The REtipster Podcast | Land Investing & Real Estate Strategies How Mike Balcom's Novation Strategy Could 10x Your Profits
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Aug 13, 2024 Mike Balcom, a former professional poker player turned land investing mastermind, shares his unconventional journey in land investing. He dives into the intricacies of novation deals, showcasing them as a profitable alternative to traditional wholesaling. Mike provides actionable insights on engaging sellers, navigating their motivations, and avoiding common pitfalls. He emphasizes building a cohesive team culture and the balance between academic knowledge and practical skills, all while highlighting the importance of effective communication in successful transactions.
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Pickleball Deal
- Mike Balcom's first land deal originated from a pickleball connection who needed to avoid a tax auction.
- He bought six properties for $110,000 plus back taxes and quickly resold them for $240,000.
Transition to Traditional Land Investing
- Mike's VA found a land investing coaching program, leading them to systematize their approach.
- They began sending mailers and adopted a traditional buy-low, sell-high strategy.
Novation Strategy
- Traditional land investing methods often focus on doubling money, but capital constraints can limit deal flow.
- Novation deals allow investors to partner with sellers, offering guaranteed prices while managing costs.