Posted on: March 19, 2021

We have come to the 9th episode of the Do or Die Series, a journey closer to her 90 days in doing wholesaling! Tracy has gone through a busy time working towards hitting her goal of the $10,000 monthly income. She has also gained a lot from Brent’s coaching in the past eight episodes. In episode eight, Brent coached Tracy on what to do when she does not know what to answer questions from a buyer or seller.

In today’s episode, Tracy jumps into her first actual land sharks coaching call to ask her questions. Brent will also coach Tracy on navigating through her struggles in marketing properties without giving the APN to potential buyers. Brent will also coach her on dealing with probate issues.

The clock is ticking fast. Is Tracy getting closer to hit her goal? Listen to this episode to find out. Enjoy!

Key Takeaways

  • Tracy’s issues in giving out the APN in marketing a property
  • The hiccup on a property she is working on
  • Her first Land Offer Letter she got through fax

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Episode Transcription

Darren Bentley:
Hey guys. Darren Bentley here, and welcome to episode nine of the Do or Die series, How to Wholesale Your First Piece of Land with Brent Bowers. Today’s episode is a short one. Tracy jumped into an actual land sharks coaching call to ask all of her questions on the episode today. She’s struggling a bit with how to market the property because people are asking her for the address, and she’s afraid that someone might swoop in and grab the deal from under her. What does she do here? Brent tells her exactly how to handle this situation as well as how to deal with probate issues. One of the deals she has is a probate issue, but how does she navigate through that? Probates can be really tricky, but Brent tells her exactly how to navigate that and gets her much closer to the finish line. The clock is ticking here. We are fast approaching those 90 days, and she is close, but will she do it? We shall see. Enjoy.

Tracy:
Brent, can I ask you a question on that?

Brent Bowers:
Go ahead Tracy.

Tracy:
I’m marketing right now my first property that I have under contract, and I did do the whole Facebook thing and the groups and that seemed to be okay. My first question is on that. I got some feedback where someone’s sending me a message, and they’re asking me specifically for the APN for the property. I was afraid to give that because I feel like then they could just look up who the owner is. It’s not going to say my name, and then they would call them directly and get it for a cheaper price.

Brent Bowers:
You know what? I mean, I wouldn’t worry about it too much, especially if you’ve got good rapport with the seller. You’ve already got it under contract. Is this one that they’ve just sent your land offer letter back signed?

Tracy:
They did, but there’s another hiccup with that, which is the entire time the guy’s name on it was the guy I’m speaking to, but it’s the son. He thought that his name was on the deed, and I had run it, and it’s actually still his parents. Now I have a signed contract, but it’s his father’s name, not his name, so now I need to deal with that …

Brent Bowers:
Is his parents still alive?

Tracy:
… in the meantime? No.

Brent Bowers:
Okay. Any will? This is a North Carolina, I assume.

Tracy:
Yep.

Brent Bowers:
Okay. Yeah. I would go ahead and reach out to a title company right away and see like, “Okay, is there a special forum we can get filled out? Is there a will in this guy’s name? He obviously wants to sell it. Is he the only child?

Tracy:
He’s not. He has a sister.

Brent Bowers:
Okay, as long as they’re communicating. A lot of times these are things that can be worked out fairly easily, but I don’t think North Carolina is a probate state. I could be wrong. Yeah. I would check with a title company. I like to always go and talk to the experts. The experts are always going to know. Then sometimes it’s not the first title company you contact. Sometimes it’s the second or the third.

Tracy:
Okay. Then when you’re responding to buyers, I guess that’s where I keep on freezing up because I’m getting these messages of people that are interested, and I’ll say, “Oh, are you looking to make an offer,” or, “It sounds like you’re interested.” When they’re saying, “Well, what’s the APN and where is the exact address of the property,” you think I should give them that?

Brent Bowers:
Yeah. I would.

Tracy:
Yeah?

Brent Bowers:
I would. I mean, what’s the chances of someone just, I’m not saying it won’t happen or it doesn’t happen, but it hasn’t happened to us. I mean, what’s the chances of them going and contacting the seller. If it’s another land investor, then I would be absolutely shocked if someone goes and talks to your seller and just goes around you. They need the APN to see where it’s at, figure out what it’s selling for, see how big it is. That is an important thing to have, and the address too. I know it’s a little questionable. If you didn’t have the LOL signs, I might not give it out. Yeah. That one’s used with caution. I feel like you’re going to get a lot of pushback from people if they don’t know the address.
I mean, at least the street that it’s on. “Hey, I’m waiting to get it under contract. I don’t quite feel comfortable giving it out yet because I don’t want to get in trouble. Here’s the street it’s on or here’s the neighborhood if you really feel uncomfortable,” but that APN is going to answer a lot of questions for them. If you’re not providing that, “Hey, here’s what it’s sold for. Here’s how big it is. Here’s what it looks like. Here’s the GIS map.” If you’re not going to provide that, then give them so much more other information, they can make a decision on it. Ultimately you want them to make a decision too.

Tracy:
That makes sense. Thank you.

Brent Bowers:
All right. What else is going on? I know you got a lot of, you said you had some other questions.

Tracy:
Yesterday I got my first land offer letter through a fax, which made me so happy. I was like, “This is awesome.” I got one sign. The guy put his email address and his phone number, and he signed it for the amount that I have it. I called him. I didn’t get a call back yet, but I’ve been leaving messages and texts and all that good stuff. He also sent, which I thought was very strange, he sent mine back signed with all the information. He also sent one that he had signed from someone else. He signed it and the guy signed it too, like a purchase agreement, but it was for less money. I don’t know why he sent it to me. I don’t know if he’s trying to show me someone else offered him less. I haven’t been able to get ahold of him, but it’s very bizarre.

Brent Bowers:
Is this the same parcel of land?

Tracy:
Yeah.

Brent Bowers:
Okay. Hey, that’s a negotiation tool right there. Well, this guy offered that. This is not the same seller that the parents died? This is a different one?

Tracy:
Yeah. I haven’t gotten into contact with him to have a phone call, so I don’t know anything about this land. I know it’s four acres in North Carolina, but I haven’t gotten any information from him yet.

Brent Bowers:
Awesome. Awesome. What do you think it will sell for?

Tracy:
I have no idea. I was doing my research last night a little bit, but then when he didn’t get back to me, I’m like, I don’t want to spend so much time doing research on something that might not actually turn into anything, so I’m going to wait until I have that call with him to really do my homework.

Brent Bowers:
No, that’s a good point. I’m glad you brought that up because I don’t like to do a ton of research until I know someone that’s like, “Hey, we’re going to do a deal,” and then we do research because you don’t want to spin your wheels constantly. You could do hours of research on this parcel of land and the guy never even answers the phone call. That’s a good point. What did you have it under, or what did the land offer letter say as far as how much?

Tracy:
It was four acres. For how I priced out that area, I had it under contract for about $11,000. Then the other offer that he got from someone else was $7,000. I don’t know if my offer was too high? I mean, that area that I’m mailing to is a very popular, they’re expensive pieces of land. I looked at the price, and it looked like I did 20 cents on the dollar, but someone else offered him a lot less.

Brent Bowers:
That’s okay. Don’t look at what others are doing. The thief of happiness is comparing yourself to others. All right. You’re at $11,000 an acre. $11,000, divide that by four, so what’s that? $2,700 an acre. What’s retail price in that area?

Tracy:
That was 20% from what I calculated from Zillow, so I guess time’s five.

Brent Bowers:
2750 times five, so it’s going for about $13,000 an acre. That’s about what I remember you telling me too in that area. Times four, 13,000, a $55,000 property, I think you could pay 11 grand for it.

Tracy:
Okay.

Brent Bowers:
It meets the 3X rule. If you’re going to pay 11 grand, you need to sell it for at least $33,000. Any other questions that you had?

Tracy:
That was it for me? Thank you Brent.

Darren Bentley:
Okay, so that concludes today’s episode. I am really excited for all the growth that Tracy has experienced in these last nine episodes. I feel like we very close to hearing that victory bell ring. Be sure to tune in next week where you’ll learn if she was able to finally close one of these deals, and if so, for how much? See you next time.

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