00:00:00	I worked on my land investing business part time for about 18 months until the land investing income exceeded the investment banking income. And I've been doing it full time ever since. I've done over 5,200 land deals and I absolutely love it. The way the model works. Let's say, for example, I'm looking at 10 acres in a county in Texas and I see, oh, there's Gwen on the tax roll.
00:00:27	She owes $200 in back taxes. Well, Gwen, you're advertising two things to me. Number one, you have no emotional attachment to that raw land. It's in Texas. You live in Minneapolis, Minnesota. And number two, you're distressed in some way because you owe back taxes. And when we don't value something, we don't pay for it. What I will do then is I will send you an actual offer on that property.
00:00:54	And the way that I do that is I look at the comparable sales for the last 12 to 18 months. So let's say, for example, in that county In Texas, it's $10,000 for that 10 acre parcel. Well, all I'm going to do then is divide by four and that gets me what Warren Buffett would call a 300% margin of safety. So I'm going to send you an actual offer of $2,500 for your 10 acre parcel.
00:01:20	Now, in reality, 3 to 5% of people are going to accept my, quote, top dollar offer for that property. So Gwen accepts the offer and now I need to go through due diligence or deep research. Number one, I gotta make sure Gwen still owns the property. Number two, I've gotta make sure that there's no liens or encumbrances on the property. Number three, I've gotta make sure there's no breaks in the chain of title.
00:01:46	Number four, I gotta make sure that there's legal access, ingress or egress. So just to make things simple, everything checks out and we go ahead and we buy the property. Now that we own the property for $2,500, we have a best built in buyer. And this is how we're gonna sell this property. In 30 days or less, the best built in buyer for that property is going to be Glenn's neighbors.
00:02:11	And I'm going to send out neighbor letters and saying before I go to the open market, here is your opportunity to expand your holdings. Protect your views, protect your privacy, know who your neighbor is going to be. So oftentimes, the neighbors are going to buy that property for $10,000. Now, if the neighbors pass, we'll go to our buyers list. If the buyers list passes, we'll go to Craigslist and we'll go to Facebook Buy Sell Groups and we'll go to lands of America.com
00:02:39	or landmodo.com there's all these land websites. So essentially, we're going to make it irresistible. We're going to make it a car payment. Ideally, we're going to get $2,500 as a down payment, and then we're going to owner finance that property, let's say at a car payment of 449amonth at 9% interest for eight years. I've just created a passive income note for the next eight years of 449amonth, and I don't have to deal with any renters, rehabs, renovations or rodents.