Land Investing Mistakes—No Big Deal

We all make mistakes in the land investing business, the good news is they are fixable but they also come with a valuable lesson!

Scott Todd takes the controls for this week’s Round Table as Mark is away visiting… this is where it becomes a little unclear because there seems to be some discrepancy between stories. If you ask Tate, Mark is off visiting Tate’s favorite factory where they make cheese. If you ask Scott T., Mark’s at the Cheesecake Factory. Either way he can’t go wrong and we hope he’s enjoying good quality time with his family!

With Scott Todd in the pilot’s seat, this week’s crew includes:

• Scott Bossman
• Tate Litchfield
• Aaron Williams
• Mimi Schmidt
• Erik Peterson

Listen in now as the team gives the details of their biggest mistakes, in short:

• Scott Bossman went into joint ownership with the deceased.
• Aaron sold a property that wasn’t his to sell.
• Erik bought 12 properties in bulk, 2 of which had been previously sold to someone else and one of those two Erik had pre-sold. He also shares a business strategy mistake he made in the beginning that kept him from scaling quicker.
• Tate double sold due to a data entry error on the APN. He also shares a big regret that moved Scott Todd to bring out the soapbox.

Also, Mimi received an accepted offer for 1,175. The seller is a trucker who is never in town so he used a middleman to get everything done. Mimi paid the accepted offer of 1,175 and the middleman deeded the property over to her… deal done… wrong! She started getting harassing phone calls from the owner because he thought the offer was for 11,750, not 1,175! Ultimately, she ended up deeding the property back… but BEFORE she got her money back… this can’t end well.

Find out how Mimi’s story ends and the details of all the deals gone wrong.

Plus, Scott Todd shares a mistake that he is currently going through. It’s a case of joint tenancy with rights of survivorship—the husband is deceased, surviving wife sells Scott the property but failed to disclose the prefix “EX” in front of her title of wife. Should that make a difference? It does, says the county. Find out the details now…

Mimi: Entrepreneurship is neither a science nor an art. It is a practice, by Peter Drucker. So keep practicing! 

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

Mark and Scott talk with The Total CEO—Vinnie Fisher.

A lawyer by trade, Vinnie practiced tax and business law for 10 years before leaving the field in 2007 to pursue entrepreneurship. He then went on to create four 8-figure businesses and is now on a mission to help men in leadership for life.

Join us as we take a look inside the mindset of the Total CEO and why Vinnie believes that what you do at home is equally important as what you do in the office.

We delve deep into:

• What it takes to go from a seven-figure to an eight-figure business
• What makes a great CEO
• Why motivation is a lie

And, find out why Vinnie says that having “balance” is some of the worst advice he has seen given and why we should have nonnegotiable priorities and perspectives.

Also, find out how Vinnie defines success, the three CEOs he would have over for dinner, and the one question he would ask them.

All of this and more in today’s episode!

TIP OF THE WEEK

Mark:  Learn more about Vinnie Fisher at TheTotalCEO.com.

Scott: Check out Draw.io to create flowcharts and more, for free!

Vinnie: Take a nap before making big decisions.

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

Growing pains are an inevitable part of any business, land investing included. You hit a plateau and growth halts until you make the necessary expenses to get your business climbing upward once again.

Join Mark and team geek:

• Erik Peterson
• Aaron Williams
• Mimi Schmidt
• Tate Litchfield
• Scott Todd

…as they tackle the entrepreneurial dilemma of Growing Pains.

Mimi, who is facing this dilemma now, shares her hesitancy towards spending the extra money for processes that she’s gotten by without until now. Processes and services that include:

• Switching to paid services
• Setting up the website to collect down payments
• Increase mailings
• New marketing platforms

Mimi knows she needs to spend the money in order to get her business moving forward again, but the money sure looks good in her bank account each month.

If it helps me become more productive or efficient, then hire the intake manager, pay for the extra marketing platform, send out more offers—do whatever you need to do to increase your quality of life. Because if your quality of life is good, your business will be good.

Tate

Listen in as team geek help Mimi decide if raising certain expenses is the right move for her business growth.

TIP OF THE WEEK

Mimi: For those who have property near the water, check out the FEMA Flood Zone GIS Map. You can put the address in there without a house number, and see where the flood zone is.

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

In today’s episode of The Art of Passive Income, Mark and Scott talk with Hunter Thompson—Cash Flow Connections.

Cash Flow Connections is a real estate consulting firm that helps clients invest outside of the stock market in turnkey real estate investments. They specialize in assisting clients who are sick and tired of the headaches and uncertainty of the stock market and have a desire for a more stable approach to achieving their financial goals. Cash Flow Connections helps investors to turn their portfolio from a speculative gamble into a secure and reliable cash flow machine.

Hunter starts us off with an interesting story about his Grandfather who made and lost hundreds of millions of dollars in the cotton industry. It’s the first time he’s told this story publicly and it’s a story that comes with a valuable lesson in over-leveraging.

The music stopped, everything was called due, everything basically was eliminated and the business shut down. This resulted in business bankruptcy, personal bankruptcy, he had personally guaranteed loans, complete financial catastrophe and you know. I just what to clarify, I’m talking about going from hundreds of millions of dollars in revenue to zero.

Hunter took the lessons that he learned from that catastrophic event as a motivator, and that ultimately led him down the path to real estate. 

I realized that it’s not necessary to expose yourself to those type of risks in order to achieve financial freedom.

Listen in as we delve into:

• Recession resistant assets
• What an investor should look for in a crowded turnkey real estate market
• The top ingredients for making the perfect management stew

Hunter also shares the worst advice he has seen given in his area of expertise, and so much more!

Today’s podcast offers a lot of great real estate advice and will have you looking at investments behind a whole new lens!

TIP OF THE WEEK

Mark: Learn more about Hunter Thompson at CashFlowConnections.com.

Scott:  Check out MuteInter.com—a Chrome plug-in that makes that annoying sound on intercom go away.

Hunter:  Really cognitively challenging tasks are important to do in the morning, the earlier the better. Two books that help make that clear are, Deep Work by Cal Newport and The Miracle Mornings for Entrepreneurs by Hal Elrod.

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

One of the many advantages of this business is that you can do it from anywhere… even while snowboarding the slopes in Colorado.

As was the case for Erik Peterson who shares details of the trip, his business, and the slope deal with an impressive ROI! How did his business hold up while he was away? Was he able to be present and enjoy his time away?

In this week’s Round Table, join Mark and team geek:

• Erik Peterson
• Scott Bossman
• Mimi Schmidt
• Tate Litchfield
• Scott Todd

…as they dig deep into snowboarding versus skiing!

They also discuss the academy awards, The Bachelor, and more! How does this all relate to the land business? We can stretch and say:

• Lessons in productivity
• Building customer rapport
• The typical land customer’s TV viewing habits

But mostly, it just a team of geeks having a fun conversation!

Listen in to the FUN, as the group covers the perils of snowboarding and the time suck of the Oscars.

And, be sure stick around for the bonus content that Scott Todd wanted us to edit out, but unfortunately our edit button is broken… sorry Scott Todd.  #LetsLoveOnScottBossman #EmbraceTheSilly

Mimi: Check out Colorado Hunting Atlas—a GIS map that shows what game is in the area of your property. Great for your marketing piece.

Can your land business hold up if you need to step away from it?

This business model is all about setting up the systems that will allow you to earn passive income so you can live a life beyond the business. And, with Tate just returning from a week in Hawaii, we thought it would be a good topic to explore in this week’s Round Table.

Joining Mark are:

• Aaron Williams
• Mimi Schmidt
• Mike Zaino
• Tate Litchfield
• Scott Todd

Any Profit Beats No Profit

Aaron starts us off with a case study that the team geek all weigh in on. It’s a situation that raises the conversations of:

• Listening to the market
• Tire kickers

What Does Unplugging Look Like In This Business?

Tate shares how he prepared to getaway from his business, if he was able to go MIA 100%, and how his systems held up while he was gone. Did he uncover any hidden bottlenecks?

For the most part, I spent my time on the beach running around, chasing fish, watching sunsets and just enjoying myself. That is what this passive lifestyle affords.

Even when you have the systems in place and your business is fully sustainable, is it possible to completely disconnect and live in the moment or will you always be compelled to check email or check on the business?

Find out what team geek thinks.

Plus, find the details of the all NEW Flight School LIVE!

TIP OF THE WEEK

Mimi: Check out AreaVibes.com and NeighborhoodScout.com to check the crime in your areas.

With AreaVibes.com, you can compare the crimes of one county with another.

With NeighborhoodScout.com, you could actually look at it like a heat map and it shows your property and how safe it is.  If you search for a little town and don’t get anything, just go to the biggest town to give you information. There is also other information, besides crime.

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?

What is the best plan of attack when it comes to keeping up the health of your land business?

Do you stretch it out over a week’s time, being consistent in showing up every day?

Or, do you only work only a few days a week but hit it hard in those few days?

Join Mark and the panel of geeks as they take on consistency vs. batch working in this week’s Round Table.

This week’s panel includes:

• Scott Bossman
• Aaron Williams
• Erik Peterson
• Mimi Schmidt
• Mike Zaino
• Scott Todd

Listen in as everyone shares their routines and what they find to be the most productive. They offer great advice and make really good points that will give you a lot to think about when it comes to showing up in your own business.

We talk about building this model in land investing, but then what? None of us just sit back and do nothing. All of us look for ways to implement deeper. Land investing can go in so many different directions and if we have a creative disciplined mindset, then we’re always going to be progressing.

Mike

Plus, find out what mistakes will lead you to fail in this business!

TIP OF THE WEEK

Mike: If you are persistent, you will get it; if you’re consistent, you will keep it. The idea of Flight School is consistency—that accountability creates a habit which brings discipline, which brings results.

Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?