Posted on: April 09, 2021

Success is almost in Tracy’s hands as we are on the 12th and final episode of the Do or Die Series, few more days towards 90 days in doing wholesaling! It has not been an easy journey for Tracy, but she has gained a lot from Brent’s coaching and journey experiences. In the previous episode, Tracy gave positive updates on the properties she has. Tracy and Brent also talked about partnering up with JVs, finding the right JVs to work with, and working with realtors.

In this final episode, Tracy will share the deals she closed and those on the pipeline. She will share her feelings in undergoing the journey and getting her first deal. She will also share her challenges and advice for others who want to do real estate investing.

Will Tracy finally gets paid for all her hard work? Find out in this episode. Join her in her real estate investing journey!

Key Takeaways

  • How Tracy closed her first elusive $22K-profit deal
  • Other things on Tracy’s to-do list
  • Brent’s advice for Tracy to have these two goals
  • On doing due diligence
  • Other updates from Tracy on building her pipeline
  • Working on her leads and challenges
  • Brent’s challenge for Tracy to put systems in place in her business
  • How she felt hitting her first deal
  • What she learned from herself taking the journey
  • Tracy’s advice for others who are not into real estate investing yet

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Episode Transcription

Speaker 1:
It is here. Yes. The final episode of the Do or Die Series. How to wholesale your first piece of land with Brent Bowers. And does she do it? Was Tracy successful in finally getting paid? Yes. In the last episode we listened to, we learned that she had a lot on the table, but as you know, it doesn’t mean anything until you get a check in your hand and that check actually clears. So this is it. Did she do it or is she going to throw in the towel and just continue working as a teacher? And remember, there’s no right or wrong answer here. This stuff is not easy and it’s not for everyone. If you’ve been following along, you know what I’m talking about? So yes, this one has really been a nail biter. Let’s just jump into this final episode. Enjoy.

Brent Bowers:
Tracy. Today’s the final day, the final episode I should say of the 90 day Do or Die. Thank you so much for going through this with me. You’ve accomplished a lot. You’ve done a lot of things and I think a lot of people are waiting to hear your status update. What’s going on? I know a lot’s been going on. We haven’t talked in several days.

Tracy Krol:
Yes. I am really, really excited. I can fully announce that I closed on my first deal and it was for a lot more than I was expecting. At first, I had 11 acres and it didn’t look promising, it was scary. I found out we’re going to get water out there, found out that it really wasn’t build able. I went through a journey, calling the county, getting on the phone, back with the seller, having to renegotiate, feeling like, “Oh, I’ve lost it. It’s not under contract.” There was actually a week where I wasn’t even talking with the seller. And then when you encouraged me like, “Well, let’s just try to get it under contract.” And I did. And so, I got it under contract for $23,000. It didn’t look like it was going to go for much more than that. It turns out that it’s closing for $45,000. So a huge, huge profit on that one.

Brent Bowers:
Whoa. And what was your first offer? What did you send that land offer letter, the LOL out for?

Tracy Krol:
Well, I was out for about $29,000 because it was 11 acres and it was that generated number. When he called me, he’s like, “You offered me $29,000.” I was like, “Oh, that’s not good.” And I tried to get them down. We were talking about $5,000. He was like, “You must be crazy. I’m not giving this [inaudible 00:03:36] for 5,000.” But we agreed on $20,000. Then he was unhappy with $20,000. And I was like, “All right.” $23,000 was a low he was going to go. I didn’t feel that confident about it, but it really worked out.

Brent Bowers:
So you still got him down $6,000 more. That’s amazing negotiation skills. I mean, imagine if you would have got the thing under contract for $5,000, holy cow, that’s amazing. Good stuff. So you got it under contract for $23,000 and you sold it for $45,000. What does that look like as far as the profit?

Tracy Krol:
I mean, that’s just crazy to me to have $23,000 or $22,000, let me do my math, $22,000 in profit. I started this journey, I know this is called Do or Die and I’m definitely doing it. I had moments where I doubted myself, I doubted the process, but this is all coming together and making me feel really confident. I know that this is real. I know that this is something that I’m going to continue to do and make a lot of money doing it. And I needed this win because I don’t know. I find moments of doubt, I’m like, “Can I do this? Is this real?” And even though I know it is, it’s still creeps in and I just needed a big win. I got a big win and now I am fired up because I have these other properties under contract. And I’m so confident that they’re going to go through and I’m going to get a buyer and it’s going to happen again and again.

Brent Bowers:
There’s a buyer for every piece of land, and that’s okay. Sometimes you want to negotiate down because we’re not so sure of it. It was a brand new area for you. It was the first deal. So at the end of the day, you did all the right things and you just made a bigger profit for yourself. So amazing, nice job. Congrats on that. I know you have a whole other list of things going on too, you’re about to sell the four acres. Tell me about that.

Tracy Krol:
Yep. So I had found some really amazing buyers. I’m starting to build my buyers list and I’m talking to agents in the area and, again, you mentioned doing that, but it was a little scary for me at first. I’m just trying to figure out the steps, understand what to do next. So you’re like, “Talk to agents, do this, do that.” And I was getting a little overwhelmed thinking, who do I call? How do I know? So I found an agent who was selling a property right next to my four acres. It was so great because I just told her, I was like, “I don’t really understand what’s going on with this community. What’s the HOA like?” And I was able to get all my questions answered from this realtor who is like, “This is why land over here sells for this much, and this is how you know how to price it.”
She was giving me all this juicy information really for nothing just to share her knowledge of the area. So I really feel like I’m getting to understand where my land is and the area that it’s in. And I have two properties under contract in the same area. So now, it’s just a matter of getting it sold. So I talked to two serious buyers in that area and they’ve lived there their whole life and they’ve been picking up property. Their families are into buying property. So now, one of them said that this property wasn’t for him, for whatever reason, they thought it was a little too steep, but he’s like, “I will buy property from you all day long.” He’s like, “You just let me know.” And he’s like, “If I don’t want it I’ll know someone who does.” So I’m making these awesome connections too along the way that I think are going to help me in the end.

Brent Bowers:
Oh my goodness. That’s amazing. I would have just break down some of that. I want to pull some of that apart. So you align yourself with an amazing realtor in that area. She sounds like a total, total go giver, not to be confused with go getter, but a go giver, figure out a way to serve this person. It might be listing your land with this realtor. It might be, I don’t know, connecting her son with whatever, you never know, figure out a way to serve her. It sounds like a beautiful relationship that you’re creating, and I always have a goal. We always have a goal on my team for every piece of land that we have for sale is number one, obviously, we want to sell the land. Number two, if that land is not the right fit for that person that’s inquiring about buying it, we want to get their digits. We want to answer all their questions. We want to serve them.
We want to explain the area and this and that and why this might not be a good fit for them. Or maybe this piece of land over here that we have would be a better fit for them. But we get those digits because we’re building trust thing. We’re building trust with these potential buyers and they’ll buy land from us later on down the road, not everyone wakes up and says, “Hey, today, I’m going to buy a land.” No, they go online. They start looking, they find Tracy Krol. They research you and they continue to come back to your site and you send them emails every once in a while, showing them your featured property of the week or your deal of the month or whatever you got.
And eventually, they’ve bee seeing your stuff for eight months. And they’re like, “I love Tracy. I heard her on a podcast. I’m going to buy some land from her.” We’ve actually sold land by being on this podcast. People are looking me up and finding my company and buying land from us. Thank you so much, Tracy, for that, by the way. So it’s amazing, you’re building that trust chain down the road so get their digits. You have two goals, build that buyers list, that’s getting the digits, the email and the phone number and serving those people. And same thing with that realtor, that is amazing. And you’ve become a humble student with her. You didn’t go in there a know it all, and she wanted to spend her time with you sharing her knowledge, that she’s built up.
So she wanted to give back to you because you probably went in there, like you just said, I didn’t know about the HOA. I didn’t know about the area. Is this billable? You went in there as a student asking questions rather than, “Hey, I want to do this.” And you’re trying to run the conversation. So nice job. I mean, most time when you call people, if someone asks you for help, 99 out of 100 people are going to say, “Yes, I will help you.” And there’s that one person that might be having a bad day or they’re just in a hurry. So most people are out to do good and serve.

Tracy Krol:
I found that people are really usually nice and willing to help. And I’m now making that as part of my due diligence, is to get a realtor on the phone in the area I’m looking at just to see if they’ll answer some questions. And something that scares me, I’m like, “This land it’s so far away from where I live. I can’t even go check it out.” And I know you said that that’s not very important, but then when buyers are asking me questions, I’m like, “Oh my goodness, I feel so not knowledgeable.” So it’s really nice to hear from someone who lives in the area who can tell me like, “Oh, that’s on that side of the mountain, this part, and there’s water going through this way.” And I’m like, “No, I didn’t know that. Thank you for telling me.” So it’s been awesome.

Brent Bowers:
Well, that just goes to show you right there, like you just said, most people are nice and willing to give you information, share and help you. Also, you get what you look for. Have you ever bought a new car or new pair of shoes or that new phone? And then all of a sudden when you’re driving down the road, you see that car everywhere or those shoes everywhere, or that phone everywhere, it’s called a reticular activator. And it’s now activated in our mind, and our mind is actively looking for other things like it, and we see that. So we’re looking for people that are going to help us and love us and treat us fair and that great piece of land or that person that wants to get rid of that burden. We’re going to find those people. We’re going to find those people. So you’re getting what you’re looking for so awesome. Any other updates?

Tracy Krol:
I do have my very first contract that I ever got signed. I’m still working on it. It’s been a journey and a half, but I find that this will probably happen every so often, so I got a piece of land under contract about a month and a half ago. And the guy was not on the deed. His parents had passed a long time ago. He was in the will. He really didn’t have a fire under him to get anything done until he started to realize, “Well, I guess I’m not going to get my money until I start to follow along with what I’m being asked to do.” So now, he’s hooked up with a lawyer in the area. They’re trying to get this property under his name. I still think we have a little bit of a road ahead of us, but it’s another property under contract. That’s ready to go at a different timing than what I wanted, but that’s okay.

Brent Bowers:
Hey, you’re building that pipeline up. And this is why it’s called the 90 day Do or Die. You’re three months into this and you just told me about three or four parcels of land, a one $22,000 deal. So that is the journey. I want to just repeat something that you said for all the listeners. And here’s the reason why Tracy Krol is a true champion because it’s her mindset. It’s been a journey and a half, she didn’t say, it’s been a big old pain in the butt or this guy’s killing me and he’s lazy, and all that, everyone’s stupid. No, it’s been a journey. We wake up every morning. We’re only guaranteed one thing, that’s to have challenges throughout our day. If we know that we’re going to have a challenge and that’s our job, is to get through those challenges or we can call it even a better word, a journey, great mindset. That’s why you’re doing what you’re doing. All right. Any other updates?

Tracy Krol:
Other than that, I really do have a lot of leads. I’ve been working my leads. I’ve been calling people back, researching properties. I find my biggest challenge in this journey is that with my full-time job, it’s just been really hard to get back to people as fast as I’d like to, to do all that research that I need to do. So I’m coming up here in a couple months on my summer break and I can’t wait to give my land business 150%. I would do it right now if I could, but I just can’t do that to my full-time job and to my students. But I see something spiking in the summer for me when it comes to my business. So I’m really excited about that.

Brent Bowers:
So I challenge you with one thing, Tracy, this is your next 90 day. And I’d like to keep coaching with you and checking in on you on these things. Just because we’re done with the 90 day Do or Die, I like for you to start putting systems in place where you’re working on your business, rather than in your business. Currently, you’re in your business, talking to sellers, talking to buyers, sending out your LOL is your land offer letters. So when summertime comes, which it’s actually just around the corner in a few months, right? Or is it three months away, maybe two?

Tracy Krol:
Yeah. [inaudible 00:14:21].

Brent Bowers:
If you accept this challenge, let’s do another 90 day Do or Die, and we won’t be on the podcast. There won’t be as much pressure, but you’re actually working on your business. So when summertime hits, you can do what teachers are supposed to do is take a [inaudible 00:14:38] break during the summer and let your business serve you. You’ve created a team. Let’s create a team around you to where your business will serve you to where you can take some time off during the summer. And when you do work on your business during the summer, on your business, not in your business, you’re just improving processes. There’s always going to be problems. There’s always going to be challenges. There’s always going to be a journey. But if you accept that challenge to start working on your business, you will have something a year from now that you never would have dreamed possible.

Tracy Krol:
I 100% accept that challenge. I’m in.

Brent Bowers:
I love it. I love it. Okay. Well, I want to go back to some questions I had for you before we started this, we talked about your deal, your incredible deal you did out in Colorado. You bought it for $23,000, you sold it for $45,000. I want to know what did it feel like finally doing that first one, getting the proof of concept, getting the confidence that you said, what did that feel like? I mean, did you just like drive your car 100 miles an hour listening to Brittany spear? Or Shania Twain my favorite going down the highway celebrating or what did it look like? What did you feel like? Tell us about it. That’s what people want to know.

Tracy Krol:
Yeah. I mean, I just was blown away. To be honest with you, I just really was super excited. I went out to a nice fancy dinner, I promised what I would do. Got myself a very expensive filet mignon, and really enjoyed it. I think more than anything, getting that first one done really just ignited my fire to just keep on going. For me, I’m an athlete and I know anytime I’ve done a crazy new move on a basketball court or won a game, I was like, “I just can’t wait to get out there again.” So for me, this was solidified that this is real, this is possible, I can do it. So I’m just ready to celebrate and just continue to keep going and take that onto my next properties and really make this… I want to one day be able to have my own business where I’m not going to the 9:00 to 5:00 and I can step back a little bit and enjoy life and not feel so stressed out financially and be more financially free.

Brent Bowers:
Amazing. I didn’t know you went and celebrated. I am so proud of you. You have put a positive condition on winning and it doesn’t even have to be filet mignon. It’s just that celebration. Good for you. Good for you. I am so happy. So I know you had some tough moments, some tough times, and you probably wanted to quit a few times along the way. Having gone through all of this, what have you learned about yourself now that you’re on the other side?

Tracy Krol:
So, one thing that I can admit to is that when things are getting tough, I tend to spiral and get overwhelmed and get really frustrated and feel like I want to give up, but I am competitive. So I did not give up at any point I kept going, but I’m learning to not allow myself to get to that frustration level because all it did was make me feel super stressed. And then my work wasn’t getting done because I was so focused on, on the negative that I wasn’t being productive. So I was like, “If I would have spent that hour, instead of being frustrated, getting some of my questions answered.” Or you would say, “You just get on the phone, make it happen.” So I started to switch that. So the first couple of weeks I would have a lot of questions and I was afraid to make a mistake.
I was afraid to fail. And when I stopped doing that and I just got on the phone, ask the questions, paired up with people who knew what they were talking about. I found that it lowered my frustration and that feeling of being overwhelmed. So I’m not going to lie. I definitely had those moments where I’m like, “Why am I doing this? This is too much for me. I can’t take it.” Sometimes we’ve talked to my brother and I’m like, “I don’t know, this is really hard.” And he’s like, “So are you going to give up?” And I’m like, “No, I’m not. I can’t.” And so, that would be my biggest challenge, but I’m so happy. I stuck with it because I got into my first closing. And I just know that this is something that I’m going to continue to do

Brent Bowers:
Love it. Something I was told in the military and it took about a year for it to sink in for me was I am one of those people. I want everything to work. I’m afraid to fail. And I’m juggling all these things and I get so anxious and so overwhelmed and I won’t sleep at night, but I was told this one thing that it took about a year for it to finally sink in for me to actually understand what it meant. But slow is smooth and smooth is fast. Slow is smooth and smooth is fast. Sometimes we’ve just got to slow down and let all the chips fall with that dust settle that way we can see clearly to the next step. It’s just, we don’t have to go super fast. We don’t have to take all the phone calls.
We don’t have to reply to all those land offer letters that you’re getting that are signed back. You just put them in that desk drawer and get to them and get to them, get to those buyers when you get to that buyer, get to that seller questions when you get to it. So slow is smooth, smooth is fast, here’s another one, the key to success quickly is doubling your rate of failure. Most winners, most champions are willing to fail. They fail more often than anybody else, but they get to celebrate like you just did with the filet mignon and the white cloth dinner. So amazing. All right. What would you say to someone that’s listening right now and looking to get started in land? That has a full-time job, they might be a teacher or a firefighter or a welder. What would you say to them?

Tracy Krol:
I would say that this is something that is real, which was, if you remember from the beginning when we started, I had a lot of naysayers. They’re like, “What are you doing? Is this a real thing?” And it is very real and it’s very possible, and it’s something that is changing my life. So I’m so happy that I decided to take this challenge on and do something for myself. I really look at it as something that is going to change my future. And that’s very significant. So someone listening right now, if you feel like, I don’t know if I can do it, I’ve been there and I did it. So it’s very real and possible. If you’re willing to commit and like anything, you have to put your work into it, but it’s very, very possible. And it’s becoming easier as time is going on. I’ve learned the process in the beginning, little confusing, and I learned all the little steps, but now I’m like, “Oh, this is not that hard.”

Brent Bowers:
Yeah. The first one’s always the hardest that’s for sure. And there’s always going to be naysayers. That’s another guarantee in life we have, if I’m ever trying to do something that’s worthwhile, I’m afraid to tell people because I don’t want someone to say it can’t be done and put that doubt in my mind. And I know there’re no statues ever creative [inaudible 00:21:54] a critic. So the naysayers will always be there. We can always count on that. So yeah, you’re living proof and it will get easier. Well, thank you, Tracy, for going through this journey with me. Thanks for trusting me to be your coach. It’s been an absolute pleasure and I like being surrounded by winners and it’s been good. It’s been fun for me. So I appreciate it so much.

Tracy Krol:
I cannot thank you enough. You’ve literally changed my life. So thank you so much, Brent. I really have enjoyed these last three months and I can’t believe we’re on our last episode. It’s awesome.

Brent Bowers:
I know, we’ll have to do like a recap in a few months and see where you’re at with your passive income and how many land deals you’ve done, if you’d be willing to do it. So I’m looking forward to that if you’ll accept that. And I’m also looking forward to seeing you work on your business and what your life’s going to look like on your summer break, keyword break, because you deserve it. You absolutely deserve it. You’ve been working your full-time teaching position. You’re coaching teachers. You’re tutoring students and you’ve been doing land deals. I don’t know where you find the time to sleep.

Tracy Krol:
Well, thank you. Yeah. No. I’m in for all the challenges and we’ll definitely have to catch up. And I think I have a lot of deals in my future, so I’ll be happy to talk about them.

Brent Bowers:
I love it. All right. Well, if you’d like to get started making money with land investing, I’d love to help you personally. So just head over to wholesalinginc.com, that’s wholesalingI-N-C.com/land and schedule a call with us. Either myself or someone from my team will hop on a call with you and learn more about what you’re looking to do in real estate. And if we feel like it’s a good fit, we’d love to invite you to the Land Sharks program. Until next time, catch you later.

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