RG 209 – Building Wealth Through Land Investing w/ Adam Southey & Justin Sliva
Adam and Justin are raw land investors who want to help others harness the potential from land investments in the form of cash profits and passive income. They have a podcast called the Casual Friday REI podcast. Adam and Justin are childhood friends, Justin went to work as a conductor on the railroad and only left the rail industry 4 years ago when he was a manager for a small railroad and went into real estate full time. Adam went to college and learned about flipping houses and came out and went straight into real estate. He’s been a landlord, wholesaler, flipper etc and in 2008 he was a realtor and got stuck with a house he couldn’t sell and went broke.
Adam went to work on the railroad with Justin as a conductor and paid off his debt and wanted to move back into real estate. He heard a podcast about land buying for $100 an acre. He jumped back in and 2 months later he had bought 3 x 2.5 acre parcels of land for $250 each. He resold them for $1000 each and was hooked. Justin joined Adam and together they also had an amazon shop side hustle.
There are different layers of land investing, at the bottom is where anyone can get involved buying $100-$200 an acre and reselling for cash, or sell owner financed to create cashflow. The next level up is more expensive, and Justin and Adam call it the Bass Boat Property level. You can try to get 30-40% of the value and scale up. It’s just as easy as the lower level but it’s more expensive and better for scaling.
They have a course where they teach land flipping and how to find land to purchase. Firstly you have to decide what market value you want to look at, e.g. $800-$1500 an acre, then you blind offer to everyone in the county that has land that matches the criteria. Send the paperwork for 25-30cents on the dollar. People who have land they didn’t want till just see the offer for $5-10,000 dollars which is probably money they don’t have in savings. They also recommend you look within 3 hours of a major metropolitan area with positive geographical features like a park etc. This land is sought after by people like truck drivers, preppers or second home owners. Since Adam and Justin have started they’ve worked in 38 states.
Top tips
- Most important habit – Sit and review all goals, bank statements etc – see what needs to be done. And spend the first hour of the day learning
- Most influential person – Justin because he gave the opportunity
- Most important tool – Mail company and parcel software
- Contact casualfridaysrei.com