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Mark Podolsky AKA The Land Geek - Issue #331

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The Land Geek Weekly Digest

July 9 · Issue #331 · View online

A weekly newsletter to help you become a better land investor so you can create passive income without renters, rehabs renovations or rodents. Learn more at www.thelandgeek.com/training


We are going to a new newsletter format T-L-G. Thoughts. Land. Gratitude.
email me your opinions about the change at [email protected]
Thanks for your time and attention and feedback to help me improve!

T- Thoughts
Since I’m taking the month of July off I thought I’d give everyone a sneak preview of the upcoming book Dirt Rich 2 The Next Plot - How to scale your land business over the next 4 issues. Here is the beginning of Chapter 2:
Solo Economic Dependency
“Mark, please don’t insult me and call yourself a business owner. You’re not.”
About nine years into my land business, I sat down for my first mentorship meeting in the land business. I was very proud of the business I had built.
I had been profitable since the first month. I had made more than $100,000 in profits in my first year. I had made enough to quit my job as an investment banker for good within 18 months and my business only grew from there until 2008 when the Great Recession hit. When the economy took a turn, my income dropped. It got bad. Eventually, I was forced to swallow my pride and cut expenses.
While it wasn’t fun at the time, I’m now thankful for having struggled through the Great Recession. Had the Great Recession not happened, I might never have met with my first mentor, Ori. I hadn’t planned on hiring a mentor until the Great Recession hit. Before then, I was very happy and making a lot of money. But when the economy slowed down, I realized there was a lot about the land business I didn’t know. But I didn’t know what I didn’t know so I reached out to Ori to ask whether he would agree to mentor me.
Harsh Words
I was excited when Ori agreed to mentor me and went into our first meeting very encouraged. My plan was to tell him about my business and ask him for help identifying my blind spots.
I had it all planned out in my head. I would tell him about my business and he would be impressed. I’d then tell him about how the Great Recession impacted me and he would be sympathetic.
Boy, I was wrong.
I started telling him about my business but the moment the words “my business” came out of my mouth, he interrupted me.
“Mark, please don’t insult me and call yourself a business owner. You’re not.”
Ouch. That wasn’t what I expected.
“What are you talking about?” I asked, defensively. “I make my own hours. I don’t have to show up at an office. I’m not fighting traffic, commuting like I used to. I don’t have a boss!”
He wasn’t convinced—or impressed.
“Well, if you stop working tomorrow,” he replied, “what would happen to your so-called business? What would happen to your family if you died tomorrow? Will your income continue coming in?”
“No.”
“Entrepreneurs build something bigger than themselves. When Steve Jobs died, Apple didn’t fall apart. But if you die Frontier Properties is done. So don’t insult me. You’re not a business owner. You’ve just created a better job for yourself. You need to start getting yourself out of the business.”
That was when the lightning bolt hit me. He was right. I might not have had a boss but I hadn’t built a business. I had built myself a better job. I wasn’t a business owner. At best, I was a freelancer, with 100% of my income dependent on my ability to work. I was suffering from the dreaded solo economic dependency
The Freelancer Trap
In 1997, Robert Kiyosaki and Sharon Lechter released a book that would change the way millions of people view work and money, Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
Rich Dad Poor Dad explores the differences in the mindset and actions wealthy people take by comparing Robert Kiyosaki’s biological father, whom Kiyosaki calls his “poor dad” to a mentor of Kiyosaki’s, whom he calls his “rich dad.”
Kiyosaki’s “poor dad” worked hard his entire life. He followed the typical employee path and took care of his family but never obtained financial freedom. Kiyosaki’s “rich dad” accumulated wealth through entrepreneurship and investing.
One of the core teachings of Rich Dad Poor Dad is the concept of the four cash flow quadrants.
The four cashflow quadrants represent four ways people make money, as employees, self-employed, business owners, and investors.
Most people work their entire life as employees. They commute to work, punch a clock, and commute home. Some people aren’t good employees or don’t like having a boss and become self-employed. These are the ironically named “freelancers,” who are far from free. Freelancers don’t own a business; they just created better jobs for themselves.
They are doctors, lawyers, consultants, and other service providers. They are their own bosses but if they don’t work, they don’t make money. If they want to make more money they either raise their prices, work more, or both. This is what I had built for myself the day I sat down with Ori.
Business owners have systems in place that help them make money even when they aren’t working. They hire people to implement the systems and delegate or outsource as much as possible. To make more money, they hire more people, raise prices, add products or services, or adjust their systems. They don’t work more. Investors make money by acquiring assets that produce passive income, such as loan portfolios or businesses. To make more money, they acquire more passive income-producing assets.
When we first get into the land business, most of us start out as freelancers, and for good reason. We need to learn the ropes of the business so we can effectively delegate. But if we remain freelancers, we can become trapped in an only slightly more enjoyable job we create for ourselves. We might make more money and not have a boss but we’re trapped by our work because we need to work to make money. That’s what I call the freelancer trap.
The only way to escape the freelancer trap is to become a real business owner as Ori pushed me to become. We need to build a real land business with systems, automation, and delegation that doesn’t require our input to function. Only then can we be truly free.
To Be Continued…
If you have thoughts or more insights you’d like to share with me don’t be shy! Email me at [email protected]
L- Land
This Week on The Art of Passive Income...
On this week’s episode of The Art of Passive Income, Mark and Scott welcome Real Estate Investor, CEO, and Writer, Jill DeWit from The Land Academy to the show.
Episode Notes
Jill DeWit is a business owner, real estate investor, CEO, mom, and writer. She was exposed to the real estate industry at a young age by her father who was also a real estate investor. Jill always knew she wanted to enter the real estate industry because it was a lucrative opportunity.
Since 1999, Jill and her team have been building a real estate company, now known as the BuWit Family of Companies. In the last 6 years, she and her partner, Steven Butala have completed thousands of land deals and transactions. Today, she continues to inspire professionals to make changes to their lives by taking chances and pushing themselves and their businesses to new heights. 
Listen in as they discuss:
  • Jill’s land investing journey.
  • Understanding the land investing business.
  • Selling houses versus selling lands.
  • Buying, marketing, and flipping land deals.
  • The process to do due diligence for houses.
  • The approach to managing a big team.
Start Automating
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In This Week's Round Table...
On this week’s round table episode, the Land Geeks discuss building trust with their buyers and sellers.
Episode Notes
Joining Mark this week are:
  • Erik Peterson
  • Mike Zaino
  • Scott Bossman
  • Tate Litchfield
Listen in as they go around the table and discuss the approach they have taken to establish trust with their buyers and sellers. They also share advice and tips you can use in your business to gain trust with your buyers and sellers.
TIP OF THE WEEK
Mike: “There are millions in pennies.” In this business, you can make a lot of money in little deals.
Want To Listen More?
Did you enjoy this episode? If you did, check out one of our exciting roundtable episodes where we discuss how to scale your land investing business like a pro.
Are you ready to learn more about land investing? Just click HERE to schedule a call.
G -Gratitude
Thanks to Flight School alum Eric Burke who shares this great news with us.
Geeky Links!
YOU CAN PLAN A PRODUCTIVE DAY ON ONE SHEET OF PAPER.
Customer development | Seth's Blog
9 Real Estate Investment Tools and Software Every Investor Need to Know About | REtipster
Get Ready To Take Flight in August... Click below.
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