I love surprises. I had never heard of this book before yesterday but it was on my Amazon recommendations once I finished my last book. Wow, I glad that I read it. “Dirt Rich” by Mark Podolsky is a book based on land sales with a huge undertone of financial independence. In fact, at some point, I realized that if I had written a book, it would be extremely similar to this one. The basic premise of land sales is to find landowners that are past due on property taxes, mail them letters with low offers to buy, find those who want to sell, buy the properties, and then resale them. The higher-level thinking in the book comes from his methods of using automation and virtual assistants. This allows him to complete most of these tasks only working 1 hour a day. He believes in the true form of an entrepreneurial mindset. You do not want to create a job (where you do all of the work), you want to create a business, where you manage the work from afar. True passive income comes from creating systems that do the heavy-lifting for you. That is why I had such a connection to this book. I believe in this entrepreneurial line of reasoning. With that, let’s get into my 5 takeaways:
1) Find areas that are ripe with buyers and sellers. As you begin your search for counties to start up your land business, find places with a lot of activity (buyers and sellers). It may sound counter-productive, but you want to go where the action is. You may get a better deal in a remote area, but who would want to buy it? Hot locations can change from year to year.
2) Once you have a seller, research the land. You can use online resources, like google maps, to take pictures of the land. However, there are also companies that can go take high-definition pictures of your remote land for you.
3) Have a method to get your original offer. Do your due diligence before you send out initial offers. Go to various land websites and come up with the going average rate of land in your area. Then divide that number by 4. This will give you a 300% return if everything goes as planned.
4) Craigslist is the best place to sell land. I would have never guessed. This is why reading books is so vital to our development. We get to learn from other peoples’ years of hard work and experience. eBay is the worst palace to sell the land because of fraud.
5) Never send the check out until the deed is finalized by the county. There are many cases where the county finds something that is wrong with the deed. You do not want to be left with the bag. The seller would then have your check and own still the land. Not a good position for you to be in.
I really want to give land-flipping a try. I find it makes sense and it is custom-built for self-starters. However, I need to concentrate on building my blog right now. You can only focus on one thing at a time. When I retire from the Marine Corps, I want to get started with something like this. It also passes the laptop test; where you can do everything from your laptop. That is my main reason for starting a blog. But, looking towards the future, this is something I would like to try with my sons. Nothing here is difficult and it is based on your own effort. Who would have guessed that flipping land was such a lucrative business? I sure wouldn’t have.
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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