What's up BP Fam,
Last night I had the opportunity to interview the land geeks Mark Podolsky. If you are not familiar with Mark, he buys and sells land on financing terms describing it as "the best passive income model there is!"
This certainly sparked my interest and I already own land in Florida that I purchased for next to nothing after the market crashed so I figured I'd put this to the test. I plan on sending out 1500 direct mail letters (100 going out this morning) to Florida land investors to test this strategy. If the results are good I'll diversify into this, if the results are lousy then it is still something I can blog about. Either way I'll share my results here!
Please share your thoughts or experiences with this!
@Mike Alder good luck I grew up in the business.. must watch movie for any land man is Glenn Garry Glen ross... you will see how all these lots you want to buy were created in the first place.
land game dates back to just after the turn of the century ( not 2000) when promoters went through the US creating mega subdivisions prior to any state or federal land development rules.. so you have all these old tracks and the parcels have been traded for 100 plus years.. lost at tax sale bought by someone like you or my dad.. resold on terms those folks default or lose to tax's and the cycle repeats.
Florida created massive subdivisions to attract residence's since no one wanted to live in swamps and such.. think Le High and Coral Gables.. Its a fun game.. though no one needs a guru to help them with this LOL...
Hey @Jay Hinrichs ,
Thank for sharing the resources! I'll check out that movie. It's funny you mention LeHigh Acres that was my first land investment after the crash. Are you currently investing in land? If so where at? Thanks
@Mike Alder just buying infil lots that I can then build on.. I am no longer in the land game per se' we peaked in the early 80's sold 800 lots one year... we had offices in LA and SF and bout 30 sales folks working for us. it was fun
@Jay Hinrichs That is awesome! Thanks for sharing and inspiring!
@Mike Alder Hey Mike any results thus far? How was your response rate for the 1500 mailers? My biggest question is valuing the land, also the seller criteria to focus on. It seems that Mark Podolsky focuses on back taxes.
Hey @Randon B.
I'm still in the grind phase. I started by marketing for buyers in Florida and it ended up generating more sellers than buyers. A few days ago I tested a new market and got a good response from buyers wanting seller finance deals. I'm now scouting undervalued deals in that area as it looks like they will move fast on financing terms. I will hopefully have an update in a few weeks with my first successful land flip.
Mark is real big on tax deals because of that I signed up for etaxsales.com to generate leads. I was focusing on Lee County Florida and found very quickly that the properties on that list in that county had taxes owed way higher then I could ever sell the land for but I will put that site to the test in the new county I am working on
Keep me in the loop if you plan on making land investments as well
Good Morning Mike,
I am a Realtor in the Lee, Collier, Charlotte and Sarasota area. If I can help in anyway please don't hesitate to contact me. I am very knowledgeable in the SW Florida Market and Tax certificate investing. I would be happy to give you any advice or ideas on areas to look at when it comes to Tax certificates. If I can help in anyway connect with me or PM me.
Dude this is awesome! when I was reading your response this morning. My office mate Patrick looked over and noticed your name and said ya'll are working on a deal together in Ohio. Small world
Yes please keep me updated on your progress. I'm mainly looking for property for my wife and I in rural Texas. But I any properties that I come across that don't fit what I'm looking for I'll try and sell on terms. Again the main hurdle in my mind is the due diligence on the property, and comping the properties out. Everything else is just marketing.
Hey @Randon B.
It's crazy how small this world is and how fast we we can connect! I'll keep you in the loop and look forward to catching up soon!
I really appreciate your offer! I'll contact you early next week if you are available. I love Florida and would like to hold more performing investments there. Thanks
This post has been removed.
Any update on your mailer progress you have been at it for 10 months or so now right? How did it go, how many deals have the mailers produced you so far? Hope your killin it :)
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.