#40 with Seth Williams: How to Get Started in Real Estate with Buying and Selling Land
Millennial Millionaire Real Estate Podcast
English - July 28, 2020 22:22 - 1 hour - 133 MB - ★★★★★ - 56 ratingsInvesting Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
In this episode, Jonathan Farber interviews Seth Williams on his road from his first foray into land investing to building a full-time income with part-time hours through land investing. Seth is a Michigan based land investor with experience applicable to buy and hold as well as multifamily investors. In this episode, we get into topics like: leaving a W-2, the benefits of seller financing, developing a land process, and more!
Top Takeaways:
How to transition from a W-2 to real estate investing - 13:45 - 18:10
Keep trying different strategies until you find one that works for you
Once you find a strategy you like, figure out how to optimize it
Many strategies have a straightforward way to transition to cash flow
For land investing, this platform is seller financing
The value found in seller financing - 19:30 - 22:00
Seller financing works well for land investing out of necessity
Most banks will not finance land without strict requirements
Learn your local laws and requirements to make sure you do it right
Land investing process - 22:30 - 36:45
Remember that land is hard to value because it doesn’t have cost, income, or comps
Once a price is agreed on, start with a purchase agreement
Do a title search, either yourself or through a title company
Depending on the size of the deal, you can vary how to close it
If the deal is small enough and the seller trusts you, close it yourself
If the deal has enough margin, do it right and hire a title company to close
If the deal is in between, consider a mobile notary
Once you have the property, list it for cash or financing with prices according to what you want
How to bring value to Seth Williams:
Writers and editors that are familiar with real estate investing terms
Resources:
Social Links:
biggerpockets.com/blog/contributors/sethwilliams
Connect With The host, Jonathan Farber Here!
LinkedIn: https://www.linkedin.com/in/jonathanfarber1/
Instagram: @jonjfarb
FaceBook: https://www.facebook.com/jonathan.farber.9
Facebook Group: Real Estate Mentorship Mastermind
https://www.facebook.com/groups/860025821084224/
BiggerPockets: https://www.biggerpockets.com/users/JonathanF29
Schedule a time to talk: https://calendly.com/jonathan-farber/1-on-1-with-jonathan-farber-mmtr