Posted on: February 12, 2021

Welcome to the fourth day of the nine-day do or die series. To recap, Tracy 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: 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 today’s episode, we will know which County Tracy tries to work in and if she was able to get the mails out. If so, how much mails did she manage to send out? Bret will also teach Tracy about the four critical metrics to track to build a successful land business. He will deep dive 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! Hit that play button!

Key Takeaways

  • Tracy’s realization of hiring someone to do the job for her
  • What she learned from comparing two counties
  • Getting her fax number and virtual PO Box to do business with
  • Her LOL update
  • How she plans to take calls and her anxiety in taking calls
  • On Tracking 3 KPIs: How many mails sent, How much money spent on mails, and Number of accepted offers
  • Fourth Indicator: How much you earn
  • Developing trust on herself to keep moving forward
  • What due diligence means
  • What seller’s remorse means
  • The land seller script rundown: what to say when sellers call
  • On doing research on land and giving a callback
  • The process involved before payment
  • How seller responses, other than calls, are handled
  • Brent’s advice on sending mails constantly

RESOURCES:

If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!

Subscribe to Wholesaling Inc

Episode Transcription

Darren Bentley:
Hey guys, Darren Bentley here, and welcome to episode four of the Do or Die Series, how to get your first land deal with our land investing coach Brent Bowers and Tracy Krol. Now in today’s episode, we will learn which County Tracy chose to work in and if she was able to get that mail out and if so, how much mail that she actually send out. We’ll also learn the exact four metrics that you should be tracking in order to build a successful land business.
And so many people get this part wrong and end up not knowing how to properly track, just how much money they’re making or losing, I should say, in the land business, which unfortunately causes a lot of people to give up prematurely and think this business just doesn’t work. But I got a secret, it does. And Brent is going to lay out his four critical metrics that every land investors should be tracking here.
So you’re going to want to make sure that you take good notes. And Brent is also going to be deep diving the script with Tracy. So she knows how to handle any seller responses that she gets. And this part is a major stress point for a lot of people, including Tracy. And she really gets vulnerable on today’s episode and talks about our fears and her anxieties around talking to sellers. Now this is something that a lot of people struggle with, but Brent breaks it all down in such a simple to understand way that really instills confidence and courage in Tracy. And I’m sure it’s going to do the same for you right now. Brent shares his exact scripts for land deals and goes through it all step by step. So buckle up and prepare for an explosive episode.

Brent Bowers:
Good morning, rhino tribe. This is Brent Bowers and I have my amazing guest with me today, Tracy Krol. I’m walking her through how to buy and sell her first piece of land. And just a little recap on what Tracy is accomplishing. Tracy is a teacher. She actually coaches other teachers. She works very hard at her profession and she has a major goal though. She wants to have more time, freedom, more money freedom. And 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’s 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. We’ll get into the 3Ds of her doubting me as a coach and doubting the program and doubting the actual list that she’s mailing. And then there might be a fourth doubt and that’s what the way is worth. So 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.
So 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 he chooses first class. So let’s recap. Tracy, you’re there with me?

Tracy Krol:
I’m here. Happy to be on again, and I’m working hard.

Brent Bowers:
Happy to hear it. And you told me that you were up until like 1:00 AM evaluating this list, getting down to the nitty gritty. How are you feeling today?

Tracy Krol:
Well, it’s funny because when you were talking about hiring someone, of course I had doubts because I’m like, “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 just calculate some numbers and do my list by myself.” And then I heard your voice in my mind like, “Oh Brent, you’re right.” It’s probably much more efficient to hire someone to do that task. It was challenging because I had so many mailers. So many lists and to calculate all that did keep me up pretty late, but I got it done. And I doubted that I did it correctly and I doubt that my offers are what they should be. But I guess that’s part of the process.

Brent Bowers:
No. Trust your numbers, trust 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 and you’ll be a better coach to train your virtual assistant one day to be able to do that in other counties. So I’m glad you experienced that.
Most people aren’t willing to take those steps. And that’s why when you’re sitting in a room of 100 people at a real estate investing association and only one person’s actually doing deals because give yourself a pat on the back, Tracy. Most people aren’t willing to stay up till 1:00 AM of evaluating land, seeing what it’s worth, figuring out what to offer. So kudos to you, pat yourself on the back. Let’s keep moving forward and you’re getting one step closer to your goal every day.

Tracy Krol:
Awesome. Hopefully.

Brent Bowers:
And another thing, I want to drive that point home a little bit further. Anything that turns out great is not going to be easy and 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, 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. So keep that attitude, keep bootstrapping. I understand that you don’t have the funds to pay people and 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 the playground. And you’re actually doing two, which is really incredible. You’ve chosen two counties. So you’ve got your work cut out for you, but what’s really cool about that is it will give you the ability to see, “Okay, 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.” So you get to compare two counties as you go. I don’t always recommend picking two at one time because it’s just seems even more overwhelming. Tell me about that. I’m sure you felt that pain.

Tracy Krol:
Yeah I do, but I’ve liked the challenge because I do want to start to learn what are the differences and what does that look like? So I almost feel like for my brain looking at it simultaneously helps to compare them and to see like, wow, this County is much more per acre than the other County. And why is that? And what is near it? And did I pick the right place? And so by doing some of that research, it helps me to just calm myself to say like, “All right, every place is different and what do I really need to focus on in this area?”

Brent Bowers:
That is so true. And then 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 know that I have slown down in the County. I started it. We circle back from time to time just to see if we’re not missing anything. And we scrape up some gold from time to time. But the County I started in is not my best County any longer. So that’s good that you’re doing that. You’ve gotten your gold list, the tax delinquent list, you ended up having to pull a list and the smaller County in Colorado that you’re dealing with, which is great. I’m glad you pulled that list. That was through PropStream, correct?

Tracy Krol:
Yes.

Brent Bowers:
Okay. So got your list from PropStream. If you want to check that out for our listeners, that’s the Land Sharks as sharks plural. The landsharkslist.com and get a seven day free trial to PropStream. I love PropStream. Pulling lists from them is very easy. You can literally be mailing that list in the next like 12 hours. Next, you built your Excel list as far as your motivated sellers, your land sellers, the people that want to hear from us. And then the fourth step you got your LOL all filled out, your land offer letter. You put in your information, your email address, your return mail address, your phone number and your fax number for people to get back with us. Tell me about that. I don’t think you liked the fact that having to get a fax number. How did that go or did you end up putting a fax number on there?

Tracy Krol:
I did because I thought it was going to be a hassle. I haven’t worked with a fax in forever, but then, just taking simple, like Google a fax, myfax.com. There was a bunch. I also did it with the virtual P.O. Box. I thought that was going to be a nightmare. I went to my UPS store. It’s $50 a month. For me that was way too much. So I found a virtual mailbox. I even forgot the name of it, but it’s only $10 a month. The fax is only $10 a month. That I can afford. That’s not crazy to me. And once I started getting a lot of business, I can increase the amount I can get per month easily by adding $5 a month. So I was actually happy because I was a little stressed about it. But once I started doing the work, I realized it’s not that expensive and it took 10 minutes to set up both.

Brent Bowers:
That’s amazing. And I’m glad you brought that up. It seems like you have done this for fairly affordable pricing, fairly inexpensive. Where else on earth can you start a million dollar company for $20 a month? There’s nothing else like I’ve ever found, franchises. I don’t even think you could buy a McDonald’s franchise anymore. There’s like several millions of dollars and you’ve got to prove yourself. I’ve heard people having to literally almost give their blood to buy a McDonald’s franchise. But the cool part about this is you could start this at a very, very affordable price. Like someone with very little money can start this business. I mean, I’m living proof of it. So let’s talk about your LOL going out, your land offer letter. Where are you in that process?

Tracy Krol:
It is going out this morning. So I’m very excited. I got the letter. I put in my information, like I said, I had to just quickly get a fax number, get my P.O. Box number and I’m doing Google Voice for my phone number for now because that’s free. Yeah, once I get to maybe so many calls and I feel overwhelmed and I want to do CallRail or something else, I’ll switch over. But for now that’s working for me. And so yeah, the mail’s going to go out today, which is Wednesday. So I’m assuming it’ll drop. I don’t know mail has been slow with COVID, but I’m thinking it will drop by this weekend or Monday.

Brent Bowers:
Oh, get ready. 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?

Tracy Krol:
I always prefer to do just live in the moment and feel like I don’t want to lose anyone through a voicemail, they forget about me. So that would be my ideal, but I guess, things happen and 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?

Brent Bowers:
Got it. 100% agree with what you said. Take that phone call live because we want to strike while the iron’s hot. We want to make 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. So if you take that call live, you are them while they’re hot, while they’re 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 return it when you can.
Don’t get an anxiety. These calls are going to continuously come in. You’re going to be mailing 300 letters a week. My biggest suggestion is keep that mail going because there’s going to be so 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. So yeah, I love it. 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. And sometimes I’d return these calls like hours later, or the next day, you name it. And my leads went a little stale sometimes. Sometimes it’d be like three or four days later. So anytime that I got them right on the phone, and 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 and she can’t always take it.
But if she’s going to get back to him, she will. But I beat that dead horse, but I 100% agree with live answer. What’s really cool though, is you give them so many options on your land offer letter. You allow them to fax it back, mail it back, email it back. So what’s awesome is you’re going to get some stress taken off of you of receiving so many phone calls. I personally don’t like phone calls, but about 20% of the letters we send out, we do get a phone call. So what’s really 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 then we don’t waste paper.

Tracy Krol:
My big question is I don’t know what to do when I actually get a phone call. There’s my total anxiety on the table.

Brent Bowers:
Glad you brought that up because that’s what we’re going to be talking about today. Let’s get into it. All right. I want to catch you soon with this. Let’s talk about key performance indicators first, KPIs for short. Are you familiar with tracking key performance indicators?

Tracy Krol:
I am not.

Brent Bowers:
All right. Cool. Well, it’s a very scary sounding word. I’m going to break it down very easy. We want to keep track of three things. That’s all it is. That’s a key performance indicator. How much mail we send, how much money you spend on that mail that you’re sending, and how many accepted offers you get. How many did you send out as far as land offer letters?

Tracy Krol:
460.

Brent Bowers:
All right. So 460. And then that’s your first KPI? So 460 sent out on January 6th. And then your next line on your Excel, you can track this on paper, 3′ X 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? And then the third line item, how many accepted offers you get? So that accepted offers is obviously going to come very soon, but that’s all I want you to track. That way you know if you’re in two counties, you might figure out that, “Okay, I have to spend, $500 in mailers to get one accepted deal. And this other County, I have to spend $1,500 in mailers to get one accepted deal.” So that way, on the front end how many you have to send out to get an accepted deal.
And then 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 had to send and how much you had to spend to see how much you could make. So for instance, I’ll just give you a quick example. If we spend a thousand dollars on one County, one County that I’m mailing in, we generally make somewhere around 7,000 or 8,000. So we spend a thousand to make 8,000. So that’s how I know that our process is working. That is a green KPI for me.
If it turns red, we kill it really quickly because when something turns red, my KPI turns red, and my virtual assistant help me out with the Excel spreadsheet to see these things. She puts all these ends because she does the mail for me. But when it turns red, we stop it really quickly because that means we’re losing money and we never want to lose money in this business. So we always want everything green. Does that make sense, Tracy?

Tracy Krol:
So far, yes.

Brent Bowers:
All right. I’m going to pull up one thing really quick and that is what I call the motivated land seller script. All right, so I got that pulling up. Peter’s a little slow. Next, LOL accepted. Land offer letter accepted. Let’s talk about this. Very soon you’re going to receive either a phone call from somebody saying, “Hey, is this a scam or do you seriously want to buy this property?” Or you’re going to receive it back in the mail and it’s going to be signed and their phone number and their email and their name is going to be on it. Or you’re going to get a fax in your myfax.com.
It’ll come to your email or an email where someone has literally filled out your offer letter by signing their name, putting their phone number and their email for you. So when that day happens, Tracy, I want you to celebrate. Somehow I want you celebrate. You might love wine. You might like coffee, go out for a coffee. Go out to dinner, take a friend out to dinner. I don’t care. And it doesn’t have to be fancy. It can be Applebee’s. Just go out for appetizers. Just celebrate this because this is the beginning of many, many more of these. I like to put a positive emotion with these things.
I remember my dad’s first land deal and his first money he made on his first land deal. I was like, “Dad, you’ve got to take mom out to dinner. Just go out and celebrate this.” He’s like, “Well, son there was only this much money. We only made it.” And I was like, “I don’t care. Go out. You got to do this.”

Tracy Krol:
I am ready to celebrate. So yes.

Brent Bowers:
I love it. Let’s reward ourselves. The hard work, the staying up to 1:00 AM and I had no idea how many nights you had to do that. I’m hoping only one, right?

Tracy Krol:
So far. Yeah.

Brent Bowers:
All right. So I’m jumping around a little bit today and we already touched on this, but I had this in my sequence of events I wanted to talk about and it’s something called the 3Ds and your brother’s the one that taught me this, Tom Krol. Tracy, your brother told me that whenever you’re coaching people, you want to let them know what’s coming and you’re going to get something I call the 3Ds. And you probably have already had this, but you’re going to start doubting me as a coach. You might start doubting the process or whether you should be spending money on mail, or if you’re in the right County, or if you’re paying too much. There’s going to be a lot of doubts about the process. And then the third and the absolute worst, you might start doubting yourself.
So I want you to be prepared and understand and know this is coming. And when this does come and it usually does start to come the first two weeks of doing a new business, just like this. I want you to put your foot on the gas pedal. I want you to go for a run, a walk and just put your foot down and keep pushing forward. Will you do that for me, Tracy?

Tracy Krol:
I will do that. I’ve definitely experienced the doubt of myself. I feel like sometimes I’ll put it in my head like, “Oh, well, Brent can do it and be successful, but maybe I can’t.” But I’ve been trying to push that feeling away and I just 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.

Brent Bowers:
I love it. I really liked that you just said, if Brent can do it, I can do it. I think that’s what you’re trying to say, right?

Tracy Krol:
Well, I’m saying, I’m hoping I can get there right now. I’m feeling like, “Well, maybe Brent can do it because he’s just awesome Brent, and I’m not there yet.” But I feel like I’m just going to trust in it and keep going.

Brent Bowers:
I love it. Well, know that you were educated. You’ve got degrees. So you are a teacher of teachers and you teach teachers that have these amazing degrees and all these amazing things. And 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. So now that we’ve spoken about that, let’s keep moving forward. We’ve already talked about how you’re going to take the calls live answer, and then voicemail was really cool about them sending it back in the mail and the fax and the email is, it gives you time. It gives you time to do your due diligence and your research. Are you familiar with what due diligence is? That’s a term that’s thrown around in the real estate world that I hate, but I just wanted to make sure that you understand what that means.

Tracy Krol:
Basically, just doing the work and the research you need to, to be prepared.

Brent Bowers:
There you go. That’s it. You want to just research the property. Is this thing buildable? Are there roads going to it, Google Earth it. Look on Google Earth and 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 I look on Google Earth. I actually purchased the junkyard, a five acre junk yard one time and this fine. We’ve sold the property, but it’s just things like 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. So due diligence is your absolute friend.
It is a lever. It’s what allows you to get a better price on the property. And I’m not saying take advantage of people. If you’re already getting a great price, that’s fine. But psychologically, I always like to still keep going for a better price because psychologically that allows our sellers to feel like they haven’t left money on the table. If I just go and pay the price that they give me right off the bat, there’s been some sellers remorse. That’s where they come back to me and say, “You know what? 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. So anytime I have further negotiated the deal to ask them, is that the lowest they can take? Any time I’ve done that, that has pretty much 100% eliminated seller’s remorse. Does what I’m saying make sense, Tracy?

Tracy Krol:
Kind of. So you’re saying that by asking that question, what does that usually bring up for the sellers? You find that they negotiate with you or they are pretty firm on their price or are they constantly asking for more? I would think that they want more.

Brent Bowers:
No, it’s 50/50. It’s usually, “Well, I hadn’t really thought about that. I could probably come down to this.” That is probably 90% of the time. And then the other 10% of the time is, “Well, you had already offered this price. Is that still doable?” And then it’s funny, you can just let them talk. You keep letting them talk and then they say, “Oh, I guess I could probably come down to this.” So that question usually makes me thousands of dollars by just asking it. And it helps me as far as getting seller’s remorse. And I’ll talk to you more about it in the motivated land sellers script. So let’s break this down. So you had asked a question about what to say when they do call. I know that you got anxiety about that. I personally 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 and one of the scripts was actually, I had taken from the Rhino tribe and made it towards land.
And it’s more of a culmination of other people’s scripts, but this is what we’ve worked over the years of buying land. So when they call and I’m returning their call back, when they call and I missed her call, here’s what it sounds like. So I just 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.” Because I want to pull away and I want them now chasing me. You cannot push a rope, but you could pull a rope if someone’s holding onto the other end of it. So 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. Does that make sense, Tracy?

Tracy Krol:
Absolutely.

Brent Bowers:
Awesome. Because I’m the buyer. We’re the buyers. We’re trying to figure out if we even want to buy this land. So that’s when I go, “Can you tell me a little bit about the land?” And they start to open up and then every once in a while you’ll get that person that’s like, “Well, you sent me the offer letter. I don’t really know about it?” And I’m like, “Yes, absolutely. We send so many offer letters out. I just 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. And then they just usually open up and usually most of the time they just open up anyways, but that’s always on the back of my mind is like, “Well, I already sent them offer letters. I should know” But it’s funny people, they want to help you make the decision to buy their land.
So number four, and you’ve got access to the script in the course. It sounds like a great piece of land, why would you consider selling it? So this is where I sound a little confused and perplexed. Like, why do you even want to sell this land? It sounds like a really great piece of land and they go into it. “Well, my grandfather left it to my dad and then dad left it to me and it’s really been just such a burden because we’ve got to pay all these taxes every year. And as you know, we’re three years behind on tax.” Like this is all ammunition for your gun. And that’s when I say, “What do you think the land is worth?” And they open up. “Well, I’m not sure. Well, Zillow says it’s worth this. Well, the neighbor just sold theirs for this.”
So this is really important because I want to know how they arrived at that number. Because if I’m thinking the land’s only worth like $9,000 further one acre and they’re telling me the neighbor just sold theirs for, $3,000, I might be paying too much or vice versa. If I think the land’s worth $9,000 and their neighbor just sold it for $27,000, I might be getting a smoking hot deal here. Does that make sense?

Tracy Krol:
Oh yeah, that sounds good.

Brent Bowers:
Awesome. So then I go into this question and I don’t care if they have already signed the land offer letter, or if they’ve called and said, “Hey, you offered $8,000.” I don’t care what’s been done so far. I still ask this question. And 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 in the next 30 days and pay all the closing costs, and I handle everything, Tracy, what is the least you could take for this land?” And you notice how I just got really quiet and got awkward. Like 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.
And no matter what they say, I say, and this is going to be the hardest thing to say, I’m telling you this now, I’m preparing you for this now, you’ve got to say 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, “Huh, is that the best you can do?” And say it with sincerity. Be humble about it. “Is that the best you can do?” And you notice how it got really awkward and quiet again just now?

Tracy Krol:
Yeah.

Brent Bowers:
I don’t say anything because my hand’s over my mouth. So here’s another thing, and you’ve got access to this script. I’m jumping around it, and 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. And I actually 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 just get these words where they’re natural for you make them your own. So here’s another good thing, if they sign the land offer letter, I like to say, “Hey Tracy, I’m calling you back because I received your land offer letter. Is $8,000 the lowest you can take?

Tracy Krol:
Yeah, I’m just imagining myself in that situation too and I feel like it’s nerve wracking to ask that question.

Brent Bowers:
It is. That’s why you’ve got to practice it, practice it, practice it and just get over it, ask it.

Tracy Krol:
Oh, if they just come straight out and say, “Yeah, that’s the lowest.”

Brent Bowers:
Oh, huh? Is that the best you can do, Tracy?

Tracy Krol:
Yeah, that’s the lowest.

Brent Bowers:
All right. I just had to ask because the answer is always no, unless I ask, right? That’s it. All right. So Tracy, fair enough. I like those words. “Fair enough, I’m going to do a little research and I’ll call you back in a little while. Is that okay?”

Tracy Krol:
Yeah.

Brent Bowers:
And then I’ll go there. So I now know that I’m in the ballpark. I’m not going to do any research until I have an actual deal. And what is a 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. Same thing with land. If I spend a thousand dollars, I want to make $3,000 back. So I want to 3X my money. So 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? So 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. Does that make sense?

Tracy Krol:
Yeah. So are there times where you’ve priced out your land too high and then you are like, “I can’t do the deal with this person?”

Brent Bowers:
Oh, my gosh. I can’t tell you how many times I’ve done that. Yes, absolutely. And what’s really 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, “You know what, Tracy, I don’t know what I was thinking. I was up till like 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 and I know you want $8,000. That’s the lowest you can take, but you’re not going to really 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.” And eventually the seller was like, “Please just give me the darn offer. Please, you’re not going to hurt my feelings.”
“Mr. Seller, I don’t want to offend you.” And they’re like begging me to give them the offer. I would actually be around that $800. We actually added a third zero when it should have only been two zeros. So 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. I was just making all the mistakes I could have made. So yeah, I had to eat dirt but once you admit you’ve made a mistake, most 99.9% of the time, the seller’s going to be like, “Well, I get it. No worries. I make mistakes too.” And 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, you’re being nice. It’s just like talking to one of your students. We’re trying to help them get rid of this property.
So 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’s any back taxes which a lot of times there are back taxes. How much they are, if there’s any liens on the property. Is there access to it? Are you going to get to it from a road? Are you going to get to it from a dirt road? One of the first parcels of land I purchased, we actually had to cross state land to get to the land I purchased. So we had to get an attorney involved or my buyer ended up getting an attorney involved to get himself access.
But you want to know all these things and what’s really good is you can use this as renegotiation. So it’s time to call the seller back. This is a deal, you’re going to make ton of money on this. It looks good to you. So that’s where I ring, ring, ring. “Hey 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. This is how we do business. My office is going to prepare the transfer paperwork and we’ll have my mobile notary reach out to you and set up a date and time that’s best for you to sign. Once a notary has all the info, we’ll send it to the County recorder for approval. So once the County recorder approves the document, I’m going to send your check-out. Who do I make that checkout 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 and I didn’t always do business like this. I had to learn this over time. One was that mobile notary is key. I used to let people go to the bank, go to their own bank and use their free notary to sign deed of their land, to transfer it to me. And 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? Like it’s gotta be worth more than that.”
And it would just throw a wrench in the works. So 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 123 Mobile Notary for whatever County is in and you set it up and begin with that notary and say, “Listen, 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. And then I also want you to put the original in the mail. If I don’t get this back, I’m not paying you.” So I’ve had situations where I had to pay the notary and they didn’t even get it assigned. So I’m just preparing you for all these things I’ve already experienced, Tracy.

Tracy Krol:
Yeah, it sounds like. But it’s also just making it very accommodating for the seller. I’m thinking 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, right? You’re the one that reached out to me if you really want my land for this price, I would want you to make it as simple for me as possible.

Brent Bowers:
Oh, so true. And that’s such a great point. We’re asking these people to trade some of the equity they’ve gotten, their property which we’re asking them to trade a discounted price at we’re paying for speed and convenience on our part. We’re doing this fast and we’re making it absolutely convenient. This notary can meet them in their home, on their back porch, wherever they prefer, out of the coffee shop. I don’t care. We have a notary call and then they tell them the good time the date and notary makes it happen. Another thing, the county recorder, we are not paying these people until the county recorder approves this document, this deed that is actually recorded in our names. And 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 fear from sellers and you’re going to have those sellers from time to time question you like, “Well, what if I don’t get my money?” And that’s where I bring them up my side of the table. And I’m like, “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’s my social media pages. At the end of the day, I want this transaction to be so seamless, so smooth and make you so happy with this, that I’m going to ask you for a five star review and this is all over with. And 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 that had the same reservations that you do will see your review and see your story. Would you be willing to do that for me?”
And 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. Don’t have those objections hardly anymore. Once I started letting them know, like, “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, but that’s another one of those things. You’re just going to have to cringe, grit your teeth and say it. Here’s how this works, here’s how we do it. Because most people don’t mind being told what to do if you’re kind and respectful when you do it. Most people want someone to take them by the hand and lead. Does that make sense, Tracy?

Tracy Krol:
Absolutely. Yeah, and I feel like if you lay it out and they have a clear idea of what’s going to happen next, that’s always where my hesitation is on the vibe as 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’d feel comfortable.

Brent Bowers:
Yeah, it’s so true. And great doctors, they do that. Have you ever went to the doctor’s office and got a shot, Tracy?

Tracy Krol:
Yes.

Brent Bowers:
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, just every walk in and just stick the needle in your arm and start working without saying anything to you?

Tracy Krol:
No.

Brent Bowers:
God, no. You would probably call the police or doctor did harm or something bad would happen. No, actually the nurse comes in and says, “Listen, 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 really good and then we’re going to use this little tiny, tiny needle. 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 bandaid. It’s going to be so quick. Is that okay, Tracy?”
And once we do it, it’s like, “Oh, that’s not bad. That wasn’t bad at all.” But if they walked in and just stuck a needle in your arm, that’d be scary. So 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 the documents prepared and as soon as we get it back, we’re going to present it to the County clerk or the County recorder. And as soon as they approve it, we’re going to cut your check. So who to make the check out to and what’s the address I sent it to. And then there we go, we control the whole process.
So the reason why I’m so adamant on the mobile notary is because I don’t want you losing out on deals. I can count on two or three hands, how many I’ve lost because we let them go to their bank. And then 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’s title issues or whatever. It keeps the cards in your hands to still control the process. Once the 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. But I just want to prepare and make sure that you don’t have that issue. So we’ve covered a lot today. Any questions with all of this?

Tracy Krol:
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 a fax, like you handle that all pretty much the same way?

Brent Bowers:
Yes. I absolutely do. I use that motivated land seller script that’s in the course and I’ve got some videos on it. I break it down a little bit more. Just for the podcast, I breeze through that really quickly. So let’s just say for instance, they sent me a fax and that’s where I use that, “Hey Tracy, I was getting back to you about the land you have for sale.” Or let’s say they’re calling, “Hey, this is Tracy. Brent, I got your letter. Is this real? Do you want this property?” And that’s where I ask, “Listen, what’s the reference ID number? I want to make sure that I’m tracking the right property. So I keep them on the phone while I’m looking it up and it’s great. Can you tell me a little bit about the land?” As I’m looking it up?
So it’s still the same script. “Sounds like a great piece of land, why would you consider even selling this? What do you think it’s worth?” “$100,000.” “How did you come up with that number?” And then I just say, “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?” And I’m covering my mouth right now. Is that the best you can do? And I’m telling you, you got to cover your mouth. Because you will say something. Put your phone on mute. I’ve had someone make me wait like 45 seconds and it felt like it was five minutes. So yeah, it’s to handle the same way every time.

Tracy Krol:
Okay, makes sense.

Brent Bowers:
Let’s do it. You’ve sent your mail out, you sent about 400 and something letters. Get prepared, start practicing the script, practice, practice, practice is in the course. It’s called LOL accepted in the course that you have the videos too. Check that out. Practice, practice, practice again, and don’t stop sending letters. Keep mailing, keep mailing, 300 a week. That’s roughly like what? 47 a day. So 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 seven to eight days.
It’s all about constantly sending letters out so you continuously have deal flow trickling in because I want you to have multiple options. I don’t want you to just look at one piece of land and feel like you’ve got to buy it. I want you to look at 10 pieces of land that are 10 great deals and you pick the best one. All right, Tracy, that’s all I have for you today.

Tracy Krol:
Thank you, Brent. I appreciate it.

Brent Bowers:
You’re welcome. Have a great day. Talk to you later.

Darren Bentley:
Okay. So that concludes episode four of the Do or Die Series. I hope you enjoyed today’s episode. Be sure not to miss the next episode, episode five of the series, which airs next week. Where we’re going to learn if Tracy has actually gotten any bites on her land offer letters, and if she’s any closer to doing that first land deal. So I’ll see you on the next episode.

Leave a Reply

Your email address will not be published. Required fields are marked *

Wholesaling