Posted on: March 05, 2021

Two days short to the end of the nine-day do or die series, things are getting exciting and challenging for Tracy. Today is the seventh day of the series. To recap, Tracy is a teacher by profession who dreams big to have more time and money, hitting $10,000 monthly in the next nine months. Brent continues to coach and motivates Tracy to get that elusive first deal! Previously, Tracy talked with Brent about ways to have the contract signed by the seller, marketing techniques to sell lots faster, and building a land-buying machine and land-selling machine to reach the goal of $10,000 per month in the next nine months. Aside from that, Brent gave Tracy some advice on staying positive despite the negative responses she got.

Today’s episode is substantial as we get into the meat of what it takes to succeed in this business. The journey has not been easy for Tracy so far. She has been close to making deals and lost a couple of deals that made it harder for her to do the business as a starter. In this episode, Brent will coach her up and know exactly where she is on deals and how much she is closer to doing that most-awaited first deal. They will talk about some of her conversations that she is as well as her mailing schedule. Also, Brent will give out lots of advice for Tracy to keep her motivated and stay on the right track.

Does Tracy have what it takes to cross the finish line? Let us find it out in this episode! Listen and enjoy!

Key Takeaways

  • Tracy’s update on her mailing activities and her feeling about it
  • A new county for Tracy to send out her mails
  • Tracy’s update on her lead who lost the LOL
  • Another potential property for Tracy
  • Tracy’s dilemma on a potential property with no water
  • Other negotiations going on for Tracy

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Episode Transcription

Darren:
Hey guys, Darren Bentley here, and welcome to episode seven of the Do or Die Series. How to wholesale your first land deal with Brent Bowers and Tracy Krol. Now on today’s episode, we’re going to get into the meat and the guts of what it takes to be successful in this business. And we’re really going to learn if Tracy has what it takes to cross that finish line. She’s been really close a couple of times and lost a couple of deals, and that can be hard for anyone, especially the person who is just starting out and needs that win. That proof of concept that it works.
Brent coaches her up and you’ll hear exactly where she’s at and just how much closer she is to doing that elusive first deal. They talk about some of the conversations that she’s been having on motivated sellers, and also talk about her mailing schedule. How much has she mailed at this point, and how much longer can she afford to mail before she gets that first deal. So, this is truly a do-or-die moment, and you’re getting to witness it live on this podcast right now. And I think you’re going to learn a lot from it. So, enjoy.

Brent:
All right. Tracy, give me an update. I know you’ve got a lot of things going on in the hopper, got a couple parcels of land, you’re dealing with a couple sellers, any new calls come in lately? Any more mailers going out? What’s life looking like over there on Tracy lane?

Tracy:
So, I did just send another about 300 piece mailer this week. Actually went out today. So, probably will land on Monday or-

Brent:
Beautiful.

Tracy:
… Tuesday. And so, that’s good. I will say I have a little bit of, because I haven’t made any money yet, [inaudible 00:02:26] it is really a scary feeling to continue to pump money in to mailers. And then I’ve been doing this for about a month now. And so, my monthly fees have come out for PropStream and for my fax line and so, I’m starting to feel it a little bit. Part of it is good, some of it’s a little bit scary.

Brent:
Darn right it is. Now that’s the absolute, I wouldn’t say a good feeling, but it’s a normal feeling to have. It’s not good. There’s probably been a few sleepless nights and I will tell you I’ve been there, especially pumping mail out, but when that first paycheck comes, you’re going to want to double down on your mail. So good. So, you were at 1500 now you’re currently 300 more. So, was that 16, 17, 1800 total mailers? Did you pick another county or are you still staying tried and true with the current counties you’re in?

Tracy:
I’ve tried a new county. I figured I haven’t found the spot yet. So, I was like I’ll pick a different playground and just go with it. I went off one of the lists, one of the places on the list in your force. So, hoping that’ll give me something good, but I won’t know until next week until I get those phone calls. And then I plan on doing another 300 mailer next week. So, I’ll just keep going [crosstalk 00:03:43] so, the one property that is feeling really good, but it’s taking a little bit longer than I was hoping is the property that I have where the seller was saying that he’s good with the price, he’s good to go, but he had lost the original letter. And then the last time we spoke you said you want as soon as he gets that sign, you can start to then market that property to try to find buyers.
But I still haven’t gotten it back signed. Almost losing hope thinking he was trying to back out, but then he just called me yesterday and was just like, “Oh, I’m getting back with you. I still haven’t gotten the piece of mail yet.” And he’s like, “I don’t know if it’s because of the weather. So we’ve had a lot of snow.” And he said he didn’t use fax machine, he didn’t use even to set up the arm, I was even going to do a mobile notary, but couldn’t get in touch with him for a week. So, I was like, I don’t even know when and how. So, what I just did was I was like, I’d put another mailer in the mail, and while I was waiting to get in touch with him in case I got in touch with the… then I could do the mobile notary. So, long story short is that it’s just been just to get the contract signed so that I can then market his property has been taking weeks. And it’s frustrating.

Brent:
No, and that sounds frustrating. Some things I’m really glad you sent out him another LOL. Some other things you could possibly do is like, “Hey, who’s your insurance company? Or who do you bank with? Do they have a fax number?” How close were they, and fax it right to them. And he can go and pick it up. We’ve had to do similar things like that. I know my dad uses his insurance company quite a bit for their fax machine. So funny. But there’s people out there that you can actually get this letter to him, but no, you’re on the right path sending it to him, and if he understands that you’re going to buy and sell this land and he understands that you’re actually marketing for a buyer currently, and he’s fine with that as long as he knows what’s going on, I would feel comfortable marketing that parcel of land right now.
Go ahead and check out those immediate profits videos that I’ve done in the course and just start finding a buyer for this, because this is really going to motivate you even more. When you have a buyer ready, willing, and able to put down a down payment for the piece of land that you haven’t even purchased yet. I like to find things and buy things that people are interested in rather than go out and buy things and then try and sell it. I like to have a buyer waiting to give me money before I go and spend money on something, because it just lets me know that there’s absolutely demand. And this the biggest question that people ask me, or one of the questions that people ask me is, what if I get stuck with the land? What if I can’t sell it?
Well, if you have a buyer, two or three lined up ready to give you a down payment, that the second you own it, and this is a no brainer. So, I want to give you hope. I mailed a county that, and I don’t want to talk about the county that you mailed and your 1500, but we had mailed this county almost a year ago. We are actually purchasing a lot for $6,000 this week and we’re using the title company to do it. But it’s in that county, this buyer we had actually, my team followed up with them about two weeks ago. I didn’t even know this was happening. It’s a commercial lot in Colorado. I’ll leave it at that. We’re buying it for exactly $6,000 and we should sell it for somewhere around 16,000. That’s on terms. We’ll get a monthly payment for that.
So, let me motivate you, let me inspire you, let me just tell you there’s hope, and just because they don’t answer today, they might answer tomorrow. I mean, it’s really cool there, it’s actually a commercial law and there’s a lot of development going around this area, possible aquatic centers going in. So, we very well may be able to sell it for even more. Actually let me back up. I messed up on my numbers, 16,000. I’m confusing another property. It’s actually 30,000. We’re purchasing it for 6,000 [inaudible 00:07:29] 30,000. We bought another one last week for 4,400 that we’re selling for 16,000. [inaudible 00:07:37] two parcels of land and the last seven days has just come in the door for us. So, yeah. One that were bought, we bought last week for 4,400, we’re selling it for 16,000. And then one we’re buying this week for 6,000, we should be able to sell it for around 30,000.
And that’s $30,000 one is right in your area for one of those parcels of land that you were communicating with the seller on, that you were telling me about. So, you mailed out 300 more, you’re communicating with the seller, I’d start marketing this thing on Facebook and craigslist and post we get some signs out, because if he’s cool with you finding a buyer beforehand, there’s nothing like having confidence of knowing that someone’s waiting for you to own this land to pay you. Any other updates?

Tracy:
The only other one was a piece of property that would have been worth a lot of money, but there’s no water out there. So, we’re just letting that one go and went back to the seller with a much lower price than what he originally got. And he was just like, “There’s no way I could give it away for that much.” Yeah. So, there’s things in there, but nothing’s closed yet. I’m just being patient.

Brent:
Yeah. And that’s absolutely, I mean, that happens. There’s a lot of times where we’ll send out an offer letter and we find that there’s something with the property, like no water, no access. And it is, it’s like a punch in the stomach to us as well as the seller and we have to go back and we’re like, “Well, Hey, this is what we found. It looks to me like there’s no water tap in this area available for your piece of land.” And often I find that they act surprised, but they’ve owned this land for 37 years and they know more about it than I have in the last three days when I’ve done my due diligence. So, oftentimes they’d already know this and they might just think they have a sucker on their hands. And it’s happened to me. I literally bought land that wasn’t buildable, it had no water, there was a huge crater in the ground, or it had an actual lien on the land or something with the title, cloud on the title.
And the sellers knew this and they just caught me. And this was in my beginning days. And it sounds stupid for me to say it now that I got caught up in these tiny little mistakes, but I was doing this, I was trying to do this on my own. And I had to learn the hard way. So, it’s good that you found out before you wrote a good check to the seller for a bad piece of land. So, he more than likely already knew it. And I oftentimes just give them the information directly from planning and zoning, or the assessors, or wherever I’m getting the information. So, if it says, the planning and zoning department tells me that we can’t get water, I forward that in writing, usually I try and get it in writing, or I call the seller back and give him verbatim what planning and zoning or the water department just told me. So, I would be surprised-

Tracy:
Now, whether-

Brent:
Go ahead.

Tracy:
Yeah, we have a good rapport though, and we were on the phone for a long time when I told them about the lack of water. Now they said to get water out there, it would cost about 75,000, because there is a neighborhood right over there, but it’s just far enough away where they’re to tap in. It would be about 75,000. But before 11 acres, I still feel there’d be builders interested. It’s just one of those scenarios where I guess I can’t get too attached, but I just got to keep moving on.

Brent:
Here’s what I would do then. I would get it under contract for as little as possible. And we’ll put it out there to the Builder’s Association. We’ll put it out there to the Spec Home Builders. We’ll put it out to the Flippers. Call this guy tonight, see the lowest price you can get it for. I know that you told me you were around 4,500. Maybe he’ll do 5,500. Get it under contract. And we’ll get it out to the Builders Associations and the Meetups and the guys, this is how we find builders. You contact the Builders Associations, you go on the Facebook groups and get in touch with them. You look at the Meetups, you call them, we buy houses people, because I know that area. I know the area you’re talking about and there’s a building boom going on.
These builders are buying up land and sitting on it and they won’t sell the land, they’ll sell you a house and the land will come with it. So, yeah. I would keep in contact with this guy. Soon as we get off of here call him, establish rapport again, and just see what the lowest he could take and get it under contract. You got the two page contract in the course, it’s under make a quick cash for your land. Let’s just say you can wholesale it to a builder for 15,000. It’s 11 acres, like you just said. You buy it for 5,500, or let’s just say you buy it for 5,000 and you assign it for 15,000. There’s a quick $10,000 profit. I hope that pays for your fax machine for a few months.

Tracy:
Yeah. All right. Well, I’ll give it a shot. We’ll see what happens there.

Brent:
All right. Go, you got this, you got rapport with this guy. You’ve already made a friend. And at the end of the day, that’s it. We’re just helping people. We’re becoming friends with these guys. We’re solving a problem for him. I assume he’s owned it for a long time because you found him on the tax delinquent list, or did you pull that list?

Tracy:
I pulled that list and it’s been in his family since the eighties and they just never built on it. Never did anything on it and now he’s with it and he’s like, “I want to get rid of it,” but he’s like, “I can’t just give it away for nothing.” So, we’ll see.

Brent:
There you go. Yeah. Call him and get it under contract for the least possible. Get at least a 30 day inspection due diligence timeframe. “Hey, I want to see if we can do anything to get water, anything that’s less than 75,000.” And say, “I’ll probably assign it to one of my builders.” Just be truthful with him. Tell him exactly what’s going on. He’s got time, it’s just sitting there anyways.

Tracy:
Yap.

Brent:
So, all right, you understand that course of action?

Tracy:
I do. I got it.

Brent:
All right. At the end of the day, it’s about buying land at a massive discount and just turn around and selling it. That’s it. You could either buy it and sell it on terms. And that’s the goal. Is to get you passive income. We’ve got to get you to $10,000 a month, but Hey, if you can make a quick five, six, $7,000 to offset your costs and your business costs and put some money in your pocket to be profitable, there’s nothing wrong with that. There’s some times when we have to flip land or wholesale land ourselves. And just what I mean by flipping land is we’ll buy it super cheap and turn around and sell it. Or we’ll wholesale it by assigning the contract. And that’s what we’re talking about here. We get this 11 acres under contract, and then we’ll assign it to a builder.

Tracy:
[inaudible 00:13:54] makes sense. And yeah, so I’ll have that lead to work on tonight. And then we got more mail hitting next week. So, I feel like I’m [crosstalk 00:14:03]

Brent:
I’m looking forward to this new county, 300 letters. And it’s all about building momentum. Keep pumping that pump until the water starts trickling out and then it starts to flow. It’s like a lot of things have been going on in the United States right now as far as freezing temperatures. Well, the pipe freezes and when it falls out, it explodes. So, your pipes might just be a little frozen right now, but just keep mailing and then it’s going to explode. Any other deals, updates you got going on, negotiations, we should talk about?

Tracy:
Nothing pressing yet, but I have a couple of calls I got to make see what they’re doing for my first mailing. But this is it. I got to make something close in the next week or two.

Brent:
There you go. Put it, right it on your chalkboard, write on your whiteboard, something is closing in the next five days no matter what it takes. Call these guys back. What about that waterfall lot you were telling me about. Any luck getting the sister out there?

Tracy:
That’s the one that I mailed him back that letter. So, that’s when we were talking about in the first part of the call.

Brent:
Okay. Good, good, good. Now what’s the hold up with that? You just need the letter. Why don’t you just get a mobile notary out there to meet him and then give another one to meet the sister?

Tracy:
So, that’s when I couldn’t get in touch with him for the full week. So, I had just mailed out the snail mail, another contract to him. He said he didn’t get it yet. I asked him if I can send out the mobile notary, he said he would not be good with his schedule. And he didn’t know what his sister’s schedule was, and I asked him for his sister’s phone number and he said he’ll get in touch with her. So, it was a lot of run around and he said, “I’m just going to wait for him to get it in the mail I want.” And then he said, he’ll go to his local store and get a fax back to me the day he gets it. So-

Brent:
Okay. All right.

Tracy:
… it’s a little, he’s running it the way that he wants to. He wants it through snail mail. He was very adamant about that. That I’ve found out.

Brent:
When I deal with sellers that are usually kind of elderly, 65 plus 70, they really do have their certain way. So, sometimes we just got to say, “Hey, here’s our process.” And if they want to do it their way, I get it. We’ve had to go down that route before as well. So, they’re really set in their ways is all I’m getting at so I completely understand.

Tracy:
Yeah. I tried every angle and I feel like he’s very serious about it. We went through the whole process again, and he said, “As soon as I get that letter, I’m going to sign it. I’m going to get my sister to sign it. And I’ll fax it back to you from the local store down the street.” I was like, “All right.” So, I’m going to be calling him back again tomorrow night, is when I have my next call with him. So, I’m going to see if he got that letter or not. I’m hoping with all the snow, I’m not sure.

Brent:
You’re doing good thing.

Tracy:
Yeah.

Brent:
You’re doing a good thing. You have a time set to talk to him again, and that’s the main thing, is always have that next appointment, that next phone scheduled, because I’ve seen some deals just get passed up because it went three or four or five weeks and someone else reached out and they caught that fish. So, as long as you’re keeping in touch with them, I feel really good about it.

Tracy:
Awesome.

Brent:
So, all right, Tracy. Well, a lot of good things going on. I know so, because you’re still sending mail, you’re talking to sellers, you’re talking to land owners. At the end of the day it’s about getting enough land offer letters out there, getting enough great conversations with people, and it’s just going to happen. It’s impossible not to.

Tracy:
I like that. I can’t wait to tell you that [inaudible 00:17:34] has come and my first deal is complete. So, and it’s close.

Brent:
Yeah. It’s always closer than what we think it’s going to be so awesome. Any questions before we go?

Tracy:
Nope. I’m ready to go. I’m ready to hit the ground running as per usual. So…

Brent:
I love it. All right. Have a great night. God bless. Talk to you later.

Tracy:
All right. Thanks Brent.

Darren:
Okay. So that concludes episode seven of the Do or Die Series. Be sure to tune in next week to see if Tracy got any potential leads or any potential deals from the new mailing that she just did, or she was able to maybe still salvage one of the potential deals she had in the hopper. And as you could hear on this episode today, she’s a little deflated. So, she needs to make this happen and she needs to make it happen fast. So, be sure not to miss the next episode. We’ll see you next time.

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