46: Cash Flow And Capital From Land Flipping, with Travis King

After just 2 years, Travis King built up enough of a monthly passive income stream from his land flipping side hustle to quit his 9-5, and has since built it up to a 7-figure business. In this episode, you’ll discover, How to generate cash flow from land deals, Costly mistakes made by newcomers to the industry, and what to do to avoid them, Why Travis prefers buying land over purchasing homes, Alternatives to bank financing, Tips and tricks for the newcomer to land flipping, and Ways to scale your business if you’re already a seasoned land investor. If land flipping piques your interest, be sure to check out the sweet offer Travis is making available to you, as a side hustle hero listener.   What You’ll Hear: 03:52 Trying multiple side hustles 05:29 Giving any of them true focus likely would have worked 08:58 Do you really need to do more research, or is it procrastination? 09:30 First land deal was a purchase at a local tax auction, and resold on eBay 13:37 After 5 years, starting coaching people 13:54 You don’t have to live in the USA to purchase land 16:27 Toughest time is when you’re still working full-time at your regular job and you’ve built up your side hustle to the point it’s a second full-time job 16:45 Started taking back mortgages to build up monthly income 18:05 That opened up the buyer pool 18:35 Life became so much easier once Travis quit his day job 19:48 Started being proactive using direct mail to seek out sellers 24:00 Analyzing tax rolls 25:12 Some of the indicators Travis looks for on the tax rolls/lists 26:54 Maybe 1% responds to mailings, then a lesser % says ‘yes I’ll sell’ for 50%-70% below market value 27:35 He captures equity when he buys 30:08 A lot of these lists are available at the county level for free 33:27 Solving the lack of capital issue for others 35:20 Asking for too low of a downpayment resulted in more defaults 35:47 Now Travis asks for 30% - 50% down 36:54 How his rates compare to the banks 37:37 Has since starting using a 3rd party note servicer or a title company to service the account 40:15 Selling for cash brings in capital, the selling on payments brings in cash flow 41:04 Things you need to check out when you’re searching for a property to buy 43:09 Most common errors newcomers to land flipping make 45:32 Most memorable land deal 50:45 www.thelandflippingchallenge.com, Travis’s free 7-day course 51:29 SIDEHUSTLEHERO - coupon code for 20% of paid course 52:44 Travis’s best tip to take action Takeaway 55:43 Be aware of the difference between knowing and doing 55:55 “Ya, I know that.” - Don’t get caught in that trap   Connect with Travis: www.travisking.com www.thelandflippingchallenge.com   Connect with Joan: https://www.instagram.com/joanposivy/ https://www.facebook.com/posivy/ https://www.joanposivy.com/   Be on the show! https://www.joanposivy.com/be-our-guest.html