In this episode of the Rich Mind Podcast, host Randy Wilson interviews Brad Warren, a land banking consultant, about the investment potential of land banking.
Land banking involves strategically buying land in the path of growth and holding onto it until it becomes valuable. Brad shares his personal journey of transitioning from a coaching career to becoming a land banking consultant. He emphasizes the importance of having a vision for the potential of the land and being patient for returns.
Brad also highlights the expertise and support provided by Velour, the land banking company he works with. In this conversation, Brad Warren explains the process of investing in land banking from beginning to end.
He discusses the initial contact through email, the Zoom meetings to gather information and answer questions, and the educational resources provided to potential investors.
Brad also explains the steps of purchasing land, including the deposit, escrow, and closing. He emphasizes the low property taxes and the potential for significant returns on investment.
Brad also mentions the option of using a 1031 exchange to defer capital gains taxes and the possibility of investing with others through partnerships or syndications.
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Takeaways
- Land banking involves buying land strategically in the path of growth and holding onto it until it becomes valuable.
- Having a vision for the potential of the land is crucial in land banking.
- Investors in land banking need to be patient and wait for returns, which can take seven to ten years on average.
- Working with a reputable land banking company, such as Velour, provides expertise and support throughout the investment process.
- The process of investing in land banking involves initial contact through email, followed by Zoom meetings to gather information and answer questions.
- Investors are provided with educational resources, including presentations and property profiles, to help them make informed decisions.
- The steps of purchasing land include the deposit, escrow, and closing, with the investor receiving the deed and becoming the owner of the land.
- Property taxes on land are typically low, thanks to Proposition 13, and only increase by a maximum of 2% per year.
- Investors can also consider using a 1031 exchange to defer capital gains taxes and explore partnerships or syndications to invest with others.
- Referrals are rewarded with a 2% finder's fee based on the gross sales price of the property.
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To learn more about Land Banking and to request the educational video mentioned in the episode, email Brad directly at brad@bradwarren.com
And don't forget to mention you heard about this awesome opportunity on The Rich Mind Podcast
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Ready to build a Powerful Personal Brand that stands out in the marketplace? If so head over to https://randywilsononline.com to learn more
If you have any questions about anything discussed on today's episode, feel free to email me at randy@randywilsononline.com and I'll get back to you as soon as possible
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