Part seven of my masterclass series with Jerry Norton dives deep into selling your vacant land. In this podcast, I talk a lot about how to think of things with the end in mind. When you're pricing and selling land, you've got to think about it in terms of what would make this property as attractive as possible to an end buyer. That means you have to know who your end buyer is. You need to know what they’re looking for, and then you need to know what the competition is looking at. So, your pricing must be as competitive as possible.
When you price your properties correctly, it’s easier to make winning offers. You won’t win every time, but you’ll definitely increase your odds of success and making money in your real estate business. Jerry and I go through how to get your deals online so you can sell them. We also talk about how to find realtors to help you sell your properties. There’s a lot of juicy content in this part of the video series, so I hope you leave with some takeaways. If you haven’t already, download my free land kit by hitting the link below.
Joe: Hey, welcome. This is Joe with the Real Estate Investing Mastery Podcast, and this is the audio introduction to the video series I do with Jerry Norton. I believe this is part seven. Yes, it is. It's part seven. And then this video I do with Jerry, we talk about how to sell your vacant land. This is real important. I talk a lot about in this podcast how to think of the end in mind with the end in mind. So when you're pricing land, when you're selling land, you got to think about it in terms of what would make this property as attractive as possible to an end buyer. So you got to know who your end buyer is. Number one, you got to know like, what are they looking for? And then you got to know what is the competition already looking at? So when I priced my vacant land deals, I want to make sure it's very, very competitive. If you were to sort the properties from lowest to highest, I want to be the cheapest property for its size in the area because I want to sell it fast. So when you when you can price your properties, Right, which is how you make good offers. Right. That's almost impossible to lose. Now, not saying I'm not guaranteeing your success, but like I'm saying, you're definitely going to increase your odds of having success and making money in the business when you can comp or price your properties, right? So on this podcast, we're going to be talking about how to sell the deals, how you know, how to get them online. We use realtors a lot when we sell our properties. I'm going to talk about how to find realtors that specialize in land that can sell your make it lot, a lot of good juicy content in this podcast. So I'm hoping that you get a lot out of it. Now, again, like I said before, and all these intros, when you're watching this or listening to this, remember it comes from a video. So if you want to see the video, go to Jerry Norton's YouTube channel just from YouTube. Do a search for Jerry Norton, Joe McCall, and you'll find this video there. Go watch it, because you'll see me actually share stuff on my screen. And then also get the land kit, go to JoesLandKit.com on there. I actually have a script that we use to talk to realtors. When you're looking for realtors to help you sell your deals, I have a software in there that helps you analyze your deals and come up with offers. I have my contracts in there. I have my direct mail swipe file. I can't believe I'm giving it away for free. In fact, in the near future, we're going to be selling this land kit for maybe five or seven bucks. So if you want it for free, get it now. JoesLandKit.com. Appreciate you guys and enjoy this episode. I always start with the end in mind, right? I'm always thinking when I'm making an offer or evaluating a deal. What can I do to make this offer this deal attractive to my buyer?
Jerry: Welcome back, guys. I think this is video seven in the series. I've been here with Joe all day long, recording about how to build a land flipping business, how to make money flipping land. It's kind of a little bit of a hidden secret. Not a lot of people know about it. If you've watched up until now, you're going to have a really clear picture on how to do this business because Joe has really, like pulled back the curtain and showed exactly how he does his business. So thank you again, Joe. It's been really fun doing this with you on this video. We kind of want to bring it all back full circle and talk about some of the different ways that you can sell your deals. Now, hopefully, if you followed all the steps, you found a market, you found a way to find the buyers, you found a way to find the sellers, a way to come to an offer price, how to make the offers. And now let's say that you've gotten that great deal, You got that contract accepted. You're your numbers right now, on average, about one in 30 offers you make is going to land a good deal.
Joe: And what if it's one out of 50? That's still.
Jerry: So amazing. Yeah, that's phenomenal because you can reverse engineer and you can get to where you're doing deals every single month now. Fine. So now, Joe, share with us on this video some of your favorite tactics and techniques to then get these properties resold, because the goal here is to flip. We're not we're not really beholden and the goal isn't to hold this land. You can .
Joe: Yeah, you can make great cash flow. You're going to get people when they're getting started. There's just I'd rather make it quick. I'd rather you make a quick nickel than a slow dime.
Jerry: Yeah, I agree. Yeah, because we're all about flipping here. At least that's the strategy we're focusing on with this series. So what are some of the best ways for, for, for someone to quickly resell these deals?
Joe: I always start with the end in mind, right? I'm always thinking when I'm making an offer or evaluating a deal, what can I do to make this offer this deal attractive to my buyer? And this is why we started this whole series with know who the buyers are, know where the demand is. So I'm looking for if I sell this deal, who's going to buy it and what are they going to be willing to pay for? So I'm thinking in the back of my mind, if I'm trying to sell this for 20 and there's other vacant lots that are for sale for 15, probably not something.
Jerry: You're going to sit. Yeah.
Joe: So I'm always thinking in the back of my mind, what what's going to make this deal attractive and sexy to buyers? And so that's price number one. So when you've got a good deal and you're in, if you pick the right market, these deals are easy to sell. You sell them very, very quickly. You'll get a ton of calls and you'll learn kind of the good areas. You know, there's certain areas in Florida where we're doing deals right now where there's a certain species that's kind of in danger. I'll call the scrub. JAY okay. And you just need to know. So we've gotten deals under contract and found out there's scrub jays there, which means plant. No, I think it's a bird that a bird nests in the ground, I think. But you can still sell those deals, but you just have to make sure there's like a couple thousand dollars that the buyer needs to put into the deal to relocate the scrub jays or the turtles or whatever. So anyways.
Jerry: Nuances you're going to learn about land.
Joe: Which is why I use realtors. Yeah, they'll tell you all that. So again I'm thinking and in mine and so my favorite source, favorite way to sell deals is with realtors. We talked about it before. You can't afford not to use a realtor, in my opinion, because they have access. They can put your property on the MLS, which has the widest audience of buyers. I don't pay them until they get paid. I mean, until I get paid, they don't get paid till I get so closing. Yeah. So they only get paid if they bring me a buyer. So they're going to sell the property for more than what I would to sell it on my own. And they're going to sell it faster than they would if I tried to do it on my own.
Jerry: And the statistics show that we're on market. Even after paying commissions, you're still going to make more money because again, you just said it. When you go on market, you're going to get the most eyeballs on your deal. It's going to be any other system, any other website, any other thing, because nothing gets more eyes than on market, because once it goes on the MLS, it gets grabbed by Zillow, Redfin, Realtor.com, Trulia and all the other sites. So now the entire world sees this deal. Yeah.
Joe: Now some people try to save money and they'll put it on Facebook marketplace, Facebook groups, which is good. You should do that. But the problem is that it's so noisy out there, you get a lot of leads almost. I don't know if we've ever even sold a deal from Facebook.
Jerry: You're going to get other wholesalers trying to reassign your deal and all that kind of stuff going on. Now, one of the challenges with on market is typically that would mean you buy it, then resell it. But you mentioned in the series we'll be guys remember this about how you get a free marketing clause in your contract which gives you the right. The seller is giving you permission to market and sell that property so you could technically get the contract for 40 $500 with your pre marketing clause. You could turn right around not buy a Yeah, you got a 90 day clothes marketed for sale again, make sure you can do this in your state, in your market and do it right. But then you could relisted for you know 1699. Yeah and sell it and do an assignment still right you.
Joe: Yeah. And this is why this whole thing with wholesaling, being illegal, immoral and fattening in states like Oklahoma or Illinois. Right? This is they whatever you we can argue that til we're blue in the face. But like, what they care about is that you're using a realtor.
Jerry: Somebody is getting a commission and everybody's fine.
Joe: Yeah, it's a it's a giant cartel is what I think. The NAR they're the largest lobby in Washington. Yeah, right. Well, anyway, so. Okay, fine. Use a realtor. Either you need to outsource the selling side anyway. Why not outsource it to a realtor? And that helps avoid all of the licensing or wholesaling without a license. Yeah. Sometimes you do need to bring money and close on the deal before you can list it, but it's not that big of a deal. We're buying these things for 40 $500. You can put that on a credit card, but make sure you pay it off right away. You could borrow. You know how easy it is to borrow 40 $500 on it. We'll add maybe 40% loan to value where there's 60% equity. You know, the best thing that can happen for your private investors, you default and have to take the property back as more money anyways. Right? So it's very easy to find private money. That's a whole other subject. But I like to to, you know, always say dig your well before you're thirsty. Start building your network with friends and family and people that are willing to partner with you on a land deal. Right. So if you've got some private money, you may need to close on it. But I listed with an agent. That's my favorite way to sell my deals. I also we do have a since we do a lot of deals, we do have a subscription to Land.com. They're the they're the websites like the number one website that people go to list properties on. So but it's, it's an ungodly amount. We pay like 750 bucks a month or whatever to list about 5 to 10 properties on land.
Jerry: So that might make sense if you're doing volume.
Joe: Volume, yeah. The other thing is.
Jerry: What about land watch back on land watch.
Joe: That's owned by Land.com.
Jerry: Oh, so you have to pay to post on there. Yeah. That's the $700. Yeah. Okay.
Joe: Now the cool thing is sometimes what I tell beginners is find somebody else is already doing land deals in that area and call them up, say, Hey, I think I got a deal here under contract. And I knew and I saw that you do a lot of activity here. Would you want to partner on this deal with me and we'll just split it 5050. Guess what that guy has now or gal they have buyer's already, they have the cash, they can close on the deal, they have the buyers and they already are paying that $700 a month. You know, Land.com, they have the realtors, they have somebody that can go take pictures. And so then you can partner with them and you just split it 5050. So that's a great way to sell deals once you get them under contract. So putting on land that there's other little websites that we sometimes use like land flip dot com and land moto dot com. So those are some other sources. Of course there's freedom. So I mean sorry, Facebook, there's Facebook and there's Craigslist. Yeah, we could put properties on Craigslist, but all.
Jerry: Those sites would you are those when you actually take down the property and buy it or can you still try to sell on there while you're in contract.
Joe: And all the other sites don't care at all that you might have to check a box that says, you know, you have it under contract. Yeah, but those other sites don't care. They're kind of like more of the for sale by owner resource.
Jerry: Now make sure you don't ever market the property. If you are doing a wholesale like a true assignment. Remember, you're always marketing your contract, not the property. Yes, it's just wholesaling 1 to 1. You know you're going to violate brokering rules if you don't if you're marketing a property, not a contract.
Joe: And this is important too. When you're wholesaling houses or land, you have to have the intent and the means to buy the property. Yeah, so you really do have the intent of buying it and then you have the money to buy it when you do buy it. So yeah, and then when you sell it, you're selling the contract. So there's a lot of these nuances. But again, all of that is kind of eliminated when you use a realtor.
Jerry: Yeah, that's all that goes away because you have a represent, you have agent representation. So you're totally right about that. And one thing I love about this just in general is we talk we've mentioned this a few times, but when you're dealing with houses now, you're dealing with sellers that own these properties and you introduce a whole nother layer of consumer protection and, you know, treating sellers the right way. And you know, how investors got in so much trouble over elderly people. All of that is happens with houses. None of that's going on with vacant lots that someone's owned for ten years or whatever. Right. See this eliminate again it makes the flipping part of this. You remove a whole layer of emotional distress seller. Yeah. Going on here. Yeah. Yeah. Which is great.
Joe: It's you're dealing with a different seller. It's just easier. Not as much competition. Let me say a few things about selling because this is really, really important that a lot of beginning investors forget or ignore. Don't think it's important getting good pictures. You've got to get good quality professional photos, not drive by iPhone, not Google Street View or Google satellite image. Those are okay. But I'm telling you, we've had properties that we, you know, in a hurry. We put it out there and we just have Google Street View screenshots. We have satellite. We even draw the fancy lines around the lot and it just trickles calls in. Go to Thumbtack. You've heard of Thumbtack? Yep. And we find somebody in the area that will take professional photos and drone footage. And we'll, like, overnight, instantly, two, three, four times the number of calls. Just because we have real pictures in there. And it's important. You're taking pictures. You get the blue sky as much of the blue sky as you can get some high end drone footage, you know, couple hundred bucks. Well, well worth it.
Jerry: Invest money.
Joe: Yeah, just like houses. It's important if you're rehabbing them to stage them, at least some of the main areas in the house. So it's kind of that way. With land, you got to get good pictures. Can't under emphasize overemphasize the importance of that. Yeah. And then the other thing I'll say is it's helpful to have a website almost. I almost want to say it's more important maybe for land to have a selling website than it is for houses. Mm hmm. Because a lot of these buyers are repeat buyers, and they're going to go to your website to see what else you have and join your buyers list. So there's a lot of good websites out there. I use carrot and there's up. There's another resource I use for Pebble. It's got some way websites where you can just I'm done this many times. I, I find a website I like and I hire somebody on Upwork to go build me a website similar to that one.
Jerry: Yeah. We offer them in Flipster. They're really clean, really slick. You know, that's a subscription software for flipping, but those sites are really great because you can, you can create a gallery and yeah, and.
Joe: It makes you look professional. It makes you look, you know mark them credibility of buildings.
Joe: Or they also this happens a lot they'll go in and look at how many sold properties in this sky. Now if you're nude don't worry about that Like you can still you still have credibility. Don't worry about not having a bunch of all sold.
Jerry: Well we do that with flip steer is you can check a box and it'll automatically build out a sold gallery. It's just to make you look more professional. Now, there weren't your properties, but it doesn't say that, But it shows, you know.
Joe: And so getting good pictures. Yeah, important. Getting it on a website is real. But I have some I know some guys that they just hate websites or they don't get them but they'll put them all on a on your Facebook page. So I'll get a Facebook business page and then list all their properties on there. And that's what they use in Web.
Jerry: That's their gallery. That's a free, easy way out. Yeah. Yeah. To do it. That's great.
Joe: So what else can you say? Yeah, it's important to build a buyer's list. Once you start going, you start doing more and more of these deals, just like houses. You're going to have buyers that want more properties like that. And so you can call them, text them, email them, Hey, I got a new deal. You interested? One of the best ways we've talked about it before with those letters. Right. Remember that desperate, motivated buyer, that letter? That's cool. So handwrite these. I got to sell my property. Urgent. Please help. I got to sell it now. Phone number. Crumple those up. Send those to buyers nearby. That works really well. One final thing. I'll say our neighbor letters. So sometimes we send a letter to the neighbors saying, Hey, I'm your new neighbor. We just bought this vacant lot next to yours, and I'm selling it right now. I'm going to be selling it for 20 grand. Since you live next to the property, I'd be willing to give you a little discount. If you want to buy it for 19 grand, then call me right now at this number. And then we attach a plot map which shows them their property. And this property. Yeah. So we saw not a bunch, but we sell some used with neighbors. Sometimes we'll skip, trace and call the neighbors, say, Hey, we got here's something next to you. Would you be interested? That's it.
Jerry: Yeah. You know, there's one thing before we wrap up here that I really want to maybe say with this whole series so far, is the way that Joe has laid this out is, like, amazing for getting in the business and start starting to do deals right away. But I hope you realize that there's a there's a huge opportunity with land and there's where you can go with this is massive. And I'll just share with you a couple of personal examples you got. Yeah. You're telling me this? Yeah. So I did a I do I do a lot of spec building and I do I like to do luxury new construction. And so I have a lot that I bought pre-COVID and in Paradise Valley. So it's a one acre lot. We took our house down. I've done some content on this deal and we went ahead and we got the plans, architectural plans done and we went so far as to get a permit. Now that took me about a year to get my demo. We doubled the house. I did. I did architectural plans and we submitted. We had to go back and forth, got permit. But now what I did is I did a massive value add on this lot and we actually ended up selling this lot and I made almost $1,000,000 net profit. Well, I bought the lot for a million and I sold it for a little over two. After I net it out, you know, I paid 75 grand with architect and we 20, 30 grand or whatever for the teardown and then my permit fees. But my point was sharing that is and I was in the deal for a while like over a year. But land is something where you can also value at. Oh, yeah. I've got a deal right now I was telling you about. This is a deal I'm in right now. We found this deal on prop wire. I'm partnering with a student, but it's a 45 acre parcel, and we bought it so well that we could have just kind of turned around and resold it, Just relisted, resold it. Super motivated seller, got it for a great deal. But I sat down with Matt's his name, and we I said, Tell me all of the different options I have all invest with you on this deal. And we laid out all these different scenarios and the best one was, let's split it out into like nine lots. Let's put a little road in, let's get a survey done. So we're spending some money. We're going to we cleared out a bunch so you can get you can get in there and people can see what they're getting. And this should be you know, I haven't sold it yet because I'm we're almost there to where we're going to start selling lots. But if we hit anywhere near our numbers, this is a half a million dollar net profit deal, right? So it's dirt and it's yeah, and it's right under everybody's noses. No one even saw this. We picked up the lead on prop wire. He cold called in and got this deal.
Joe: Was he looking for land deals or just looking for deals.
Jerry: Yeah no, I think so. I don't know if he was even looking for land. Okay. When he did that, when he was doing the lead gen and we're looking at some other deals because this, this guy's really smart kid and figuring this stuff out. But my point was sharing that is, you know, just like I think with any real estate, there's no ceiling on what you can do with land.
Joe: Man, I got so many stories. One student I know is was struggling. You know, he didn't have a lot of money for marketing and dealing with a little insecurity, not afraid to get on the phone and talk to sellers. So what she's done is she goes into an area, finds who the buyers are, calls them, and just to kind of build some confidence level that she knows she's got somebody behind her. Right. And she'll just go and text for sale by owners, realtors. And sometimes if she finds a good buyer with in a good little pocket, she'll start texting the owners from her cell phone.
Jerry: Still not talking to anybody.
Joe: Still not talk to anybody by and by text, just negotiates a deal, says, hey, I see you've got this vacant lot, I can pay X for it. And she's doing a deal every three days. That's under incredible doing a deal every it's made for huge deals. Yeah. She's just making quick two or three grand. Yeah. Wholesale assignment fees. You know what these things.
Jerry: Yeah, isn't that cool though. That's awesome.
Joe: That makes me I get so excited that I get to help people do this kind of thing. Yeah. You know, And there is the big deals, which sounds awesome, but I think most people, if they just did one, made two grand on a deal, maybe did a couple of those a month, What a difference that can make in people's lives. Right?
Jerry: I totally agree. And you start somewhere so you've laid out where to really start and make the super simple to get into the business. Maybe over time you build into doing some big deals like that where you're actually, you know, splitting land and clearing and all those things.
Joe: You just partner with somebody, barter with somebody. Yeah, do that.
Jerry: Yeah. That's what Matt did. My student, he just. He just said, Jerry, you. I actually what I did is I interviewed him about some deals you wholesale, and he told me about this deal and then offline I'm like, tell me more about that deal. He tells me about it. I'm like, if I funded this project, would you partner with me? And you, you handle everything is like, Are you kidding me? He's like a 20 something year old young guy, new in the business. And here we are in this amazing deal. So yeah, you can partner with people and start doing big deals. That's where you want to go with this. So, guys, it's been fantastic. Again, thank you, Joe. Be sure to get his toolkit. It's in the link to that is in the description. It's going to give you his offer system, some of his direct mail, his contracts, all these resources that are so valuable to be able to get started in this business. And I just I want to put this out there, too, on our last video. When you download that free toolkit, you're going to watch a really quick video of Joe and I, and we're going to invite you on to a more advanced training, which is going to show you how to really get Joe's system to do this business and really scale it and get to the I hope you get to the point where you're doing deals every single month. Yeah. And really hitting your financial goals. Yeah, that's exciting to be on the lookout for that as well. And Joe, are you up for if you're up for it, let's plan on doing more videos. You don't have to come all the way to Puerto Rico.
Joe: Maybe we can do Zoom or I'd love to come back. Okay.
Jerry: We are going iguana hunting tomorrow, so maybe if you just come back for that, that'd be worth it for me. Yeah. Super fun. So, thank you, Joe. I really appreciate you. And guys, again, we would love your feedback. And what Joe would be willing to do, I think, is did you guys leave a lot of comments and a lot of questions about things? What we could do is we can compile those questions and maybe get on to some idea and really go through and make sure that we're hitting all the things people have questions about because this might be a brand new thing and you might have a lot of questions around land. Yeah, if you're open to that, maybe we could do some follow up where we it's hard to answer some questions in the comments. We'll try our best, but sometimes it's better to like jump back on and do maybe more detail and drill down on some of those questions.
Joe: Yeah, while we were just finishing up, I thought of some things that I should have maybe spent more time talking about.
Jerry: More videos.
Joe: Yeah, I'm sure you guys are going to have some questions. Perfect. Type them in the comments down below. Let us know what you think. If this is like. Yeah, you know what? I even like the haters out there that they give us bad comments.
Jerry: We learn from that. I do. We'll also put Joe your social, maybe your YouTube channel. You're doing a lot of content on YouTube teaching how to do land deals. So guys get into Joe's world as well, follow his channel, start learning from him. A wealth of information, as you can tell in the series, so willing to give in such a good teacher and able to explain these strategies in such a vivid detail, love that.
Joe: I've been trying on my YouTube videos to do more live seller calls and in the area realtor calls, they're not as good as yours, but I don't have a video editor. I think my calls would be a lot better if I had your video editor helping me with my feels. Yeah, but yeah, it's fun and getting. I love doing that. On the calls on these live YouTubes of just calling realtors, calling sellers and it's fun.
Jerry: Yeah, that's great. Yeah, it really helps people see the business too, good. So thank you, guys. Sure. Appreciate you. Be sure to subscribe to the channel and we'll see you on the next video.
Joe: Thank you, Jerry. Thank you, everybody.