How to Determine If a Property Is Really a Deal

When it comes to land flipping, one crucial factor is the ability to determine whether a potential property is worth pursuing or not. Having a clear set of criteria can make this decision-making process more efficient and less emotional. In this episode, we discuss the essential steps for setting criteria and determining if a land deal is worth your time and resources. In our case, we aim to double our investment in the property. Even though this doesn't always happen, it is a good criterion for looking at deals. This benchmark allows room for profit even after considering commissions, closing costs, and due diligence expenses. Ultimately, each land investor may have slightly different criteria based on their experience and risk tolerance. As you gain experience in the field, you can refine your criteria to suit your investment style and market conditions. This personalized "rule of thumb" will help you quickly evaluate potential deals. Tune in to this episode to learn more about our criteria for determining a good deal and other factors we look at, including the exit price.Key TakeawaysIntro (00:00)Investing vs. Gambling (02:45)Figuring out what a good deal is (08:25)There's always another deal (16:09)New social handles – Partner with Pete (19:40)Establishing criteria for a deal (21:13)How to determine the exit price (26:31)Never base your projections on listed properties (32:46)How to look at the history of comps (39:22)You've got to buy it right (42:50)Time to answer some questions (43:52)Additional Resources:✨ Get all of our recommended tools and services at https://resources.landconquest.com✨ Follow Pete on Instagram here: https://www.instagram.com/partnerwithpete✨ Connect with Pete on LinkedIn here: https://www.linkedin.com/in/partnerwithpete/—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!