Resources:
Mark’s Foundational Land Training
Ep 015: Over 5,000 land deals one made him $5 million | Mark Podolsky
02:33 – Mark bought a thousand of acres of raw land in Nevada from the railroad, subdivided it and over the span of 5 years earned $5 million. “Buy Low, Sell High” says Mark.
03:13 – Mark talks about where the name “Land Geek” comes from. He says no one could remember his surname “Podolsky” so he made the name “Land Geek” so everyone would remember him.
04:01 – Mark shares his journey. In 2000, he had a high stress, soulless job as an Investment Banker. His firm hired a guy who’s side hustle was buying raw land for pennies on the dollar at tax deed auctions. He would then flip it online and make a 300% return on his investment. Mark did what this guy told him, and he bought 10 1/2 acre parcels for $300 each, he put it online and for the next ten days they were sold on an average price of $1200 each. He took all that money and went to another auction, buying lots of acres of land and for over 6 months he sold it for $90,000 cash. He decided to do land investing on the side and in 18 months his land investing income exceeded the banking income, so he quit his full time job.
07:40 – Mark is not interested in construction and in any physical things. He’s interested in the idea of shuffling paper and making money. Selling land is a one time sale, but you get a recurrent income every single month and you don’t have deal with any renters, rehabs, renovations etc. And, as a result of not having to deal with those things, he can work anywhere in the world.
08:31 – The other interesting piece to Mark is that Land selling is an inefficient market and there is literally almost no competition.
09:40 – Mark says selling raw land is the second best income model next to life insurance which is not fun to sell. Using systems and automation, 90% of this business is automated so he only works for two hours a week.
10:30 – Mark is more interested in working when he wants, where he wants and with whom he wants. His passive income exceeds his expenses so he is working because he wants to, not because he needs to. Mark says it”s the definition of ‘Total Freedom”.
14:05 – Mark talks about capital and where that is coming from. When you are making 300 – 1000% ROI you’ll find it. He started with 3 grand. You can buy a land in this business with less than 10 grand to start.
15:38 – Mark believes that if you want to be successful, you have to focus. Just like burning an ant with a magnifying glass.
17:02 – Mark says there is nothing wrong with multi-family. Land investing is your “gateway drug” into doing bigger deals.
19:23 – Mark also believes that playing monopoly with his kids and drinking coffee with his wife is way more fulfilling and enjoyable than trying to show off to your neighbors.
22:30 – Mark talks about how www.geekpay.io software works. You can use it for credit card or ACH. If you’re a Landlord, if you have an equipment leasing company, if you have an auto dealership you could use it.
24:31 – Mark also has a book titled “Dirt Rich: How One Ambitiously Lazy Geek Created Passive Income in Real Estate Without Renters, Renovations, and Rehabs”. People can find it on amazon or on www.thelandgeek.com/dirt-rich/
26:10 – Mark says what really deeply gratifies him is accomplishing those mission of eliminating solo economic dependancy for everybody.
Ep 016: How to buy and sell land for residual income | Mark Podolsky
01:56 – Mark shares how to find a good deal. He will look for a client with no emotional attachment to their land and financially distressed in some way. Mark gives them an offer and will then do in-depth research:
- He confirms the back taxes, if the back taxes are too high it’ll kill the deal.
- He’s makes sure his client still owns his property so that he can convey that ownership to Mark.
- He has to make sure there is no breaks in the chain of title.
- He makes sure there are no liens clouding the title.
- He finds out what is compelling about this property.
05:51 – Mark talks about “the neighbors”. Buyers often ask “who are my neighbor going be?”, Mark will send a letter that says “Here’s your opportunity, expand your holdings, expand your privacy, increase your networth, here’s this property right next to you for sale.” Often times the neighbor will buy it. If they pass they will go on their buyers’ list on Craigslist website or on the Facebook Marketplace and they will automate that marketing using the program postingdomination.com/thelandgeek/
07:04 – Mark says you can control 10 acre parcel taxes with only a $2,500 downpayment, he will finance the balance at $449 a month, or some card payment type number at 9% interest, no credit checks, and then you get this passive income of $449 a month coming in automated via geekpaid.io.
09:36 – “If somebody can make things easier for you, you’ll do it and pay it premium for it” says Mark. That is why people go to Mark to find land rather than buying it super cheap from themselves.
13:08 – Back taxes are the best way to find a distressed piece of land.
15:01 – Mark’s direct mail has a 3% – 5% response rate, he put the offer in the piece of mail.
15:48 – Mark shares how to get started. First is you just need to contact the county, get the list of back taxes and mail the list. When the owner accepts the offer, you then do your due diligence.
16:22 – Marks add that you also have to think like an entrepreneur not a freelancer. Entrepreneurs build bigger than themselves. The question is are your systems strong enough that you can die tomorrow and that business continue running without your involvement? If the answer is “YES”, congratulation you’re an entrepreneur. If the answer is “NO”, you’ve got work to do.
17:14 – Personally speaking, Mark is really comfortable with all types of leverage, the leverage of labor, the leverage of software and the leverage of money.
17:38 – Mark believes that you cannot penny-pinch your way to wealth. At some point you may run out of money, you might as well be prepared at that from the very beginning. There’s tons of people out there that are earning nothing on their money, help them! Talk to them! Solve their problem and give them 10%, 12%, 15%.
18:38 – Mark says that credit cards are another option, or any type of debt vehicle. Mark recommends debt not equity because the margins are so big, why split it?
18:47 – Mark is skeptical when somebody says it’s an easy model and a “get rich quick” thing. Nothing worth doing is easy. It might be simple, but it ain’t easy.
19:08 – “You need to be impatient with your actions, but you need to be patient with the results” Mark says.
19:29 – Mark offers his $97 course called the Passive Income Launch Kit. Just go www.thelandgeek.com/fearless/ for more information.
20:13 – Mark gives insight about geekpaid.io, it’s a software system to automate getting paid and managing your notes and making sure that it makes things automatically for you.
20:47 – Mark’s book called “Dirt Rich” is available on Amazon or you can go to www.thelandgeek.com/dirt-rich/ and learn more.
21:26 – Mark quotes “If you will do for the next 3 to 5 years what other people won’t do, you will be able to do for the rest of your life what other people can’t do.” – Zig Ziglar
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