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Mark J. Podolsky and Scott Bossman explain how to buy distressed raw land cheap, often from owners behind on taxes, then resell it with owner-financing for passive income. They discuss shifting from a scarcity mindset to reinvesting profits rather than hoarding them.
Chapters
Scott Bossman. Dude, buddy, the Nightcap OG it is another edition of Coffee Talk. Cheers to you, my friend.
Cheers to you. Mark, nice to see you this morning.
Always great to see you. How was Nightcap last night? I missed it.
Nightcap was a lot of fun. The boys were giving me a hard time about my new haircut. Apparently it was very Johnny Lawrence like. Well, you know, I put the hat on this morning, but have you watched Cobra Kai? We watched, we talked about Cobra Kai last night.
I have not seen it. I'm really excited to see Cobra Kai.
Yeah, now it's on Netflix. So Aaron and I have binge watched it here the last week. We have one episode left. And I would have to say the first season, I, I, it gave me goosebumps multiple times. The second season was a little, a little campy at times, but the first season was awesome. And so they make their, I don't know, apparently I look like Johnny Lawrence. So then I pulled out the Johnny Lawrence headband. Wore that for a while.
Right. So sweep the leg, Johnny.
Sweep the leg. Exactly. No mercy.
No mercy. So for those of who the millions of people watching us right now, live streaming, who are we?
So, Mark, we are land geeks. We buy and sell raw land and we buy it from distressed owners. Maybe they owe back taxes, maybe they've owned the land forever, they don't know how to get rid of it. After our due diligence, we'll purchase it from them at a deep discount and then we turn around and sell it for cash. Or our favorite owner financing because that creates a passive income stream for us. Which I know you're convinced because you convinced me it's the best passive income model.
Yeah, and again, I mean, I like to remind everybody I'm flexible like a yogi. If you can tell me something better, I'd be really interested in what it is. Because here's an asset, it's not physical, it lasts forever. Nothing to maintain, nothing to protect. It's a one time sale. And then we have a massive market and we have a huge demand for it. And then you get this recurring income on a passive basis without renters, without rehabs, without renovations, without rodents. There's no onerous real estate legislation. We're exempt from Dodd Frank, RESPA and the SAFE Act. The only thing I think that might be better is life insurance. But again, like I was talking to a life insurance guy the other day. He's like, if I'm on an airplane and I don't want to talk, I just tell a person I sell life insurance. It's just easy, right? We were getting some comments and we appreciate the comments. Say hi. Scott and I are going to do another giveaway today of lots. Racine was the winner last week, but she already had lots, so we're applying that towards her pending coaching program. Johnny Morrow, I am so grateful for you both. Scott, headband looked great.
Thanks, Johnny. I was told it took 10 to 15 years off. I appreciate that, too.
I'm pretty sure the Good morning, afternoon, gents, is Paul Brewer. What's up, Paul? Hope you're being safe out there. He's doing great. Paul, put in the chat your last deal. Facebook user. Hey, Mark And Scott, Hope you're both doing amazing. Hey, guys. See, for some reason, I don't. I don't see them, but I'll see.
If I can pull up there. Pull it up here. Justin Landowski.
Justin.
Michaela Zorsny and Dylan Miller.
Wow. Michaela. Michaela put in the chat your last deal. She's killing it. Cheers to all you guys. Also put it.
Put.
Oh, there she is. Already. I'm in a mood to haze. It's Racine the deal machine guy, our winner from last week. Good morning, Racine. Mahalo is. I wonder if the land our queen is on. What's going on with Blue Hawaii? Babel Racine put in the chat, so Facebook. Oh, Jen Ramquist is on. She says. Hey, guys. Good morning. So excited to be here and learn. Facebook user morning. For those of you who are excited to be here and learn, shoot us a question. I think this. Chris Denny. Hello, everyone. I think this morning, Scott, what was our topic going to be? Mentality.
Mentality. Scarcity mindset, maybe.
Scarcity mindset. Yeah. So, you know, put in the chat, like, I'll tell you how I grew up. You know, I grew up hearing money doesn't grow on trees, and there's just always this feeling like there wasn't enough. I talk about this a lot at boot camp, but, you know, if we went to a restaurant, it was never. It was never explicitly said, you can't order a drink. We just knew, don't order a drink. Like, we're not spending that extra $1.29. You know, water's free and that sort of. Kind of, you know, you sort of metabolize that as you get. As you get older and you grow up and you start interacting with the world and you feel like resources are scarce, and you start putting that stuff ahead of other things. And it takes this sort of mindset shift of, oh, wait a Second, we live in a world of abundance. And the only way to get to real wealth is to really, you know, embrace this. This wealth mindset, this abundance mindset. But ain't easy. I wish it were. What about you, Scott? How did you. How did you grow up?
So I. I grew up in. It was kind of interesting because I grew up in two families, right? So my. My stepdad and mom were in healthcare. Stepdad was a doctor. My mom was a nurse. And. And they did very well. My dad was a n. My dad worked in construction. And I would say both families were very cognizant of their spending, Right. I would say that maybe even when they didn't need to be, maybe they had a ton of savings or whatever. Maybe they had a great year, maybe they had a great project and whatnot. They just weren't, you know, they're very conservative with their money. So for me, it was, you know, all my friends have these toys over here. Why can't I have them? You know, I'd get one or two, but I wouldn't have, like. And you've talked about this too before, Mark. Like, you wouldn't have the entire Star wars fleet.
No. And to this day, I'm still looking for Boba Fett. I could not get Boba Fett. Like, yeah, that was where the line was drawn. Like, you could have. The main characters. Don't talk to me about Boba Fett. Like, imagine him as a kid, right?
So. So I don't know. We had humble. We had kind of a humble upbringing in that regard. But looking back, I really appreciate it because my parents were, you know, they're very responsible with their money. I wouldn't say they're necessarily frugal, but they instilled in me that, okay, you know, it's okay to have some things here and there, but you need to prepare yourself for the future. You never know what's going to happen. And that's part of the reason I got into this business five years ago, Mark, because I kind of woke up and I was almost 40, and I'm like, listen, I'm not where I want to be. Like, how do I get to where I want to be? Because it's. I'm not moving in the right direction.
Yeah, no, absolutely. And, you know, and the mindset is different than, you know, let's say, not. Not inculcating, you know, certain values. Right? Like, I. Like my parents, you know, we had certain values. Like, my dad was a workaholic. Like, that's all I know. Like, he'd get up early, he'd go to work, he'd come home late, he'd do more work. And, like, that's what I saw. Like, this is how you. You do things in life. And, and nothing was really given to me in a way. Like, I was, I was, you know, hustling since I was like, you know, 10 years old with a lemonade stand. And then I had a little cookie company. And then, like, in high school, I had different companies, and you wanted to get a corsage for prom, like, you had to go through me. So, you know, my parents had always instilled, like, you want to make money in this world? You get, you know, we're not giving it to you. You got to go out and get it. But the scarcity mentality and abundance mentality I think, is very different in the sense that, you know, once I had money, how was I going to reinvest it? Was I going to get stuff? Was I going to hoard it? Was I going to be afraid that I was going to lose it, or was it going to reinvest in myself? Next level? And I think that's where the abundance mentality kind of comes in. But it's tough. Like, you know, I don't think a lot of us see it day to day. Like, I don't remember my, my, my dad being like, I'm. I'm going to a wealth seminar this weekend, son. You know, like.
Right.
You know, like, what do you mean? He's like, well, I'm gonna, you know, figure out how to mitigate taxes. You know, just different ways to develop yourself. And in all these sort of, you know, different areas of life, whether it was, you know, spiritual or physical or didn't see it. So, you know, I had to, like, figure it out in a way. And it's tough, but it sounds like you, you know, like, everyone in your family is, like, well educated.
Yeah, that's for sure. I mean, I come from a family of really hard workers. Hard workers. They're. They're up at 5 in the morning. They come in, you know, after dark. Like, that's, that's what those people did. Like that I always had that mindset that I had to be doing those things or that I should be doing those things in order to better. Better my situation. Maybe I can work really hard at something and then in the end, have more time.
Says, hey, gents, glad to finally make it to Coffee Talk Live. What's up, Andrea? Another Facebook user says hello. Now. Another Facebook user.
We had a little Somebody restarted their computer. See if that helped. Michaela is having issues, so it must be a broadcast issue.
Oh, well.
So it doesn't look like it's working very well.
All right, well, this is a fun coffee talk.
It's really choppy. We're freezing. We're talking freezing Topping. Talking.
So super choppy.
Yeah, it's the Same. Same on YouTube and Facebook. Super choppy. Live video interrupted. Can't hear a complete sentence they said. All right, so, yeah, let's do the.
Giveaway, and then we'll come back, you know, another time, figure this out.
Okay. Awesome. Okay, she can't win. I think she's already won.
Who is it? Is it Don?
Natalie? Natalie Mino. But we can apply it.
We can apply it to movie spies Like Us with Chevy Chase and Dan Aykroyd.
Oh, I love that movie.
I love that movie. And there's that great scene where Chevy Chase is trying to get out of the new.
And on that note.
And on that note, have a great Friday, everybody. Work on your mailing, work on your marketing. And if you've not signed up for five.
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