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Owned by Eric

Doodles Into Deals

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Create clarity and collaborate to do more deals!

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16 contributions to The Dirt Road to Wealth
I am NOT DEAD!!!
Hey kids, I am not dead, but been working on some big scary shit. Here is a little update. https://youtu.be/FDLOYSNdG5M
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New comment 1d ago
I am NOT DEAD!!!
4 likes • 3d
Appreciate the update! glad you ain't dead. Cool seeing/hearing your journey regardless of the "interval" it takes for you to share something substantial. Pretty sure the folks in this group aren't here for a quick hit of dopamine from another guru. Reason I follow you is because you don't hold anything back and have kept it real since day 1. Land development finance is a much bigger beast than flipping dirt by buying for pennies from people who can't afford it.
Partnering With Land Owners
Does anyone have an example JV Contract with the Seller where they put up their land at a "fixed price" and we bring our RE Expertise + fund the entitlements to increase density to exit "shovel ready" to an end builder/buyer and split profits?
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New comment Jul 20
1 like • Jul 17
@Trevor Probandt I got impatient and just sent a LOI for seller financing with 5 year terms, $0 down, 5% interest only payments 5 year ballon. We’ll see…
1 like • Jul 20
Thoughts on using the Installment Method for Subdivides? It’s called a Land Contract after all… My business is focused on high-end infill and simple subdivides — selling “shovel ready” and “finished lots” to homebuilders. Owners I’m buying from aren’t willing to take a big haircut with a cash offer so I’ve primarily been using seller finance and LONG due diligence periods to get my surveys, engineering, and “paper improvements” done before closing… But I’m spending tens of thousands at quite a risk and most of these folks don’t accept my initial terms of 5 years, 5% interest-only payments, 5 year balloon. If you used The Installment Method to get on title then materially improve the property and truly partner with the land owner while also reducing risk....? Current deal: Seller asking $300k for 4 acres in a hot area. The land is 115ft by 420 ft. The rest is marsh. There are no critical areas. Total land is 115ft by 700ft. So if I can get 4 x 10,000-12,000 sqft homesites out of it at $120k each, we’re close… Installment Method Offer — $1k cash today, get on title to get ALTA, wetlands, soil report, underwrite the gravel road/drainage plan, utilities, etc then $275k in 180 days (while LEGALLY preselling each lot for a total of at least $480k with $96k (20%) in EMD from end buyers to fund my improvements) The key here is recording EQUITABLE INTEREST in the property so I can list on MLS, not just wholesale a contract or option on the property/individual lots. = six figures in profit without risking the seller selling it to someone else after I’ve increased its value, splitting profits, or beating him up too bad on price…
July 9th Call Video
https://us02web.zoom.us/rec/share/kW5yLLhrdvD8DGqHN1CB5W8zOC8XF2i7g8nWBB8IHtbJl9Vj0egqLQkYp29nZ-T3.-CainZz8R2o5ddsu?startTime=1720566111000 Passcode: fiGf*tq0
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New comment Jul 13
2 likes • Jul 13
"sorry bro. sucks to be a broke peasant. maybe next time" In all seriousness, there were some gold nuggets in this one. Thanks for doing this and sharing your experience from a few steps further down the path @Trevor Probandt
Public Shout Out
Hey guys, just wanted to give a public shout out to @Morgan Lawler for pushing through and it looks like getting his first deal done with banks, investors, etc. The guy has a ton of talent and gets it when it comes to making sure he builds good product that he can be proud of. Not sure if it will all get done the way he envisioned, but by golly he is taking steps and getting it done!
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New comment Jun 29
3 likes • Jun 29
Projects we can be proud of is what it’s all about!! It’ll never be as good as we envision in our mind, but it’s the execution that matters. Can’t wait to hear the gory details @Morgan Lawler @Trevor Probandt
Who Wants to be on the Podcast???
Hey kids, sorry it has been a little quiet on here lately. I have been getting my ass handed to me by a seller of a deal that had them renegotiate at the last minute. Went to bed really pissed off a couple nights ago when it went full sideways. Anyway, we will have a call next Monday evening, July 1st at 6:00 pm Central time. Also, please respond to this thread if you are interested in being on the podcast. We have 82 members and I would love to have everyone on sometime. The world wants real people and real stories, not just another guru or sales pitch. I want to change the messaging in this platform, but I need your help. Please respond to this thread, and I will reach out and we can get an hour or so lined out sometime in the future. Thank every single one of you, I read all of these and appreciate all the help and support, and even the constructive criticism.
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New comment Aug 1
2 likes • Jun 28
I'm game in a few months... want these next 3 development deals to close before I open my mouth about anything.
0 likes • Jun 29
@Trevor Probandt true. I mean I even dig your public “notes to self” — it’s all blocking & tackling and getting out of our own way in a continuous pursuit of getting better at the game
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Eric Bakey
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18points to level up
@eric-bakey-7680
Land Developer & Creative Dealmaker Eric@LandVeterans.com

Active 7h ago
Joined Apr 10, 2024
Charleston, SC
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