Flipping land can be a profitable venture, but the possibilities in your first year will depend on several factors, including your speed of learning, resources, time, experience with building a team, goals, etc.
It's essential to keep in mind your first year may not yield significant profits.
Success in this field often requires patience, market awareness, and a deep understanding of local regulations and opportunities.
Our first year in land flipping was marked by mistakes, learning, adaptation, and success. The results were impressive. We achieved $1,247,000 in revenue with a gross profit of $658,000 from 32 sales. Average gross profit per deal was approximately $20,580, and properties spent an average of 55.46 days in inventory.
The lessons and achievements of that year have set a solid foundation for our business in subsequent years to where we are now.
Join us in this episode as Heather and I reflect on our first year, all our mistakes, and the lessons we took. We also have some great tips for those who are just starting out.
Tune in!
Key Takeaways:
Our starting point (05:10)
Learning curve and mistakes (11:29)
Closing the first deals and reselling the properties (17:29)
Partnership to close deals (25:27)
My first 50 deals and monthly income reports (26:50)
Our numbers from the first year (28:44)
Time commitment for successful land flipping (31:02)
How to generate leads your first year (34:20)
Educate yourself on how to evaluate deals (38:45)
Set goals for your land flipping business (44:47)
Model success on your land flipping journey (48:05)
Time to answer some questions (50:02)
Additional Resources:
✨ Get all of our recommended tools and services at https://resources.landconquest.com
✨ Follow Pete on Instagram here: https://www.instagram.com/partnerwithpete
✨ Connect with Pete on LinkedIn here: https://www.linkedin.com/in/partnerwithpete/
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Turning Profit is a podcast for people who love real estate, brought to you by Pete and Heather Reese.
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