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Dec. 12, 2022

Ep 295: Making $75,000 Flipping Real Estate Land With Ray Zhang

Ep 295: Making $75,000 Flipping Real Estate Land With Ray Zhang

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Transcript

0:01 Hey, welcome to an episode of high with this podcast. This is our episode we call deal breakdown. We're talking about interesting, cool or interesting, cool or profitable deals that our guests have done. Today we have our guests again, Mr. Ray, from virtual flip land. So tell tell us about your deal in Texas that you bought was a really good deal for you. 0:22 Yeah, so I bought it for 70,000. And about a month later, we sold it for 155,000. Yeah. Yeah. 0:36 And you said you thought you found direct mail? 0:38 Yes, offer a letter I offered 95,000. And when the offer comes back, I do what I'm good at, which is negotiation. I bought it for 72. That's 25 grand cut. And then I sold it for 155. 0:54 I didn't ask this before, but how do you make an offer letter and then cut it down even more like what's your strategy coming into that conversation? 1:03 Yeah, so basically, there's a good book talking about it. It's called flip the script, I was referred by by my mentor Tom Kroll. Basically, you hear the dog in the background, right? So basically, you don't chase the dog. You let them chase you. Meaning when you are on the phone, you don't be like, Oh, I cannot pay this much. Can you do a discount? No, that's so pushy, right? Instead of that, I'll tell them, what's the problem with the land, I will move away, I will take away I'll pretend I don't want the deal. And let them convince me that I have to buy right. So the conversation normally goes like, Hey, Mr. Seller, or Daniel, I'm very sorry. I'll stop, you know, because they kind of make them worry, right. So it'll be like, Hey, your land to high water. In this particular case, she said, A does has water. And I said, I'm sorry. There is no no power nearby. And she said, there's a power in the back. And I said no septic tank. She said, I installed it two years ago. And I said there's a wheat. And she said I just called the trees like couple months ago, and all the weeds are gone. I was like, I'm running out of options. What else should I say, man? And I was like, I'm sorry, I just cannot do that much. I made the wrong offer price. So, you know, you always find something to say that have him convince you to buy right. And she was like, Okay, how much you want to pay? I said, now very close. Nothing close. I'm you know, I don't want to offend the you know, and what do you think the best you can do? So you always try to give a give them to say a number. And she said, maybe I'll do ad and say I just from 95 to ad saying, Oh, those were the big discount right there. Yeah. And I said, I'm sorry, I couldn't do. And the rule is right here is never accept the first offer no matter how good it is. Right? So you always say, No, I cannot. And there's too much. And how about something around 65? Right. And she got some somewhat offended. And I said, How close can you get to that number? You know, how close can you can? You do? Right? And she we were eventually agreed on? 70? You know, it just you just have to do that. I mean, it's 3:43 not methodically because if you were to give them if you were to give them that that first 80 And then we're like, okay, there's money on the table still here, you know? Yeah. Everybody listening to that. That was such like, it was such like a textbook breakdown of how to do the sales call. Oh, that was good. That was good. I commend you for you're sticking to your guns because it's really hard to like, accept not accept that at because like it's 3015 than what you offered her the first time through your letter. 4:12 Yeah. Yeah. I was like, but no sound right. Yeah. You gotta keep it quiet. Right. But, uh, the thing is, you know, you're not, you're not kind of low balling, and you're helping them right. And they that in this particular case, the seller needs money. So seven years, very big month, and they need that. They cannot wait. So 4:37 well. Here's the crazy thing. Like it's not something low balling and misses, you're giving them confidence in their amount. Because if you didn't, if you didn't fight them, they could easily go steal, they're not going to get their money anyway. You know, like, at least here you're ready to do the deal right now. So you kind of have to play that that pull that tug of war with them and pulling the rope a little bit, but it's to their own benefit because not least they're gonna get that price point right now versus waiting another six months or never selling it for another year or two. So they know what they need to sell. It's just solidify psychology to solidify that. But they're only gonna give 70 and 70 is what that is. And there. 5:15 Yeah, definitely. That's the way to go. 5:18 Yeah. So it's not as it's a psychologist strategy sort of solidify the deal to know they'll never back out and they're okay with the answer. And they're okay with that amount, because that's what they get. So they're getting, 5:31 yeah, another thing I like to use is another book called go for now, right? And instead of, I use this many times in any aspect of my life, for example, if I want something, instead of asking that I asked the opposite, meaning. If you're in the fence of, let's say, selling the land, I don't ask you. Hey, Daniel, do you want to sell the land? No, I don't ask that. I will ask you, Daniel. Hey, looks like seems like you don't want to sell your land. Right? So I go for the No. And you see, some people have this, I don't know if that's an ego thing or something. They try to just go to the opposite direction, or whatever you say, right? If you say, Hey, are you are you still selling it? They were kind of rejected. You know, even if they will still want to sell it. They will say, Oh, I'm not sure if I want to sell it right. But if you say oh, it looks like you don't want to sell your land. Yep. Yeah. So 6:44 psychology that gets it gets them to say yes. What they really want to think about the zeal. 75 to 150. That's, that's a good like, flip spread. You know, we're doing a whole flip of remodeling a whole house. And you did that with land. 7:01 And that did nothing. I mean, I never been to Texas. 7:07 That's one of the crazy things about land is you can do this from anywhere. You don't have to be there. You don't have to see it. You don't have to have some money. You don't even need pictures of it. But my first deal I did, the buyers were sending me pictures like oh, you update your pictures. Here's some pictures and like, Okay, thank you. 7:23 Yeah, went to me and my wife into Bahamas for two weeks, I saw the bodice to land and sold it. So you know that Bahamas is out of the country, right? So you can do it anywhere 7:37 they go. Plenty of opportunity in the land space, go try it out. At any point, whether you're doing infill lots or bigger acres, just try to try something out. There's a lot of opportunity out there. The key point is that don't have 30 minutes outside the city. 90 minutes within it. I'd say that's what the opportunity is. That's where people want to live. So it's a lot easier to move deals in that in that little donor area. And you're gonna find much more success there. 100%. It's not just me saying I got other people saying it to see raise on my right side. 8:14 Yeah, we never communicate that before the call. So 8:20 I hear all the time. Whenever I talk to people every is the same thing within 90 minutes within 90 minutes within 90 minutes. It's not just me. So positive reinforcement from other people too. So within 90 minutes, that's where the sweet spot is. Well, I appreciate you coming on man. Thanks for your time. Go check him out virtual flip land on Instagram. And thanks for your time, man. It's such a great conversation. I hope you got some notes off of this one for some sales strategy. Who's gonna get 8:47 that good? No, no problem.

Daniel Esteban Martinez Profile Photo

Daniel Esteban Martinez

Host/ Ceo/ Speaker

I have been an entrepreneur since 2018. I come from a regular home just like most people. My dad worked on the roads in the Chicago area for over 30 years. He always taught me to work with my brain, instead of my body. Your body can only take so much abuse. I learned so much from my father. He always pushed me to work smarter and not harder.

I have owned and operated a trucking business for 2 years. I started learning real estate in 2019. Fell into the Data & Skiptracing business in 2020. My partner Anthony & I started Hivemind in 2021.

I have done a ton of different jobs coming up from painting, to door-to-door sales, telemarketing, truck driving, and loading trailers. What I learned most is that I want to stay in the digital business space. The leverage you can have delivering digital products to the marketplace can yield limitless possibilites.

I started The List Guys in 2020. It is a data and skiptracing service. We provide seller and buyers list nationwide. My clients have been getting great results and I am proud to help people killing it.

I started the Hive in 2021 with my partner Anthony Gaona. It is a real estate and business mastermind. It also comes with a all in one CRM, that can host unlimited websites and users.

Starting the Hivemind has been an amazing journey so far. Seeing one of our users make his 6 figure month in June 2021 leveraging our software, I know there will be plenty more to come!

Ray Zhang Profile Photo

Ray Zhang

I have been flipping land for over 4 years, and this year our company net almost 1 million flipping infill lots, with about 2-3 hours of daily work. I am now teaching the niche to anyone who is motived to learn and grow, I have about 16 students now.