Today, we have a special guest with us - Seth Williams, a seasoned real estate investor who has found his niche in the often-overlooked sector of vacant land investing. Seth's journey from a career in banking to achieving success amidst the economic turmoil of the Great Recession is nothing short of fascinating. As he reveals how he turned vacant lots into profitable ventures, you'll be inspired by his innovative approach and resilience.
From adopting the right mindset to adapting to market changes and understanding the power ...
Today, we have a special guest with us - Seth Williams, a seasoned real estate investor who has found his niche in the often-overlooked sector of vacant land investing. Seth's journey from a career in banking to achieving success amidst the economic turmoil of the Great Recession is nothing short of fascinating. As he reveals how he turned vacant lots into profitable ventures, you'll be inspired by his innovative approach and resilience.
From adopting the right mindset to adapting to market changes and understanding the power of delegation, this episode is packed with nuggets of wisdom sure to inspire both novice and experienced investors.
Here are some power takeaways from today’s conversation:
00:00
03:09 - Seth’s real estate investing journey
10:19 - Finding success through real estate investing
16:04 - The hunter vs. farmer mindset in real estate investing
18:58 - Adapting to market changes in the real estate world
24:31 - Scaling the land business and delegating tasks
35:11 - Seth’s unique qualities that set himself up for success
39:24 - What drew him to the blogging business model
42:31 - The challenges of choosing markets for land flipping deals
45:34 - Personal development and finding fulfillment
53:04 - The power of saying yes to things
Episode Highlights:
[16:04] Mindsets for Real Estate Success: The Hunter vs. the Farmer
Hunters get a thrill from chasing down deals and finding new opportunities, but tend to get bored with slow, steady growth. Farmers are more comfortable with incremental gains over long periods of time and prioritize predictability and security. Both mindsets can lead to prosperity, depending on one's temperament and goals. Seth considers himself more of a farmer mindset as he enjoys laying solid groundwork and letting deals grow and unfold over time. This approach fits better with his personality and risk tolerance compared to the ups and downs of chasing deals.
[25:38] The Power of Delegating Tasks
While he recognizes the importance of building systems and teams to scale, Seth admits he struggles with giving up control over certain aspects of his work. Seth acknowledges delegation as a weakness of his, and something he aims to improve. Refusing to hand over responsibilities can ultimately limit growth. By keeping everything in-house, it's difficult to take his land deals or content creation to the next level. When you learn to practice delegation, you’re able to free up space and take your enterprise to new heights through increased efficiency and bandwidth.
[42:31] The Challenges of Choosing Markets for Land Flipping Deals
While many offer guidelines like focusing on growing areas near cities, Seth notes that there is no foolproof method. Every approach has flaws and limitations when it comes to predicting future performance. Rather than obsess over metrics and data, Seth's experience has shown that the best way to learn is by taking action. Even educated guesses won't prepare you for all scenarios - you only truly start to understand a market once deals begin coming back. As Seth points out, you learn 100 times more from the process of trying different areas than any amount of pre-deal analysis.
Resources Mentioned:
www.retipster.com
Buy Back Your Time by Dan Martell
