The REtipster Podcast | Real Estate Investing

How Mike Balcom's Novation Strategy Could 10x Your Profits

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.

01:15:43

Episode guests

Mike Balcom

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Mike Balcom's innovative novation strategy allows investors to partner with property owners, ensuring guaranteed sales while navigating market fluctuations.

Building a collaborative team culture enhances efficiency in land investing by fostering transparency and empowering team members to share insights.

Thorough due diligence and proactive negotiation are essential to minimize risks in land investing, as unexpected challenges often arise.

Deep dives

Automated Loan Servicing

Automated loan servicing greatly simplifies the process for land investors. It allows for nearly all ongoing administrative tasks, such as collecting payments and generating statements, to be handled with minimal manual effort. This automated approach enables investors to set up new loans and onboard borrowers swiftly, making the entire process efficient and hassle-free. By utilizing this service, investors can focus more on their core business rather than getting bogged down by tedious administrative tasks.

Intro

2min

From Pickleball to Property: A Land Investing Journey

6min

Understanding Novation Deals in Real Estate

23min

Navigating Seller Engagement in Real Estate

7min

Navigating Real Estate Transactions

28min

Empowering Team Dynamics

6min

Empowering Leadership and Community Insights

3min

190: Are you ready to take your land investing game to the next level? In this episode, we sit down with Mike Balcom, a former professional poker player turned land investing mastermind. Mike shares his unconventional journey and the hard-won lessons he's learned along the way.

(Show Notes: REtipster.com/190)

From navigating the challenges of novation deals to building a rockstar team culture, Mike reveals the strategies and mindset shifts that have allowed him to close hundreds of successful deals. He also shares cautionary tales of the costly mistakes that can trip up even experienced investors.

Whether you're a seasoned pro or just starting, this episode has actionable insights and insider tips you won't want to miss. Tune in now and discover how to avoid common pitfalls, unlock hidden profits, and build a thriving land investing business.

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