Coffee Talk

Hey, it's Mark Podolski, the land Geek with thelandgeek.com. let's have a virtual cup of coffee together. So sorry I'm running late this morning. I had a paymentgeek IO call that went a little long, and then I was trying to get David Benalis on to do like a little Q and A with me. We're having technical difficulty, so here we are. And hopefully you'll still show up and ask some questions for coffee talk. We had a great roundtable discussion yesterday for the podcast, which is coming out now on Tuesdays and. All right, Seth is here and we got some really cool tips of the week and really interesting, Stu. Just the insight of what's been going on in the land business, and hopefully everyone's gonna get a lot of value out of it and we're having a lot of fun. So if you didn't hear last week's roundtable call, go and check out the Art of Passive Income podcast. It's on Tuesday now, and the regular one is on Thursday. So now we're launching two a week, Tuesday and Thursday. So be on the lookout for that. See, Bryce is on. Hey, Bryce. Seth and Bryce. Awesome. What questions can I answer today as I'm on the treadmill desk? Aaron, I would love to learn more about Loan Geek. Okay, so, Aaron, just go to loangeek IO and then schedule a call with me. I'm gonna give you a demo, but. But it's amazing. It's a set it and forget it system. We take ACH and we take credit cards. The ACH fails charges a credit card on file. So it's just really a set it and forget it system. It'll do the amortization schedule. Your borrower can log in. They can make a prepayment at any time. They can see their current balance at any time. Every pain point that I've had in the note collection business, I'm solving. And everything I hate about the note collection business, I'm getting rid of. Like, I hate note setup fees. This is one big thing of water here. Check payments. Yeah, that's what ACH is, Aaron. Are check payments. So it's the same thing. So we'll get the check. We'll get the routing number and account number on file. It'll get processed. It'll automatically go every single month for ACH or check payments. If the check bounces, then it'll charge the credit card as a backup on file as well. How did you get that? Messenger plugin on your website, frontierpropertiesusa.com. How did you get that messenger plugin? I think. I don't know. I have to look. You know, Seth, we got so many crazy geeky things going on. I have to look at it. Oh, look who's on. Good morning, Danielle dival. How are you? Danielle and I, we. Danielle, we still had our call in 14 minutes, which I'm very excited about. Yeah, I would just get someone on Fiverr to do it for sure, which is probably what I did. Anyways. So, Danielle, how many do we have right now for boot camp? And is there any more room in that. In that room? If you haven't signed up for boot camp yet, go to the Lankic.com for. But Danielle will tell us how much time we got. Let's see. I love the idea of putting Facebook messenger on our website. Have not seen that on any other website. Oh, I know. You're saying, okay, so I use a program called manychat. Manychat.com. and then they give you a widget and then that's how you do that. All right, here's Eric Volkers. We buy land and exclusive zip codes, build brand new and then sell. Eric, that's not really a question. Do you have a question? All right, 60. We can squeeze a couple more in, but you. But you only have until Friday to sign up. Okay. So two more days to sign up and then boot camp for Vegas is closed. Closed. Awesome. But very happy with 60. Danielle. Yeah, we're getting spammed. We're getting spammed. It's crazy. I love it. David Benalis. When are we going to do our. Did you get that link? We were going to talk about scarcity mentality and abundance mentality. Or maybe we'll just do it another time. Did you ever get that, that be Live link? Oh, look who's on. Scott. Todd. I'm so excited, Scott, for that accounting course. I can't even tell you because it's such a pain this time of year. Everyone needs it. Nope, no link. You know, I sent it to David Benalis@thelangic.com. maybe that's what it is. Maybe that land geek email is just so slow. I don't know. Sorry about that. Does anybody have any questions? Scott, Todd is on. Dave Benalis is on. Danielle's on. Who's got a land investing question? Oh, by the way, the next flight school class starts tomorrow. If you're interested in flight school schedule, call with David or mike@thelangic.com and get in on the next class in May. All right, here he is live now. Scott todd.net accounting I love it. I love it. All right, so Kendrick Hudson, how do you pick the areas to buy in? So basically what we want to do is we want to know definitively that there's deals being done there, right? So basically what we'll do with our county research is look for areas where we know definitively there's deals being done. So the easiest way to do that is usually going on like a site like landandfarm.com or landsofamerica.com and then just seeing, okay, looks like in this county in Florida, there's a lot of deals being done. Right. It's really not more complicated than that actually. So. And then the simplifile, is it a simplifile county as well? I love simplify. I don't know, Scott, do you need anything else? You Google it, maybe Google certain areas. But you know, if you're, if you're not getting a sense that there's a lot of raw land sellers, you in that area, you're probably not in a great area. But we talk a lot about that. We like at boot camp, we go like go really deep on that. All right, Aaron, so how do you not run out of money to buy land? More down out what you sell or bigger monthly payments? Well, Aaron, you know, we sell everything on terms. So eventually we run out of money, right? So what we'll do is we'll sell our note 12 months of our cash flow to an investor, we'll get our money out and we'll redeploy that capital into a new deal. If we really need, you know, like, let's say a big deal, we, we might just, you know, borrow because when you're making 300 to 1000%, I can borrow at 24%. It doesn't matter if at that point what I borrow at. So that's another way to do it. All right, Scott, Todd, eBay sales. Who's doing ebay sales? I don't even understand that question. Ebay. Oh yeah, you can look at ebay for county research. EBay sales in that area. All right, so how do you determine value? How do you determine value? So as far as what we're going to pay for that property, we'll take a look at the comps, right? And we want to have this, what Warren Buffett calls a massive margin of safety. So if the properties are selling, and we'll know this by calling the assessor, right? But if, let's say on average the properties are selling for $10,000. Then the most we want to pay for that property, we're going to divide by four is $2,500. That gets a three, a 300% margin of safety, return on investment. So worst case scenario, we can liquidate at a 300% margin. So, Kendrick, does that help? That's for cash. That's for cash. And that's also including the back taxes. So if they owe, let's say in this scenario, comps are 10, I offer 2,500. We start doing due diligence. It looks like, oh, they owe 5, $500 in back taxes, then the most we pay to that seller is $2,000. Hopefully that helps. Any other questions? We got eight minutes. We got eight minutes before we have to end coffee talk. Hope you're drinking some coffee. Comps divided by four. Exactly. That's exactly what we do right now. If the comps are all over the place and you can't get a sense of it, essentially, then you could take the median value and divide by four. I actually like taking the lowest number and dividing by four. Now we want to get a response rate of 3 to 5% on our offers. Right. If it's lower than 3%, then we're probably too low coming out of the gate. It was over the higher than 5%. We probably offered too much and we probably need to retrade going back to our sellers and like, oh, you know, I didn't realize this or that this is really the most I can offer. So those are going to be some good metrics to know when you're, when you're doing that. And actually, Kendrick, I have a web class on this, so. So I think it's. If you go to the landgeek.com freetraining, you can register for the web class. Any specific list to mail? Any specific list to mail? I don't. Any specific list. I don't think I understand the question. Any specific list to mail. Okay, got clouds. Get to boot camp. The clouds will clear. I had clouds. They clear. That's true. All the land investing clouds in your head dissipate and everything becomes clear at boot camp. And John Patton is going to be there. John's got an amazing story. An amazing story, John, hope you're doing well. Love seeing you on these coffee talks. All right, Aaron, for your information, don't blow up Facebook with Scott's new auto tool, you will get banned for posting groups. Great tool if you listen to what Scott says in his videos. That's good. That's really good advice, Aaron. Thank You, Danielle. There it is. We got two more days to register and then. The doors are closing. The doors are closing. Devin's gonna be there. I can't wait. It's so fun, Devin, to, to meet everybody in person too. It's, it's, it's a really great weekend. You're gonna love it. You're gonna love it. And again, all your land investing clouds are gonna dissipate. Scott Todd. How does Aaron know? Yeah, Aaron, how do you know about don't blow up Facebook with Scott, the new auto tool, because I got banned. Oh, that's not good. So how do you get unbanned? Yeah, if you guys aren't automating your postings with Craigslist and Facebook, go to posting domination.com land geek David Banalas. John Patton is a man I'm scared of getting his messages in the afternoon asking me what I did today to build systems. I love it. I love it. It's only a two week thing. Oh, okay. Well, that's not terrible. Facebook can put you in timeout for one hour up to 21 days from the Facebook whisperer himself. For those of you who have the toolkit, it has been updated. We're also updating the due diligence course this week. So don't forget to log in and see all the new information there. All the updated information. We have a new Facebook course. We will be updating the Craigslist course of Scott Todd as well. And we are improving, we are already improved the due diligence course. Way, way better. Way, way better. So be on the lookout for that. I'll send it out an email with when all of it's been deployed for sure. Dave Tingers, as a newbie, I look forward to meeting you all at the boot camp. Yeah, Dave, it's gonna be amazing. It's gonna be amazing. Bruce Anderson, can you create offers if all you have is the assessed value? Absolutely. You can take the assessed value and divide by four. The problem is that, you know, assessed value, market value can be, you know, really two different things. But if that's all you have and you can't get a feel for the market, start out there, see what you see, what kind of response rate you get, and then adjust. Nothing wrong with it. Nothing wrong with it. So, Bruce, hope that helps. Bruce, are you coming to boot camp? I don't know if he's not, if he is or not. All right, Scott Todd's gonna be there. Tate's gonna be there. David Alice is gonna be there. John Patton's gonna Be there. Tom Willis is gonna be on, I think it's the seventh boot camp. He's gonna be there. It's great. It's great. All right. No, not this time. Flight school. Oh, okay, good. Flight school's gonna be amazing. Amazing. The beautiful thing about flight school, Bruce, is that it's not academic. You will be doing the work in real time and having Scott right there helping you, answering your questions in real time. There's nothing else like it because we all know the best way to learn is to do. And the problem with any kind of home study course is that you kind of get paralysis analysis and it's really hard to execute. This is forcing you to execute in real time. I love flight school. Yeah. Aaron, if you go to the lanky.com bootcamp, we've already booked for Orlando in October, so we will be there. Actually, you can register for the October bootcamp now in Orlando. Did you get your self journal yet? I have not gotten the journal yet. I need to, I need to get it for sure. Seth, it was a great tip. Put that journal in, in the, in the comment section again. So, you know, I'll go to the link. Executing the 12 week year with this journal. Amazing. Amazing. I love it. Danielle, you know we should do is we should actually have this as like a glue gift as this journal for all the new coaching clients to help them with their 12 week year. It's not a bad idea. All right, one more minute, One more minute. Anything else? Well, I just want to thank everybody for jumping on these live coffee talks. I really appreciate it. It'd be really lonely if I were here by myself and hopefully everyone's getting value out of this and getting their questions answered and things are becoming clear. They're getting value. So all we want to do is give value again. Don't forget about the podcast. And if you subscribe, rate and review the podcast Art of Passive Income model podcast, send us a screenshot of your review. To support TheLangic.com, we're going to send you for free the $97 Passive Income Launch kit. And hopefully everybody's enjoying the new roundtable segments. And here is the link to get that journal from Seth. So awesome. Awesome. The 12 geek year. That's exactly it there. The 12 geek year. Thomas. Do it more often. All right. I like the enthusiasm there. All right, well, I want to thank everybody and. Sounds like, yeah, I already have a book. It's already done, Aaron. I'm still editing it called Dirt Rich, which is like my story kind of talks about the land investing business. Hopefully it's not total crap. Writing a business book is really hard. The problem with writing a business book is that you take these simple ideas and then you gotta wrap, like, 200 pages around them with anecdotes and science and stuff, stories and blah, blah, blah. But, you know, really, it's a very simple idea. Want to make money in land investing, business mailing and marketing. It's one page. All right. All right. Thanks, everybody. Thanks, Aaron. And we'll see everybody next week. And hopefully Dave and I will get on a call today and do a live Q and A. All right, thanks, everyone.