We see and hear a lot of misconceptions about the land business, especially when it comes to giving advice to those who are just starting out, but what is some of the worst advice we have seen?
Listen in as Mimi Schmidt takes over the helm and leads the team this week into a discussion that will shed some light on some of the worst advice they have seen given.
Joining Mimi are:
- Erik Peterson
- Mike Zaino
- Scott Bossman
So what is some of the worst advice we have seen?
- You need a website to get started
- Parcels have to be a minimum of 10 acres
Plus, the advice that you give yourself—You’ve seen the success of others, but you just want to try it on your own first for your own proof of concept.
Find out why the team says this is all bad advice and what you need to be considering instead.
Scott also brings up a couple other things that really makes him cringe.
- Setting up land buying websites
- In order to find a good area, mail to one area in large volumes over an extended period of time
Track your response rate. If you’re getting a 5% response rate and you’re able to buy one percent, one for every 100, your pricing is good and adjust otherwise.You can learn if an area is good after a month of mailings at 20 a day. Then you’re not investing thousands of dollars to learn about that one county.
Don’t Be Afraid to Come to Bootcamp – There is No Wrong Time
Another misconception that Scott often hears surrounds Bootcamp and the investor level you need to be at before attending. Bootcamp is for everybody at any level of the business. From complete newbie to seasoned pro, you will always walk away with something new for your business.
Bootcamp gives you what you need,
when you need it.
Bottom line—There is a lot of great advice out there also, but we want to make sure you’re starting your land investing journey out on the right foot by taking advice from someone who has been doing the business for a long time.
This model is easy if you follow the recipe. Don’t try to complicate it by following bad advice, it may set you up for a lot of frustration and frustration can lead to burnout.
TIP OF THE WEEK
Mimi: Check out the Netflix documentary—Inside Bill’s Brain: Decoding Bill Gates.
QUOTE OF THE WEEK
Mike: It’s not enough to be busy, the question is, what are we busy about? by Henry David Thoreau.
Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?