What is Possible in Your First Year Flipping Land
Flipping land can be a profitable venture, but the possibilities in your first year will depend on several factors, including your speed of learning, resources, time, experience with building a team, goals, etc.It's essential to keep in mind your first year may not yield significant profits.Success in this field often requires patience, market awareness, and a deep understanding of local regulations and opportunities.Our first year in land flipping was marked by mistakes, learning, adaptation, and success. The results were impressive. We achieved $1,247,000 in revenue with a gross profit of $658,000 from 32 sales. Average gross profit per deal was approximately $20,580, and properties spent an average of 55.46 days in inventory.The lessons and achievements of that year have set a solid foundation for our business in subsequent years to where we are now.Join us in this episode as Heather and I reflect on our first year, all our mistakes, and the lessons we took. We also have some great tips for those who are just starting out.Tune in!Key TakeawaysOur starting point (05:10)Learning curve and mistakes (11:29)Closing the first deals and reselling the properties (17:29)Partnership to close deals (25:27)My first 50 deals and monthly income reports (26:50)Our numbers from the first year (28:44)Time commitment for successful land flipping (31:02)How to generate leads your first year (34:20)Educate yourself on how to evaluate deals (38:45)Set goals for your land flipping business (44:47)Model success on your land flipping journey (48:05)Time to answer some questions (50:02)Additional Resources:The GAUNTLET 8-Week Blueprint To Land Flipping Mastery: https://gauntlet.landconquest.com/Want to discover our FREE training program? Join us at: https://landconquest.com/Read our monthly income reports at: https://turningprofit.comWant to see what’s possible with Land Flipping? Get a detailed breakdown of our first 50 Land Flipping Deals at: https://50firstdeals.turningprofit.com/opt-inFollow Heather on Instagram here.Follow Pete on Instagram here.----Turning Profit is a podcast for people who love real estate, brought to you by Pete and Heather Reese.Follow us on your favorite platform so you never miss an episode!