/20/14, 03:21PM

Property Insurance

309 topics, 2045 posts — Last Post 04/17/14, 07:41PM

Personal Finance Discussion

328 topics, 2732 posts — Last Post 04/19/14, 06:57PM

Loans, Mortgages, Credit Lines

Private & Conventional Lending Discussion

2837 topics, 19715 posts — Last Post 04/20/14, 02:15PM

Creative Real Estate Financing

1210 topics, 8772 posts — Last Post 04/20/14, 06:59AM

Crowdfunding Real Estate

35 topics, 463 posts — Last Post 04/19/14, 06:24PM

Real Estate Professionals

Real Estate Professionals

Real Estate Agents

1211 topics, 7999 posts — Last Post 04/20/14, 03:12PM

Bankers, Lenders, and Mortgage Brokers

441 topics, 1922 posts — Last Post 04/20/14, 07:09AM

Contractors

270 topics, 1685 posts — Last Post 04/20/14, 02:48PM

Local Real Estate

Local Real Estate

Local Real Estate Networking & Recommendations

1994 topics, 11626 posts — Last Post 04/20/14, 05:25PM

Americans & International Real Estate

161 topics, 566 posts — Last Post 04/14/14, 11:19AM

Foreigners Buying in the USA

62 topics, 409 posts — Last Post 04/10/14, 06:27AM

Canadian Real Estate

65 topics, 430 posts — Last Post 04/20/14, 04:56PM

Marketplace

Real Estate Marketplace

Real Estate Marketplace

15024 topics, 53968 posts — Last Post 04/20/14, 12:27PM

Real Estate Events and Happenings

165 topics, 2526 posts — Last Post 04/20/14, 04:04PM

Off-Topic

Off Topic

Off-Topic

2905 topics, 32411 posts — Last Post 04/19/14, 08:03AM

Housing News & Real Estate Market

914 topics, 8351 posts — Last Post 04/17/14, 08:41AM

BiggerPockets Real Estate Investing Summit

97 topics, 1751 posts — Last Post 04/10/14, 02:27PM

BiggerPockets Resources

Forums » Real Estate Guru, Book & Course Reviews and Discussions » Peter Conti - Lot Flipper Program

Peter Conti - Lot Flipper Program

34 posts by 18 users

Signup

· Wheat Ridge, CO


I just spent an hour listening to Mr. Conti describing a program called Lot Flipper. I find a lot for sale, and if they like my deal - they take it and do whatever with it - but will pay $8700 as a finders fee (when it closes) for the lot. I give them a $1000 deposit to show my sincerity, they send some easy to follow short training and I am off to find a lot.

Is this for real or a scam?



Real Estate Investor · El Paso/Socorro, Texas


Who is buying the lot? Do you have to give them the $1000 before they will look at the deal?

If it is a deal then sell it to an investor and save the $1000.

I hope I'm not being negative :-)

Seriously though, some more information on the program would be nice.



· Wheat Ridge, CO


You are not at all being negative! It sounds like some kind of a bird dog program. When I find a lot that meets their criteria, I use their proof of funds letter (updated monthly, they said) to place the offer. I submit info on the lot into their program, "Deal Genie" and if the program likes the lot, I get $8700 when they close on the lot. That's it - "...don't know of an easier system to make money" they say - no money out of my pocket. I am required to give a $1,000 deposit so they know I am serious. Upon my first closed deal, I get that deposit back by double to $2000, making my first check $10,700. No limit to the number of lots I can do, but of course the "job" offer is limited to only a select few... $8700 is a number they reached as an average of some sort, nothing magical.

Concerning your comment to save the $1000, I would do that. But how can I sell to an investor what is not mine - certainly not without serious marketing efforts to locate a buyer, my own EM, etc? They make it sound, my take here, like they are so flush with cash that they are too busy to find lots to build on, so this program finds the additional land to develop.

My questions were one, how do I know they really take my offer and not just circumvent my "finders fee"? How ridged are the requirements - if they want prime property only, why would they need this "help"?



Rehabber · Simi Valley, California


I don't know anything about this program, but when someone says "don't know of an easier system to make money", just give us $1,000, it sounds like they've found an easy system to make THEIR money, $1,000 at a time.

Seriously, how can they say it takes no money out of pocket, but you need $1,000 to work with them?



· Dallas, Texas


Doug,

Did they give you a website, business address, business phone number? How do they take the payment for the $1000?

Joe Gore



· Wheat Ridge, CO


There was an opt in box and they provided a 1-800 number to gain access if desired. Credit card was requested for payment.



Real Estate Investor · El Paso/Socorro, Texas


@Doug Snavely I think you hit the nail -

Quote - How ridged are the requirements - if they want prime property only, why would they need this "help"?

Have they given you any idea of their "requirements"? In the meantime they get to use your money interest free.



· Wheat Ridge, CO


One other thing - the email about Peter Conti and this "program" was sent from Preston Ely. From that name I was interested in viewing this deal; if it were not from Preston - I would have just deleted.



· Wheat Ridge, CO


I have to "deposit" the $1000 and find a lot before I get that answer. ...or at least an answer I'd trust...



Real Estate Investor · El Paso/Socorro, Texas


Visited Preston's site, found this:

Sell My Stuff

The Easiest Money You'll Ever Make. Sign Up, Send Email, Get Paid.

Hmm, two different ways to make the "easiest money you'll ever make"?

I can make twice as much, twice as easy if I sign up for both, yay! Where do I click?



· Dallas, Texas


Doug,

Did they give you the requirments before you give them the $1000?

Joe Gore



· Wheat Ridge, CO


No, I asked the question in the forum box, they acknowledged my question but no answer. I guess it's back to work Monday...



· Mechanicsburg, Pennsylvania


@Doug Snavely

I've heard that the lot requirements are something like:

1. The lot must be less than 2 acres.

2. The lot must have public water and public sewer.

3. Must be suburban area no rural properties

4. Lot must be no more than 15% max of the final house+lot price.

5. Total package house + lot must be in the price range of $400,000 to $1,300,000.

Those requirements don't sound all that difficult, BUT in many areas including most of flyover country, there are few candidates. Around here there are very few houses in those price ranges. Only 7% of the houses currently listed for sale are above $400,000.and above $800,000 is only 1.5% of the houses. Around here the market for $1.3M houses is very thin, less than half of one percent. Then lot prices have escalated as there are more regulations every year including endangered species, wetlands, flood plains, hydro-geological studies, traffic studies, and density reductions, that lot prices are often 25% or more of the total package price. At 15% for a $400,000 total package the lot price would have to be $60,000 or less. there just are not many $60,000 lots available that you would put a $340,000 house. So the numbers narrow the scope of possible lot candidates. Perhaps in high price areas like CA, the numbers might work better.

How would these numbers work in your CO?



Real Estate Investor · El Paso/Socorro, Texas


Great information @David Krulac

Thank you!



· Wheat Ridge, CO


That is good info. Using your example, that deal would be tough if not impossible in Denver. Thanks for the insight!



Lien Investor · Mokena, Illinois


@Doug Snavely

Wrote this up yesterday but apparently it didn't post. Others have made some same comments, but here are mine:

A) Always do a Google search of the guru(s). (I'll let you determine what you read about these two people). These guys have a thread or two on BP as well.

B) I had a friend who asked me to listen in on this webinar with him. He had listened once and it was done again, and he wanted my opinion.

I had him turn it off about 45 minutes into it when I saw the numbered steps slide. Their "easy" system works something like this:

1) You find vacant lots in high-end residential areas. They want homes in the area to be in the $400k to $1.5 million range.

2) You negotiate the lot price and it must meet this formula - Determine the average market price of a home built on that lot and take 15% of that value. Negotiate the price of the lot to be that 15% amount or less.

So if the average home would be $500,000 then the max price for the lot should be $500k x .15 = $75,000.

3) You get the lot under contract.

4) You submit the deal through their "Deal Genie".

5) If it passes their Deal Genie, then they buy the lot and they give you your money the day they close.

You do realize in step 3 YOU are getting the lot under contract and if the "Deal Genie" rejects the deal, then you have a contract to buy the lot. Cancel the sale and you lose your deposit.

Oh yeah, they breezed over the "language" you put in the contract for a 10 day inspection period. That gives you the time to submit the deal and see if it is accepted. Problem is, I know of few sellers who will accept a contract on dirt with a 10 day "inspection" window.

One other thing - you will be looking long and hard for a lot that you can buy for 15% of market value prices. As an example, below is a screenshot from Trulia.com (ignore the debate on how good are market prices on Trulia & Zillow).

The three prices in the red circles are for lots that are currently listed for sale. All around $165k - $170k. Notice the values of the surrounding homes are in the $650k to $800k range. So let's say average is $650k. That means you have to try and get one of those lots for $97,500.

Now it could be that the those three lots are way overpriced at $170k, but a recent lot sale one block to the east (in yellow outline) that did have some prep work already done (stacked stone bridge over a culvert and the lot was cleared) sold for $225,000 a few months ago.

You will be doing a lot of bird-dogging to find the 15% deals. They said something about 90 days money back for your $1,000 deposit, but you have to have submitted three deals in that time. So if you don't get 3 lots under contract and submit them in that 90 days, you don't get your $1,000.

Don't get me wrong, this could work for people. Do you have the time and confidence you can find at least 3 deals in 90 days?


My Biggerpockets Blog - Lien Online Me http://www.biggerpockets.com/blogs/2682


Lien Investor · Mokena, Illinois


My friend just sent me a link to the recorded "webinar" so I skipped through it to the slides where they discussed the steps.

The 10 day inspection is so that you can get the contract on the lot without a deposit. The gurus will pay the earnest money deposit for you if the deal passes their "genie" at then end of the 10 days. So this is how it's a "none of your own money" deal. Except of course for the $1,000 deposit to get their training and access to the "Deal Genie".


My Biggerpockets Blog - Lien Online Me http://www.biggerpockets.com/blogs/2682


Wholesaler · Lubbock, Texas


Im listening to the same webinar right now. (live or recorded I dont know)

The webinar is sponsered by Cameron Dunlap.

I have personally met Peter Conti in Dallas in 2008. He has a great book on buying lease options.

I knew I was going to listen to this webinar today because I do business with Cameron Dunlap currently with his ibuyhouses.com exclusive territory set up

and his iFlip CRM and I really like that. You can check it out here if you like. iFlip

Anyway back to this land subject, I knew I was going to check it out so today while Im driving I listened to my podcast of Bigger Pockets that they did with a guy named Seth. So from what I learned on that + this post I have some new exit strategies for flipping land and I still have may $1000.



· Ballwin, Missouri


Here's their presentation on youtube. Supposedly their last live webinar is today at 2pm.

http://www.youtube.com/watch?v=9e73OxLv9aU

Also someone mentioned above that some areas may be hard to find property meeting their requirements, but supposedly, you can find the deals online, they don't have to be in your area, - you don't have to visit them.



· Knoxville, Tennessee


I am a Realtor that has been approached by 2 people that are paying for this course. It is the same exact email they tell their customers to send to Realtors that have a good zillow rating and a few testimonials. I submitted many offers and had 14 accepted after all was said and done, but absolutely none of them got accepted by the "Lot Flipper" people and all of them were within their requirements. The lot flipper reps tell me they submit the offers to the "deal genie" and get no response for the 10 day inspection period, and if they pester them enough they tell them something generic, like the comps weren't high enough price per sqft. So it sounds like a definite SCAM! My niche market is lots and land in TN, NC, and GA primarily (42 lots last year and over that this year) so if anyone wants to make money flipping they should do it the old fashion way of getting a good Realtor and invest wisely. They claim to pay you around 8k for each lot but you can make way more than that if you do your research.





Sign up