Side Hustle Hero 46: Cash Flow And Capital From Land Flipping, with Travis King
After just 2 years, Travis King built up enough of a monthly passive income stream from his land flipping side hustle to quit his 9-5, and has since built it up to a 7-figure business.
In this episode, you'll discover,
- How to generate cash flow from land deals,
- Costly mistakes made by newcomers to the industry, and what to do to avoid them,
- Why Travis prefers buying land over purchasing homes,
- Alternatives to bank financing,
- Tips and tricks for the newcomer to land flipping, and
- Ways to scale your business if you're already a seasoned land investor.
If land flipping piques your interest, be sure to check out the sweet offer Travis is making available to you, as a side hustle hero listener.
What You'll Hear:
03:52 Trying multiple side hustles
05:29 Giving any of them true focus likely would have worked
08:58 Do you really need to do more research, or is it procrastination?
09:30 First land deal was a purchase at a local tax auction, and resold on eBay
13:37 After 5 years, starting coaching people
13:54 You don't have to live in the USA to purchase land
16:27 Toughest time is when you're still working full-time at your regular job and you've built up your side hustle to the point it's a second full-time job
16:45 Started taking back mortgages to build up monthly income
18:05 That opened up the buyer pool
18:35 Life became so much easier once Travis quit his day job
19:48 Started being proactive using direct mail to seek out sellers
24:00 Analyzing tax rolls
25:12 Some of the indicators Travis looks for on the tax rolls/lists
26:54 Maybe 1% responds to mailings, then a lesser % says 'yes I'll sell' for 50%-70% below market value
27:35 He captures equity when he buys
30:08 A lot of these lists are available at the county level for free
33:27 Solving the lack of capital issue for others
35:20 Asking for too low of a downpayment resulted in more defaults
35:47 Now Travis asks for 30% - 50% down
36:54 How his rates compare to the banks
37:37 Has since starting using a 3rd party note servicer or a title company to service the account
40:15 Selling for cash brings in capital, the selling on payments brings in cash flow
41:04 Things you need to check out when you're searching for a property to buy
43:09 Most common errors newcomers to land flipping make
45:32 Most memorable land deal
50:45 www.thelandflippingchallenge.com, Travis's free 7-day course
51:29 SIDEHUSTLEHERO - coupon code for 20% of paid course
52:44 Travis's best tip to take action
Takeaway
55:43 Be aware of the difference between knowing and doing
55:55 "Ya, I know that." - Don't get caught in that trap
Connect with Travis:
www.thelandflippingchallenge.com
Connect with Joan:
https://www.instagram.com/joanposivy/
https://www.facebook.com/posivy/
Be on the show!
https://www.joanposivy.com/be-our-guest.html