Tommy Dobczyk walks through a land-flipping deal: buy at $8,000 per acre, sell at $40,000, and participants get $50,000 while he keeps the rest. He warns that without a rewritten Letter of Intent and clear documentation, investors get scammed when a deal's real value hits millions.
Are you in the deal room?
Had ready. We can sell it for— you're buying it at $8,000 an acre, and I'm trying to get it where you could resell it for about $40,000. So I'm going to pay you guys your $50,000, but I'm keeping the rack. Jen's eyes get big. We can't hear you. Take it off mute. Take it off mute. Say it again.
You would— you— would it be a partnership that way, or would it just be—
No, because you said you wanted $50,000, so I'm just giving you $50,000. Yeah, no, like, again, like, we can't go back on a deal once we run it. Come on. That's not fair. I'm going to make sure you get 50, your friend gets 50, I'm going to get the rest.
How do I fix this?
You better rewrite another LOI, I can tell you that. So here's the thing though, we're going to be partners on it. I'm just messing with you because you got to understand, you got to have answers for people because if you don't have answers for people, you're going to get— they're going to, you know, because you were satisfied at 50 until you found out it's worth $5 million. Right?
Yeah.
Okay, so this is why it's important to be a part of Land Shark Mastermind, is because when, when we put these deals together like this, if you're going to get in these deals, you got to stay, you got to stay on top of them.
