http://www.reclandtalks.com In this video, Pat Porter, Broker for RecLand, talks about some land tracts he's buying. This is the 1st video in a series where Pat talks about things he does to help his real estate deals work. RecLand Talks is the video blog for RecLand Realty, the Duck Commander & Buck Commander Endorsed Land Broker. See our company website at http://www.RecLand.net or our video blog at http://www.RecLandTalks.com. RecLand sells rural real estate at http://www.recland.net.
Transcript in part:
- Hey! We're going down the road to a piece of property here and I wanted to go ahead and get this video done. It might be a little bumpy, I'm driving down the road in a truck. I'll tell you where I'm going with this video and probably a few more along with it as part of a little series. I got to thinking about some land deals that I've personally gotten done or gotten started, they're under contract now, over the last several months. This is about the middle of May and over the last, well less than five months, I've gotten, I think, 10 or 11 different deals that are either under contract now or we've already closed on them. One of them we've already closed on and then sold it. So I got to thinking, less than five months, I've got 11 deals going personally, and this is not what I do primarily. I run RecLand Realty. I'm a land broker. I've got agents in six states and that's the heart of my business, but as part of that, I also buy and sell tracks, and I've got partners who participate with me and we buy and sell property. So the buying and selling personally, is a small part of what I do. Running RecLand is the biggest thing and this is just a little small piece of that, but it all fits together sometimes hand in hand. So I got started thinking about these number of deals I've got going and I think, "Well shoot, "there could be some useful information for people." So I wanted to talk to you about it. Number one, these deals are not get rich quick kind of things. These tracks range anywhere from, I thought about it a little while ago, I think 20 acres was the smallest and 80 acres was the largest, everything in between. So there's no get rich quick scheme in this. There's no make a million dollars on your first real estate transaction, kind of late night infomercial stuff going on here. This is just day-in day-out, meat and potatoes kind of land deals. This is what I enjoy doing. This is really what it's all about, in terms of this business. You do deals, you make a little money. You do deals, you make a little money. Sometimes you make more than others, sometimes you break even, don't make anything. We try to avoid the deals where we lose money so for the most part, we typically make a little money, but not a lot. It takes a lot of deals, a lot of action to do well, and that's what we try to do. So I'm not out trying to hit home runs every day. I'm trying to just do deal after deal, head down, eyes forward, and take care of each deal as it comes, and let it just all add up as we go. So anyway, these 10 or 11 deals I've got going, there's some things to learn in it. I'm going tell you my thoughts on it, so this not going to be slicked up and edited kind of presentation; just my thoughts on what I do to make these deals happen, and you take from it what can be useful to you. The very first thing that you gotta get started with, is you gotta have a source for land deals. Well Pat, hey, that's easy for you. You're running RecLand Realty, one of the, it's a large regional land broker job. You've got plenty of sources for land deals. No, not at all. I've done these 10 or 11 deals in the last five months because I started looking for land deals, started putting more time and effort, and focus on doing that. Months and months prior to that, I hadn't done near the number of deals that I've done lately, and I'll tell you why. I did a large deal and it took some teamwork, and as an investment group, as a really big deal, I did that one prior to these 10 or 11 deals, but I wasn't doing near the land deals that I'm doing now. So just being in the industry, in the business, is not a sure fire way that you're going to just have land deals fall in your lap. It just doesn't happen that way. You've got to aggressively look for them. So the way you would do it, man you just gotta start turning over stones where you are. I don't know what part of the country that you're in when you're listening to this, but you've just gotta start looking in your world to see what's for sale and start investigating that.