Welcome to the fourth day of the nine-day Do or Die series. To recap, Tracy Krol is a teacher by profession. She has a big goal of having more time and money, hitting $10,000 monthly in the next nine months. In the previous episode, Tracy learned the following from Bret Daniels: the right mindset to be the CEO of your company, the importance of delegation, what the Land Offer Letter (LOL) is, and how to fill up and send it out.
In this episode, we learn which county Tracy chose to work in and if she was able to get the mails out. How much mails did she manage to send out? Bret will also teaches Tracy about the four critical metrics to track to build a successful land business. Brent does a deep dive into the script in handling seller responses, step by step, with Tracy. This is one way to build up Tracy’s confidence despite her struggles and stresses in answering seller responses.
Buckle up and prepare for this explosive episode!
Do Or Die Series – Episode 04 – How To Wholesale Your First Piece Of Land With Tracy Krol
Welcome to episode four of the Do or Die Series, How to Wholesale Your First Piece of Land, with Investor Coach Brent Bowers and Tracy Krol. In this episode, we will learn which county Tracy chose to work in, and if she was able to get that mail out. If so, how much mail did she send out? We’ll also learn the exact four metrics that you should be tracking to build a successful land business.
Many people get this part wrong and end up not knowing how to properly track how much money they’re making or losing in the land business. Unfortunately, many people give up prematurely and think this business doesn’t work. I got a secret. It does. Brent is going to lay out his four critical metrics that every land investor should be tracking here. You’re going to want to make sure that you take good notes.
Brent will also be deep-diving the script with Tracy, so she knows how to handle any seller responses that she gets. This part is a major stress point for a lot of people, including Tracy. She gets vulnerable in this episode and talks about her fears and anxieties around talking to sellers. This is something that a lot of people struggle with, but Brent breaks it all down in such a simple way that instills confidence and courage in Tracy. I’m sure it’s going to do the same for you. Brent shares his exact scripts for land deals and goes through it all step by step. Buckle up and prepare for an explosive episode.
I have my amazing guest with me, Tracy Krol. I’m walking her through how to buy and sell her first piece of land. A little recap on what Tracy is accomplishing. Tracy is a teacher. She coaches other teachers, she works very hard at her profession, and she has a major goal. She wants to have more time and money freedom. Her goal is to be hitting $10,000 a month in the next nine months. This is coming very quickly. This is going to be a Herculean task. It’s going to be a massive amount of work. Tracy is going to be very uncomfortable, and you’re going to see it in this episode. She’s going to talk about some of the fears, the limiting beliefs and the doubts.
Take that phone call live because we want to strike while the iron’s hot. We want to make the gravy while the stove is on.
We’ll get into the three Ds of her doubting me as a coach, the program, the actual list that she’s mailing, and then there might be a fourth doubt and that’s what the way is worth. We’re going to talk about all that, get over all those objections, concerns and those sleepless nights that we all have when starting a new adventure. She’s no longer going to have to worry about driving that nine-year-old car with transmission problems when she is making $10,000 a month. She’s going to be able to travel anywhere she likes and if she chooses, first class. Let’s recap. Tracy?
I’m happy to be on again, and I’m working hard.
You told me that you were up until 1:00 AM evaluating this list, getting down to the nitty-gritty. How are you feeling?
It’s funny, when you were talking about hiring someone, of course I had doubts because I don’t have the money to do that right now. I can do this. I’m a smart person. I’m going to sit up and calculate some numbers and do my list by myself and then I had your voice in my mind like, “Brent, you’re right.” It’s much more efficient to hire someone to do that task. It was challenging because I had so many mailers and lists. To calculate all that, they keep me up pretty late, but I got it done. I doubted that I did it correctly and that my offers are what they should be, but I guess that’s part of the process.
Trust your numbers and your instincts. I’m glad that you spent that time. You’re becoming the county expert. Once you get over that hump, you’re getting past the learning curve. Now you will know the specific areas. You won’t have to continuously do that. You’ll be a better coach to train your virtual assistant one day to do that in other counties. I’m glad you experienced that. Most people aren’t willing to take those steps. When you’re sitting in a room of 100 people at a real estate investing association and only one person is doing deals, it’s because most people aren’t willing to stay up until 1:00 AM of evaluating the land, seeing what it’s worth, figuring out what to offer. Kudos to you. Pat yourself on the back. Let’s keep moving forward. You’re getting one step closer to your goal every day.
Another thing is I want to drive that point home a little bit further. Anything that turns out great is not going to be easy. If it were easy, everyone would be doing it and it wouldn’t be great. Things don’t come easy especially wonderful things. $10,000 a month of passive income for the next five years, it’s going to take a little work, and most people won’t be willing to do what you’ve done. Keep that attitude and keep bootstrapping. I understand that you don’t have the funds to pay people in a team, but when you start receiving income from your land deals, things will get easier because you can train people to take these tasks off of your plate.
You’ve picked your county, or I like to call it a playground. You’re doing two, which is incredible. You’ve chosen two counties, so you’ve got your work cut out for you, but what’s cool about that is it will give you the ability to see, “I’ve got to send this many offers in this county to get an accepted offer and this other county, I have to send only this many.” You get to compare two counties as you go. I don’t always recommend picking two at one time because it seems even more overwhelming. Tell me about that. I’m sure you felt that pain.
I do, but I liked the challenge because I want to start learning what the differences are and what that looks like. For my brain, looking at it simultaneously helps to compare them and to see like, “This county is much more per acre than the other county. Why is that? What is it near? Did I pick the right place?” Doing some of that research helps me calm myself to say, “Every place is different. What do I need to focus on in this area?”
You might see the grass might be greener on the other side of the country or the fence. One county might be better than the other and you might drop one, eventually. I have slowed down in the county I started at. We circle back to see if we’re not missing anything. We scrape up some gold from time to time, but the county I started in is not my best county any longer. That’s good that you’re doing that.
You’ve got your gold list, the tax delinquent list. You ended up having to pull a list in the smaller county in Colorado that you’re dealing with, which is great. I’m glad you pulled that list. You got your list from PropStream, and if you want to check that out, for our readers, that’s TheLandSharksList.com and get a seven-day free trial to PropStream.
I love PropStream. Pulling lists from them is very easy. You can be mailing that list in the next twelve hours. Next is you built your Excel list about your motivated sellers, your land sellers, the people who want to hear from us. The fourth step is you got your LOL all filled out, your Land Offer Letter. You put in your information, email address, return mail address, phone number, and fax number for people to get back to us. Tell me about that. I don’t think you like the fact of having to get a fax number. How did that go? Did you end up putting a fax number on there?
We don’t have to buy every single parcel of land. We get to pick and choose what works for us.
I did. I thought it was going to be a hassle and I hadn’t worked with the fax in forever, but just google MyFax.com, and there’s a bunch. I also did it with the virtual PO Box. I thought that was going to be a nightmare. I went to my UPS store and it’s $50 a month. For me, that was way too much. I found a virtual mailbox and it’s only $10 a month. The fax is also $10 a month. That I can afford. That’s not crazy to me. Once I started getting a lot of business, I can easily increase the amount I can get per month by adding $5 a month. I was happy because I was a little stressed about it, but once I started doing the work, I realized it was not that expensive and took ten minutes to set up both.
I’m glad you brought that up. It seems like you have done this for fairly affordable pricing. It’s fairly inexpensive. Where else on earth can you start a million-dollar company for $20 a month? There’s nothing else I’ve ever found. For example, franchises. I don’t even think you could buy a McDonald’s franchise anymore. It’s several millions of dollars and you’ve got to prove yourself. I’ve heard people having to almost give their blood to buy a McDonald’s franchise. The cool part about this is you could start this at a very affordable price. Someone with very little money can start this business. I’m living proof of it. Let’s talk about your LOL going out, your Land Offer Letter. Where are you in that process?
It is going out. I’m very excited. I got the letter, and I put in my information. I had to just quickly get a fax number and my PO Box number. I’m doing Google Voice for my phone number for now because that’s free. Once I get to so many calls that I feel overwhelmed and I want to do CallRail or something else, I’ll switch over, but for now, that’s working for me.
What is your plan? Are you going to take these calls live, or are you going to send them to a voicemail and return them when you’re in the right state to return the call? How are you planning on as far as calls go?
I always prefer to do live in the moment. I feel like I don’t want to lose anyone through a voicemail and they’d forget about me. That would be my ideal, but I guess things happen. If I’m busy and I don’t see it, I’ll have a voicemail on there as well. What do you think is best?
Take that phone call live because we want to strike while the iron’s hot. We want to make the gravy while the stove is on because if I’m calling you because I have a roof leak, I want someone to take my call. I don’t even care if they’re on the other side of the country. I want to talk to somebody because my roof is leaking or in this case, they want to sell a piece of land. If you take that call live, you are getting them while they’re hot and motivated.
What makes someone call on a postcard or a letter in the mail? There must be some type of motivation, so if you can get them while they’re hot, I 100% agree with it, but here’s the other side of that coin. If you’re not in the right state, if you’re busy, if you’re driving, if you’re having dinner, don’t take the call. Let it go to voicemail and returning when you can. Don’t get anxious. These calls are going to continuously come in. You’re going to be mailing 300 letters a week.
My biggest suggestion is to keep that mail going because there are going to be many options out there. We don’t have to buy every single parcel of land. We get to pick and choose what works for us. I love the fact that you’re taking live calls. I was not always able to do that as an army officer when I was starting my business. I always had to return the calls. Sometimes, I would return these calls hours later or the next day. You name it.
My leads went a little stale sometimes. Sometimes it would be 3 or 4 days later, any time that I got them right on the phone. Now I have an acquisition manager that takes these calls for me. She live answers, and we do so many more deals because she live answers it. She can’t always take it, but if she’s going to get back to them, she will. I beat that dead horse, but I 100% agree with live answer.
What’s cool though is you give them many options on your land offer letter. You allow them to fax it, mail it or email it back. What’s awesome is that you’re going to get some stress taken off you for receiving so many phone calls. I don’t like phone calls, but with about 20% of the letters we send out, we do get a phone call. What’s cool is the other 80% are faxes and emails, and they mail it back, which is crazy. They fax them back and the email is the absolute best because we don’t waste paper.
My big question is I don’t know what to do when I get a phone call. There’s my total anxiety on the table.
I’m glad you brought that up because that’s what we’re going to be talking about. Let’s get into it. I want to catch you soon with this. Let’s talk about Key Performance Indicators or KPI’s for short. Are you familiar with tracking Key Performance Indicators?
It’s a very scary-sounding word. I’m going to break it down very easily. We want to keep track of three things. That’s all it is. That’s a Key Performance Indicator. How much mail do we send, how much money do you spend on that mail that you’re sending and how many accepted offers do you get? How many did you send out as far as land offer letters?
Four hundred and sixty
That’s your first KPI. Four hundred sixty was sent out on January 6th. Your next line on your Excel, you can track this on paper or 3×5 flashcards. I don’t care what you put it on. Your next line item is how much money you spent on those 460 letters. The third line item is how many accepted offers do you get? That accepted offer is going to come very soon, but that’s all I want you to track. That way, if you’re in two counties, you might figure out that, “I have to spend $500 in mailers to get one accepted deal. In this other county, I had to spend $1,500 in mailers to get one accepted deal.” That way, you know how many you have to send out on the front end to get an accepted deal.
Later on, the fourth metric I would like for you to track is how much money you made. Eventually, you see exactly how many you have to send and how much you spent to see how much you could make. I’ll give you a quick example. If we spend $1,000 on one county that I’m mailing in, we generally make somewhere around $7,000 or $8,000. We spend $1,000 to make $8,000. That’s how I know that our process is working. That is a green KPI for me.
If it turns red, we kill it quickly because when something turns red, my KPI turns red, and my virtual assistant helps me out with the Excel spreadsheet to see these things. She puts all these ends because she does the mail for me. We stop it quickly when it turns red because that means we’re losing money and we never want to lose money in this business. We always want everything green.
I’m going to pull up one thing quick, and that is what I call the Motivated Land Sellers Script. Next is Land Offer Letter accepted. Let’s talk about this. Very soon, you’re going to receive either a phone call from somebody saying, “Is this a scam or do you seriously want to buy this property?” You’re going to receive it back in the mail. It’s going to be signed and their phone number, email, and names are going to be on it, or you’re going to get a fax in your MyFax.com, and it will come to your email. Also, an email where someone has literally filled out your offer letter by signing their name and putting their phone number and email for you.
When that day happens, Tracy, I want you to celebrate, somehow or another. You might love wine or you might like coffee. Go out for a coffee, go out to dinner and take a friend out to dinner. It doesn’t have to be fancy. It could be Applebee’s. Go out for appetizers. Celebrate this because this is the beginning of many more of these. I like to put a positive emotion on these things. I remember my dad’s first land deal and the first money he made on his first land deal. I was like, “Dad, you’ve got to take mom out to dinner. Go out and celebrate this.” He’s like, “Son, there is only this much money. We only made it.” I was like, “I don’t care. Go out. You’ve got to do this.”
I am ready to celebrate.
Let’s reward ourselves that the hard work, the staying up until 1:00 AM. I had no idea how many nights you had to do that. I’m hoping for only one. I’m jumping around a little bit and we already touched on this, but I had this in the sequence of events I wanted to talk about. It’s something called the three Ds. Your brother, Tom Krol, was the one that taught me this. Your brother told me that you want to let them know what’s coming whenever you’re coaching people. You’re going to get something I call the three Ds, and you probably have already had this, but you’re going to start doubting me as a coach.
There are going to be a lot of doubts about the process. You might start doubting the process of whether you should be spending money on mail, or if you’re in the right county, or if you’re paying too much. The third and the absolute worst, you might start doubting yourself. I want you to be prepared and understand and know this is coming. When this does come, and it usually starts the first two weeks of doing a new business like this, I want you to put your foot on the gas pedal. I want you to go for a run, a walk, put your foot down and keep pushing forward. Will you do that for me, Tracy?
I will do that. I’ve experienced the doubt of myself. Sometimes, I’ll put in my head, “Brent can do it and be successful, but maybe I can’t.” I’ve been trying to push that feeling away, and I continue to follow the steps you’ve been giving me and having trust in you and the process and hoping those two will start to get me to stop doubting myself.
I like what you said, “If Brent can do it, I can do it.” That’s what you’re trying to say.
I’m saying I’m hoping I can get there. Right now, I’m feeling like, “Maybe Brent can do it because he’s awesome Brent and I’m not there yet, but I feel I’m going to trust in it and keep going.”
Know that you were educated. You’ve got degrees, so you are a teacher of teachers who have these amazing degrees and amazing things. Yes, you’re right. If I can do it. I’m not that cool. I’m just a normal guy with three children. I had a full-time demanding job that I wanted a way out and this was it. Now that we’ve spoken about that, let’s keep moving forward.
We’ve already talked about how you’ll take the calls, live answer and then voicemail. What’s cool about them sending it back in the mail, fax and email gives you time to do your due diligence and your research. Are you familiar with what due diligence is? That’s a term thrown around in the real estate world that I hate, but I wanted to make sure that you understand what that means.
It’s simply just doing the work and the research you need to be prepared for.
That’s it. You want to research the property. Is this thing buildable? Are there roads going to it? Google Earth it. Look on Google Earth. I talk a lot about this in the course that you’ve got access to, but I had to learn my due diligence as I went. One of the biggest ones was to look on Google Earth. I purchased a five-acre junkyard one time, and it’s fin.
We’ve sold the property, but these are things that I want to know in the front end, and all of this can be used to our advantage for renegotiation. I don’t care if they sign that letter and send it back. That doesn’t mean that we have to pay that price. Due diligence is your absolute friend. It is a lever. It’s what allows you to get a better price on the property.
I’m not saying take advantage of people. If you’re already getting a great price, that’s fine. Psychologically, I always like to keep going for a better price because psychologically, it allows our sellers to feel like they haven’t left money on the table. If I go and pay the price that they give me right off the bat, there’s been some seller’s remorse.
That’s where they come back to me and say, “I think I’m going to see if I can get a better price or I’m going to talk to this guy over here,” after they’ve agreed to do business with me. Anytime I have further negotiated the deal to ask them, “Is that the lowest you can take,” it has pretty much 100% eliminated seller’s remorse. Does that make sense, Tracy?
By asking that question, what does that usually bring up for the sellers? Do you find that they negotiate with you, are they pretty firm on their price, or are they constantly asking for more? I would think that they want more.
No. It’s 50/50. It’s usually, “I hadn’t thought about that. I could come down to this.” That is 90% of the time. The other 10% of the time is, “You had already offered this price. Is that still doable?” You can let them talk and then they say, “I guess I could come down to this.” That question usually makes me thousands of dollars by asking it and it helps me as far as getting seller’s remorse. I’ll talk to you more about it in the Motivated Land Seller’s Script.
Let’s break this down. You had asked a question about what to say when they do call. I know that you got anxiety about that. I had a lot of anxiety about that one because I didn’t know what to say when they first call, and I found some scripts. I had taken one of the scripts from the Rhino Tribe and made it towards land. It’s more of a culmination of other people’s scripts, but this is what we’ve worked out over the years of buying land.
When they call and I’m returning their call back or when they call and I missed their call, here’s what it sounds like. I say, “Hello, Tracy. This is Brent. I was getting back to you about the land you have for sale.” I always say, “It sounds like I caught you in the middle of something. Is this a good time to talk about this? I can call back later.”
I want to pull away and I want them now chasing me. You cannot push a rope, but you can pull a rope if someone’s holding onto the other end of it. I want them coming my way to pretty much psychologically get them to start opening up and chasing me at the end of the day because I’m the buyer. We’re the buyers. We’re trying to figure out if we even want to buy this land. That’s when I go, “Can you tell me a little bit about the land?” They start to open up.
Every once in a while, you’ll get that person that’s like, “You sent me the offer letter. Don’t you know about it?” I’m like, “Yes. We send many offer letters out. I want to make sure that we’re talking about the same property. I want to make sure that I’m giving you the best offer I can.” It’s all for them. That’s why. They usually open up and most of the time, they open up anyways, but that’s always on the back of my mind. It’s like, “I already sent them offer letters. I should know.” It’s funny how people want to help you make the decision to buy their land.
Due diligence is your absolute friend. It is a lever. It’s what allows you to get a better price on the property.
Number four. You’ve got access to the script in the course, “It sounds like a great piece of land. Why would you consider selling it?” This is where I sound a little confused and perplexed, “Why do you even want to sell this land? It sounds like a great piece of land.” They go into it. “My grandfather left it to my dad and then dad left it to me. It’s been such a burden because we’ve got to pay all these taxes every year. As you know, we’re three years behind on tax.” This is all ammunition for your gun. That’s when I say, “What do you think the land is worth?” They open up, “I’m not sure. Zillow says it’s worth this. The neighbor sold theirs for this.”
This is important because I want to know how they arrived at that number because if I think the land is worth $9,000 for one acre, and they’re telling me the neighbor sold theirs for $3,000, I might be paying too much or vice versa. If I think the land is worth $9,000 and their neighbor sold it for $27,000, I might be getting a smoking hot deal here.
I then go into this question. I don’t care if they have already signed the land offer letter or if they’ve called and said, “You offered $8,000.” I don’t care what’s been done so far. I still ask this question. Even if they’re calling me and I took their phone call or I’m returning a voicemail, at the end of the day, this question needs to be asked, “If I could close in the next 30 days and pay all the closing costs, and I handle everything, what is the least you could take for this land?”
Did you notice how I got quiet and it got awkward? I put my hand over my mouth and I’m quiet. I don’t say anything because I don’t care if they make me wait two minutes. I’m going to let them talk first because I want to know where they’re at with this. No matter what they say, I say this, and this is going to be the hardest thing to say. I’m telling you this now. I’m preparing for this. You’ve got to say it. It’s going to hurt your stomach the first time you say it. You sound disappointed, I don’t care what they say, and you say, “Is that the best you can do?” Say it with sincerity. Be humble about it. Did you notice how it got awkward and quiet again now?
I don’t say anything because my hands are over my mouth. Here’s another thing. You’ve got access to this script. I’m jumping around it. You don’t have to follow this verbatim. Have this as a conversation. You want this to be as easy and flow as well as possible. I want you to practice this. Stand in front of your mirror and practice this. Talk to one of your girlfriends as you’re rehearsing this. Talk to anybody and get these words where they’re natural for you and make them your own. Here’s another good thing. If they sign the land offer letter, I like to say, “I’m calling you back because I received your land offer letter. Is $8,000 the lowest you can take?”
I’m imagining myself in that situation too. I feel like it’s nerve-wracking to ask that question.
It is. That’s why you’ve got to practice and get over it. Ask it.
If they come straight out and say, “Yes, that’s the lowest.”
“Is that the best you can do, Tracy?”
“Yes, that’s the lowest.”
“I had to ask because the answer is always no unless I ask.” That’s it. “Fair enough.” I like those words. “I’m going to do a little research and I’ll call you back in a little while. Is that okay?” We’ll then go there. I now know that I’m in the ballpark. I’m not going to do any research until I have an actual deal. What is the deal? I don’t want to buy a piece of land unless I can at least 3X my money. Warren Buffett has a great rule. If he spends a dollar, he wants to make three. It’s the same thing with the land. If I spend $1,000, I want to make $3,000 back. I want to 3X my money.
If this land is not going to 3X my money, I’m going to spend much time doing due diligence and research on it because I want to figure out right away, “Is this a deal?” That’s why we’re talking price before I go and figure out, “Is this even a good piece of land? Is there some crazy tax lien on it or can I even get to it? Do I have to trespass to get to this land? Is there access to it?” I want to know that I’ve got a deal on my hands before I spend any time.
Are there times where you’ve priced out your land too high and then you were like, “I can’t do a deal with this person?”
I can’t tell you how many times I’ve done that. Yes. What’s cool is a lot of times, we can figure out a price that works for everybody because I go back and I eat dirt. I’m like, “I don’t know what I was thinking. I was up until 1:00 AM coming up with these offers or my VA, she’s brand new and I’m still training her. She offered you $8,000 for this land. I know you want $8,000, that’s the lowest you can take, but you’re not going to like what I can pay for this. I’m not going to be able to pay the $8,000. I’m almost afraid to give it to you. It hurts my stomach to think about it.”
Eventually, the seller was like, “Please give me the darn offer. You’re not going to hurt my feelings.” “Mr. Seller, I don’t want to offend you.” They’re begging me to give them the offer, “I would be around $800. We added a third zero when it should have only been two zeros.” We’ve done that before. My first 2,500 mailers were a whopping joke. I got crickets because I wasn’t pricing the land right, and I was making all the mistakes I could have made.
Once you admit you’ve made a mistake, 99.9% of the time, the sellers are like, “I get it. No worries. I make mistakes too.” Eventually, they become your friend. They’re in your corner because, at the end of the day, it’s not like they’re receiving tons of offer letters on their land. They’re talking to you and you’re being nice. It’s like talking to one of your students. We’re trying to help them get rid of this property.
You’ve done the research. “I talked a little bit about some of the due diligence I do. I want to make sure the land’s buildable. I want to run a quick title search on it.” This is huge. Check to see if there are any back taxes, which a lot of times there are back taxes. How much are they, if there are any liens on the property, is there access to it? Are you going to get to it from a road or a dirt road? One of the first parcels of land I purchased, we had to cross state land to get to the land. My buyer ended up getting an attorney involved to get himself access. You want to know all these things, and what’s good is you can use this as renegotiation.
It’s time to call the seller back. This is a deal. You’re going to make a ton of money on this. It looks good to you. That’s when I ring, “Tracy, this is Brent. Just giving you a call back about your land. Everything looks good with the property. Let me tell you the process. It’s how we do business. My office will prepare the transfer paperwork and we’ll have my mobile notary reach out to you and set up a date and time as best for you to sign. Once a notary has all the info, we’ll send it to the county recorder for approval. Once the county recorder approves the document, I’m going to send your check-out. Who do I make that check out to and what address do I send it to?”
At the end of the day, I want to put that check back in their mind, what they’re getting because I want them to work with my process. “Here’s the process.” I didn’t always do business like this, I had to learn this over time. One was that a mobile notary is key. I used to let people go to their bank and use their free notary to sign a deed of their land to transfer it to me. Do you know how many bankers blew up my deal? These bankers would say, “Mr. Seller, why in the world are you selling this land for $800 or $8,000? It’s got to be worth more than that.” It would throw a wrench in the works.
I like to control the process with my own notary. I find the notary. You can pretty much find a notary anywhere. You can google them. You can go to Mobile Notary 123 for whatever county it’s in, and you set it up and begin with that notary and say, “Here’s the job. I’m going to send you the paperwork. I need you to get this thing signed. This is a deed I want to sign. I want it notarized and I want you to email it back to me as soon as you have it. Then I also want you to put the original in the mail. If I don’t get this back, I’m not paying you.” I’ve had situations where I had to pay the notary and they didn’t even get it signed. I’m preparing you for all these things I’ve already experienced, Tracy.
It sounds like it’s also making it very accommodating for the seller. I’m thinking of a mobile notary. If I was in that situation and you’re telling me to go to the bank and do this, I’m like, “What a hassle. You’re the one that reached out to me. If you want my land for this price, I would want you to make it as simple for me as possible.”
We’re asking these people to trade some of the equity they’ve gotten on their property or asking them to trade a discounted price that we’re paying for speed and convenience on our part. We’re doing this fast and we’re making it convenient. This notary can meet them in their home, on their back porch, or out at the coffee shop. We have a notary call and then they tell them the good time and date, and the notary makes it happen.
Another thing is the county recorder. We are not paying these people until the county recorder approves this document and this deed that is recorded in our names. This gets a lot of my new students so flustered. It was even hard for my father and it was hard for me in the beginning, but when we said this with confidence and we believed it, I stopped having pushback. I stopped having fear from sellers.
You’re going to have the sellers from time to time question you like, “What if I don’t get my money?” That’s where I bring them up to my side of the table. “Mr. Seller, I have a reputation. I’m a teacher or I’m an Army officer. I’m not going to ruin my reputation for a couple of thousand dollars. I can give you references. Here are my social media pages.”
At the end of the day, I want this transaction to be so seamless, smooth and make you happy with this that I’m going to ask you for a five-star review when this is all over with. I’m hoping that you’ll give me that because this was such a great experience for you. That other people I buy land from who had the same reservations will see your review and see your story. Would you be willing to do that for me?”
When they say yes, they’re on my side of the table. They’re now working with me. We’re a team, we’re a partnership and we’re getting this done. I hardly have those objections anymore once I started letting them know, “Here’s the process. Here’s how this is going to work.” It took everything in my gut, in the beginning, to say that because it was brand new and I was building the process. That’s another one of those things. You’re going to have to cringe, grit your teeth and say it. “Here’s how this works. Here’s how we do it.” Most people don’t mind being told what to do if you’re kind and respectful when you do it. They want someone to take them by the hand and lead. Does that make sense, Tracy?
I feel like we should lay it out and they’ll have a clear idea of what’s going to happen next. That’s always where my hesitation is if I was a seller. I always like to put myself in their shoes and I could see that. If someone gave me clear expectations, I would be happy with that. I would feel comfortable.
Great doctors do that. Have you ever gone to the doctor’s office and got a shot?
I hate needles. I am so scared of needles, and I’ve got pretty good veins and they can find them fairly easy, but does a doctor ever just walk in and stick the needle in your arm and start working without saying anything to you?
You would probably call the police or a doctor if something bad would happen. The nurse comes in and says, “We’re going to give you a shot. It’s going to sting a little bit. It’s okay. We’re going to clean the area good. We’re going to use this little tiny needle and you’ll barely feel a thing. We’re going to pull some blood and then we’re going to clean it off again. We’re going to give you a little piece of cotton and a nice little pretty pink Band-Aid and it’s all going to be so quick. Is that okay?” Once we do it, it’s like, “That wasn’t bad at all.” If they walked in and stuck a needle in your arm, that would be scary.
We’re preparing our sellers exactly how we’re going to work. “We’re going to send the mobile notary at the best times most convenient for you. We’re going to have all of the documents prepared. As soon as we get it back, we will present it to the county clerk or the county recorder. As soon as they approve it, we’re going to cut your check. Who to make the check out to and what’s the address I send it to?” There we go. We control the whole process. I’m so adamant about the mobile notary because I don’t want you losing out on deals. I can count on 2 or 3 hands how many I’ve lost because we let them go to their bank.
Number two is I’ve paid sellers before for deeds that were pretty rough to transfer. We ended up getting all of our money back, but I don’t want anybody losing their money on a property that can’t be transferred or there are title issues. It keeps the cards in your hands. You still control the process. Once that seller has their money, they don’t have to work with you anymore, which you’re going to find that most people are amazing, and they’re going to do what they say they’re supposed to do. I want you to prepare and make sure that you don’t have that issue. We’ve covered a lot. Any questions with all of this?
The only last question I have is, is there much of a difference between how you’re getting that, whether you get a phone call or if all of a sudden, you get a piece of mail that is a signed piece of paper or fax? Do you handle that all pretty much the same way?
I do. I use that Motivated Land Seller Script that’s in the course and I’ve got some videos on it. I can break it down a little bit more for the show. I breezed through that quickly. Let’s say, for instance, they sent me a fax and that’s where I use that, “Tracy, I was getting back to you about the land you have for sale,” or let’s say they’re calling, “This is Tracy. Brent, I got your letter. Is this real? Do you want this property?” That’s where I ask like, “What’s the reference ID number? I want to make sure that I’m tracking the right property.”
Things don’t come easy, especially wonderful things
I keep them on the phone while I’m looking it up and I say, “Can you tell me a little bit about the land?” As I’m looking it up. It’s still the same script. “It sounds like a great piece of land. Why would you consider even selling this? What do you think is worth?” “$100,000.” I say, “How’d you come up with that number? If I can close in the next 30 days and pay all the closing costs and handle everything, what’s the least you could take for this land?” I’m covering my mouth right now. “Is that the best you can do?” You got to cover your mouth because you will say something. Put your phone on mute. I’ve had someone make me wait 45 seconds and it felt like it was five minutes. I handle the same way every time.
Let’s do it. You’ve sent your mail out. You sent about 400 and something on letters. Get prepared. Start practicing the script. It’s in the course. It’s called LOL Accepted in the course that you have the videos too. Check that out, practice again and don’t stop sending letters. Keep mailing 300 a week. That’s roughly 47 a day, but don’t try and do all of it at once. You’ve got a little time.
You sent out 400, so you got a little buffer, but get ready to start mailing again in the next 7 to 8 days. It’s all about constantly sending letters out, so you continuously have deal flow trickling in. I want you to have multiple options. I don’t want you to look at one piece of land and feel like you’ve got to buy it. I want you to look at ten pieces of land that are ten great deals and you pick the best one. That’s all I have for you.
Thank you, Brent. I appreciate it.
You’re welcome. Have a great day. Talk to you later.
That concludes episode four. I hope you enjoyed it. Be sure not to miss episode five of the series, where we’re going to learn if Tracy has gotten any bites on her land offer letters and if she’s any closer to doing that first land deal. I’ll see you in the next episode.
About Brent Bowers
Brent Bowers is an investor and coach with a focus on buying and selling vacant land. As an Army Officer with over 8 years of service, Brent was spending a great deal of time away from his family, and he knew he needed to make some changes in order to be more present with his wife and children. In a short period of time, Brent was able to expand his business, hire a team, and (most importantly) spend quality time with his family while still working hard and helping others.
While Brent invests in many different types of real estate, his favorite investment strategy deals with buying and selling vacant land, and he enjoys sharing his expertise in this area with his coaching clients. Brent chooses to live his life based on Bob Burg’s quote, “Your influence is determined by how abundantly you place other people’s interests first.” He is passionate about helping other people find success in real estate investing, particularly in land investments.