014: Extracting More Value from Land – A Conversation with E.B. Farmer

My guest on today's podcast episode goes by the name E.B. Farmer. I discovered him this past year when I was searching for land investing conversations on Reddit, and in the process, I learned about a book he wrote called “The Land Flipper: Turning Dirt Into Dollars”.

Initially, I picked up the book because I wanted to see how his approach was similar to (or different from) mine. I figured out pretty quickly that the strategy he uses is A LOT different from what I do… for instance:

  • He doesn’t use direct mail (at least, not very often).
  • He doesn’t make ludicrously cheap offers.
  • He doesn’t invest in properties from afar.
  • He typically does improvements and/or subdivides properties before selling them off as several smaller lots.
  • He always walks the property himself.
  • He works only in his local market, and deals with comps and properties he understand very well.

Essentially, he’s going after a very different type of opportunity, one that requires quite a bit more time, money and hands-on work upfront, but as a result of his willingness to be more involved with each individual property, the average deal can have a much higher potential payout.

With a different approach comes a host of different advantages and disadvantages (as we talk about in this episode).

If you've ever been curious about what can be done to maximize the profit potential on some of the larger parcels of land you encounter, this is a conversation you won't want to miss. The next time you come across a bigger opportunity that might be worth more involvement – this might inspire some ideas on how you can expand your profit, rather than simply walking away because it doesn't fit inside the standard box of what you're willing to make an offer on.

Links and resources mentioned:

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About the author

Seth Williams

Seth Williams is a land investor and residential income property owner, with hundreds of closed transactions and nearly a decade of experience in the commercial real estate banking industry. He is also the Founder of REtipster.com - a real estate investing blog that offers real world guidance for part-time real estate investors.

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