Old School Rules · Leadership in Land

Old School Rules

hi - Looking for some pushback here. We've been funding deals for almost 5 years. So, we've seen 1000+ properties and funded 400+. We run a Land Geeks style business (with a great manager/CEO) that hums along with 100 active notes and properties on market. So, we're in the business. We are NOT in the mass mailing, texting, calling business though. My focus here is about underwriting.

I'm looking at the way most of us underwrite deals. Like from the laptop I'm typing on here. Land.ID, Pebble, Property Radar, PRYCD, Land Insights, Land Investing Online, a big AirTable system, and other tools in our work.

It's not the way I learned to buy and sell real estate. I did that by walking dirt or buildings, talking to County Health Departments, well drillers, looking at traffic patterns, distance to services. I bought properties that others wanted, had real attributes.

I didn't comp using a computer with an algorithm that calculate price per acre. I learned to appraise based on taking a base calculation and working through a list of subtractions like noisy corner or settling foundations. The kinds of things that don't show up in a computer profile.

So, if I want to buy "quality", how do I find those JV partners? None of the schools I've seen focus on that. Usually it's just eliminating the basics, slope, wet, access. I want to buy dirt that I know someone will LOVE it and achieve their dreams. Not just commodity flipping.

Feels like I'm going to start sounding like the old curmudgeon talking about the "good old days". Tell me what I'm missing?

I'm almost 70 and 1/2 my life I've been a small real estate investor. We turned over $20 million since we started 4 years ago. I've held a broker license, ran a property management business during the GFC.

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