Last month, I invited members of my Forever Cash Gold program where I shared with them the results of years of personal experience in real estate investing. While I have since widened out in creating cash flow sources, during that call I focused on what was my bread and butter for many years – flipping pieces of vacant land.
I’d like to share a few highlights with you, although you can watch a replay of the webinar anytime by logging into the Gold Club section of www.forevercash.com.
Why do I love land more than houses? I am a contrarian, and I believe in being different. If most investors are into houses, then I am automatically wary and look for something different. Like Warren Buffet said: “Be fearful when others are greedy. Be greedy when others are fearful.” No one recognizes the inherent value in land and even those who do don’t know how to find great pieces for dirt cheap. I found a way to do it and am making just as big of checks as the guys fighting over houses. Also, I love that there is very low competition when flipping land.
Can I create cash flow by flipping land? Yes. You can sell with seller financing (where you act as the bank) and normally you get your entire investment back with the down payment alone. From there, you will prepare a contract and then collect monthly payments for 5 or ten years, signing over the deed at the end.
I ended the presentation talking about my dear friend Vince (who has since passed away). While he was alive, Vince worked roughly six hours a week – sending offers and marketing his land, and made tens of thousands of dollars, and his widow is STILL receiving checks from his work.
After doing some cash deals to pay down your debt, focus on deals with seller financing to create temporary cash flow which can be reinvested in Forever Cash assets.