Local residents can definitely help you find the best properties you’re looking for in a certain area. In today’s episode, Pete teaches us how to be successful in the niche of land flipping and what exactly is his business model and the system he uses in his business that helped him generate wealth.
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Pete shares how he scales his business by sending letters or emails and through his investors. He also talks about how he was able to purchase and sold hundreds of real estate pieces and how he’s and on track to earn $4 million in revenue in 2022. Tune and also find out how they find their data and how they receive information so you can have amazing profits too!
Key Points From This Episode:
- How Pete got into real estate, specifically the land flipping business.
- What is land flipping?
- How to manage leads from emails.
- The call center company that Pete outsources and the Customer Relationship Management (CRM) he uses.
- The best places to buy real estate.
- How to determine an active land market.
- How to determine the value per acre according to the kind of property.
- Examples of best and worst deals.
- What are the scalable parts of the way Pete process leads and what can they do to get bigger deals?
- Pete’s predictions in the real estate market for the next 12-18 months.
- The challenges Pete is facing in his business right now and the metrics he tracks both personally and professionally.
- The habits that produced the highest returns for Pete and the number one thing that contributed to his success.
“We go through a due diligence process, we go through a title or escrow company, whatever that state requires, we’ll make sure that what we’re buying is what we thought we’re buying and no red flags.” – Pete Reese
“When we’re looking at a property at an area that’s kind of new to us, if they can give us some confidence and say, hey, I really think this is a good property, I know this area, I really feel like you can resell it for this, it allows us to pull the trigger and move forward on some of those deals. If we didn’t have those people on the ground, we’d have to be way more conservative sometimes.” – Pete Reese
“The metric I’ve looked at is cost per deal. And this averages out over time. So they cost me about $3,000 in direct mail costs in order to get a deal. And my average profit on the deal was about 22,000.” – Pete Reese
“A big part of our business is getting a local wind specialist broker or agent to help us out not only on the valuations, but also on the resale side of things. Once we find a good partner to work with, we really try to establish as much business as we can.” – Pete Reese
“If we see that there’s 10 active listings, and the 50 sales over the past 12 months, then we know that that’s a pretty hot market.” – Pete Reese
Links Mentioned in Today’s Episode:
About Pete Reese
Pete Reese is the President of Reelvest Properties, a land development, and investment company. With nearly two decades of real estate experience as a broker and investor, Pete has successfully purchased and sold hundreds of pieces of real estate for a profit over the years for himself and on behalf of his clients. He’s on track to earn $4 million in revenue in 2022 with his land flipping and development business. Pete’s always looking for his next deal, including his longtime dream of his own private island. Besides his professional accomplishments, Pete is a proud father to three beautiful girls, keeps up with his family by working out and enjoying a vegan diet, and is the 31st great-grandson of King Henry II.
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