Today’s REI Classroom Lesson
Today, Mark Podolsky chats with us about how you can automate your land buying business so that you can be getting deals and selling them while you’re out of the office.
REI Classroom Summary
Be sure to listen in as Mark explains how he sets up his automation and how the entire process works. From having a virtual mailbox to having a VA do your follow up, each step can be taken with without you being there physically.
Listen to this REI Classroom Lesson
Real Estate Investing Classroom Show Transcripts:
Mike:Welcome back to the FlipNerd.com REI Classroom, where experts from across the real estate investment industry teach you quick lessons to take your business to the next level. And now let’s meet today’s expert host.
Mark:Hey, it’s Mark Podolsky, “The Land Geek” with thelandgeek.com. I am thrilled to be back with REI Classroom and I want to talk about what are the wonderful advantages that raw land investors have that almost no other real estate investor has? And that’s a fact, that all we need are a few critical things and literally we can do this business from anywhere in the world.
Mike:This show is sponsored by passiverental.com.
Mark:Literally anywhere in the world. Of the last, let’s say, 1,000 deals that I’ve done, I haven’t even gone out and looked at the property. So the way that we do this is we outsource the entire business. Right? We delegate it. We’re entrepreneurial right? Entrepreneurs work on the business, they don’t work in the business.
So between software and a few tools which we’ll talk about, we are 90% automated. So the first thing that you want to do is you need to have an inexpensive computer, you need an internet connection and you need a virtual mailbox and you need somebody to have limited power of attorney and another tool is called Simplifile. Between these tools, so again, computer, internet connection, simplifile.com account, somebody with limited power of attorney and a virtual mailbox you can literally run your land investing business from anywhere in the world.
So a good example is one of my clients, Shawn Rickman, Rachel Müller. They built up their passive income to actually exceed both their job incomes, so they quit their jobs and now the two of them are travelling the world and they’re still running their land investing business. Right now they’re in Valencia, Spain heading to southern Italy. So when I talked to Shawn and Rachel, I said, “Well how are you guys doing this?” And what they’re doing is using the automation.
They’re sending out their offers automated from their computer using lob.com to send out the offers. When the offers come back, they’re using a virtual mailbox. Now the virtual mailbox that I personally use is phoenixdigitalmailbox.com. It’s a small monthly rate of $15 a month unlimited scans and the only other fee is if you forward mail or if you deposit checks. That’s it. Compared to other virtual mailboxes really kind of nickel and dime you here and there, so I recommend phoenixdigitalmailbox.com and you probably get a deal if you say “The Land Geek” referred me.
So what they do is they go on the app and they can see the mail that comes back. So they can take a look at the accepted offers and from there they can have their virtual assistant do the due diligence on those deals, go through the property checklist and then when they close that deal, again using lob.com they can send out a check to the seller or they close via title and now how are they going to record the property when they’re in Spain?
They’re simply going to use a program called Simplifile. Simplifile will then digitally record that property. Now Shawn and Rachel own the property, now they’re marketing the property from a cafe in Italy, drinking their espresso, doing their marketing and oh, all of a sudden somebody emails them back and says, “Hey, I want to buy this property.” And so they send them a link, they get the money down, they do the contracts and now the person is paying them.
But let’s say for example that they want to pay cash. Right? Well, now Shawn and Rachel have a problem. They’re Spain or Italy or wherever it is and they’ve got to sign and notarize the deed to convey ownership to the new land owner. Right? Well, how are they going to do that?
Well, they’re going to give somebody locally, someone they trust, maybe their attorney, maybe a friend, maybe a family member but you give somebody limited power of attorney to sign for their company name. So that person that has limited power of attorney will go to the local bank or UPS store, sign and notarize the deed for that buyer and simply record that deed again via Simplifile for them. Simplifile takes care of the rest with the recorders, there’s other fees for you automated and next thing you know you have a very happy buyer and you are able to do this from anywhere in the world.
So let’s go through those tools again. First thing you need is a computer. You need an internet connection, you need a virtual mailbox, again I use phoenixdigitalmailbox.com but there’s a ton of them, doesn’t matter, just find the best one for you. You get the app, you start collecting your mail from the mailbox and then the really cool tool is simplifile.com, only work in those counties that use simplifile.com right?
Simplifile doesn’t work with every 3,070 U.S. counties but this is a huge market. So only work on those counties that actually use simplifile.com, give somebody else a limited power of attorney while you’re away and next thing you know you’re travelling the world, making money on a passive basis, on an active basis, enjoying your life and living the Tim Ferris digital nomad lifestyle.
Anyways, if you have any other questions, learn more, go to thelandgeek.com. And again, thanks for being with me today on REI Classroom. See you on the other side.
Mike:Passiverental.com is your source for turnkey, done for you rental properties. If you’d like to be an investor and not a landlord, please visit passiverental.com to learn how to purchase cash-flowing, professionally managed rental properties in the hottest rental markets across the country. We can also help connect you with financing for your next property. Invest the easy way today and get started by visiting passiverental.com.
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