If you are in the process of establishing your land investing business, you will need to master decision-making to ensure your success.
In this week’s episode of The Forever Cash Podcast, I discuss how to make management decisions in the acquisition phase of your land deal.
What is the acquisition phase in your deal flow?
There are two main phases in every land deal, the acquisition phase, and the selling phase.
You will always start with the acquisition phase. You identify properties in your chosen county and offer to purchase them for between 10 – 40 cents on the dollar.
During the acquisition phase, you will:
- Identify counties to test
- Acquire lists of property owners in your chosen county
- Send out neutral letters to property owners to find out if they are ready to sell
- Establish the property value and come up with an offer
- Negotiate with sellers
- Complete due diligence on the property
- Work with the seller to get the property to the escrow
- Hand the deal over to a title company
- Close the deal with the seller
Every one of these steps is a critical decision point that you have to confront as a land investing business owner.
How to organize the acquisition process in your land investing business?
One of the most critical actions that you need to take as the CEO of your land investing business is planning.
You will only succeed as a land investor if you take consistent and directed action every day to ensure that the deal process moves to close and, most important, cash in your pocket.
If you sometimes find yourself stuck or overwhelmed, the only way forward is to take action. And you will only be able to take constructive action if you have a PLAN.
It is up to you to make an action plan for your land investing business that sets out goals for the year, for each quarter, then for each month, week, and day. Once you have a plan, you will be able to identify actions that will have to be taken to move the deal process forward. You will either have to take those actions yourself or do the work needed to bring on resources to get it done for you.
As the CEO of your land investing business, you will only progress as fast as you plan to, so plan well.
How to make decisions in your land investing business?
Every step in your land investing business presents an opportunity for you to make a critical management decision.
The decision that you have to make is:
- How will the task be done
- Who will take responsibility for the task
Each decision you make will incur a cost.
You will have to pay for it with your time, or you will have to pay somebody else to help you. Each land investing business is different. You have to make the best decision for yourself and where you are in your land investing career.
If you are a beginner investor and have the time to do all the work yourself, you have the option to do so. If you do it all yourself, you will save money on outsourcing and benefit from learning each step in the process intimately before you bring on a team to scale your land investing business in the future.
However, if your land investing business is your side hustle, you may have to consider the benefits of automation and outsourcing to ensure that you don’t stagnate due to time constraints. This will cost you money, but it will also allow you the freedom to spend your time where you are most needed.
How to accelerate your land investing business growth
If you are looking into investing for the first time or have already done a few land deals but are ready for the next step, we would like to invite you to our upcoming Land Profit Masterclass, starting on October 25th.
Jach Bosch, the Land Profit Generator Master Coaches, and I will be taking you into a 5-Day deep dive into how to streamline your land investing business, accelerate your growth and maximize your profits.
If you are ready to embrace a life rich in entrepreneurial freedom, you cannot afford to miss this Masterclass.
To register, visit www.landprofitmaster.com!