How to Flip a Vacant Lot in 30 Minutes

Introduction

• Joe Mall presents a step-by-step guide to flipping vacant lots.
• He shares his successful strategies and tools used in the vacant land business.
• Offers free resources at simplelandkit.com.

Three Main Steps in Flipping Land

1. Finding the Land
2. Making an Offer
3. Flipping the Land

Step 1: Finding the Land

• Choose a Market: Focus on areas with high activity, such as Florida.
• Use Tools: Zillow and Redfin to identify active areas and recent sales.
• Target Zip Codes: Focus on top zip codes with the most sales.
• Tools for Targeting:
  • Redfin: Download sales data.
  • Freedomsoft: Analyze recent activity.
  • Propstream and ListSource: Additional resources for property data.

Step 2: Making an Offer

• Set Up Voicemail: Capture interest with postcards directing sellers to a 24-hour voicemail.
• Postcard Strategy: Include a reference ID for easier tracking.
• Contact Sellers: Call and ask three key questions:
  1. What's your situation?
  2. What would you like to see happen?
  3. When would you like to see it happen?
• Determine Offer Price:
  • Use Redfin/Zillow to evaluate comparable properties.
  • Calculate offer based on active and sold comps, aiming for 40% of the listing value.
• Contract and Offer:
  • Send offers to all sellers.
  • Use simple contracts with no earnest money for flexibility.

Step 3: Flipping the Land

• Due Diligence:
  • Check road access, slopes, floodplains, taxes, etc.
• Use Tools for Research:
  • Regrid, Google Maps for property assessment.
  • Contact local Realtors for insights.
• Marketing the Property:
  • Use postcards to recent buyers.
  • List in Facebook Marketplace and groups for fast sales.
  • Consider partnering with local investors or using flat-fee MLS services.

Follow-Up Strategies

• Importance of Follow-Up:
  • Majority of deals originate from follow-up.
  • Send offers every 30 days.
• Use of Automation:
  • Automate follow-ups via texts, emails, voicemails.

Closing Deals

• Partner with Other Investors:
  • Use local connections for faster closures.
  • Look for funding partners or use Freedomsoft resources.
• Transactional Funding:
  • Available through community networks.
• Title Companies:
  • Use investor-friendly title companies for smooth transactions.

Profit Strategies

• Wholesaling vs. Terms Sales:
  • Sell for cash (piles of cash) or through owner financing (streams of cash).
  • Owner financing for ongoing cash flow without landlord hassles.

Conclusion

• Resources and Community:
  • Visit simplelandkit.com for tools and resources.
  • Opportunity to join a community, partner on deals, and access funding.

• This guide serves as an overview of flipping vacant lots with practical steps and tools.