Introduction

Exploring the importance of team collaboration and focusing on valuable activities in business growth, while introducing Turning Profit podcast and its consistent formula. Excitement builds around the potential of land flipping within the first year.

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Transcript

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Transcript

Episode notes

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)