How to Value Land Properties - Nite Cap with the Land Geek Guys!

Mike Zano.

Scott Fostman.

May the Fourth be with you, my friend.

You as well. He'll drink to that.

Good to see you again.

Same deal.

What's. What's going on? We're waiting for Land Geek Nation to. To file in here. It always takes a minute or two for the audience to show. But if you are just joining us, it's a very exciting day in my life. It's Star Wars Day.

May 4th.

Look at you, dude. I love the baby. I love the baby. Yoda.

Oh, this little guy.

That little guy. Yeah. You know what his name is, right? We probably shouldn't spoil it in case people haven't seen it.

Wait a minute. When do we learn his name?

Oh, we learned his name in season two.

Is it hard to pronounce?

Not too bad. Not too hard to pronounce. John, Jiki's here. He's. Of course. He's a Trekkie. John, come on. Come on, John. You can be a Star wars guy for one day, right? Devon Lowry's here. Devon, how are you?

Hey, Devon. Hey, John.

Nice to see you guys. As always, we're here to talk land investing. I'm Scott Bossman. That's Mike Zano, the Zen master.

This is Baby Yoda.

That's Baby Yoda. Zenmat. You know what? Let's tell everybody where you got your name. The Zen Master.

I don't even know. Mark gave it to me.

Well, what came first? The. The M M's or. Or the Zen master?

Oh, M M's. Yeah, for sure. That was like my first boot camp. We were just. I don't know, I said something. It's like M M's and, you know, mailing and marketing, and that definitely stuck.

And that evolved to.

Not many people know that origin story.

Yeah, I mean, it's kind of, you know, a prequel to the Land Geek days.

Yeah, yeah, it was. It was my first boot camp. And actually Scott Todd was at that boot camp and. Wow. Yeah, that was way back. Look at all that's happened since then.

Look at all that's happened. Yeah, it's crazy, isn't it? I have a favor to ask for those watching. How is our sound? If you wouldn't mind telling us. And then, Devon, I'm going to ask you a favor. Oh, he's on LinkedIn. That's cool. I don't know if we've ever been on LinkedIn before. Mike.

We have a LinkedIn.

Yeah, well, Mark has a LinkedIn channel, and now we're live on LinkedIn. So put your suit and Tie on. No drinking on LinkedIn.

I feel totally underdressed for LinkedIn.

Yeah, right.

Is it appropriate to have the hopps hat on? I don't even know. Like, am I breaking any rules LinkedIn wise?

I don't know. I don't know. So now we're on. We're on the Facebook Land Geek page, the Facebook motivation group, YouTube and LinkedIn, which is pretty cool.

This is a momentous occasion.

This is a momentous occasion. You'd think that we would have triple the viewers.

Oh, the hotline's open. I'm getting text messages.

We live in the rerun, so. So some. Some housekeeping details, folks. If you would like to ask a question on any of these platforms, please do. If you'd like to remain anonymous and ask a question, please text the land Geek Hotline, 608-387-8981. Mike's monitoring the hotline, and we can answer questions that way as well.

And Scott Bailey says the sound is good.

All right. Awesome. Thank you, sir. So the Zen master. That must have come from Breathe in the mailing, Breathe out the marketing, right?

Yeah. Yeah. Well, I think so. I think that gave off a little vibe. And, you know, it's part of really being accepted into the fold. You know, Mark gives you a nickname, right? You know, you like the nightcap O.G.

The nightcap O.G. don't be you. You.

Yes. You see the jealousy in my eyes, don't you?

The Dude Buddy, though people may not know where that comes from.

Yeah. What's that come from? That's kind of.

That's kind of fun story. And then we'll get to the questions. I'm not. I'm not avoiding you guys. I'll get your questions. But so I am. My nickname is the Dude Buddy Nightcap OG So back in the beginning part of the business. Well, when I get excited, I say dude buddy. It's just kind of. It's a tradition. I've been doing it for, what, 25 years, since I was in college. You know, I'd see my buddies out and about. Dude buddy. Like, it's a greeting. It's a. It's like an exclamation of excitement. It's like an exclamation of anything really stress. Like, if something bad happens, I'll be like, dude buddy. Right?

Or if I see Mike Zanel call me dude buddy. Under different energy modes, I should say. Yeah.

So I was going through coaching, and I was very excited about this deal, and I. I kept. I. I boxed mark. I box Mark. I'm like dude buddy. Like excitement. Right? I can't believe this deal. This is a game changer. This is before I'd met you, so I didn't say game changer.

And I remember listening to that before I met you.

Yeah, Mark. Mark played it at boot camp, at all these boot camps. Yeah.

Sizzle reel out of the sizzle reel.

Yeah. So I was known as dude buddy even before I. I knew I was known as dude buddy. So that's kind of cool. John says when your last name is boss man, do you need a nickname? I. I really don't, John. It's. I'm spoiled.

Well, we have also Dan and Heidi Connor saying hello, hoping we're doing well.

What's up, Dan and Heidi. Good to see you guys.

Thanks for chiming in.

So, Devon, nice to see you. He's got a couple questions, Mike. One is opinions on the most recent Fed hike. Interest rate hikes, Mike. And how's the raw land niche affected by the new rates? So we could talk a little bit about, you know. Well, go ahead.

Well, initially, I don't think we've had any, you know, initial sudden impact. Sudden impact.

Right.

Movie sounds like a. Sounds like a Steven Seagal movie. So no initial sudden impact, but, you know, everything is connected. Everything certainly is one web. It all moves together. So I'm sure there'll be some. But, you know, it's a unique business that we're in. We provide a very. Well, I was gonna say like a boutique product, but is that the right way to say it was a very unique niche that we have? Right. And I don't see any immediate changes happening or coming down in the short run for what we're doing. I mean, I suppose there are some longer term ramifications for the economy and so on and so forth, but initially, let's just start there because I'm not an economist. I'm no Ray Dalio, but although I love his books, right now there's been no. I have experienced no negative impact, no positive, no, no impact whatsoever from that. We're still. We sold two properties today. Right. So I don't know, Business as usual.

It's definitely business as usual right now. Land is hot. We're acquiring properties like crazy. You know, I think if you were to ask Mark back in the day, back in the day in 2008, when, you know, there was a huge quick change, he didn't feel that for a year or two. So the, the response to the changes in the market may be a little bit delayed in land time will Tell the nice thing though, Mike, is that, you know, a lot of people think that we're buying these really huge properties, right? So some of you that are new to this, maybe you just found us, we're buying relatively low value properties. We're not parking a ton of money in one property. We're parking a little bit of money in a lot of properties. And that to me is our protection, right? When you have 20, 50, 100, 150 land contracts, right. There's protection in that, right?

Also, let's look at how we buy these properties. So Devon, I don't know how new you are to us, but you know, we're buying these assets 25 cents on the dollar. So we are somewhat insulating ourselves from fluctuations in the economy. The land could devalue or, you know, significantly and we'd still have plenty of money to make because we buy these literally 25 cents on the dollar. We make our money, we insulate our proper, you know, we just keep ourselves safe, let's put it that way. And that's why it's another reason why we advocate those who work with us that you consistently mail. Because by consistently mailing you'll have an opportunity, a large choice of potential properties to buy from. You have a big opportunity bin of opportunities. You should have like a virtual bin of opportunities and then you can select the best deal. If you, you only mailed a little bit, Scott, and you really, you really may not have a huge amount of choice and you might be pressured to buy something that's quite, not quite right and not quite the right price. So consistently mailing is another way we protect ourselves, right?

And then part of his question, I think he says here was framed assuming financing is involved with raw land. So, so Devon, most of us don't, don't charge interest. We do finance properties, but there are no interest rates that we worry about really in land. I mean some people charge interest, right? But you can also kind of, you know, do, do a relative interest almost where a little bit higher price is built in, right?

And we're not borrowing money to purchase these properties. We're not working with lenders. This is all, most people that are doing this business there. It's self sustaining and you know, we're not borrowing money. We don't not leveraging debt. This is something that feeds itself. You know, when you get to a certain point in this business, particularly so it's not going to cause us to have to increase our pricing. You know, we really, it's a unique business. It's Part of the. I was going to say it's part of the land armor that we wear. How's that sound, Scott? The armor that we surround ourselves with, we mail a lot. That's part of the armor we buy. 25 cents on the dollar. That's part of the armor we sell. Fun. That's a lot of the armor. It's the land armor.

That's true. It's very true. You know, Devon, I would also recommend, you know, and I'm not assuming you're new, I'm just, you know, if you're new, I would recommend checking out some resources. Dirt Rich by Mark Podolsky is a great quick read and tells a story of Mark Mark's journey when he started in 2000. We have something called the passive income launch kit, which is free. If you go to the landkeep.com you can enroll in that passive income launch kit. And it's a series of little tutorials that take you through, you know, different. Basically the anatomy of a land business in a very short span. So those are some good resources.

Yeah. And then there's two resources right here.

Yeah.

You can jump on a call with one of us and we could talk to you about it.

Yeah, we'd love to talk to you, Devon. So if you're interested in having a quick call, shoot us a text at the hotline there. He says he switched to YouTube. I don't know why Devon is LinkedIn not happening. Maybe he's afraid of seeing colleagues on there. Maybe they can see his watch history on there or something and they notice that he's watching two guys drinking bourbon or something. George Kenyon is here. What's up, George? How's Monica? Good to see you too. He says, question is, Mike, do you feel that the buy sell ratio is times four still or is it times three at the moment? So I think what he's getting at, for those who maybe can't decipher that is we typically buy property for 25 cents on the dollar. So is that still the ratio or are we doing maybe 33 cents on the dollar?

You know, even properties we're buying in quote, unquote, competitive states like Florida, we're still around 25 cents on the dollar. I believe that we're consistent with our mailings, we do a lot of them and that we reap the benefits from that. So, yeah, it's still one to four in our world.

Yeah, I'd say one to four in some areas, one to three in others. That's just kind of what I'M seeing now I, Mike, I, I think some areas of Florida, you and I have worked them. It's really hard to buy property 25 cents on the dollar. But the cool thing is these states are so huge and these counties are so huge, you can still find pockets. Right. Where you can get these properties at a deep discount.

I just thought that the Pocket Land investor. That would be a really great least pamphlet, maybe not full book Mayfield book.

The Pocket Pocket Land Investor.

The Pocket Investor. The Pocket Investor.

All right, I'm gonna see if that domains are available here in a minute.

Well, while you do that, I'm gonna. Scott Bailey wrote in, I think one of the things that helps the land investor that is an important aspect is it's an inefficient market.

Yes.

Because we bought, we're buying lower properties rather than properties that are over 50,000. Would you agree? And absolutely, Scott, because if you buy higher end properties, you know, then you're looking on Zillow, you're seeing all these different comps. Realtors are in the game. We're buying properties that Realtors don't really want to spend time on because the commissions would be so low. You really are setting the price. So you know you can get 4, 5, 6, 7x return because you construct your payments in a way that work really well for the end user but at the same time give you a good return on your money in terms of velocity. Like you get your money back quickly, a good yield, but also an incredible return. So the inefficiency serves us well.

John says you just brought he just bought that domain, so I guess you're out.

John will buy it back from you.

Margaret Edwards is here. Margaret, nice to see you. She says flight school went overtime tonight, so she's jumping on late.

Margaret, we're so happy you're here. Maybe Scott Todd's in the house drinking his pina colada.

Scott Todd likes pina coladas.

If you like pina colada and mailing all day.

Margaret, hope you had a good class. Speaking of flight school, people like flight school. I thought you guys were land investors.

So what is flight school?

Scott Bossman dude, buddy, Flight school is a four month program that teaches you how to become a land investor. And it's, I think perfectly paced. You're going to feel a little uncomfortable going through it, but you're going to come out the back end buying land, selling land. You're going to have some things outsourced, you're going to have some things automated. And in just four weeks you're doing deals. So our next flight school starts May 25, and the instructor for flight school is none other than the best of the best, Scott Todd.

Yeah. You know, who would he be like in the Star wars universe since today is May the fourth be with you?

Well, he's definitely this guy. Yeah, definitely that guy. Don't you think?

So who would Mark be?

Well, so maybe Mark is Master Yoda because he trained. He trained Scott Todd.

Will he be. Would he be Obi Wan?

Scott Todd could be Obi Wan.

I guess he's a good Ewan McGregor.

Yeah, good Ewan McGregor. I don't know. That's. That's. I kind of think of Scott Todd as Master Yoda, though. Maybe, you know, Master Yoda had to have an instructor, so maybe that was Mark.

So. Great analogy. Sorry, but the Barnharts have a question.

Oh, Cody and Jackie. What's up, guys? I owe you a call. We're going to get on a call here in the next couple days.

What are the top ways to streamline the due diligence process? Bas Datatree Due diligence, Scott. How do you streamline that? And what did. Wait a minute. We have some new viewers. What the heck is due diligence anyway?

Yeah, good point. So on all these prospective purchases, we need to do our due diligence. We need to determine if the chain of title is clean, if there are any encumbrances, if there are any back taxes or liens on the property. We need to know the physical characteristics of the property. Is there road access? Are there power lines? What kind of property is it? Is it a recreational property? A residential property? But, you know, Cody and Jackie, you guys are so spoiled because back. Back in the day.

Uphill, both ways to school.

Uphill, both ways to school. Due diligence. Yeah, it was tough. It's tough. We had to hire our own people. We had to. We had to go through it and learn how to do it ourselves. Not that you're not. I'm just. I'm just being funny. But there are a number of options these days which are definitely effective to help you streamline this process. So there are services where you can purchase a due diligence report. Landva4u.com, I think, does a great job with their due diligence reports. Landva4you.com is run by two land geek grads, Pete and Anthony. We gotta have them on sometime.

Mike, we actually talked to them about that. Yeah, we're gonna follow up with them.

So. And then there are. There are other ones. Out there, too. Parcel review.com is another one they do. They do good work. You can, you know, go to upwork, and I bet if you type in due diligence, you'll find people on there to help you do, help you with that process.

Due diligence, help you do the due diligence.

You know, the other thing, too, you know, these services might cost, I don't know, 20 bucks. 20 bucks for a property report, 25 bucks for a property report. You know, you could, you could pay 20, 25 bucks for property report and see what they do and then teach somebody else how to do it for cheaper.

Now, you could say one way to streamline it is to start with the win and have good county research. So when you, when you're going to mail to an area, we mail very specific areas where there's thousands of similar properties. So by researching the qualities and the uses of those properties prior to mailing. Now when someone says, hey, I'd like to sell you my property, you just need to know, who am I talking to? Can they convey ownership and what's the tax burden, if anything? So that's another way to streamline it. Do your county research. You're sort of like, it's like you're pregaming the deal.

Yeah, I like that. I like that. Work in an area where the data is easily found.

Yeah.

Question from Glenn Gutton. Glenn, I see you, another LinkedIn viewer. That's pretty cool. He has a question. Are property taxes impacted by land sale values? So, first off, property taxes on land are very nominal, especially on some of the parcels we own. Right. Like, you'd never think, Mike, that you'd own five acres of land and the property taxes would be $65 a year.

Right.

Now, based on the sales in that county, they might change a little bit. They might go up $10 the next year. $10 the next year. Right. But I think in all of the properties I own, like, I can't think of a property that has more than $120, you know, annual taxes, something like that.

There's a very specific model we follow, and we choose areas, and one of them is relative to the yearly taxes.

Yeah. Out east, the taxes are quite a bit higher. Out west, taxes are very, very nominal. So we don't let that, we don't let that dictate our process too much. Glenn. The other thing too to remember is that when we sell these properties on financing, we're having our buyer pay the taxes. So we disclose how much the taxes are. How might they do that if the taxes are $120 a year for a particular parcel of land. My buyer is paying us $10 a month, and we just work that into the land contract.

Nice. Prorate.

Yeah, we prorate. And then I still take care of the tax bill, but I'm not using my money, so it works. Well, Devon, what are some of the larger parcel sizes you have bought? 100 acres. Thousand acres, Mike.

Well, how big was our mountaintop? That was a big one.

Our mountaintop was 300 acres.

Yeah.

So that's the biggest I've ever bought. Course, I split it with you. So 150 acres, right?

20. 20. I mean, I purchased, you know, in one subdivision, a lot of acreage. Right. But not one particular unit. So I think I know that. So how big was that one? Yeah, so, yeah, maybe the most I purchased at one time would be like 500 acres. But, yeah, that was combining multiple properties. So when single purchase, that was probably it. That. That mountaintop. Scott and I owned a beautiful mountaintop in. Where was that anyway? I don't even know.

It was outside of Elko, Nevada. Yeah, it was definitely a whale.

Yeah. I loved that property, Scott. I mean, the views. I would have loved to just had a little cabin at the top of that.

The views are amazing. Yeah, it was a beautiful property.

Perhaps we should have kept it, huh?

Yeah, I don't know. Maybe should have. It took us a while to sell it, though. We had it. You know, we could have. We could have gone and used it.

That's a great topic for one night. It's called land regret. Not really. Land regret. Not really. Like, what properties would you have loved to kept?

Right.

Yeah. Because you loved them. Held onto.

Here's what I often think about, though, Mike. It was a very cool property. And when you see it, you're like, wow, that's awesome. I'm so glad we bought that. But when you just look at the data, we spent a lot of money on that property. So what if we had taken our money and bought how many properties? Like, we could have each bought 30 properties, probably. You.

Yeah. And made more money, you're thinking, I.

Think we would have made more money. Or we moved. We would have moved it quicker. We moved the properties quicker.

Yeah. Yeah. It's a good. That's a good way to look at that. You're right. So Cody and Jackie love the answer, I think, because they sent a picture of them toasting, you know. Cheers.

Good for you guys. I hope. I hope they're enjoying flight school. They I think they're in about week three. I think that's right, week three. Week four, flight school. So Margaret's a little further ahead than them. Kyla Rice says Lee County, Florida is still ripe for the picking. All right, I'm going there.

I've done deals there.

Yeah, George says thank you for the answer. How do you generally determine how much to buy, slash, sell a 10 acre property if there are mostly 2 to 5 acres? If they're mostly 2 to 5 acre properties in this area, Mike. So, so you have, let's say you have a big subdivision, 90% of the properties are 5 acres and then there's a 10 acre here and there. How do you, how do you value that?

Here comes the inefficiency. Yeah, you know, we just. To me, I would make, I would make an edgy.

Oh, is Mike frozen or am I frozen? Hold on. Mike, are you there? Let's see here. Mike is frozen. All right, folks, well, we'll let Mike chime back in here in a minute. I can take questions and I'll try to DJ this thing by myself. But to answer that, George so. Oh, wait, incoming call. See if this works. There he is. He froze up on me.

It just disappeared.

That was weird. It wasn't me. Even.

So, land's inefficient. I would just, based upon the other properties in the area, I would make some calculated assumptions and buy safe and make a lot of money.

Yeah, I think generally like, let's just say a five acre property is valued at $5,000.

Yeah.

The 10 acre property, I might value at 9,500, something like that. Right. Just for instance. But really, you know, it's all about just getting the conversation started. So that's the most important part. What's so funny over there?

I'm just doing the hotline.

Oh, you're doing the hotline. Nice. Sean, is a great question. See, this ever happen to you, Mike, in the hundreds of deals you've done? Probably thousands now or thousand, whatever. What do you do if someone builds on the property and causes the property taxes to increase? Well, there's two questions there I want to talk about. So what do you do?

I've never had anybody build on a property prior to paying it off. Never.

Right, so. And that may be something else that people new to the business, maybe they think I talked to a gentleman yesterday. So you're improving these properties? No, we're not improving the properties, we're, we're moving them. And realize that a lot of these properties are rural. They're Residential properties, but they're rural. There's sometimes. Well, a lot of times isn't. There aren't any utilities, no sewer, no water, no power lines. A lot of them are recreational properties. Sean. The beauty is we're buying these at 25 cents on the dollar. And if you're marketing enough and the deal is irresistible enough, you should sell that in 30 days or less.

Well, basically, I could almost say that we're repackaging the land in the sense that we're not improving it or anything of that nature, but we're giving it a new wrapper, which is the marketing. You know, we're taking it and we're repackaging it. We're promoting it. We know where to show it off. We know where to get people's attention that are looking for land like this. So not really improving it. We're just repackaging it and showing it off.

Nice repackaging. Like it. This guy over here on the other side of the screen, he's full of analogies. Like, he makes me jealous. Oh, stop. Oh, stop. So therefore the property taxes don't increase because of building. Now, in the hundreds of deals I've done, I've had one instance where a guy started building on the property and I didn't know about it. Now, that was actually against the community, the county rules and restrictions, and he should have cleared that with me, but he did not. So that was a little bit of a mess. I was biting my nails a little bit. But it was nice because he had been paying on the property for three or four years. It didn't become an issue until that time. And instead of dealing with a headache, I just did it in the property. So it was his mess to deal with the old.

Deed away the problem.

Deed away the problem. Awesome.

Scott Bailey writes in. He's in flight school. He's in his first county. There's not a lot of similar comps. In fact, comps for one acre properties, there are only a few. And they range from 2,000 to 15,000, possibly higher. With such a wide range, I'm having a challenging time coming up with a decent or an okay offer price. I sell it on a range between 8 and $900 because I'm conservative. Thoughts, question mark?

Yeah, I mean, that's a, that's a, that's a tough one. I, I would say, you know, what's the motor, what's the more frequent comp you're seeing? And I would probably go by that. Divide by four. Male.

I'm wondering about this area where you're seeing only a few comps. So not to say you're not following the recipe, but just to double, double check Scott and dive in. If this is an active county, you should be finding more than a couple of comps.

I.

And then you would have some more consistency. So maybe clarify is that what's happening? Like you really can't find that many comps. How'd you pick this property? What was your, what was your methodology for this county? Oh, yeah, so he's saying Navajo County. And so there are a lot of different areas in Navajo county. And so there would be definitely. Let me say this. If you're looking at one acre properties across the county in any county, you're going to have huge fluctuations. But if you look within a very small micro portion of any county, you should have some, you should have some consistency. So really dig in. Navajo County's got a lot of great areas. Really dig into a very specific.

You.

Know, location and you should get some better comps in that very micro analysis. Don't, don't do the whole county.

All right. Awesome. Yeah. I mean, Google the name of the subdivision. Look on Zillow, look on Redfin, look on obviously Land Moto Land Flip. You know, those, Those first few 3, 4 digits of the parcel number should tell you a lot. Now I will say this. I mean, Mike, there are still some areas out there where not very many land investors are working. If that's the case, you're taking a little bit of a chance, right? If you can't find the data, you're maybe going into a new area. We don't necessarily recommend that as beginners because we want you to go where there are other land investors, where there's a market for buying and selling.

No data, no go, right?

Yeah. When you get things up and running, then you can maybe, you know, experiment a little bit. Let's see here. All right, what else is new?

I don't know.

Are you even having a bourbon tonight?

I am having a bourbon inside of my special drink.

Probably whiskey. I like that.

She made me a hot toddy. My throat was a little sore.

Oh yeah, that stinks. Sorry to hear that. We should get you to bed early.

It is early compared to old time. Nightcap.

It used to be 10 Eastern. That was. That was late for you.

Yeah, for sure.

So, any other questions out there? Mike, what's your favorite part about May 4th?

My favorite part is it makes my buddy dude, buddy happy because he's a big Star wars fan.

Obi wan Kenobi May 27. It's coming.

Oh yes, yes.

Pretty excited about that.

It's a pretty good day.

It's a pretty good day. Pretty, Pretty good.

I might bring this guy in the office every day, sort of oversee me. Yeah, like what do you think? Good deal?

It's a great deal. I think it'd help you get some deals done. Well, what do we got coming up? Oh, I was gonna say earlier, I think I did mention the next flight school is May 25th. So if you guys are ready, if you're ready to become land investors, shoot us a text. Let's get on a call, talk about this. Why is this such a good business? Mike to why is it such a great business to get up and running?

Well, this business is not overly exciting. In fact, I describe it as boring. But that's great because there's all these repetitive tasks that have to happen over and over again daily, weekly and so on and so forth. But we don't have to do them. We can truly build a business. We can truly be the captain of the ship, the entrepreneur. We can, we can overlook a team of people that handle all these processes and a very cost effective team as well. So what's great about the business is that you can build some significant mailbox recurring money and you can build it in a way where you're not handling all of the minor details. The returns are incredible. Now we're in a micro market. We're buying properties, let's say a couple thousand dollars, like two thousand dollar properties. And we're selling these for six to eight thousand dollars or more over monthly payments of two or three hundred dollars. So our money comes back quick. We can redeploy it and buy more property. These properties sell quickly once you learn how to build your buyers list and get dial in your marketing. Of course there's a learning curve in the beginning but the message I've been sending to people lately is that there's going to be these walls that we're hitting a la. The the, the last lecture by Randy Pouch. Yeah, if you think about that, it's so true though. You know, there's people that'll hit an obstacle and they'll just drop away. You need to have the resilience, the, the, the, the fortitude, the grit to just keep going. And if you keep going, even only improve 1% a week. Think about what's going to look like in a year or two. You're going to have an incredible business model and this, this, this model can literally change your life. It's Changed my life. I know it's changed your. Scott.

Yeah, without question. And when I got into this, I didn't have a lot of time and I didn't have a lot of money. And this is a business that you can grow without a lot of time and not a lot of. Without a lot of money. I was. I was working full time. I had four kids. I got this working with. With an hour a day, maybe. Maybe a little more.

Yeah. We were talking about this on the office hours. So office hours come at the tail end of flight school, sort of like a group Q and A. And someone was asking about time management, and what I was saying to them is that it's remarkable what you could do in even the half hour of focus time. Which means if you got up a half hour early or whatnot, and you literally just time blocked and did one specific item and deeply focused on it, you could move this business forward in literally a half hour a day. I'm convinced of it. You just put deep focus in on that half hour.

Yeah.

You can truly make some huge gains.

Yeah, you really can. And the nice thing about flight school is it helps you focus that hour. So it's very difficult to focus that hour when, I mean, it's all. It's like our community. I love our community. Mike. There's a ton of information, but it's almost for the beginner information overload because there's thousands of videos on YouTube, there are 7,500 people in the Facebook group, and just thousands and thousands of posts. The investor toolkit, although it's a great product and that's what I started with, is overwhelming sometimes because it's just a ton of material. It's like you're having to put this puzzle together. Whereas the flight school helps you focus your time because you have some very specific activities to perform every week. And these activities build upon the. The ones prior and it gets you to the point where you're doing deals. It's pretty exciting.

Yeah. That's something that. When you realize the power of this business and you want to start taking action, you have a choice in front of you. You can spend the time and the energy and go and reach. There's so much information out there that you could literally piecemeal it together and you could figure this business out. But what I tell people is this is a real cost to your time. And if you would, at the end of it all, add up the time and the effort, you probably spend more than it would cost you to invest in some serious training. Such as flight school, because it doesn't leave any guesswork. It's dialed in. You know exactly what to do, when to do it, and you do it in a progressive manner that we know this is the most important part. We know this works, as Matt Forbes would say, demonstrably, this works incredibly well. And you're replicating a well known and well oiled process. No guesswork. Forget the guesswork. Would you guess how to make brownies? Would you guess how to make a holiday roast? Would you guess how to put together some sort of really fancy, you know, dish that you're going to eat? You wouldn't want to guesswork. Hey, I just. Scott, I just grabbed a bunch of stuff. You know, maybe if I'm an excellent cook and I have prior training, right. But if I knew nothing about preparing food and I just went to the kitchen and just started slopping things together, it's probably not going to taste so good, is it, Scott?

No, the recipe is not there. No, it's not.

But you probably say, Mike, that's great. Probably make me feel good. Yeah, it's very good.

Yeah. I mean if you slaved in the kitchen all day, I'd be like, it's of kind. Amazing. Unless you're making me rock heavy. The meat pudding. Not a fan of that.

Oh, I found a new supplier.

Oh, you did? Is it more flavorful than the other, the other producer?

They're all flavorful.

They're all flavorful. See, there's really no flavor other than just, I don't know, I wasn't a fan. Love you. But.

Well, I can't wait to have. What do you call it? The, Is it a cannibal sandwich? What was the name you gave me? You could do something up near your way. You talking about like a, some meat sandwich, a raw meat sandwich? What's it called?

There is, but. Well, I think what I was talking about was lutefisk, though. It's a Norwegian dish. It's like fish pudding.

Oh yeah, yeah.

It's gross though. They soak it in lye.

Well, when I was a kid, my dad loved. Well, he still, I'm sure he still loves it. Tapioca pudding.

I love tapioca pudding.

But to prevent us kids from eating it, he said, oh, I can't wait to get home tonight and have my fish eye pudding because it'll look like fisheye pudding, isn't it?

Oh, that's great. I'm gonna think of that now next time. I.

None of us ate it. We're like, we're not eating that fish eye pudding. I don't think I could eat it today.

Oh, man. The book, the dip you guys recommend is great. John says that is a great book. John, have you read it? Takes what it takes yet. Because I really like that book. It is. It honestly makes you ignore the dip almost. So the dip, what does that. Mike, that sounds negative, right?

Yes.

So all sorts of things come with the dip, right? I mean, psychological fatigue, financial hardship, you know, put on some pounds, whatever. Didn't have a good day in the business. But neutral thinking is my new thing. So, John, I would check that out. I like it. All right, George has another question and then we're coming up on the hour. What's your thought on taking credit card payments for cash deal? Is there an amount limit on what you accept credit cards for? Do you eat the credit card fee? That's a good question.

So we've done that number of times. We have eaten the credit card fee and I don't know, I sometimes, like, if it's like a 15, you know something, I, I would. If it's a bigger number, I might split it up into a few payments. I don't know, some people might say don't do it. You maybe should do a. Some sort of wire or whatnot. But, you know, we have a solid purchase and sale agreement which I feel protects us, so we've done that.

Yeah, I just. I don't know. I. It's always been policy for us that we do a money wire on cash deals and it seems to work really well. So now I have done a. I have used credit card on some smaller cash deals. One $2,000, something like that. But typically we're doing money wire. Just works well.

So we have another text. Howdy. My name is Sean Sadler and I've been doing my due diligence on all things Land Geek awesome for the last two months. And I'll be signing up at a May 25th flight school. Well, great, Sean, happy to have you.

Sean, if you want to talk about.

Strategies to really get yourself prepared for that class, we can reach out to you and set up a time or we get on our schedule. We'll give you a schedule link. We'd love to talk to you about ways you can get prepped for that.

Yeah, there's a couple different options to choose from too, on the flight school, so we can definitely talk to you about that.

Awesome.

Do you think I could play that? Oh, I don't know if it'll work with my AirPods. I was gonna play that vox from that guy in flight school. Remember?

I love that one. You want me to try to do it?

Let me. Let me see if I can find it and then I'll play it here in a second.

All right, I think I have it available too. I saved it on my phone.

Any other questions here before we go? We're gonna leave you with a little motivational nugget here. This is pretty cool.

I just texted it to you.

You did? Okay, awesome. I'm gonna take my AirPods out and let the mic pick this up, so. One second.

Good way to end it.

Yeah, I think so. You hear me? Yeah. All right. So foreign.

Just wanted to tell you today is. Tonight is my and my wife's last flight school with Scott. Scott Todd. And I wanted to just tell you. Thanks, man. This we wouldn't have got in here if it wasn't for you. Just to give you a little bit of our success on your guidance.

We.

We just made our eighth sale. We bought. I just bought our 15th property. We did three cash sales for just over 20,000. And we did five turn sales and we have over $1300 in passive income, man.

So.

So it's amazing to think we've never bought any land in our entire lives up until we joined flight school and just followed the process. So appreciate the community, appreciate everybody and wanted to thank you for taking the time to answer my questions and all your help and guidance. And then also, you know, the advice that I should do. Flight school was a great move. Thank you, buddy.

See ya.

Amazing. And why is you. Why everybody always sends you the food? Cool boxers.

You get cool boxers like that all the time.

Oh, I don't know. Everybody loves Dude, Buddy.

No.

That's really powerful, by the way.

What? What? I. You know why? You know why else it's powerful? Flight school is 16 weeks, but he sent that to me at week 11.

Wow.

Week 11 is when he sent that. Amazing. I mean, that just goes to show you. Trey had never bought a piece of land before with flight school and with learning Scott Todd's recipe and just following the recipe. He did as Margaret said here. He lifted off. He lifted off in flight school and it, you know, took massive action. And look what he did in just 11 weeks. Pretty phenomenal. So you guys can do it too. So give us a ring. Let's talk. Drop us a message in Facebook. In the Facebook group LinkedIn. Drop me a message on LinkedIn.

Yeah. This is awesome.

Drop me a message. Drop us a message on. On Mighty Networks as well.

I'M gonna have to start dressing up for these shows now that we're on LinkedIn. Sorry, folks. On LinkedIn. Suit and tie next time.

Did we ever do that suit and tie episode? We were thinking about that.

I think we gotta do it now. I think we did our first few LinkedIn viewers. It's time for suit and tie mode.

I think we did back in the day once. I think we did do the suit and tie. All right, everybody, thanks very much. Mike, what night next week?

Oh, Thursday. Sure.

Thursday the 12th or Wednesday the 11th?

Oh, no, no. Summer graduates from her college curriculum class on 12th. So let's do the Wednesday.

Wednesday the 11th.

Yeah.

All right. 5, 11. We'll do it then.

See ya.

Spread the word. We want more viewers.

Yeah, bring them in, bring them in. Now that we're on LinkedIn, anything land related and other topics.

Anything land related. Anything life related. That guy's a very wise man on the other end of the camera. So he'll impart his wisdom on you.

Just repeat quotes.

All right, thanks, everybody. Have a good night. We'll talk to you later.