Joe: Welcome. This is the Real Estate Investing Mastery Podcast.

Joe: Oh my gosh. What if I overpay for a deal? What if I get stuck with a bad property? What if I can't find a buyer? What if the price that I offered is too high? What if it doesn't sell? Man, land investing sounds really cool, but isn't it hard to get comps? What if I can't find enough comps, right? What if I miss something important like zoning or access to the property? What if I can figure out if you can get to it or not, or if there's flood plains or wetlands? What if I don't know enough about the area? What if the seller rejects my offer? Oh my gosh, what if the seller actually accepts my offer.

These are some of the most common questions I get when it comes to land investing and specifically, how do you evaluate property? So today on this video, we're going to talk about all these things and we're gonna help calm the fears and I'm going to show you how simple and easy it is to actually determine the value of a vacant lot. This is one of the more critical and important steps in flipping vacant land and land investing and it's actually one of easiest things as well. So, in this little series that I'm doing, I'm answering the most common questions that I get. The first one being, how do you find good deals? The second one being how do determine the value of a vacant lot? In other words, how you know what to offer? What do you think it's worth? And then the third question I get, do I need an LLC to get started? So, we'll be talking about that on the next video. And then even after that, I have the three other most common question that I get. I added them. So, I've six questions that I am going to be answering in the course of this little series. And I'm thinking about actually even later doing a video on the most important questions that you aren't asking that you should be asked. So this will be interesting little journey that we're on here. So if you've not watched the previous video that I did, it's one of the best videos I've ever done on my YouTube channel. And it's all about how to find good deals for vacant land. And it really actually is pretty easy. But today I'm going to talk about how do you determine the value of a property.

And I have a Google doc here that I'm gonna be sharing with you in the comments in the description, I'm sorry, of this video, you should see a link to a Google Doc where you can get all of my notes. I really wanted to come up with some coherent thoughts and at least a semi order of going through this so that you can follow along. You can download this Google Doc, you can use it as a resource as well on your own. So just go to the YouTube description and check it out.

Okay, so let's just dive in a lot of the biggest fears that people have, I want to tackle these first, and then I'm gonnaactually show you step by step, how to evaluate a deal. The most common one is like, man, what if I overpay on a property? What if I get stuck with a bad lot? What if I can't find a buyer and if I price it too high and it doesn't sell? So what do you do then? Well, remember in our contracts, this is the way I do it. We have 90 days to close and your offer is contingent on 90 days of due diligence. So if you find out during the 90 days that you know what, you don't have a good deal, you can always back out of it. If you can't a buyer within the 90 day, you back out the deal. So you don't have to close unless you find buyer. And again, you can walk away from the deal, the numbers don't work. But bottom line, you know, finding comps for vacant land is actually way easier than you think, you don't have to worry about complicated rehab formulas, and things like that, that you do with houses, you could always go back and negotiate a new price with the seller if you have to. And this is why I always say when you are starting out, it's important to partner with somebody on deals because they can provide the experience, they can provide them money, they have the buyers, and they'll tell you if it's a deal or not. Alright, another big thing I get is, man, isn't it hard to get comps? What if I can't find enough comps, it's actually really easy to find comps on free websites like Zillow and Redfin. I'll talk about that.

You don't need any can't fancy complicated, expensive subscriptions to software and things like that. And when you're looking at Zillow and Redfin, I'm going to show you this, you can expand your search radius and timeframe to find more comps. So I want to encourage you to keep it simple and look at the price per acre when we're looking at comps as a baseline and we're going to just use averages. That is it. Okay, so understand this. It's important, it's okay. If the properties that you're evaluating are not identical price per acre averages can give you a ballpark figure to work with. And that's all we're trying to do here. Just trying to get a ballpark. It is okay to be conservative. If you're unsure, you can always make your offer lower. You can offer less to actually minimize the risk. So you might be wondering, well, what if I miss something important like zoning or poor access or floodplains or wetlands? Well, it's important that you have a very simple due diligence checklist to follow so you do not forget these things. I'm going to talk about that in a second here. There are free tools online where you can get a lot of this information for free. It's easier now to do due diligence on properties than it has ever been in the history of history. You can always go back again and cancel or renegotiate. People, for some reason, are afraid to do this. And I will tell you this, when it comes to vacant land, probably 25 to 30% of our deals, we do go back and cancel, or renegotiate, because there was just something that we didn't know. We couldn't see until we started trying to market the property that we realized then, well, something's wrong. This isn't a good deal. And we had to go back to the seller. It's not a big deal. It happens. Well, okay, Joe, these properties are so far away. What if I don't know enough about the area? Well, it's important to focus on data driven decisions. And you don't need to know everything about an area, you just need to analyze the numbers. I like to say data, not drama.

So just remember that all we care about is the numbers and when we comp properties, my goal is just to get ballpark is just to get 75 85% of the way there and I'm going to show you I'm gonna give you some really cool tools that going to flip out. So we keep it simple. We use tools like Google Maps to get a feel for the property and surroundings. You know, Google Maps has something called Street View. You get a lot of information for free on Zillow. And this is why when we're selling land, we always use local realtors and agents to sell our land for us. All right. Another big concern I get sometimes is, man, what if the seller rejects my offer? Well, here's my response. Get used to it. Most of your offers will get rejected. In fact, if you're getting too many of your offers accepted, you're offering too much. And I often say to man if you haven't made somebody upset by 12 o'clock, you're not doing enough marketing, you not making enough offers. So that's just the name of the game. Now we're not obviously trying to go into this to make sellers mad. I'm always the reluctant buyer I'm talking to the seller I'm saying listen, I'm probably not your buyer, you should probably list it with a realtor. Or I'll say things like sounds like a nice property. Why do you even want to sell it? Right? You should just list it with an agent. If you want full price, you should list it with a realter. But if you just want cash and you want to easy button. So what would you like to do? You know what, let me look at the property, I'll send you an offer. I'll also send you the names and numbers of five realtors that you can list it with. And then you can call me if you want me to make you, if you wanna take my cash offer or something like that. So I'm always the reluctant buyer and I'm never pressuring, never selling or shoving down the throat or lying or disorienting the truth. I'm not tying to convince the seller that the property is really only worth this when it's worth that. I just make an offer on the number that works for me. And I get most of deals after a no accepted. Most of the sellers that accept my offer have already said no to it, but I just follow up with them.

And so most of my offers do get rejected and most of your deals are going to come from the follow-up. So it's okay if sellers reject your offer. In fact, you're one more no closer to a yes. So when you are the reluctant buyer, it takes all the pressure off. Does that make sense? So your goal is to make offers based on the numbers, not your emotions. And remember this too, we are deal finders, not deal creators. We're not out there chasing people. We're out there trying to sell them some multilevel marketing scam, right? We're, I'm not saying MLM is a scam, I am just saying we're not selling anything. You don't need to convince anybody of anything. We're just making offers and this job really becomes easy when we take that approach. You are going to make people mad, that's just the nature of the business. If the seller's not motivated, which most of them aren't, or most of the pretend not to be, sometimes sellers just need time to cook. But this is a real simple formula. If they're not motivated we're going to send them an offer. We send every single seller an offer. Let me walk away. If they don't take it, that's fine. But then we follow up and we follow up every 30 days.

This is really important. I'm gonna talk about some of the important keys. This is one of the most critical steps in land investing is knowing how to evaluate properties and come up with comps and offers. But don't worry if you get it wrong. You have 90 days to close for due diligence. We don't use any earnest money deposits. You can if you want. And guess what? If you don't find a buyer, you don't close on the property. This is also why I say it's important to find somebody to partner with on your first deal, right? You know, stand on someone else's shoulders of their experience, because then if the deal goes bad, you can say, hey, you know what, I talked to my investor and this deal isn't going to work because of this and this and this. I always blame the numbers whenever I'm going back to a seller and saying that, I'm sorry, this just isn't gonna work. So when you are partnering with somebody, they can tell you, hey you know, what, that's actually not a good area. You know if it was maybe at this price, then maybe we could do it. So that's why I love partnering with people vacant land deals. So when you are comping properties, it's important to remember this as well. Let me get back to my window there. You need to be conservative on your sale price. What does that mean? If everything else is selling for 100 grand, let's say, you need to selling your property at maybe 85 grand. So we are about making quick nickels, not slow dimes. We want to sell our properties really really quickly. So, when you're doing that, you start with a conservative sale price if you see everything else selling for 10,000 an you're going to sell yours for $8,500 or $9,000 an acre. Make sense? General rule of thumb is I try to be like 85% of what everything else out there is going. So my offer then, when it comes to evaluating deals, I look at what's currently on the market. I want to make sure mine's the cheapest. And then my offer is generally about 40% of that. That's it. I don't have to worry about repairs. I don't have toto worry about after repair value. So important component of this is always looking at what is your competition in the area. Put your buyer's hat on. When you're looking at a deal, pretend you are a buyer who's looking to buy land.

Why would they want to buy your property for $75,000 when they can buy all these other properties for $55,000? So you want to make sure you're the cheapest property on the market. And when you put yourself in that buyer's hat, it just kind of makes things a lot more simple and it helps you be more conservative when you're coming up with a valuation for your property. Makes sense? Now we're going to talk about some due diligence here when you are looking at And then we're going to actually look at some properties and I'm going to show you some free tools. And so these are some important things to look at when you're evaluating properties. Number one is access, legal access and physical access. This is the most important, real simple. Can you get to the property? If you can't, well, that doesn't mean you should walk away from it. But if you can get to a property easily, then you just make a more conservative offer. I have wholesaled a ton of landlocked properties. To who? Who would buy a landlock property, right? The neighbors would, right. Somebody else that's trying to buy a bunch of properties would, you just never know. And there's a saying in land that there's a pig for every barn. And at the right price, you could sell anything.

So sometimes I get a property that I'm a little sketchy, a little nervous about because it's landlocked or whatever. I'll get it under contract at the cheapest price that I can. Do a little marketing, talk to some neighbors, talk to some other investors, talk to some realtors and find out, yeah, you know what, I thought I could sell a property for 20, I can't, but I know I could sell it for 10, even though it's landlock, so I go back to the seller and I lower my offer or cancel the agreement. So access is the most important. Does it have a road to it? What kind of road is it? Is it paved? Is it gravel? Is it just going over a field? Important to understand that. And how do you figure that out? Real simple, Google Maps and another tool that I'm gonna show you in just a minute. The second thing is usability. What does that mean? Topography, flood zones, zoning. So is the land flat, hilly or steep? I'm going to show you a little bit of tools, some tools on that. Flat land is generally more valuable because it's easier to build on, right? Flood zones and wetlands. There's FEMA maps, county GIS tools. You can just Google whatever county you're looking at Jackson County, North Carolina, flood map, and you'll probably find something on that or Jackson County North Carolina GIS map, you'll find information.

So that will tell you if there's flood plains or wetlands. And if it isn't a wetland, it can limit its usability and value. But again, I have wholesaled a lot of land that has been in wetlands, why? Because people in that area who are buying land are used to that. And they're maybe it's recreational land, and maybe they're okay with it being wet couple months out of the year, you know, They go four-wheeling and they go play in the mud and they like that. Or there's a river nearby and they can go camping there. They're not trying to build a house there. The other thing is zoning. Obviously, zoning is important. What's it zoned for? You need to know. Residential, commercial, agricultural, recreational. So zoning restrictions can make or break a deal, but again, it doesn't matter because you know, all right, well, you know if it's zoned for agricultural, I'm going to sell it to somebody who wants to buy agricultural land. The third thing you need to look for in your due diligence is market demand. This is obviously really important.

You've got to know that there's demand for property in the area that you're marketing in. And hopefully, you know, if you're only doing marketing and making offers in areas where there already is high demand, that's step number one. Make sure you're fishing where the fish are. Make sure your only going into areas where land investors are already buying property. So you need to ask yourself a few questions. Number one, are properties, similar properties already selling nearby? What's the average price per acre in the air? Is the area growing? Is there any development going on? Like are there new homes being built? That kind of stuff. So if you're in an area where you're seeing that a lot of properties are sitting on the market for a long time, you just might need to reconsider. I wouldn't say abandon that area, but adjust your offer prices, bring them down. Okay. The fourth big component is comps. I'm gonna spend a lot time talking about that today. The comps are comparables, right? This is the backbone of evaluating. Sold comps tell you what buyers are actually paying, not just what sellers are asking. Okay, so we're going to look at properties that are similar in size, location and features. We're going focus on sold comps in the last six to 12 months. And we're also going to focus on active comps, properties that currently listed for sale, because those are many times just as important as sold comp. And then what we're gonna do is we're going to calculate the average or the median price per acre on similar properties nearby.

And again, I'm going to show this to you in a minute. And this will help you get a baseline for the properties value. And there are some tools that can give comps for you. I mean, In other words, they can just pull a report and they can tell you what the properties were based on algorithms. And algorithms will only get you, I don't know, 50% of the way there. I take them with a grain of salt, but if you don't have anything else, that's better than nothing. Tools like getlandportal.com, I have a link for it. I love the land portal, by the way. They will give you estimated value of properties. You can also search for properties at the landportal that are not landlocked, that are wetlands, that are too steep. So check that out. If you want, you get a free trial at getlandportal.com, but they will help you figure out through comping. They have algorithms that do it for you. Maybe what a price is worth, but you should still, whenever you're using tools like them, always make sure that you check it on other things like Zillow and Redfin.

Now, the other thing with this is priced. I used to use priced a lot. It's still a good tool. P R Y C D. I don't have the link here on my screen, but if you go to joemacall.com slash priced P RY C D, price will pull comp reports. And they look at actives and solds and have this algorithm based on different types of scenarios that you can look at and that will Give you an estimated value of a property So these paid tools that you use will are like shortcuts that can help you do this. They're okay. They are good They're better than nothing But I'm going to give you something better and easier that I think is going to help you in just a minute The fifth thing you need to be looking at when you are evaluating properties is the surrounding area The value of property isn't just about the land itself it's about what's around it, obviously, right? So how close is it to amenities like schools and shopping and gas stations? What's the neighborhood quality like? Are there nicer homes nearby, newer homes or beat up old homes? Is this in an area that is like near junkyards and power plants or things like that? That can determine the value of the properties a lot. Recreational opportunities, you know, if it's rural land, is it how close it is to lakes and campgrounds and hiking trails and hunting areas? These kinds of things make property more appealing. There's a lot of land being flipped right now in the Joshua National, Joshua Tree National Park or whatever. So that's, you know, obviously an area where there's a lot of recreational stuff. Seller motivation is a big deal. Understanding seller's motivation can give you a huge advantage. Ask your questions like, hey, why are you selling the property? You know, how long have you owned the property, are they behind on taxes or dealing with other financial issues?

So motivated sellers are more likely to accept a lower offer, sometimes giving you a better deal. All right. So when it comes to due diligence, you know these are where you get the nitty-gritty details to make sure that there's no surprises. You want to check for back taxes and HOA fees and environmental issues and things like this. But it is important when you're doing your due diligence, kind of set a timer for yourself, right? For due diligence. Think about this so you don't want to get lost in the weeds. You can spend hours and hours and ours on due diligence but you want to focus on the most critical factors first and then dive deeper if the property looks promising. The most important things are like terrain and access, wetlands, floodplains and things that. Alright, the final thing when you're looking at evaluating deals is the exit strategy before you even make the offer you need to know what you're going to do with the property if you buy it, how are you going to sell it, are you gonna flip it, you're gonna make a quick nickel or a slow dime, are you gonna sell it with owner financing, or you're gonna sell a fast for cash, maybe you're gonna hold on to it for long term appreciation.

So your exit strategy is going to determine and influence how much you're going to pay for a property, obviously, right? Okay, so when we there's some important keys when we're coming to this, and we're looking at steps on evaluating a property, I want to keep it as super simple as possible. So the goal is to get it in the ballpark. Our goal is not to be so pinpoint precise, because listen, bottom line, a property is only worth what a buyer is willing to pay for. Solike you don't know exactly, it doesn't matter what you think, it does matter what the seller thinks, it doesn't what all these algorithms and this softwaresay is a property's worth. What matters is how much is the market willing to play for the property. The market is the only tool out there that will tell you what a property is worth. So take your time. The market will tell you what it's worth. Sometimes you just don't know until you actually put it out there on the market and then let the market tell you, what it is worth, and you won't know that until you get it under contract. You make an offer and then you put it up there. Now, that sounds like a circular reasoning. Well, what comes first? The chicken or the egg? My offer or the market telling me what it was worth. I don't that's why my goal when it comes to evaluating property making offers is just get ballpark, get close to where you think you might be in the ballpark. And this is why we make offers at 40 cents on the dollar because it gives room for error. Make sense? So be careful with analysis paralysis. This will kill your business. Money loves speed. So I want to challenge you when you find a motivated seller, even if they're not motivated, make the offers. Make the offers, hurry up, stop dilly-dallying and over analyzing everything. Your goal is to make five offers a day.

If you made five offers today, guys, money will never be a concern or a problem for you again. Let me say that again. If you could make five offers a day, three offers a today, one offer a today. Money will never be a concern or a problem you again, that's the number one rule in real estate. It's make offers, make offers, make offers. It's not location, location, locations. So how are you gonna evaluate so many deals if you have to make 5 offers a day? Joe, are you off your rocker? No, listen, I don't want you to spend more than 10 or 15 minutes with coming up with an offer for a property. That's all we're trying to do. We're trying to get ballpark. Makes sense? All right. So I'm going to show you now a little bit about how I make offers on some actual real deals that we've been looking at. Okay. All right, so we're going to look at a couple deals, one of them in Florida, where it's flat, there's maybe potential for wetlands. And then we'll look at another one in the mountains somewhere more maybe not like super big mountains. But I'll show you in just a minute. I do different kinds of coaching programs.

My main one is called dirt flippers. And I do a coaching call every single Monday where I analyze deals and then I have a higher end a coaching program called my apprentice mastermind and in there actually every morning at 8:30 am I go in and I comp actual real deals that my apprentices are working on which is a lot of fun I mean I'm not doing anything else I want 8 30 in the morning so I just turn my computer on hey anybody who wants to join me in zoom let's look at some deals baby like I love looking of deals. And that's all we do. It's a lot of fun. So anyway, if you're interested in working with me one on one, as an apprentice, go to joemacall.com apprentice, joemcall.com/apprentice. If you don't know me well enough yet, and you're just like, who's this guy? And you want to learn how we actually find and analyze and make offers and do deals. I have a five day challenge that you can join at right here, www.dipdirtchallenge.com. Go check that out. It'S I will show you step by step over five days how to flip vacant land. So go check that out. All right, so this is a particular deal that I did on one of my Monday calls. It's actually not the specific lot, but it's real close like within a quarter of a mile from where this property was that one of our students had. So first thing I do is I have some coordinates, GPS coordinates, and I go to Google Maps. I just put the GPS coordinates right there in Google, click on the map, and I open it up on good old Google Maps. This is one of my most widely used tools to help me do a lot of amazing research. It's awesome. Let's go zoom out and see where this property actually is. There it is in the middle of nowhere, Florida, right? This whole state is a wetland, pretty much, and there's a lot of lakes, a lot water, but guess what? It's one of the most popular states right now where people are buying a lot of land. This looks pretty rural, doesn't it? It's not anywhere near Disneyland, Not anywhere near the beach if we go to the satellite image a lot of green space.

Okay, by the way, did you know something like 85% of the entire United States is vacant land? But if you look at this deal you think man, okay, what's going on here? Why would anybody want to buy land here? I don't know. It looks like these are wetlands. These are marshes or something like that But let's check this out. Somebody bought this land They want to sell it and so one of the first things I like to do is drag the yellow dude around Now, the yellow guy is the street view. And if I'm dragging him around, there's nothing that's turning blue. So there's no street view in this area. That's fine. Don't let it freak you out. I'm going to zoom out a little bit and drag the yellow dude around again. Oh, look. So there's some blue right there. So this is one of the streets to get to that. I'm just going to drop the yellow, dude, right there, and it kind of shows us what this area is like. And I scroll down. Okay. So our property that we're looking at is down this road, and it's a gravel road. All right. Lookspretty cool. It's pretty not much going on you might be thinking, who owners would buy land here? Well, just bear with me because you're going to find out in a minute. A lot of people are buying land around here.

Okay. So not much I can tell from this. I just keep on zooming in. One of the things I'm looking for is, does it have road access? It sure looks like it does. I'm thinking, what's in the area, right? Are there people, junk yards? Are there industrial, commercial buildings, power plants, railroad tracks, power lines? Just kind of looking at the area. There is some homes there. So there's probably utilities close by. All right. The next tool that I like to use is a tool called re grid. Regrid is only about eight bucks a month. It's really amazing. I love it. I use it every day. Regrid.com. And when you go there, you click right here, jump into this map. And the cool thing about re grid is you can do quick searches right here by the address by a parcel ID, APN, GPS coordinates, whatever. So I'm just going to paste the GPS coordinates right there. And it takes me right to property, you put the GPS coordinates in there and it takes you right to that vacant lot. You click on it and it's going to zoom you right in. Okay. Now if something's going on here where it's not acting as fast as it normally does, but in Regrid, I can quickly turn on different layers. I can turn on the owner's name. You can see the owner name is Cisneros. You could see the neighbors. I'm always looking to see does a neighbor, does this guy own any neighboring properties next to it? Okay. And you can also go down here and turn on layers like flood zone. And look, it's not in a flood zone. I can click on wetlands.

So we're good, right? This property is high and dry. If I zoom out, you can see all of the properties that are kind of in flood zones and whatnot. So this is actually good, makes the property a little bit more valuable. Again, I would still make an offer on a property like this that was in a wetland, but it would be a lot less than this property. I always make offers on everything because as they say, there's a pig for every barn, right. So, this property here, I can see over on the hand side. It's 0.52 acres. I can see the owner's name and information. I can see where they where the address is and all that. This is all public records. This tells me a little bit about the property. I can see, the neighbors. I can see what I can turn on different layers and I'll show you on another property. Next, you can look at elevation contours. Obviously, this is going to be very, very flat. You know, you can't even see the contour lines are so far apart. Looks good. All right. Now, let me just show you one of the other tools that I like to use a lot is the land portal. And if I go into the land portal and search by GPS coordinates, all right, let me just do that real quick. It'll take me into the area and give me different satellite views. I can zoom in, I can click on the lot and the card comes up here on the left and it tells me a little bit more about it as well. If you scroll down, one of things that Regrid, I'm sorry, the land gives you is their estimated price of the property.

They're saying based on their algorithm, it's worth maybe $18,000. That's looking at solds and things like that. If you scroll down, you get the owner's information. You get the land use, the zoning, if it's in a subdivision or not. And here you go, wetlands and floodplains. So it'll tell you based on a percentage, what percentage of the property is in a wetland or floodplain, which is really valuable, important to know. And then slope analysis. That doesn't matter at all in Florida, very flat, but in areas North Carolina, Tennessee, Colorado, et cetera, slope is important to know. And generally speaking, you know, a property needs to have at least five, 10, 15, 20%, a buildability total. Which means that, you know, at least 20% of the property can be buildable because it's not so extreme slope. Okay. Now, it also tells you the county's assessed value of the property, which depending on some counties, that's a good number. In some counties it's irrelevant what they think that it's worth. All right. In here as well, you can turn on map filters and you can view the floodplain or wetlands of a property. You can kind of see, okay, that looks good. Now, now when it comes to I need to evaluate this property, I need see what it's worth, I want to look for comparables. And this is where we're going to use Zillow.

So pay attention. This is really important. I need an address of the property. And if I go into this property, this one actually has an address, a lot of vacant lots in Florida actually have addresses, but sometimes they don't have an address. So what do you do then? Well, if this vacant lot you're looking at doesn't have a property address, then you'll find another property that has a house on it and click on that property and it'll give you that address and you use that address to look it up on Zillow. Make sense? So in this situation, I'm just going to copy the actual address of that vacant lot. Again, if it didn't have an address, I would click on a lot where there is a house and copy that address. Makes sense? So then you're going to go to Zillow and you're gonna paste this property in there, the address of the property. Now this is the address that neighborslot and I'm gonna click right back here on this button back to search. All right, now I use Zillowing lot. And I'm going to walk through how to do all of this because I actually have a brand new Zillow Chrome extension that will scrape all of the comps on Zillow for you and give you an average price per acre. And so if you want that right now, go to joemacall.com slash Zillow. This thing is amazing. It'll blow your mind. This is free. I built this thing using AI.

Check it out right now. You can only use it on Google Chrome. It's an extension that goes on Google Chrome, it only works on Zillow, and it's pretty cool. All right, so I'm excited about sharing it with you. When you go there, there's an option to download it, put in your name and email, and you can get it. So I'm just gonna zoom in right now and make sure that my property's in the center of this map. And there's that house right there. And if I scroll over, there's our property that we're looking at right there, so when you're looking for vacant land on Zillo, you need an address of a property. And so make sure your property's now in the Center of the map. And then I want you to remove boundary. I click on that button right there and remove boundary, I'm gonna go to more and I'm going to reset all my filters. Now I'm going to go to for sale. And I'm going through this fast. But this is on a video, you can pause it and rewind it and go through it really, really slow. Okay, I'm looking at for sale. Now, I want to go over here to home type, and I want to unselect all of them. And then I'm going to choose just land. I only want to look at land. I clickapply. What do you see right here right now you see two properties currently on the market that are very similar in size for $23,000 and $25,000. Interesting. Now this one says 1.8 acres. I'm wondering if that's, that actually, I looked at this before, that's actually two different lots, but this one's 25 grand. But regardless, I know what, if I'm going to sell my lot, it's gotta be cheaper than those. So I'm kinda getting the ballpark idea of what I'm putting myself in the mind of the buyer. I'm thinking, all right, so I'm gonna, if I put mine out there, it's got to be cheaper than those two guys. Here's my goal. Listen, when I'm put my property on the market, I wanna make everybody else mad at me who has similar properties on the market. I wanna out price all of them. If they're all listed for 20, I'm gonna list mine for 18. Make sense? That's where you start. But I need more than just two comps. So I'm going to zoom out and I'm not moving the map around all I'm doing. Now that my property is in the center of the map, I'm zooming in, I am zooming out to get more and more comps So now there's eight comps, I gonna zoom out again.

Boom, now I got 10 comps let's zoom out one more time. I got 12 comps let's Zoom out one time. 18, all right, that's decent. Well, let's do that one more times. Now 27 comps I don't know, there's no rule or magic number. I like to get 20 or so comps. Now I'm gonna take these and I'll sort them by low to high, price low to hi. I'ma scroll down and load them all up. Now look, there are some million dollar properties in here, I don't care. Now I am gonna do one thing. I'm actually going to set another filter. Our property, remember, is .52 acres, right? .52 Acres. So let's do a filtering here for lot size. Oh, also, by the way, I'm going to go to more and I'm to say I want backups and pendings. You always want to look at pending properties. Scroll down and lot size minimum. I'm gonna do quarter acre and max. Let's do two acres So I don't want the really big properties I don't want the real small ones and I don't want a really tight filter either quarter acre to two acres Maybe if we did five acres now, let's do to acres keep it at two acres and guess what that does by the way Oh, man, all of those million dollar properties are not here anymore except for this one and something's going on with this I don´t know why that one is so expensive. Oh, it's got railroad frontage I dont know if that's a big deal or not, but now I've got 14 comps. I want some more, right? I want more comps, so I'm gonna zoom out one more time. Now I've got 299, all right. That's maybe too many, let's zoom in. But the cool thing is with Zillow, because I have the scraper that's gonna scrape everything over here on the right side. If you want more cops, you could zoom out. I'm like, dang it, I got 290, I don't want that many. So you could draw your area here. So I could draw something like this to avoid those two areas on this side of the lake over here that had too many properties, click apply. All right. So now I've got 17 comps. It's up to you, right? Let's remove boundary. Let's just zoom back in a little bit. So I've got 14 comps, good enough for me. All right, I scroll down to load them all up. And then I go to my scraper, which is free. I'm going to clear what I did previously. How do you get this scraper by the way, Joe, again, joemacall.com slash Zillow. This is free, and this is a Chrome extension that you can only get. You can only use on Google Chrome.

Okay. Now I'm gonna click analyze current page. And what that just done did there is it went in and it scraped all these properties on the right hand side and put them into a table and it's given me the price per acre for each of these properties. Is that cool or what? Yes, it is because it tells you, all right, well this property is currently listed for $21,978 an acre. This one's currently listed $20,000 an acre, this one $19,608, this 12,778. Oh shoot, this one, et cetera. So then I want to look at solds as well, right? Oh, let me rewind, go back to this extension, it scraped all of that data here. I'm going to sort this table from low to high. And you can see some of them are $12,000 an acre. Some of them are like $663,000 dollars an acre, what the what? Those are two extremes, aren't they? Well, that's why we look at not just the average, but we look at the median. I care about the medians because that ignores or excludes the outliers. Now, the next thing I do, though, is I'll say, give me just, I only, because I want to be conservative, I'm putting myself in the buyer's hat, who's looking at this deal. I only want to look at the lowest 50%. So instead of looking at 14 comps, I am looking at just 7 and I want the lowest 50% price per acres. Now you can see the average and the median are closer here. I know this is really tight in here, so my apologies, but I'm just telling you what this does, which is pretty freaking awesome. So now I've got 7 good comps showing me that the median price per acre is about $22,000 an acre. That's going to help me price my property. But the next thing I want to look at soldproperties, right? So I'm going to click on for sale and I'm gonna click on solds. Oh, a lot of yellows. That's good. Right. But I don't want all of them. I want some that are sold just in the last year. So I'm a scroll down to more and I want say give me all the solds in the 12 months. All right, click apply. There's 17 of them again, if I want more, I can zoom out. If I have too many, I can Zoom in my property is still in the center of the map. So now I've got all these piece here. I'm going to scroll down to load them all up and I'm gonna go to my extension here. I'ma click analyze current page and I want to do show all just so you can see there's 14 active listings and I scroll down and here are the sold listings. There's 17 solds, right? But I'm gonna go back up here and say, just give me the lowest 50%. You could also do the lowest 10. It's up to you, but lowest 50%, all right.

So based on active listings, actives and Oh, wow, the numbers lower. Yes, it is. So the average price per acre or the median price per acre is about $16,000 an acre. So when you're faced, this is a really important concept to understand when you are trying to evaluate properties and you come up with two different numbers. Well, it might be worth this or it might worth this. I have this price per acre and this price for acre. Which one do I use? It's easy to get stuck in analysis paralysis and get frozen. Like, oh my gosh, I don't know what to do. Real simple rule of thumb here. When you've got two numbers, pick the more conservative one. Pick the lower the one of the two make sense so back here I'm gonna pick the lower of the two fifteen thousand six twenty eight and if I scroll down this extension has this really really cool land deal offer calculator and it tells you what the property might be worth and it tell you what to offer right here just like that and so the size of this property is point five two acres I'm gonna write that in there I like to make at least ten thousand dollar profit on a deal I'll pay a realtor ten percent commissions 500 photos I usually do twenty five hundred for closing costs and a thousand for unknown, an oops factor. All right, so this tells me now the value of the properties may be only worth $8,126. Does that sound high to you? Does that sounds low?

Ah, you know, I don't know. Here's one of the things you have to remember. In Florida, a lot of times when you're looking at the cheapest solds, these are the prices that investors are buying them for, right? But what are retail buyers buying them? I don't t know. But I'm also looking at this thinking, dang, you what, I want to be the cheapest property on the market. So… Maybe I'll buy it at this price, but I'm going to sell it at some of these higher prices. Well, what if I offered or what if sold it for $10,000 an acre? Because the cheapest property on the market right now is currently on the market for $12,778 an acre. What if I did $10 thousand an acre? Well, that's actually going to get me less, isn't it? So this is where it's not exactly a science, it's an art, but maybe, you know what? Is this now a property that you even want to do anything with? Based on the sold comps, the price per acres, it says it's worth $8,000. And if I want to make $10,000, well, the seller has to pay me 6,700 bucks. That doesn't make sense, does it? You see the numbers here. I know it's really small. I apologize, but I can't make this thing any bigger. Well, you know what, maybe I'm okay with just a $5,000 profit on this deal. Oh, man, that that means this probably isn't going to work. So I probably pass on this deal or you know what, I would probably still offer 500 maybe 1000 bucks. But Joe, isn't the seller going to be mad if you're only offering $1,000 on their property? Yeah, maybe. But you know what? I don't care. I'm just going to make an and what works for me. Maybe I'll sell it for 9,000 bucks, you know. So you have to have minimum requirements of how much you want to actually make on a property. You want to make sure that you are not a motivated buyer. You don't want to buy a bad deal or try to turn lemons into lemonade when it comes to finding deals, but you got to make that you're working this out.

So let's, but let's look at this again, right? I mean, if I go back to actives, I know this is an area where a lot of properties are selling. Okay, so, and if I'm sorting this, oh yeah, see, here's the problem. Look at this, these little quarter acre lots are selling for $9,000, $12,000. I'm looking at active listings. So yeah, I think, you know what? This property, I could probably sell it, I could sell it for nine or $10,000 So my number, I'm lookin' at this thinkin' now, you're probably right. Maybe I could do $17,500 an acre, sell it $9100 bucks. If I'm gonna make $5,000 profit on it and I paid $2,500 in closing costs and I pay a realtor, you know, a thousand bucks. I have unknown a thousand dollars. I'm not going to make any money on this deal, but in Florida, all right, if I offered the seller 500 bucks, I could probably do a quick assignment, not pay any closing costs, not pay in your realtor commissions and make five grand on it. So I might offer the seller a thousand books, but that's it. I just going to offer a thousand dollars. Let me give you a little better example of an area that I know of in Florida where there's actually properties are selling pretty easily and quickly for more than this. And let's just pick an area. How about Citrus County? Citrus county. So I'm going to pause my video real quick and find another deal to look at. And I'll give you another example of Florida.

Okay, so I found this vacant lot real close to another one that we were just evaluating for one of our clients in the community in Citrus County, Florida. And here's the address of this property. It's 0.35 acres. Literally this is just down the street from another property. So I'm going to copy that address of the vacant lot right here. First of all, let's look to see, is it in a flood zone or wetlands? I scroll here, click on that. No, it's here. Good. No, what's interesting, this is in a Flood Zone. That's interesting. Right. But this one looks pretty good, high and dry. So, let's look at this property on the Zillow, okay? I mean, Google Maps. And we zoom in a little bit. We can get some information about this property. I can drag this yellow guy around. And just to see what this neighborhood, what this area is like, so we can get a feel for it. By the way, see all of this, this tree and underbrush. This property was for sale at one time. Are we going to clear any of that out? Are we gonna do anything to this property? No, we don't do anything with these properties. Nice, nice little area, right? Some people may be building some new homes here. We can go around to the other side of the vacant lot over here, scroll down.

Okay, nice blue collar, middle income area, pretty quiet neighborhood. Maybe people are building new homes around here. We'll look at that in a second. So yeah, I need to look it up on Zillow. So I'm going to go to Zillows. I'm gonna type in the address of that property. There's a vacant lot. All right, look, it sold for $12,500 two years ago. So now I'm looking at this property. I'm to zoom in and make sure it's in the center of my map. Oh, look at this. The neighbor's lot is pending right now for $16,000. That tells me that's a good sign, isn't it? So maybe if I sell mine for the same price, maybe I can find a buyer for it. So I'm gonna be in about, it's pending, it's under contract and it's been on Zillow for only 35 days. So that tells me, yeah, that's maybe a good number. I'm putting my buyer's hat on. If I sold it for 15 grand, I could probably find a buy pretty quickly for it, all right? I may not need to do any comps. That's a sign. So I am going to remove boundary. I'm going to go here, reset all my filters. We're looking at for sale.

We're look at… In fact, you know what, let's look to see, are there any new homes that are being built in this area? How do you find that? How do find that out? Well, I'm just going to right here to more. I'm gonna do backups, pendings. I'm a scroll down and I want to say you're built after 2024. And I'ma start zooming out. Look at that. Right here across the street, there's a new house that was built. That's a good sign, right? There's another house over here that was sold or is currently on the market for 255. I zoom out a couple more times. In this area, there's about eight new construction houses that are currently on the market. And these aren't like subdivisions where there's a bunch of new houses being built. Maybe I, if I get this deal under contract, maybe I contact this, the realtor who's listing these new home constructions and ask them, Hey, was your client be looking for another vacant lot? Right? We can also switch to solds and solds again. You're built after 2024. There's 24 different houses that have sold where the home was built after 2024. Yeah, hot diggity dog. You can find out who are the homebuilders of these properties call the listing agents Send mail to the actual builders call them say hey, are you looking for another vacant lot? I've got one here for you So I like this area a lot because there's a lot of recent vacant land solds. There's a lotta homebuilder's So I think we're good. I think got a good deal if we can get it accepted So but let's go back here in the center of the map is our property I'm gonna do I'm going to reset all filters Okay. And I want land only, and I'm going to set backups and pendings. And I'm gonna do lot size minimum, you know, 7,500 square feet, maximum one acre. And we'll start zooming out. Now we can see already here, zooming out once, there's four comps and zoom out again.

There's eight comps, zoom out one more time. There's 19 comps. Cool. I'm going to sort from low to high, scroll down to load them all up, go to my new fancy dancy Zillow Chrome extension here, click analyze current page. And bam, just like that, scraped all of those active listings right here and it's given me what? It's given me the price per acre. See these blue boxes there? And then if I say low is 50%, all right, you can see the average and the median price per acre is about $58,000. So if I scroll down, size of our property that we're looking at here is .35 acres. Okay, scroll down. I do .35 right here. And so this tells me, all right based on these active listings, and if I used $58,348 per acre and I wanted to make a $5,000 profit, for example, and I subtract realtor commissions and closing costs and unknowns. The property is maybe worth $20,000 and I should offer $9,400. Now maybe I could sell it for $20k, but you know, remember that neighbor's property is currently on the market right now. It's pending for $16,000. So let's look at sold comps here and I'm going to switch to solds and there's already a ton of them. I like that. That makes me feel good about this little neighborhood. Scroll down say sold in the last 12 months and there's still a lot of yellows.

That's good Scroll down here on the right hand side to load them all up. Then I'm gonna go to my scraper I'm going to click analyze current page and it just went and done scraped all of the solds and it's given me the average price per acre the median is about the same about $55,000 an acre I scroll down and it automatically puts the lower value in there and point three five acres All right, so maybe the property's worth 19 grand So now it's saying I should offer 8,100. So listen, the whole goal of this exercise that we're doing, like I said before, is just to get ballpark. Now, let's say in my calculations, I decided to sell it for 19,000, but then I put it on the market, I realized, you know what, 19 is a little too high, and I sellit 16,000. Well, that's why we make offers at 40 cents on the dollar because that gives us room for error. So just looking at these numbers, If I sell it for $54,547 an acre and I want to make $5,000 profit, I'll pay a realtor 10% commission, 500 for photos, 2,500 for closing costs, 1,000 for unknowns, I should offer 8,100. And if I offer $8,100 and I use a realter and I close on it and I sell and I pay for pictures and all that, I will make a $5000 profit. But what if? Well, check this out. Because in Florida, it's easier to do assignments. What if I just do an assignment on this deal? I get it under contract, I buy it for eight grand, and I sell it for 15 grand as an assignment to one of these home builders. I just made $7,000. I didn't have to pay any closing costs, I didn't have to any realtor commissions. So that's a little bit more advanced strategy, but I just, it's real simple. I figure out, okay, what can I sell this property quickly for? And I make an offer at about 40% of that. So in this example, all right, so we'll sell it for 19 grand. I'll offer $8,100, which is 43% of the value. Now, general rule of thumb is I usually don't offer more than 50% of the value of the property.

So this table here shows you what 50% is, what 60% is what 40% is. Yeah. SoI'll off for $8000 on this deal. Boom. And I bet you, you sell it really quickly for 15, 16 grand. Yeah. It's a great little area. I love it. Now let's look at another property that has more hills, a sloped, not as many comps, maybe in a tight area like Florida has. I'm gonna go find one right now and I'll show you some pretty cool things on how to evaluate these properties, okay? So hold on a second. Okay, so I found a property that somebody submitted a few, three or four months ago to one of our deal analysis calls. And we looked at this and this is a great example of an area that maybe is too, like what's the terrain like? It's kind of tricky, I don't know. It's in a county that I've done lots of deals in before. It's one of the deals that my sons flipped vacant land and in fact, I have a contract of one of them right here. This was a five point, hey, you wanna see it? This out. This is Wilkes County, North Carolina.

My son bought it for $7,630, $7.630. Sold it for $19,321 for a profit of $11,224. And we did this with a very simple process of just like I talked about in the last video I did. We got a list. We found out where people were buying house, buying vacant land. We've got a listed of owners. We sent them a postcard, listened to a voicemail, sent them an offer. They called us back. Beautiful. All right. So This is a property in Wilkes County, North Carolina. This particular deal, and I have the GPS coordinates here. If we zoom out, you kind of get a idea where this is at. Middle of nowhere. There's some mountains, beautiful area. Now who would buy land out here? I don't know, but a lot of people are at the right price. Let's drag the yellow dude around. Is there any street view in the area? Okay, let's check this out. I'll go into this area. And this is what the area looks like. Pretty cool. So this road, maybe not, that's a driveway. I don't know. There's a road around here that kind of gets you to our property. Maybe the road is right here. So let's drag the yellow dude right there. Maybe I don't know what I'm talking about, but this is what the area looks like. This is why I like Google street view. Verypretty mountainous area. Okay. So let zoom into this. Is this hilly? I don't know. Let's look at 3d of Google maps and let's zoom in a little bit and I'll kind of fly around. Yeah, maybe it is. Does it have road access? I think so. Don't know. Maybe. All right, so let's go to re grid. Let's put the property in Regrid. And there it is. You can see this property is about 4.99 acres. If I click on 2D, let me zoom out a little bit here. And let's look at the 3D image of this property. Oh, well, I'm going to show you in a minute why I like the LAND portal when it comes to this kind of stuff, because Regrid sometimes just doesn't like to work very well. And if I now zoom around, you can see, oh, man, that property is kind of weird, isn't it? Does it have road access? I don't know. Yeah, it does. There's Laurel Road right there. But not much property is very usable, is it? Doesn't mean I'm going to not make an offer. There's a pig for every barn. But yeah, just be aware of that, okay? Now, let's look at the land portal. I have the GPS coordinates of this property, all right? I'm gonna put that here in the land portal and I'll show you what is pretty cool about the land portal. There is the property right there. Marshall Allen.

I click on it and I scroll over here on the left and they tell me, all right, it's maybe worth 42,000 bucks based on the algorithm. Scroll down. Look at this. Only 1.45% of the property is actually buildable. 95% of property is extreme slope, over 15%. Is that a deal killer? Nah. But it's a good thing you can go back to the seller now. Now you have some information. Go back to seller and say, you know what, I don't know if I'm your buyer. I don't think I'm you're buyer. 95% percent of the properties is over 15% slope. I just don't think this is gonna work. No, I'm still gonna make an offer. You say, how on earth could you? Who would buy this thing? I don's know, a neighbor. At the right price, somebody would buy it. You know, would you buy this property for five grand? Maybe. Sell it on owner financing for 100 bucks a month for five years? Yeah, maybe. All right. So let's, you know, let's look this property up on Zillow. What is vacant land selling for in the area? Good question, right? And by the way, do we have to look at flood plains or wetlands in this area? Nah, probably not. We can if we want. Just click on flood zone, wetlands. No, notan issue here. Now, this vacant lot, I need an address so I can look it up on Zillow, but this property doesn't have an address or if that is that's weird. But let's click on a property like a neighbors that has an actual house on it. And guess what we get? We actually get an address 2014 or 214 Laurel Road, I'm going to copy that and let's go to Zillows. I'm gonna put that in the Zillou here. And it takes me to that property I'm looking at. Then I click back to search. And now I'm on a zoom in, I should find them property we're looking at hot diggity dog there it is I'm to put it right there in the center of my map, okay, I'll click remove boundary. I'm going to go to more and reset all filters. I'm gonna switch to for sale. All right, we want land only. Okay, the more backups, pendings. Remember ours is about five acres. So I'm just going to say only show me properties that are between two acres and 10 acres. And I'm to zoom out. Ah, look what you see right next to it. There's some properties currently on the market for 24,500. So I have to be less than that. But I'ma start zooming out. And I want about 10 comps or more. So I'll zoom out some more. I only have three. Now I have nine. Let's zoom out one more time.

Now I have 37, okay, boom. I'm gonna sort this whole table from left to right, scroll down to load them all up, go to my scraper here, clear results, analyze current page. Now it just went and scraped all those properties and I can see, nice, hot diggity dog, I got an average and a median price per acre, but there's a big variance here, 15,000, 20,000. So I'm going to do lowest 50%. And now look how close, much more similar those numbers are. So I've been trying to get the median and the average to be about the same. So it's about $11,400 an acre is what properties are selling for right now in this area. So if I'm going to sell my property, I'm gonna need to be less than that. So let's just say, again, we're trying to get ballpark, we put in 11,401 and our property was 4.99 acres. I want to make at least a $10,000 profit on this deal, 2,500 in closing cost, 1,000 unknown, 500 photos. So maybe the property, maybe we could sell it for $57,000. That's what this number comes up with, 57. But put yourself in the buyer's hat, right? Let's zoom back in. Why would somebody want to pay me 57,000 when they can buy the neighbor's lots for about the same size, now a little smaller, but really, because so much of it is unusable for 24, five. Why would they want to buy mine when they come by for 57, when they can by these for 24 a little bit smaller. So there's something to think about, right? But let's go get some more comps.

Let's look at solds. I'm going to switch to solds and I'm gonna go to more scroll down sold in the last 12 months. All right. Start zooming out seven comps assume that again, 22 comps, boom. And there we go, scroll down to load them all up. And I'm going to analyze current page. So now I've scraped a bunch of actives. Now I have a scraped bunch of solds and I'm looking only at the lowest 50%. And it's telling me now, all right, so the solds are about 8,000, 8,100 an acre. And I put 8,000 in there, 4.99 acres, 10. So maybe I can sell it for 40,000 right here. So if you subtract all of my expenses, 10,000 profit, 10% realtor commissions, 500 for photos, 2,500 for closing costs, a thousand for unknown. I should offer 22,000, but look at this, it says offer percent of value. That's telling me that my offer is about 55%. My general rule of thumb is again, I want to be no more than 50%. So in this example here, I would offer $20,000. But put yourself in that buyer's hat again, why would somebody want to pay you 40 grand for your property when they can actually buy something real close to you, a little smaller for 25 grand. So this is now where I use the spreadsheet and I have this spreadsheet in this Google If you scroll down, there's a link for this offer spreadsheet here that you can get if you get the Google Doc So let me open this up right here

And this is a tool that I use a lot where I'm gonna go right here in this little section offer Alright, this is where well What should I list it for now if mine is about five acres and there's some similar properties right now for sale Let me switch back here I'll show you if there's similar properties for sale that are a little smaller for 24 five What if I sold my five acre for 24, five? Ah, maybe it might make these guys a little mad that I'm offering a property that's an acre bigger for the same price. Okay, so let's do that. Here's the spreadsheet right here. I'm gonna sell mine for 24 five. I wanna make at least a $10,000 profit. I'll pay a realtor 10% commissions. Oops, 1,500 photos, 2,500 closing costs. All right, there's my offer. 8,000 bucks, which is 32.9% of my asking price. I'm going to send the seller an offer for $8,000. I can probably sell it pretty quickly for $24,000, $5,000 $24 500. That's it. So what I'm trying to impress on you here is our goal is just to get ballpark. Sotake a look at what the property is like. Does it have road access? Is it in a wetlands? Is it floodplains? Is it accessible or whatnot? Take your best guess. Go for it. If you've got different numbers, use the more conservative number. Use the lower number, okay?

Put yourself in the buyers who might be looking at this property. Why would they want to pay you 50 when they can buy neighbors for 25, right? Even if it's in a wetland, I still make an offer because what if I'm wrong? It's okay. I have 90 days to close. I can back out for any reason and I can tell the seller, listen, I'm sorry. I thought it was worth 50, but I've been doing some research and due diligence and it's actually not. I didn't realize that there's a property down the street, a mile, five miles away that I can buy for a lot less. And sometimes I'll even tell the cellar, listen honestly, I've trying to advertise this property to sell it with owner financing And nobody's interested because it's way overpriced just be honest with them and tell them that's what you're doing So don't let this I know this is maybe strange and I went to this really really fast It's because it strange you've never heard of this before you never thought of this Before but when I'm looking at deals, I'm just bam. Bam. Bam quick. Let's look at it How could what price would this property need to be to make people go crazy and just want to buy it because it? Such a good deal and then I subtract my costs or you know If you don't know what your costs are just make an offer at 40% of that That's it. Use tools like I have there in Zillow that can scrape actives and sold listings and just go from there. Cool. All right. So we've got a few more things to cover. Let me zoom out here and show you some things that we talked about. All right, I use Google maps a lot. I like re grid. I use the land portal a lot, so just go to getlandportal.com getland portal.com to check that.

Look for road access, flood zone, slope, recent activity, comps, et cetera. Get that Chrome extension. I think you're going to love it. And again, rule of thumb and using that spreadsheet that I have, always make an offer at about 40 to 55, 40 to 50% of what you think you can sell it for in one to two months. Pricing models, algorithms, you know, take it with a grain of salt, the land portal and price, they're good, they'll get you in the ballpark, but they don't know, you now, they're not factoring in if the property is accessible or not, if it's in a flood zone or not. If it's on the lake, if it on the side of a hill, right, they just don't now. So use it with the grain of the salt. And if you find yourself, if you're past 20 minutes evaluating a property and you still don't no, then use something like the landportal just so you can come up with a number and send the offer. You'll find out later if you were wrong or not maybe you were really right.

And you know, you make $20,000 instead of $10,000 profit on a deal. Does that make sense? Okay. So also in this Google Doc, I did a video about a year ago, watch me comp a deal in five minutes. And if you go there, this is all you can see on this window here, but I did a video, about 15 minutes long, where I'm going to show you how I comp deals. And I did that video before I even had this new Chrome extension that I have. All right. So few final thoughts. Number one, if you want to join me on my free five day challenge on how to dirt go to www.flipdirtchallenge.com and check that out. If you want the scraper I talked about that's free that I built for you go to joemacall.com/zillow oh and I forgot to show you something check this out this is so cool on this scraper okay you scrape all of this information nice well what if you export that so I'm going to click show all you can actually export all of these comps into a spreadsheet right here and then what would you do with that spreadsheet well you could upload it to ChatGPT and have it analyze it for you right so you could download spreadsheet. Boom, there you go. And then you could go to right here. I have this button, AI analysis. Check this out. I built a custom GPT that will help you analyze your land deals. And you can upload those comps and say, Hey, look at these, tell me what you think it's worth. You can ask you questions, dialog with it back and forth. And, then it will tell you, Hey you know what, maybe it's, worth this. You should offer this. And it will also help you create what's called a two option letter of intent. So sometimes I send a cash offer and an owner financing offer. Like if I think the property is worth $30,000, I might send a cash offer for $12,000 and an owner financing offer for 20,000. Based if the seller wants a higher price, I can give them a higher prize if they're willing to take it with payments over time.

So this AI analysis tool from that Chrome extension can help you with ChatGPT, analyze the deal and create a two option letter of intent that you can send to the seller with your offer. Woo. I covered a lot there. I hope you got some value out of this. If you did, let me know in the comments down below, give me a thumbs up, subscribe to my channel, please. And comment down below. If you liked this, if you had some questions, I'm always looking at my comments and answering questions in there. I appreciate you guys. See you later. Take care. God bless.