Land Investing Mindset Myths Dispelled

Hey, it's Mark Podolski, the land geek. Their favorite niche real estate website, www.thelandgeek.com. and on this week's roundtable, we've got almost all the usual suspects. We've got dude buddy, the nightcap meister, the nightcap OG Scott Bossman. Scott, how are you?

I'm great, Mark, how are you?

I'm great, I'm great. Good to see the newly aged out technician Eric Peterson after vacation post birthday. Eric, how are you?

I'm good. Feeling refreshed.

Good to see you. We've got another old man. Tate Litchfield just had a birthday. How's it feel to be in the 20s now, Tate?

I'm out of the 20s, Mark.

No kidding.

Yeah, officially on the downhill now. You know, it was one of those birthdays that it's a little rough. It was a little rough. But just don't remind me too frequently that I'm not a 20 year old in my 20s anymore.

Well, you know, you're still the big papa. Yeah, yeah, yeah, yeah. The ageless wonder, the terrorist hunter, Mimi Schmidt. Mimi, how are you?

Great, how are you?

It's good to see you. I have to say, like looking at all of you, I just feel very old. Very, very old. And of course, last but not least, the land geek Sherpa for flight school, Scott Todd from Scott todd.net landmodo.com and if you want to automate your Craigslist and your Facebook postings, postingdomination.com thelandgeek and also learn some stuff@investorninjas.com Scott Todd. How are you, Mark?

I'm great. How are you?

I'm great. I'm great. Before we start our roundtable, so let's say that by the time this goes out, we have already completed our Vegas boot camp, which is really exciting. But if you have not signed up yet for the Phoenix Scottsdale boot camp, go tolandgeek.com bootcamp and start making your plans for October. Be the early bird, get the worm. Right for sure. Also, if you want to start learning more about flight school for filling up fast, go to the landgeek.com training schedule call with the dude buddy himself or the Zen master, Mike Zaino. So today's topic is a really interesting one. It is mindset myths. And we've all seen some people come into the land investing programs with sort of a different myths in their head. And so I think we should just unpack some of them and explore them and see what everybody's been seeing. So we might as well, start with the technician, Eric Peterson. What are some of the myths out there that you see? Okay.

I think a common one is just it seems like everybody's working in this county. That's the last place I should go. We hear that from people coming into the community all the time. And the reality is that's not true at all. If we have a lot of other investors in that area, that's actually a good sign, and it shows that property can be bought and sold in that area with relative ease. So that's actually a place you want to be. Now, can an area become oversaturated or too many investors in a given area? Not really. I mean, there's a county where a lot of us work, and I think a lot of people might have that perspective, that there's too many people there. But the reality is I still buy and sell property in that area on a regular basis, and I know many others on this call do as well. So, you know, I don't think that one's true at all.

Yeah, I mean, I can prove it's not true because this is an old business concept. Let's just call it the McDonald's concept. Right. McDonald's spends millions of dollars doing market research. Before they open up a McDonald's, they'll do traffic counts.

They.

They'll look at demographics. They'll look at, like, you know, all these data points, and then they'll determine this is a good market for McDonald's. Sure enough, on that corner, who else pops up? Burger King, Wendy's, Arby's. Keep it fresh. Subway. They all start competing on that one corner. Now, why doesn't McDonald's then just throw up their hands or all these restaurants just throw their hands and say, well, it's just too competitive. It's not. There's a market for all of them. And so it's the same thing. Right. There's a strong demand for fast food, and that location is very strong. So they all go in there. They don't consider competition. They consider it a good area. And that's the way that we should consider some of these counties where it appears that the market saturated. It's not. It's a good county because there's demand for it. If you eat burgers and fries like me, then there's people out there that are eating raw land. Be there, give it to them, serve it up. Make sense?

Absolutely.

Yeah. And you see this in a number of different industries. Same thing with, like, in the hotel industry. Right? They. They all sort of congregate on one sort of area. So that is a common myth, and hopefully it's been dispelled. The nightcap meister, hopefully sober. What's some myths that you see?

So, mindset myths. I think we touched on one last week, and that is when you're done with your list in one particular county, you need to move on to another county. And that's something that I think people. They have a little misconception about, is that, you know, when I get done with my list, oh, I got to go somewhere else. But what people need to realize is that you can. And you should remail. You should remail every 90 days, and you should keep showing up in those people's mailbox because you might hit them on the right day, especially if it's in an area where there's a good market, like Eric was mentioning. So I think that is one of the. One of the mindset shifts that many of us have to make when we first start this business is that, you know, when we. When we're doing deals in one area, there's no need to move on quickly because they're. These counties are vast. Now, if you want to move to a different area of the county, that's cool, but you're in that county. You know that county. There's no reason to cause yourself more stress in moving to a different county and having to learn all of the new systems and territories in that county. So that would be one of my. One of my mindset notes, I guess.

I love it. I love it. So basically, stick with a profitable county and keep mailing it. It's that simple.

Yep.

Some people get bored making money. It's an interesting thing, but it happens. It's like they just want more complexity. They want more of a challenge. I get it. We all do. But keep making money and then, you know, maybe take up yoga. Right. That's a challenge. So do that. The terrorist hunter. Mimi Schmidt. What are some of the myths that you see?

I noticed that people who are new or beginning in the industry don't realize how many ads they have to put out have sales and consistent sales. And Eric's talked about this a lot. I'll have coaching students. They'll put one Facebook out. Ad out. They'll put the three properties that they own. They'll list them on lan Moto, and they'll just be learning to put ads on Craigslist. And they'll be so stressed out that they haven't had a sale yet. They don't understand that you have to have so many Leads. So many more leads. When you get to where you have more leads than you can manage, where you're struggling to manage all your leads, and there, there's this momentum that's, that's being created. Right? Because if you have 10 ads posted one day, the second day you'll have 20, the third day you'll have 30. Right. So after 45 days, which is how long most Craigslist markets will hold your ad, you can imagine the number of ads that you've got out there and the momentum that's building. And that's when you start to see things really pop, is when all those ads are up. I think that's, that, that's a big one for most people.

Yeah. I mean, it's always more ads than you think. And we talk about this a lot at boot camp, having that, that GEICO mindset, right? You don't have to be a billion dollar company, but you got to show up consistently to the point where you know that 15 minutes might save you. And we all know the answer to that, right? Because it's just been drilled in our head so many times. That's a really, really good point. Tate Litchfield.

Don't mind's that. Mine's one that I see frequently, too. It's this idea that I don't need a va, I can just do this on my own, right? People assume that they're not going to get burned out. And they love this and they're so excited about doing every aspect of the business. And before they hire somebody to do a task or a job or take responsibility on something, they need to be an expert for this. And, you know, it's just a backwards way of thinking. You can't do it all. If you do do it all on your own, you're going to last, I don't know, a handful of months. And even the success that you have is not going to be enough to keep you focused. You need help. And it goes back to this idea that you're running a business here, you're not playing business. And so my advice is hire fast, fire fast. You know, you don't need to have the most skilled VA in the world doing a job for you. In fact, you're probably going to go through a few different VAs until you find the one that you really get on with. And once you do that, I mean, yeah, expand, go to the next task, check the next box. But you always have to be looking to bring on support, right? I guess that's what a VA is. It's Your support team. It's your armor. It's your backbone. Right? These are the people that help you reach your end goal. So don't think that you can do it all on your own, because I've seen too many people do it, and they just burn out and they take six months off, and then they come back and they have great success, and then they're gone again.

Yeah. I mean, you know, the whole point of doing all this is to make money in your sleep. And if you're doing all the work, you're basically nullifying the whole promise of the passive income model with no renters, rehabs, renovations, or rodents. We take this simple model, we build this machine. You make money in your sleep. You have true wealth. You have true freedom. You don't have to get up like, you know, Scott Bossman used to do and have to be somewhere at a certain time to meet a client. That's wealth. That's freedom. But if you're doing all the work, you just create another job for yourself. I don't get it. You know what would be great, Tate? I'll be honest with you. It'll be great. What if I could just look over your shoulder and just watch how you work?

You wouldn't believe. You wouldn't believe how many people want to do that, Mark?

I wish there was something out there that I could just watch and just see, and then I don't have to think about it. And it would be amazing. I don't know how much that would be worth, but I wish someone would. Oh, wait, we did create it. If you go tolandgeek.com lots l o t s look over Tate's shoulder. You can watch how he works. And guess what? He ain't scrubbing the list. So just do that, Mark.

They even get a chance to look at kind of the reports that the team sends in every week so I can compare the numbers and analyze the business from a high level. From the level of what Scott and you have taught me, the CEO. Right. I'm looking down and seeing where the growth is, where the problems are. It's pretty cool.

Yeah, Absolutely. Absolutely. So, Scott, Todd, we've given you the biggest challenge because we've already talked about a lot of myths. So you can't reduplicate the AD myth or the county myth or the VA myth or the, you know, can I just switch counties when my list is done? Myth. You got to come up with a new myth.

Wow. I was gonna go. I was gonna use all of those. Like, everybody kept stealing Mine, believe it.

Or not, that's why I saved it for last.

Yeah. Okay, so mine is probably financially related, right? Like, people. People enter this, I think, with very high hopes, like being too optimistic, if you will. And, like, I'm all about high goals, right? Like, I want to achieve big goals. However, you know, when someone thinks like, okay, well, in my first 90 days, I'm gonna have $1,500 of passive income, or, you know, $2,000 of passive income, That's a stretch. It really is a stretch, right? Like, it's. It's hard. It's a hard number to get to. It doesn't sound that hard, but it is. And it's because you've got to build the infrastructure of your company. You've got to build. You got to start somewhere, you know, like, you cannot. You're not gonna hit the ground running. And I don't care if you're real estate investor already. You're learning something new. You've got to build the pipeline. Mimi said it. You got to build the pipeline of your ads, you know, you got to build the pipeline of your mailings, right? Like, it's not about, hey, my mailings came in today, or I mailed them today. So within the next seven days, I'm gonna have offers. It's four to six weeks. And even some of the coaches on this call would tell me I'm crazy, that it's, you know, longer than that. Six to eight weeks. So I always say four to six weeks. So you've got the first two months of your business, like, just getting the will, the well going, the pump going, right? And then you're gonna start buying the properties. Well, you gotta learn how to sell them, okay? Like, you really need to learn to sell them. Mimi said it. You got to put a lot of ads out there. You gotta. You gotta find your voice. You gotta find. You gotta find the things that will launch you. But you need to hit the bag at every single level. You gotta hit the mail and the market, and it doesn't stop. It is a. It is a fight. And I think realistically, could you have $10,000 of passive income in your first month? That might be a stretch, right? That's a nice number. It's a stretch goal. Could you easily do, you know, 6 to 10, 6 to 8, maybe? Like, that's a pretty good. That's a pretty good. That's an aggressive goal, but something that you can achieve. I mean, we have coaching students that are hitting great numbers. I mean, Tate and I are like, rooting for someone right now. I'll leave their name out. We're rooting for them because how long have they been doing this? Like nine months, maybe seven months.

Well, I guess probably like seven months since they went through flight school and then started with me. Yeah, probably seven, eight months.

And they're literally hustling everything they have to get their 50th sale by tomorrow. That's their goal, not ours. That's their goal. 50 sales by tomorrow after, let's say seven months. I don't know the exact number.

They got a countdown going, Scott.

It's like an hourly countdown, Mark.

Yeah, it's like 26 hours, 32 minutes and 8, 7, 16 seconds. Like it's crazy.

That's the motivation, right? Like that's the hunger, the motivation to do it. And I don't doubt that they're going to do it. Now what's their passive income going to be? It doesn't matter, right? Like it doesn't matter because you see they're hungry and they're attacking it. And then the numbers will follow. They're controlling what they can control. And then what will happen is the numbers and the passive income and the wealth and the time, all of it will come because of the patience that they have. And I mean, like, I don't do a lot of quotes, but I definitely love this one from Tony Robbins that says, you know what you think you're going to do in one year. Most people overestimate what they're doing one year and underestimate what they'll do in their lifetime. So it doesn't really matter how long it takes someone to get to one. One number, whatever it is, it's a made up number. Mimi, she just kept chiseling away at it. Scott Bossman kept chiseling away at it. We all just kept chiseling away at it. I think that's the difference. If you think, oh, I'm just going to roll in here and hit 10 grand and be done. Well, you need to right. Size your expectations and then re approach it and attack it like this one coaching couple is doing. Because it is possible to do great numbers fast.

Yeah, I love it. I love it. And then should I come up with a myth that I see? Why not?

I think so.

Not. You know what? One of the myths that I see is people telling me that they can't do a deal because they don't have the money. And that is just the saddest thing ever because the money is really not a big deal in this business. It's finding the deal. You find any asset. Doesn't have to be raw land, anything. 25, 30 cents on the dollar, someone's going to help you do that deal. So don't ever think, well, I'm running out of money now, so I guess I can stop my mailing or stop my marketing or stop my machine because I'm out of money. No, go find the money. Keep investing. It's an investment. I mean, look at it this way. If I told you if you buy Tesla stock every quarter and every quarter it's going to go up 300%, you just got to wait three, three months to, or six months to get your capital out, but then after your capital out, it's going to grow 300 to 1000%, would you say, well, I guess I just don't have the money for that stock anymore. You'd find the money. You would borrow. You would joint venture. You'd get creative. You'd call me up and say, mark, I got a great deal. Give me some money. Of course anyone would invest. Go to your local bank and see what they're giving you on a savings account and then start talking to your friends and saying, hey, you know, if you're getting 0% on your cash on the bank, I can give you 8%, 10%, 12%, 15%. It doesn't matter. Get the money, do the deals, and build your wealth. It's. It's literally that simple. But that, I think that's a huge myth. Scott Bossman. You see that?

I totally see that. Yeah. Talk to people all the time. I don't have enough money to be doing this, but really, when it comes down to it, you can use other people's money. You can do an option agreement. You can essentially double close on deals. There are all different ways. You can wholesale property quickly to other investors and make a quick profit, move on. So definitely, definitely something that I run into a lot talking to people.

Yeah, I mean, there's, there's money out there. Go, go get it. Don't, don't let that stop you. For sure. So I thought this was a really good topic. Any, any last closing thoughts before we put the terrorist hunter on the spot and ask her for her tip of the week? No. All right, Mimi, you're on a website, a resource, a book, something actionable for the art of passive income listeners to go improve their businesses, improve their lives. What have you got?

There's just a website. It's called alltrails.com and you can use it for a couple things to Build your hiking avatar. I also, in Trello, on the left side, in the first column, I have a list of links, important links, and so I have about 10, 20 links for my ad copywriters to go and find out about areas to help them write new and creative ads. So this is an ad that they have that they can go find out about the area. You can also make PDFs out of the hiking trails. Include that in your marketing material. When I'm writing my letters to folks, I try to find new and interesting content that I can find to interest them in the area where I'm selling land. So I want to create credibility for why they should buy with me. But I also want to increase their interest in the area where I'm selling. So I can send them a link like this and say, hey, go check out the hiking trails in this area. You're going to love it and you're going to definitely want to buy land here. So there's a couple different applications that you can use for these type of links, but I like this one in particular.

All right. I love it. I love it. Alltrails.com Fantastic. Well, I want to thank all the listeners, and hopefully you're getting a lot of value from the podcast. If you are, the biggest favor you can give is subscribing, rating, and reviewing the podcast. Send a screenshot of that review to supportlandgeek.com we're going to send you for free the $97 passive income launch kit. And, you know, be cool. Scott Bossman.

What's that?

If we did an influencer contest. So if you are an influencer, and let's say you go on the Facebooks or the Twitters or some social media and you say, just listen to the Art of Passive Income podcast roundtable, you put a link to it and then show us how many likes or comments you get from that one comment. The person with the most, let's give them a free toolkit. $2,000. That's cool.

Nice.

That's a good. That's a good. You know, Are you an influencer? Let's see. Show us. Prove it. How y'? All? How do you like that?

I like it.

I just caught. I just literally just came up with that only because I just wanted to show Scott Todd, he's not the only one that comes up with good ideas. Occasionally I come up with one. Scott, do you like it?

I do like it. You know, if we can get 100,000 shares, that'd be great. We can beat the popsicle company.

If we could beat the popsicle company. So that was kind of a play off the popsicle company idea, which nobody's.

Gonna know we're talking about because that podcast that we just recorded where we talked about the popsicle idea, that will come out, what, five months from now?

Maybe.

So.

Yeah, maybe later. So. So I guess I better explain what it is so that people are like, I got it. Or should we just let them.

No, no, you should explain it. But I still get credit for the idea.

Okay, so basically, we recorded another podcast, just Mark and I and a guest before this one. And I said that the popsicle company. You guys know the popsicle company, right? They make the popsicles. You guys all remember? Maybe Tate. Tate does not. Tate doesn't. Cause I don't even know if they had popsicles when he was growing up. He's so young. But everybody else is going to remember this. Mimi, I know you're going to remember this. The Popsicle company. When we were growing up, there was two popsicles in a bag, right? Like, two popsicles. And you'd have to take them and you'd put them on the counter and you'd break them, right? Like, you break them and, like, sometimes you gotta go, bam. You take the knife out. You have to, like, I don't know, get brutal with the thing. So the Popsicle company, sometime, I don't know, some time ago, they went to singles. They're each in their own little sleeves. And so they said, listen, if you guys retweet this a hundred thousand times, we will bring back the single popsicle. The two popsicles in one bag. And it did. They did it. They achieved it. So they're bringing back the single popsicle. I don't know if it's a special event or what. So I was telling Mark, like, mark, we need something we can give away. Like, something that we can give away so that people will, like, share what we have, like 100,000 times. Like, the popsicle company. And, you know, it took him a little while, but he did come up with this. I think it's a great idea.

I just came up with it organically. Thank you.

Yeah, you only had, like, about an hour to come up with the idea, but that's okay. It's okay. Better late than never.

Look, I'll take it. I'll take it. When you get to my age, I'm lucky to generate any ideas without ginkgo biloba or massive amounts of caffeine. Tate has no idea what we're talking about. I guess we should recommend Stranger Things to Tate so we can see how we grew up in the 80s.

Oh, yeah, yeah, I saw that show.

It's good.

Is that really how you guys grew up? You could just ride your bikes anywhere you wanted and play?

Yeah.

Miles away from the house. Our mom wouldn't even know that we were riding miles from the house, going to the mall. We would jump into a lake. So we were swimming unsupervised, jumping our bikes into the lake two miles from the house. Mom didn't even know.

No cell phones to track where you are. Your parents couldn't call you. They told you what time. Be home for dinner. Okay. Be home for dinner. You could leave early. They couldn't contact you all day long. There was no phoning in. There was no phone at home at all. There's no ET Phone at home. You were out. It was freedom, man. It was.

It was great.

It does sound nice. It does sound really nice.

Yeah, it was incredible.

I mean, and then we all wanted cell phones. What the heck were we thinking?

Yeah, I know. Like, my wife yelled at me the other day. She's like, why are you tracking, you know, our son? Because I'm like, well, you know, he's at the mall with the, you know, my other kids. I just want to know when he's leaving. But in the 80s, there would just be no way to know. So something to be said for that, I think. Anyways, thank you, dear listener, for putting up with our tirade. All right, we ready to do this? One, two, three. Three. Let that breath. All right, thanks, everybody.

Really good with the Bearland.

Not here.

I hope Bearland didn't hear that he.

Can'T get to eat. They don't have the Internet where he is.

He's living the 80s life.

Yeah, exactly.

You know, in the Stranger Things, the Upside Down.

Know that mall that they have?

Yeah.

Yeah. So I was curious. I was, like, reading about the mall. So they. They found an old abandoned mall in north of Atlanta, and they went in there and, like, they recreated it back to 80s style. And I'm like, oh, man, that's crazy. So they have, like, this 80s mall that they use just for filming Stranger Things.

That's good to know. I'm like, on, like, episode three of season one, and then my wife's hating me, hazing me. She's like, why are you watching a kid show? It's Strangers.

It's taking me back to my childhood.

I liked it a lot. It was good.

Yeah. So. And plus, you know, Winona Ryder's in it. She's very 80s. Matthew Modine, very 80s. Can you name three 80s movies that Winona Ryder was in?

Et.

Beetlejuice.

Beetlejuice.

Heather's.

Heather's.

I don't know about the other one. There are a ton of them, though.

There's a ton of them. I can't help you because I don't remember, but I thought I'd ask a question.

Zaino was here. Yeah.

Is Zano in the dojo or saving lives?

That's a good question. I think he's in the dojo today.

He's in the dojo?

Yeah.

He's preparing for boot camp.

He's probably shopping to get ready for boot camp.

Got to get a new hat, right?

That's right.

Scott and I are talking like it's this. Boot camps. Me, super scary. It's the first time we're actually on the strip in Vegas. So there is some method to the madness of having this thing in July. So nobody wants to leave.

I think we'll have a great attendance on Friday. Saturday morning. That's another story. We'll see about that.

As a glue gift, we have, like, hangover cures or handing out.

You know, I say that, but the reality is people want to learn. They know how good this event is, and they'd be crazy not to be there.

Yeah, I think that should be a separate thing. Just go to Vegas and enjoy the excessiveness of all things Vegas.

What you do is you go to Vegas, you learn, you go create the passive income that will pay for your trip back. So, like you said, a goal. Like, man, when I get. I get $2,000 of passive income, I'm gonna take that $2,000. I'm gonna go to Vegas, and I'm gonna have me a great weekend. I'm gonna go. I'm gonna go stalk Tate. We're gonna ride my bike with Tate. Gonna go to lunch with Tate. Everything Tate. It's all very Tate. Tate, Tate. And then, see, Tate doesn't even know what to say. He's speechless. He can't wait.

I just can't believe.

I was gonna say Cheesecake Factory.

Yeah, Cake Factory.

If you guys need Tate's phone number, let me know.

The largest pasta dish of your life with Tate. After a bike ride, Tate just as.

Looking over Tate's shoulder. In reality, you can look over.

Right. Live, Live. Looking over Tate's shoulder.

They'd be bored.

Reality show.

Well, you say that, but, you know.

Nah, they'd be bored.

Changing diapers.

Ugh.

I can see your wife saying, like, Tate, who is that following you? Well.

Scott put out this thing in a podcast challenge.

You know, listen, it's not real. It's not real. It's a fake contest. So don't go do it. I'll let Kate off the hook.

Yeah, because I was just about to put you on the hook, too.

Oh, no. I'm getting off of it right now.

All right, that's it. That's a wrap, everybody. We'll talk to you later.

Thanks for everybody listening to the podcast and our bonus at the end. We appreciate it. Please don't stalk Tate. If you want to really stalk him, stalk him virtually. The landgroup.com lots. It's that simple. Make some money doing it. All right, thanks, everybody.