Joe: Hey, welcome. This is Joe. Welcome to the Real Estate Investing Mastery Podcast. This is my audio intro to this video, Part six. So these were some videos from Jerry Norton's YouTube channel. If you've not been following along in the series where I was in Puerto Rico, he interviewed me on a 6 to 7 or eight part series in the seven or eight part series on how he flipped Vacant Land. And it was an incredible series. And as you know, if you've been listening along, I am releasing the audio from these podcasts. So if you want to see the video of us actually going through it, definitely recommend you go check out the Jerry Norton's channel. Just go to YouTube and do a search for Jerry Norton or do a search for Flipping Mastery. You'll see the videos I've done with him. So, so far, this is video number six. I think there's eight that's going to be released anyway. This one we talk about analyzing deals, analyzing vacant land deals. And I thought this was really important, especially even for audio listeners, because it's just important to understand it's different than houses. And in some ways it's more difficult than camping. Land is a little bit more difficult than camping houses, but once you learn it, it's actually pretty simple and pretty easy. And because we buy land for so cheap, $0.35 on the dollar, 35 to $0.50 on the dollar max, we have a lot of room for error. And so I just want to encourage you, as you're listening to this, do not get stuck in analysis paralysis. It shouldn't take you longer than 5 minutes to come up with a value for a piece of vacant land and an offer. Okay, so we talk about how to do that. And in the land flipping tool kit, I'm actually going to give you my software that does it for you. So if you go to JoesLandKit.com and check it out, you get the kit and there's software in there, a little video, and how would you use it? It's a video that I created, software that I created. So good. Check out Joe's land kit dot com. I had a lot of fun doing these videos. I actually did the videos with Jerry Norton in Puerto Rico. And as I'm recording this, I'm in the beach. I'm on the beach here in Florida on Thursday near Destin and beautiful here. I love the ocean, but enjoy. I hope you're doing well. And I think we've got one or two more coming after this. So appreciate all of you audio podcast listeners. I really do. And enjoy the show, see ya.

Jerry: Welcome back, guys. This is video six in the series. It's been going amazing, Joe. Really, really enjoying this. So much fun. A lot of learning about how to flip land. Guys, hope you're enjoying this. Please leave a comment. Let us know if you are what you're learning, what things you want to know more about. Maybe, Joe, we can do some follow on videos after the series over time and keep building on this library. This video is going to be very important because we're going to we're going to be talking about now how to analyze the deal. Right. So we've talked about choosing your market, where to find the buyers, how to find the sellers. And now let's say you and we talked about scripts and how to talk to sellers. So when you find a seller that wants to sell that land, how do you know what's a good number so that you can get a contract and flip it for a profit? So, you know, really important topic because you want to get this right. You know, you can always go back and renegotiate if you do get it wrong, but no one likes to do that. You don't want to build a reputation as someone who constantly is renegotiating or canceling contracts. So getting good at the analysis is where this is at. And really, it's all about buying, right? You know, when you buy, right, that's where you make all your money because you're going to build in margin to then be able to easily flip that deal. So how do we get to that number? What's the maximum allowable offer or formula to look at a land deal, come up with a price that we know we can get and then flip for a profit?

Joe: It's really that easy. It's not that hard. Yeah, sometimes people get involved locked up and nervous because they're afraid they're going to make a mistake, which is why I have three months in my contract. Right. Which you can get at the in the link in the description, get my contract writing there By the way guys.

Jerry: Remember, there's a tool kit that Joe has put together. It's got all these resources, including his contract for land deals. Now you might have a purchase and sale agreement. I get mine away for free. Those tend to typically be very house related. So it's going to talk about things that are kind of more about a house, whereas you have your own custom contract with sellers, that is for land deals that are really cool. And again, you mentioned this just now. I just want to reiterate this. We've been saying it throughout the series here, but in your typical contracts, you have a 90 day close, which is so awesome because you have all the time in the world to find your buyer and flip your deal, right?

Joe: Well, because with land, it's a lot harder to get comps. You know, you can't just go in and because there's usually tons of houses for sale, even in small markets that have sold, you know, land is a little different. It's much sometimes it's more of an art than it is a science. And sometimes you just don't know. We just can't get good and you've got to come up with the best number.

Jerry: Not only that, but when you're talking to sellers, how do you pitch a 90 day close? And it's really easy. Like what I'll often see the sellers is I'll say, Look, I've got to do some due diligence. You know, we're not real sure yet what we're going to do with this property, but I might need to call the city, I might need to look at some zoning, I might need to make sure, you know, I might need I got to do some things to really, you know, and that's going to take me a minute and they get that go. It's just a piece of dirt so they know you've got to figure some things out. Here's a crazy thing, though.

Joe: With land, it's very rare for a seller to object to my 90 days. Very rare, very rare. I just give them the offer. They sign it because with land is it's not like you have to close quickly.

Jerry: Can you imagine trying to get 90 day closes on houses? People do it. But that's not easy, though. I mean, that's rare.

Joe: So yeah, it's so sometimes they'll say, Hey, can we close faster? And if it's a good deal, but because sometimes it's hard to come up with an offer, sometimes I have to just take my best guess and I won't know if it's a good offer until I put it on the market. Doesn't matter what I think it's worth. It doesn't matter with a realtor thinks it's worth. What matters is what the buyers thinks. We're So I'll get feedback from the buyers. You know, if I'm getting a lot of calls, that's a good sign. If it's been three or four weeks, I've not gotten any calls yet, then I'm going to get back on the phone with the seller and maybe you don't get asked for more time or get a price reduction or maybe turn that contract into an option country.

Jerry: Now, with your offer, since we're talking about this real quickly, you got the 90 day closed. What's your due diligence period look like typically?

Joe: I don't have a due diligence. It's three months.

Jerry: So it's the length of the contract.

Joe: Right. I don't have any kind of inspection contingency or anything like that.

Jerry: But you have the option to still basically terminate the contract if you need to for some reason.

Joe: It's, yeah, it's kind of crazy how my contract is one sided like that, but it does say on there I can cancel it for any reason and now it goes without saying the right thing to do is don't drag the seller on for three months only to see. Yeah, and then not close on it.

Jerry: I think, with land. So I talk about this a lot with the houses being very careful about one sided contracts, because when those go to litigation and you're an investor and you have, you know, all your way, none their way, those that's not going to look good. You know, like you're going to lose that argument with like a court, a judge or in front of a court. But with land, there's really no inherent value going on. It's not like someone's packing a U-Haul. Yeah, there's no real you're not really harming a seller like you would with a house and they packed up right. Or whatever. It's a huge, big difference that's really important to understand. Takes the stress out of it. There's not this there's not this urgency so much with land.

Joe: Makes it way easier. Yeah. So anyway, so I got a list and share my screen, if that's alright. Again, our effect. And we went into prop wire and I did a search for Lee County and I pulled up land and I went into advanced filters, filters here and I said, show me all of the out of state owners that have owned for over ten years. Well, they've been delinquent in their taxes in the last three years. That's it. We're saving close and 9600 property records here, which is crazy. And just in one county, this is near Fort Myers. Lee. All right. And let's say we pull up this property, the seller calls us. It gives they get our postcard, they call and leave a voicemail and they want to sell their property. And now I've talked to them a little bit maybe or maybe not. Sometimes I go right from voicemail to send them an offer and let's look to see what kind of offer would we make on this property. So one of the first things I like to do is I'll do some research here. You can do some comps here. If you go into comps and you can kind of see a bunch of really solid comps here.

Jerry: And the map up there kind of shows you where they're at in relation to.

Joe: So this is sold in the last year within a half mile and land.

Jerry: And we added a draw feature. So if you want all you pick because right now it's just kind of doing a radius.

Joe: So if you wanted to yeah you could go zoom out and further you could do a mile radius but you get plenty of data here, you know. But one of the things I like looking at on Redfin is now I can look at active comps and sold comps. So I'll go to Redfin here, I'll put in the address of that property, pull it up. And this is a really cool tool that I use a lot. I click on the map right here, the little thumbnail thing, and then I click on this button nearby Homes for sale. Now what it does is it puts that property right in the center of this map. So when I zoom in and zoom out, it shows it keeps that property in the center of the map. And I want to go here to land. Sometimes you got to click this twice. Looks like it's behaving good. I know it is 10,716 feet. So square feet of 10,000 716 divided by 43 560. So it's point two. 4.29.5. Yeah. So about a quarter of an acre. Right. So I'm going to go up here and I'm going to do a parameter I want between like 9500 square feet and then I might I'm going to do half an acre. Okay. And I got 15 properties there, which is a lot. Now let's say I want more. I can zoom out now I have 21.

Jerry: That's plenty of data, right? Like you don't need more data than that to get an idea what's going on. What he's doing is he's comping right here. You're trying to find like lots similar lots to the one you're looking at.

Joe: Yeah. So I like to sort from low to high. So these are actives now, right? Because I'm looking at this thinking the first thing I'm always thinking is, All right, if I'm going to sell my lot, what am I going to need the price for to sell it quickly? I'm obviously going to be need to be less than 22 now.

Jerry: And you do not want to compete with the 21 homes on the market now. So if the buyers like, you know what, I want to buy a lot in this area, which one should I buy? You don't want to be competing with 21 lots. No, you'll sit.

Joe: Yeah. That's the way I like to look at it on Redfin.

Jerry: So what you're doing is you're using act is to determine where should I, where do I need to be so that I get a quick sale? Meaning I got to be below the average active. And now from there I can back into my offer price. That's what you do? Exactly. Yeah. You guys follow on that. Really cool.

Joe: So actually I zoomed out a little bit and moved and like, this thing just popped up here. So they're asking for 17 nine. So I'm thinking again.

Jerry: Days on market on that one because that matters to.

Joe: Sure, 184 days.

Jerry: So it's not moving at 17, nothing.

Joe: So a big mistake a lot of investors make is they're thinking they look at maybe averages and they come up with an offer based on sold comps and they ignore active comps or they're not looking at enough because this is my competition. So I'm just thinking right now, immediately, if I'm going to sell my property, I'm going to need to be out about 16,000 bucks, maybe 15. So maybe 15, Right. I'm always going to be aggressive and conservative here. And so if I want to make a minimum of $10,000 profit .54, I'm going to put it out. Bam, there's my offer. I'm going to make five grand.

Jerry: I mean, Joe, we're not well, I mean, we're comping. Yeah, but we're not doing is. We're not. I mean, lots or lots. And you put in some parameters. We're not looking at bedrooms and baths and basements and garages.

Joe: Year built.

Jerry: We're not looking at year built where we've eliminated so much of a comping process and no repairs. We're not looking at repairs.

Joe: Yeah, this is why my teenagers, my kids are smart, right? Yeah. This is why my teenage boys can do this. I'm just telling them. Look at the data here. What do you think you could sell it for? Yeah. You know, now, when you're selling with seller financing, you may be able to push that number up a little bit. You might be able to sell it for 20 grand with owner financing.

Jerry: And you did low to high. So 79 would be the lowest price. But it looks like you're seeing 22 922 923. So like if you if you priced this at 15 or 16. You would be the cheapest house in the lot and that parameter in that whole market for sale.

Joe: And I'm going to sell it quick.

Jerry: I know what you're going to sell. You're going to move that quick.

Joe: Now let's look at solds. This is why I like Redfin, because you can switch really quickly between them and you can look for the last. Now, look at this. Look at all that activity, though. See all those blues in the last three months?

Jerry: Go to six. That's going to double.

Joe: Six months.

Jerry: I mean, this is a very active land market. Yeah.

Joe: So one of the things I like to tell realtors. This is important. Everybody understands this. Whatever your tool is, prop wire, Redfin, Zillow, you need to get really, really comfortable with it. Because when you're on the phone with the seller and with a realtor, you can quickly find the property. Click on that thing, that little thumbnail map, and then click nearby and then zoom in. And now and you can see active and sold comps and you can tell Mr. Agent, you know, I see they're asking 20 grand, but I'm looking at saw comps here. And in the last three months, this property two blocks away is sold for 11000 to 50.

Jerry: Yeah. Joe all get I've gotten so good at this from just doing it so much that I'll literally spend 5 minutes, then I'll pick up the phone and I'll be able to have a very high level conversation. Talk about actual comps I'm looking at and. Question Hey, did you see this one? You did. You said this earlier. Do you see this comp? Do you see this coming? Do you see this comp? And how do they dispute when you're bringing like real data to them? You know, and it just helps justify your price?

Joe: Exactly.

Jerry: So we're seeing some low solds here.

Joe: Now, if I just switched to for sales, I'm constantly going back and forth thinking, all right, man, shoot. Well, I'm going to have to list mine probably for 17, 16, 17 grand. So real quick, I can calculate, just subtract ten from that. Now that that's $10,000 gross profit, I might have to pay a little bit for realtors, a little bit for closing cars on borrowing private money or whatnot. But that's going to give me ballpark I know I need to be at about five grand on this deal. Right. So that's one of the things I like to do is just switch between for sale and sold. Sometimes I go six months, sometimes if I want more cheaper comps, I look at a year.

Jerry: Because of the market we're in right now.

Joe: Yeah well now I got a $9,000 vacant lot. Now you see how there's no picture? That means it came from county records. Gotcha. Yeah. So a lot of these accounts and you look at them, you know, if there's a picture like that, it's from the MLS.

Jerry: They'll be able to run it too probably too right.

Joe: Yeah if there's no picture, then it's from County Records. But here's the cool thing. Guess now that if I got a property under contract, guess who I'm calling? I'm going into these solds.

Jerry: These are your buyers.

Joe: And I'm calling the realtors the listing agent here and the bought with agent here because they know who the buyers are. Maybe this guy.

Jerry: Those are good leads. Because one listed for a landowner and one bought for a land liar. Both those are great leads, so.

Joe: I'm going to call them up. Yeah, And I can go on the prop wire. I can see who actually did buy the property, and I can call them.

Jerry: Now, you put in the parameters max half an acre, but I'm looking at these quarter acre quarter acre or quarter acre. So let's say you do find a good one, but it says it's a half acre. You might want to consider that when you're valuing it. Right, because you're, it's twice the size.

Joe: Well, so I do I this little tool and I'll show you now here kind of what I'm on.

Jerry: There are all quarters though.

Joe: Yeah. In this part of Florida, they're all they're all in. It is when you're in North Carolina, when you're in Georgia, Tennessee.

Jerry: It could be five acres or half an acre or anything.

Joe: Yeah, I wasn't going to pick a difficult camp. Okay? I picked a county that I knew would be easy to compare. But the thing I love about this part of Florida is look at all of these schools in the last year. Are you kidding me? Do you think if I get a property here, I'll be able to sell it quick? And here's the other cool thing. If I screw up, there are still properties here that are selling for 17 grand. 18 grand. Keep on scrolling some more. 20 grand. If I go to page two, 20, 20, 21.

Jerry: I'm just curious. Put it on table and does it tell us are there well tell us are these on market not okay?

Joe: Yes. No, it's different than houses. Yeah, but what you could do is you could download click on this and it'll download that whole table into a spreadsheet. And from that spreadsheet you can manipulate it and play with it. I do that a lot sometimes. The other thing I do is if I'm getting too many comps, I will Sarah will give me all of the ones that sold for under 40 grand. Yeah, right. So kind of narrow it down a little bit and then I might zoom in, zoom out to get more comps if I have too many, I'll zoom in. Now I have 30 comps, so I just kind of play with this to get what I'm at now.

Jerry: And be sure also that when you're looking at land, you're also understanding what's where that lot is location, because in Florida you have a lot of these canals. Oh yeah, waterfronts. And you cannot comp a waterfront.

Joe: Yeah, like look up there, they're all the canals. So if I had a property up there the way different story and notice I did up to 40. Yeah. So there ain't nothing up here.

Jerry: I look at the line. Yes.

Joe: Yeah. But that's it. All right. You know now if you see your property you're looking at, it has backs to waterline, then you're going to have to be a little more, you know, looking at each individual one. But so what I do now sometimes is. As I will go in. The easiest way to do this again is just to look at, well, what could I what would I have to sell this for? To sell it quickly. And so I'm going to have to sell mine for 15, which means I'm going to offer five. And that's just said I make it. Sometimes I do. I have the software that everybody can get for free in the land kit. And I built this thing. I just called. I have a fence. I need to put a logo on here. Not too fancy here.

Jerry: Well, it is called simple.

Joe: Yes. Well, page one is your information, right? This is where you put your name, your company info, and all your contact info. The next page, you click here. There's a property information here and I'm just going to go through this real fast. We'll skip some of the for the video. We'll go through this quick, but I'm going to go in here to prop wire and get the AP and I'm going to copy that. Put it right there. The APN. I don't know what it stands for, but just like the.

Jerry: Identifier parcel number. Yeah.

Joe: Yeah. Seller's name. Well, guess what? I can get that right here from prop wire. Clint. Clint Hecker, Montana. Ha.

Jerry: That's out of state.

Joe: Yeah. Seller name.

Jerry: How many properties did he own?

Joe: Six, land, land, single family mobile. It's all right now. I'm going to copy his address right here. And I'm putting this in here because I'm going to create a letter right from here. Very cool. Copy and paste Montana.

Jerry: I wonder where that is. Sidney, Montana. Never heard of that.

Joe: The address of the property. Go here. Property. I'm just going to copy it again. I'm putting all this in.

Jerry: This is in your tool kit that you get out free. Yeah, I love it.

Joe: And I'm putting this in here because I'm going to be sending I'm going to create a letter in a contract. Yeah. That I'm going to send to the to the seller the County Lee.

Jerry: He's literally copying and pasting to fill out this information.

Joe: Yeah, but let me say it was yeah, it was 0.25 acres. Now let's just say this is a real trick. I'm going to show you an email I sent to the realtor. So let's say it's a Jim realtor and the MLS number is something. Let's just say, okay, next step. Now this is where it helps. I built this so that it gives me offers three ways offer based on active comps, an offer based on sold comps. And I had it also were offered based on the minimum wholesale property. So if I want to make a minimum of 70 $500. Okay. So let me kind of walk through this real quick. So if I want active comps in here and I'm going to go back here to Redfin, first one is 79.25 acres, which by the way, I have a VA's do this for me now, right? 0.25 and it calculates the price per acre right there.

Jerry: And you just pick the kind of basically the cheapest active right now.

Joe: Yeah. So I'm looking at price low to high 22 9.25. Okay. 22 9.25 and let's do one. Let's do two 122 9.3 Oops 22 at 9.3 and then the next one would be 23.25 23 grand .25. Now I have the average price per acre of 82,000 Now because it's the active properties, I'm going to discount the actives by 20%.

Jerry: Because people are going to offer lower than the asking price.

Joe: They're going to sell it for lower what they're listing. And when I make my offers, I usually make offers at $0.25 on the dollar. So I just kind of these are all dropdowns, you know, so I'm a discount the actives 80% and then I'm going to offer 25%. So it tells me the value based on active comps, 16 five will just close. Right. Which means I'm going to offer 4144. Now let's look at sole comps real quick. So I'm going to change those two souls. Let's go six months. I want I love seeing so many blues, Jerry. That just gets me excited, because that means super hot market. Yes. All right. So 11 to 5, that's point two, three acres. So I'll go back here. 11 to 50.23 acres. 12 700.25 13,084. Yeah. For 13,000.25 and 13,500.25 13,500 like now one of the things too is when you change this to table, you scroll down, there's a download all back so you can download all of those if you want. Just put them in the spreadsheet and you know, just copy and paste. So now I have an average price per acre based on sold comps, a 51,000. And again, going back to my discount of 25 grand. So the value based on sold is about 12,900 and the offer based on sold would be maybe 3200. So now I'm on the third way. I like to come up with an offer based on the minimum wholesale profit. And so now I have two different values and this just tells me, All right, so what am I going to list this thing for? And if I remember, I go back here to actives. Now I just think, All right, so to sell this quickly, let me go back to photos I want to list of 416 grant. I say, okay, so I'm just going to type 16 grand here. I want to make a minimum of 70 $500 profit. If I hire a realtor, I'm going to pay them 10%. I may have maybe 500 and closing costs. Have a table come. Either. It will do it for 500 and miscellaneous. Maybe if I'm doing pictures, couple of hundred and I'm going to use my own money. But if you're using private money, I might pay, you know, $300 in interest or something like that there. So now based, I have another offer of 6200. So now you look at that. I came back from the 62, Right? So now right here is kind of my summary of everything I have them is zoom in a little bit. Sorry for you on YouTube with the small zoomed in here, but I have three different values based on active comps sold comps and list price 657 7012 857 This is kind of where the kind of a mixture of art and science. I'm thinking, well, what should I do here? What should I offer? I've got three different offer numbers 41, 44, 32, 14 and 6200. Well, remember up here I almost always default to based on minimum profit because I'm thinking then if I, if I sell it for 16 grand, I'll make 7500 net. So I could offer 3200 but I'm still going to offer, I don't know, like I'm thinking I might offer six grand. Yeah. For the deal.

Jerry: Or could you, could you look at it and say, you know, maybe I'll offer three or four, but my max I could go up to would be six.

Joe: Yeah, yeah, maybe.

Jerry: That way you got a little room to counter.

Joe: Yeah. All right. So let's say, let's say I'll offer 35, 4500.

Jerry: Kind of, you kind of know in the middle of those numbers.

Joe: So I might go into county records and see if there's any back taxes owed. Usually there's not. So just that zero. And I'm going to give an offer expiration date of next Friday. All right. Now, this is my secret sauce honeypot. Like, this is where you can make a lot of money now by doing offering also seller finance. So my cash offer that I decided to make was 4500. What if I almost double that so I could go here and I could say double that if I wanted? So what if I offer them 4500 cash or $9,000 seller financing? And I did 10% down on that. Let's do 4% interest amortized over five years or you could amortize it over ten whatever hardship the payment is. 82 bucks. Come on, let's make it five. Let's say $150. Now, this deal. So if I'm paying 149 17, let me just open up this other mortgage calculator I have here and we'll see what the I want to sell this thing for. Like, let's say I sell it because I'm selling an owner financing. I want to bump it up to maybe 20 grand. Yeah, a buyer puts down 1000, so I'm financing 19,000 bucks and I'm going to finance it over 60 months. Let's say I'm a charged 10% interest, so my monthly payment is going to be $403, right.

Jerry: That you're going to collect.

Joe: I'm collecting 403. Would you collect $403 if you were paying 149? So what's the was that through. Cashed it before. Oh three -149. So I'm canceling $254 on this deal with none of my own money. Now you might say, well Joe, you're putting down 900, but 2000 I'm collecting 1000 from my other buyer right here. Now, your return is infinite.

Jerry: You have an infinite return.

Joe: And you're getting $254 in monthly cash flow with no tenant headaches and hassles and toilets to repair and stuff like that. All right. So anyway.

Jerry: I love that your giving the seller both options. Yeah. 9000 seller finance or 4500 cash. Yeah. All right. Decide what's better for you.

Joe: Yeah. Now I click submit. And what this tool does is it will email you three different things a cash offer, a two option letter of intent. It's cash and seller financing and an email you can send a realtor. So this is pretty cool. You're right here. You can download them. I'm gonna download them real quick and we'll open them up in word. And the cool thing about my software, the way I built it, is it gives it to you in word so you can go in and edit it if you want. All right. So here first is my cash offer. It's a letter with the contract. This is what I send like 95% of the time. It's a cover letter. And if I had a letter reference idea, it would pull up here. My contact information is up here, the seller's information. Right. And this is where I tell them I want to make my 4500 just a kind of a cover letter and then instructions for returning the agreement. Most of the time they just print this contract on page two. Here, sign it, take a picture of it with their phone and text it back to me at this number, or you can email it to me or mail it to me here and here's my one page contract. Everybody can get this for free and put see, you know, all fills in all the information. And there it is, purchase price, 4500, payable in cash. The closing will be within 90 days of agreement being accepted. Closing may be an extended an additional 30 days. And then this is the it expires June 2nd. I'm telling them I'm agreeing they're agreeing to let me resell it for a profit and.

Jerry: Good profit disclosure, very important.

Joe: And I'm not an agent, I'm not a realtor not representing them. And the seller agrees that I can market the property perfect. Sometimes that's good enough for realtors, sometimes they want more. And then Buyer retains the right to terminate this agreement by delivering to the seller a written notice of cancellation. But there you go. I don't have a. Or is money in here? Maybe I could. I should, but I just have never done it. Yeah, never done it. And there's no inspection clause or contingencies with land. When you're buying land for 40 $500, that just doesn't matter. Right? Matter. That's it. I don't sign it.

Jerry: On a $100. I mean. Right. I mean.

Joe: It could be when you're dealing with realtors, though, and the realtors writing up the contract.

Jerry: If realtors are writing the contracts because it's on market, they're going to have earnest money and probably proof of fun, which is that's just how agents are, which is fine.

Joe: All right. So that's my cover letter and contract. And I just that's what I said to the sellers.

Jerry: Super cool. All right, you get this for free. This is really awesome Joe.

Joe: Here is something I like to send is just a one page letter. Again, if I had a reference idea, I would go here. But it says, Hey, I'm following up on our conversation about your quarter acre lot near City in County. If you're still interested in selling it, we might be interested in buying it. Here are some different options. Now, this is again in word, so you could go in and edit and change any words you want, but this is kind of the way I position it. Maybe there's better ways, but a seller, a cash, I'll buy it for 4500, closing in 1 to 3 months, depending on clear title and due diligence. We pay all closing costs. We'll pay any realtor commissions. And if you have a realtor seller financing nine grand, 900 down, 4%, five years, 149 a month for five years, we'll pay all the closing costs and property taxes. Our title company will handle all the paperwork. If you're interested, call me if this doesn't work for you, please keep this letter for future reference. So this is a simple just letter. Print it, send it to the seller. I also will take this sometimes and copy it, paste it into an email and send it to the seller. Perfect. So then there's one other thing here I'll show you. This is my amazing offer email to realtors. I love doing this. So this is now if the property is listed, it's in word, so I can just copy and paste this and put it into an email. Say Hey Jim Realtor, I buy a lot of vacant land in the Lee County area. I might be interested in making an offer for your quarter acre listing at address MLS number, but before wasting your time, I want to see how negotiable the seller was on their price. If I can make a cash offer, I'm sure it would get rejected. Looking at recent sold comps and what I would need to make a profit, I would need to offer 4500. I remember on this deal they were asking what? They were asking 20 now. Well, we don't know what they're asking because I'm sorry. Yeah. So if the realtor this is going to be usually 25, 35% of what the listing price was. So, hey, I know it's going to get rejected, but I can offer more. If your client would accept payments over time with owner financing, they wouldn't consider that, would you? Would they? Here's what I can maybe offer with owner financing, and it just spells out the terms. I don't have an agent representing me right now, so if you can make this deal work, I'll make sure you get both sides of the commission in full upfront. Thanks for your time. Hey, if this doesn't work out, do you know any other vacant lot or. I pay 10% commission. Yeah. So, like, I'm getting there. Green glands going, right? Yeah. So now all I do is I just highlight the whole thing. I copied and pasted into an email and send it in. Which, by the way, we showed you this before, guys, but on listed properties this wasn't listed, but right here in prop wire you gives you gives you the realtor's email.

Jerry: And when we skip trace too, we get a lot of emails back with skip trace.

Joe: Yeah so it's a simple tool to calculator I built that people can go in and put some information. Gives you three different offers. Love it. You can choose the low. Sometimes I just choose the lowest one. Well, if it's more competitive, like some of these areas in Florida are more competitive, I might, you know, make a little higher offer than I normally would.

Jerry: Because, you know, you're going to move it fast and get top dollar.

Joe: If it's an area that's not as competitive, I'll just go with the lowest offer every time. But my story, my history has been one out of every 30 offers gets accepted.

Jerry: Man, you've made this so easy and convenient to just do this.

Joe: And a VA could do this right.

Jerry: A VA can do this.

Joe: You could have your kids do it.

Jerry: You can just tell your VA. Here's my numbers. And they go fill all this out and send it.

Joe: Now, what I do now is when the voicemail comes in, my VA will listen to the voicemail, put all the information into my CRM, fill out that software, and then notify me when it's available. And then I go in and I'll review it real quick.

Jerry: Real quick and send it.

Joe: And then just click a few buttons and send them to the offer.

Jerry: So they prep it all and then you actually glance over it, make sure you're okay with it, send it.

Joe: I'll even have the VA give me the this link. So if you click on this link right here, the VA will give me that link and it includes all of my filters and it gives me the same map that we see here. So all I do is click on that link. They'll do the work. I'm getting it Redfin set up for me.

Jerry: Because you do want to definitely spot your VA's work until they get really good and you're really comfortable with them because they'll make mistakes. And so it's good to kind of oversee that, give them feedback. But yeah, this is great.

Joe: That letter with the contract powerful, send it every 30 days. Just keep on following up. I might change the date on there.

Jerry: That's so cool. You're given that for free in your tool kit.

Joe: So is my tool kit better than his yet?

Jerry: Yeah no, I'm thinking. Yeah. That's really cool.

Joe: Yeah, it's fun. I geek out over this stuff. Yeah. I encourage people to when you're. When you're making offers, it's easy to get stuck in analysis paralysis. And so I want to give you permission to make mistakes. Right. Because you're going to make stupid offers, which is fine. Sometimes you'll get your stupid offers accepted, which is good, but if you offer too much, it's okay as well, because you can always go back and renegotiate with the seller.

Jerry: Once you get seller which you get feedback from your buyers. Yeah, well this is fantastic guys. I hope really got a lot of value out of this. The biggest thing I love Joe was how simple the analysis is. Like you're literally just looking at what's going on, what does, what are the actives make sure I'm coming on market under that and here's three different ways to come to an offer. Here's a software that's going to put it all together in a nice cover letter and send it right out. Yeah, really cool. Yeah. Guys, please leave a comment. Say, Joe, you're a flipping genius. Thank you for sharing these resources. Really cool. And guys, we got I think we want to do right for right now. One more video in the series will add more to it. So stay tuned and be on the lookout. Remember, we're going to put the playlist link in the description. So if you want to watch this whole series, we recommend you do it in order. If you're not, that's going to really help you kind of build out of the steps the right way. And the more we cover it in the next video. Joe How to sell your deal. Oh, yeah. Different ways to sell your deals.

Joe: Very easy. Very cool. So we're going to we're going to do that next.

Jerry: So we're going to do that next guys, be sure to subscribe to the channel. Leave some comments. Let us know how you're enjoying the series. I'll see you on the next video.