Flipping Land For Cashflow With Jack Bosch – REVIEW
Episode 495: Flipping Land For Cashflow With Jack Bosch – REVIEW
Are you interested in flipping land for cash? Good news. It’s possible. Join Jack Bosch and Mitch Stephen in this conversation as they delve into cash flow machines and the endless possibilities to generate true wealth. Jack is an experienced business owner, entrepreneur, real estate investor, respected industry leader, speaker, educator and author of the bestselling financial literacy book Forever Cash. He has flipped over 4,000 parcels of land and is now coaching other people who wish to excel in this field and be successful. In this episode, he dives deep into why investing in land is a cash flow machine and shares an amazing case study demonstrating its wealth-generating power. He also talks about their newly-found interest in buying apartment complexes for true generational wealth building. Tune into this episode to have ideas in flipping land for cash too! CHECK OUT JACK’S LAND PROFITS WEBINAR 1000Houses.com/LandMoney
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I’m here with Jack Bosch. We’ve had a few problems, but we’re going to get it done because that’s what entrepreneurs do. They adapt and overcome. Whatever the hell it takes, you just get it done. Right, Jack?
That is exactly right that you just get it done. We have the motto in our company that says, “Faster is better than perfect.”
The content is all that matters in this because we’re trying to educate people. Mainly, we want to get some content out of this man right here. I met Jack at Collective Genius, CG mastermind a long time ago and we hit it off. Since then, we’ve been in contact with each other not on a daily basis, but certainly enough to call each other good friends and business mentors. I’m always referring to Jack’s book, Forever Cash. I’d like to introduce you all to Jack Bosch. Jack, tell us a little bit about what you’re into.
Thank you, Mitch, for having me. I second everything you said. We’ve become good friends and I look at you as a business mentor too, because you understand the concept of wealth creation well. What I’ve been up to? My wife and I started a company many years ago where we flip land. We are the oddballs in the industry. We do what everyone else says can’t be done, which is we flip land for cash and for cashflow. What I’ve been up to is I’ve been flipping land. We flipped over 4,000 parcels and we have been teaching this for several years now. Our students have great success.
What are we up to in the COVID environment? We are trying to find places in the world to go travel to which is not the easiest thing to find. We did find Bora Bora early 2020 because it is open for Americans. Since I live in Phoenix, Arizona, from Phoenix to LA, you’ve got to take a COVID test before. Bora Bora, French Polynesia is COVID-free so we were able to hang out there for two weeks and went back for Thanksgiving. We love doing deals. We love teaching people’s deals and we love traveling around the world.
You’re doing this land and you’re doing it virtually all over the nation. Do you do it out of the nation?
Let’s jump into that. Our land flipping works completely remote and location independent. It works best in the United States, but it works from outside of the United States. We had a Canadian couple report to us that in the middle of the COVID pandemic, they made over $500,000 in cash, cashflow and equity on deals that they did from Canada. I’m originally from Germany and I came here to finish my college degree. I met my wife here, Michelle, who is a Cofounder of our company and the CEO of our companies. She is from Honduras, Central America. We met here, stayed here, fell in love, and got married here.
We have been in this business for many years, but the key is you can do this from anywhere in the country and from even outside the country in the United States. What we do is we specialize in properties worth anywhere between $5,000 and $200,000, that’s our sweet spot, that we pick up from people who no longer want them. That’s one of the keys. We’re not looking for motivated sellers. We’re looking for people that don’t want these properties anymore and we’re picking them up for $0.05 to about $0.30 on a dollar. A $100,000 property, we might pick up for $30,000 and then sell it for $60,000. Why does it sell quickly? It’s a $60,000 or $200,000 property. It’s a smoking deal.It takes much less money (and work) to start land flipping than to buy a Subway franchise. Click To Tweet
My brother has a deal on a contract. My brother after many years overseeing us finally got into the game. He has a deal under contract that’s worth $250,000. You went a little higher, so you offered half market value of $125,000, but it could also be worth up to $280,000. You’ve got to go flip it for $175,000 to $200,000. That’s a no brainer. Properties all day long in that area sell for $250,000, so he lists his for $180,000 to $190,000. He’s going to make $50,000 to $60,000 on a profit on that deal like that. We do that from all over the world.
My question is if it’s worth $250,000, why are you flipping it for way under? I understand the move fast but aren’t you leaving a lot of money on the table?
Yes, we are. There’s a trade-off in land unless it’s a super hot area. In Phoenix, Arizona where we live, there’s an area in town where a company that Bill Gates invested in bought 20,000 acres, and another big developer bought 30,000 to 40,000 acres enough to build houses for 300,000 people. That pocket for a little bit until it cooled down was hot, so everything sold at the market. Market prices were going up rapidly. In such a pocket, you can list at market value and a property sells quickly.
In most of the country though, land is desirable, sexy, and cool. People want to have a piece of land and want to build that house to get away from the weekend. They’re sick and tired of being in their houses and COVID and stuff like that. Land sells but land sold at market value tends to sit for up to six months or up to one year before it sells. Land sold at market value sells substantially slower than houses sold at market value. Therefore, in order to accelerate the sale, you’ve got to drop the price a little bit and the further you drop it, the faster it sells.
You buy something from $180,000 and sell it for $225,000. It’s a good day. I’m not complaining because I’m always the guy that says, “Leave a little room for the other guy and get to the next deal.” A real house entrepreneur or property investor entrepreneur knows that there is another deal tomorrow and another deal the day after that. Maybe the play is you flip a couple and you got $40,000 to $50,000 in the bank, you’re feeling good. You can hold out for six months for this one while you’re doing a couple of other ones.
It happens that this deal is the first deal my brother came along.
He needs to get paid, some confidence, some jingle in his pocket, and get his wife off his ass.
His wife is participating with him. They’re doing this together.
I was joking.
That happens. The family members often are the negative ones and you’ve got to show them some coin and some money in order to get them to buy-in 100% with you. For most people that try this and most people that start with us, this is not their first rodeo. They’re not usually eighteen years old and this is the first thing they find. I wish those that do come at eighteen-year-old, this is their first thing, great. We just saved them a lot of trial and error in their life.
Often, these are people in their 30s, 40s, 50s. They tried three other coaching programs that produced nothing for them and now they’re coming to us. They’re looking at that and it makes sense and they’re getting it but everyone’s watching them and everyone’s like, “He’s going to fail again,” or “She’s going to fail again,” and they need to be paid. In my brother’s case, could I float the money for him? Could I lend him $125,000 to buy this property? Could we find a private lender that lends him the money for that and then he holds out to sell it for $250,000 or $280,000? Absolutely, yes.
It’s his first deal. Even though I’m his own brother, his confidence level in himself on being able to do it. It’s not the confidence in me. The confidence in me is there. He knows it works but the lack of confidence in themselves of the thinking, “Can I do this?” That thing skyrockets even if they just make $25,000 on that deal or if he sells it for whatever it is. It’s all about raising that confidence to the first 2 or 3 deals, and then they’re like, “Now this works and I know it.” Now they’re open to taking on a $125,000 loan sitting on a property for three quarters of the year to then make $150,000 on it.
Number one, I call that hush money. We need to put some hush money in the bank and get enough money so that everyone will shut up and leave you alone for a little while. I’m glad he doesn’t have that issue. It’s critical that sometimes, just to get your first deal done. It doesn’t matter if it makes $5,000 or it makes $500. You need to make a profit and prove to yourself you can do it. I have people ask me all the time, “Mitch, does this stuff work?” I said, “What do you mean does it work? I’ve been living off of it and getting wealthy for many years. Of course, it works.” That’s not the question. The question is, can you do it? I’ll try to help you, but I can’t do it for you. The eighteen-year-olds may be more pliable, easier to teach, and less likely to have to unlearn things, than the older people. It’s like learning to play the piano. It’s a lot easier when you’re young than it is at 50 to learn how to play the piano.
Tell me about that. I started piano lessons again. I stopped at age ten and started in 2019 again. My fingers are stiff. I’m advancing but it’s a whole lot harder now than it was back then.
We’ll write a song together when you get up to speed here. You don’t need money to do this. Let’s don’t split hairs here. You need a little bit of jingle in your pocket, some amount. You need at least to pay for the course of the mentor but you don’t have to be over the top wealthy or have big savings account to get this done.
I always compare it. A simple list of franchises is something like a Subway franchise store. The Subway franchise store costs you between $250,000 and $400,000 depending on size and location, in franchise fees, store build-out, training costs, and all this stuff before you even open the door. You have to have a bunch of employees who have to work three shifts because this thing is open from 8:00 in the morning until 10:00 at night or so. That’s more than two shifts usually. You have to have the weekend. It’s open 24/7 or 7 days a week. You have different shifts at work on different days. You have to do accounting and bookkeeping. You have to open the store, close the store, and order stuff.Investing in land is the purest form of cashflow. Click To Tweet
The average American Subway franchise owner makes $60,000 a year for all that work. You don’t have to have that money to start land flipping. You have to have money, yes, but mentoring if you want to, and then you have to have a little bit of money for marketing. Other than that, you don’t need any money. One of our students who’s from India, Anshul, on his first deal, he got a deal on a contract for $60,000. It’s a deal where you left a lot of money on the table, but it was one of his first deals for $60,000. It was worth $150,000 and he sold it for $108,000, so $48,000 spread and he did a double closing where the buyer’s money was used to pay everyone in the transaction.
The buyer wired then $108,000 to $109,000, the title company took $2,000 or $3,000, and the seller got his $60,000 and a $46,000 profit went to Anshul who spent exactly zero money on the deal other than a few hundred dollars in marketing to get the deal because we do it direct mail system. We send letters out to people that we have identified based on our selection criteria as high likelihood candidates of not wanting their properties anymore. When we send out letters, we get a response rate from anywhere between 2% or 3% and as high as 10% because we’re dealing in a non-competition environment. House flippers typically get 0.25%, 1%, 2%, or so. We start typically at 2%, go all the way to 10% or sometimes even 15% response rates, and then we make those people an offer and they accept.
My brother sent 2,500 letters out and he got four deals accepted already. That is an average of about 625 letters per accepted offer. In other words, it costs you about $400 in marketing to get a deal that you make thousands of dollars on, including one that he’s going to make $30,000. One is going to make $50,000 to $75,000. One is going to make $10,000. The fourth one just came in, so I don’t know what he’s going to make on that one. The bottom line is, is that worth it? Yeah, so you need a little money for marketing, but you don’t need $125,000 to get the deal.
You always talk about the downside, how much did he have invested in you? How much did he pay to get your tutelage?
In this case, it’s my brother so he got it for free.
He’s in India?
No, my brother is in Germany, but I talked about two different guys. The Indian guy lives in the United States but he isn’t from the United States. He’s about to move to Canada though because he’s getting a Green Card as an Indian citizen. It’s harder than getting it as a German citizen. He’s about to move to Canada and then continue doing deals from Canada. This guy’s name is Anshul. How much had he invested? He bought our course and he bought our software because we have great software. It’s a deal automation and workflow software that has integrated websites, buying websites, selling websites, data feed, and mailing houses. It automates 75% of the steps that you do in the process. He has the software and course and with that, he was able to do it. Other people need more hand-holding than engaging in coaching. Coaching has different price points, but in this case, he was in for about $2,500.
That’s my point. This guy has made $30,000 to $40,000 with $3,000 to $3,500 investment and yet, he had to spend some time, get committed, and learn. There’s no free way to make a lot of money. There’s hardly a free way to make a little bit of money. I want to make sure we’re painting the right picture for people, but it’s a no-brainer. What I like about your system is it’s national. You’re open to the nation. If you want some tax write-offs and you want to go someplace, you can write-off about every place you want to go if you find a lot there for a little bit of nothing.
It’s not like you have to buy a lot when you go there. You just need to look at it because not every deal that you look at, you end up buying.
You could say, “I’m going to Florida to look at a lot.” You buy your airline tickets and you might stop by Disneyland on the way out.
You visit the county, get a few maps, go talk to them, go to the zoning department, get a database of their county lists or something like that, and document that. We do the same thing when we go to Hawaii. When Hawaii is open again, we’ll go there usually twice a year and we love it. It’s our happy place. We visit the county offices or we make an appointment with a broker because we love real estate anyway. We look at some stuff, take some pictures, and so on. If the IRS ever comes, we can prove that we spent time looking for real estate there. Whether or not we buy something is a different question.
If I find a great deal, I will make the offer and so on. We own land in Hawaii. We bought some lots and we are always holding a couple back that we’re not selling so we can visit them. I’m not going to make the impression that you should talk to your CPA about that to make sure you’re doing this in a proper, safe, and legal way. The bottom line is there are ways that you can go. If you want to go to Idaho and visit your family, there’s land there. You go for Thanksgiving with your family and then you also look at some land out there that you potentially check with your CPA. It might have made that trip tax-deductible.
I’ve got two things. I want to talk about a case study that was brilliant and over the top, maybe one that stands out, and then I want to talk about a case study with things that didn’t go well, and maybe the worst happened.
A case study where everything is fantastic is a deal that we did in 2019. It’s such a perfect example. There’s this infill lot. An infill lot is a street with 35 houses, one empty lot, and ready to be filled in with a house. There’s an infill lot in a part of Phoenix, Arizona that I live in, where we send out some letters in that area. The owners called us back and we made some offers. One guy accepted this multifamily zone lot. It’s a small lot and you can put a fourplex on it or 4 to 6 units. He accepted our offer for $5,000 on that property. There used to be a house on there that burned down. There’s nothing dangerous and no environmental issues. We checked all of that, so we bought that property. We used our own money to buy this property for $5,000. It’s not a big deal. I figured, “$5,000. What the heck.”
The house burned down. They already collected all the insurance money that they were due and now they got this lot in their name that has a slab and it’s black that came from the smoke. They said they don’t care. They got paid by the insurance companies, so they said, “Give me $5,000. It’s yours.”
We bought this property for $5,000, then we put it up on the market and we put it on Zillow and Facebook Marketplace, two completely free resources. Anyone that owns a property or has it on a contract can put it on Zillow and Marketplace. Our contract that we have with our sellers, even if you don’t own it yet, gives you the right to remarket the property. Therefore, we market the property and it took less than two weeks, somebody offered us $67,000 for that property and gave us $6,500 as a down payment.Holding on to properties for decades is the key to true forever cash generation. Click To Tweet
We carried back a note of the seller financing deals, something you’re familiar with because you sell lots of houses in seller financing. We have a seller financing note for $60,000 and we got more than our $5,000 that we paid for the property as a down payment. Within two weeks, we paid $5,000 and we got $6,500 back. We’re safe. Even including closing costs, we’re $500 ahead of the game. We sign up with a contract for deed, so it doesn’t even have to go on the sale site and title companies. We have them sign a contract for deed that they make in monthly payments.
They needed a low payment, so we agreed to a low payment of $430 a month for the next twenty years. We agreed to a twenty-year note. The profit on that property is going to be $111,000 or $120,000 over the next twenty years. We took a deal for $5,000, got our money back almost instantly, and now we’re making $120,000 off that property in the next twenty years. The nicest part about it is because it’s seller financing and it’s a piece of land, they’re not even destroying the property. If anything, they’re improving the property. If they start building a sixplex there or something, chances are we’re going to get bought out by the lender at that point.
If they buy it with their own money and they build it and they default anytime, we get the property with a sixplex on it or if they do nothing and they default down the road, then we just foreclose on it. In certain states on a contract for deed, you can foreclose in three weeks and it costs $50, and then we get the property back and we resell it for another $67,000. The bottom line is they’re not destroying anything. They’re not stealing anything because it’s just land. It’s the purest way of cashflow.
I wanted to point out one other scenario. They go and start building a house on it out of their pocket, so there’s no lender trying to get a first lien position. They built this fourplex, which is worth $220,000 to $250,000 more. Your $60,000 note, you won’t even have to discount it to cash out of it. You go find a note buyer and it’s secured. The worst thing, whatever happened, is that they just kept making their payments on time and the best thing for the note buyer would be if they quit making their payments, then they got a $300,000 property back.
Even if the lender wants to get the first lien position, they’re going to cash out at face value of whatever’s being out. It’s like selling the note with zero discounts because they’re going to cash you out. If that point is still over $55,000, they’re going to give us $55,000 because that’s the balance of the note. Whichever way, there’s only one way for us and that is to win. The other guy wins too because he couldn’t afford for bank financing at the time. He couldn’t afford a loan right there. He now gets to do only a low payment of $430 for the next twenty years while he builds up his cash, credit, relationships, and things to be able to build. The seller got his $5,000 on top of insurance money, so it’s a win-win for everyone. Let’s talk about another case, a case where things didn’t go as well as we thought.
Unfortunately, I have to disappoint you. I don’t have many bad cases like that because when you buy something for $0.10 or $0.20 on the dollar, all hell has to break loose for you to lose money on a deal. We did manage to lose money in about 5 or 7 deals and here’s why we lost money. It’s because we stopped following our own process and we started believing our own press releases. We started thinking that we’re better than we were. That’s where we made the mistake. Our process works that everything is designed such that you have the least amount of work upfront and you only do all the necessary detailed research once you have a deal on a contract. If you send out 1,000 letters and you get 100 phone calls, there’s almost no research on the 1,000 letters just to identify a good county. On the 100 people that called us, we do minimal research to figure out what the value is then we make our offers. One of those 100 offers, let’s say we get three accept it, on those three, we do a deep dive and figure out all the details.
Here’s what we did. We had experienced it in a certain area. We already bought dozens of properties. They all used to be 1-acre properties worth about $15,000. We made our $1,500 offer on these properties, got them under contract, sold them for $10,000, and made $8,500 or $8,000. We leave happily deal after deal in that area. We went back to that area and we got us a little bit over in a different area and got a whole bunch of phone calls from properties. Subdivision looks exactly the same way. There are houses and empty lots everywhere. We’re like, “Great. Wonderful.”
We made our offers for these properties. We figured, “They’re a little smaller. Perhaps, they’re only worth $10,000 so let’s offer $800 on these properties.” I got 700 contracts and we’re like, “We know the area already. We don’t need to do any research.” We went and bought these properties. We spent $800 plus a little bit of closing costs. We close these deals without title companies. We did our own title searches that are on document drop and we bought them for $800 and then we went and sold them. To our surprise, they’re not buildable. Why the heck are they not buildable if we bought plenty of them that were buildable? It’s because they were only half an acre and there are houses all over.
I was like, “How are they not buildable if right next door there’s a house?” We skip the research and one of the steps that we do every single time the moment we get a property under contract before we buy it, because our contract is always a simple contract, it always gives you the right. Liberty has written there, the buyer, meaning us, has the right to back out of the contract, and cancel the contract anytime for any reason. We can always get out of our contracts. Plus, we have no escrow deposit at stake. We don’t put any escrow deposit down. We’re in these deals for $800 and we thought we knew the area well that we skipped the research.
One of the steps that we always do is check, call the county planning and zoning and ask them, “Is this property buildable?” If we had done that step, we would have figured out that the county 25 years ago changed the rules and now you have to have a minimum of an acre to build. All those houses in the area are 25 years old that they were grandfathered in the old rules then they changed the rules. That’s why no more new houses were built because all these lots were only half acre. We were able to take two of these lots, combine them and sell them as 1 acre, and that flew off the shelf right away because people still wanted to build there.
On five of them, they were almost worthless. We could sell them to the neighbor to expand their backyard and so on, but we ended up selling those for $500 each. With closing costs and everything involved, it was $500 to $1,000 per lot, so we lost $5,000 out of 4,000 deals. That’s the only five lots that we lost money on and it wasn’t a big deal, but the lesson learned was don’t ever think you’re better than you are and follow the process step and it will be protecting you from losing money.
Every time I break my own rules, it always comes back to bite me. I know the rule and I know what happens if you don’t do it. I thought I’m going to get away with it at that time. Mostly you’re in a hurry. You have too much to do so you try to shortcut something. Inevitably, those are the ones that come back and bite you, so that’s impressive. I want everyone to go to 1000Houses.com/LandMoney and I want you to check it out. Jack is going to be giving away his autobiographical account of how he came to this country, even not speaking the language, and then became successful. The steps that it took him to go through mentally and in the time that it took him to get to where he is now.
Jack is successful. He and his wife have built a tremendous business. He’s been doing this strategy ever since I’ve known him. He’s not a shiny object guy. He buys apartment complexes I know because you have to do something. When you make money, you have to find a way to preserve it or to get to that forever cash position to where that will end when you say it ends. That cashflow will end when you say it ends. Other things like owner financing or fix and flip, they can end at any time.
That’s why I look at you as a mentor because you take that in what you do in the seller financing and flips and so on. You roll that over into your asset class of self-storage and things like that. We do that in apartment complexes, so we have a portfolio. Initially, when we started, we did nothing but land. We’re like, “We’ll figure out this land business.” We put our blinders on and for six years, all we did was build up cashflow and cash in our life. One-time cash or temporary cash as we call it. One-time cash is the cash sales, the flip. You get paid once. Temporary cash is the seller financing deals.
We built it up to $70,000 a month in cashflow in our life then we had that plus, cash sitting in the bank. The opportunity came in 2008 to 2009 to buy houses at America’s largest discount, so we ended up buying 200,000 houses for $40,000. We held on to them, rehabbed them a little bit, and rented them out. We still own every single one of them and they’re now back worth $200,000 to $250,000. We also took cash from that and got our feet wet in improved real estate as landlords. We’re selling eighteen of these houses, rolling that money over into 100-unit apartment complexes, taking some of the other cash from land flips, and so on, and moving down into more apartment complexes.
Those bring in cash with a holding or rising up. Holding on to those things for decades is our goal because that is then the true forever cash wealth generation. We used our land flipping as our cash machine. Everyone, unless you’re a super high earning professional and you do bring in $500,000 to $1 million a year, you should keep doing what you’re doing. Everyone else needs to build a second land to stand on as a cash machine that produces the cash but then use that cash to roll it over into forever cash, wealth-building cashflow assets that give you depreciation, cashflow, tax benefits, and true wealth.If the urge is big enough, you start changing your priorities and start saying no to certain things that waste your time. Click To Tweet
Go over there and check out the digital book, Forever Cash. It’s an interesting read. Especially if this is a newer concept to you, go check it out. Go to 1000Houses.com/LandMoney. Jack is the go-to guy on how to buy land and lots virtually. There are not a whole lot of people that specialize that and it’s niche. When you want to get rich, you’ve got to find a niche. You’ve got to get it down so that you can become an expert in all the little, tiny minutia. You can go out there and you can pay the street. It may run you out of business because the street is ruthless.
You could invest a little money and team up with Jack and learn what he’s learned over a long period of time. Learn it in a short period of time and have confidence. Someone to bounce things off of if you want to get to that level. Don’t have a bunch of anxiety about what you’re doing because someone has already proved in this model and you don’t have to invent it. With the software, contracts, verbiage and ads, you save yourself a lot of time, so get over there to 1000Houses.com. There are all kinds of information over there. We like to give mostly content, but for people that are interested in getting involved and want to know more, go to1000Houses.com/LandMoney.. Jack, anything you want to say to people out there before we wrap it up?I can second what you said. Go and check it out. We have a Facebook group also. Mitch said he’s going to put all the resources there. We have a Facebook group where our students are helping each other succeed. There’s an average of 18 to 20 success stories and brand-new success stories from our students being posted every single week. It’s not me posting them for them. It’s them being excited about the first deal that they’re posting right in the group.
There’s $10,000, $40,000, $137,000, and $2,000 deals are all over the place but the point is, the first deal is always the critical deal because it builds that confidence in your life, so check that out. We put a bunch of resources in there and yes, we’ll even put an electronic copy of the book there, Forever Cash. I only own about 50 copies still at home.
Other than that, it’s only available on the secondary market at crazy prices, so you just want to get the free electronic PDF copy on 1000Houses.com/LandBook
Check out that Facebook page because it’s one thing for Mitch and Jack to tout it. Listen to the people that are doing it. You have a good community there. People are talking back and forth. It’s a great place to form some camaraderie with some like-minded people that are in the trenches fighting the same battle. If you decide to get involved in this, you can also have that community to help you through. It’s all about getting help and resources. Everything that seems impossible, if you have the right help and the right resources, it’s not impossible anymore. You, too, can maybe quit your job or find your own financial independence.
It’s not whether you buy Jack’s thing or you buy my thing. I don’t care what thing you buy. What this show is about is that you find your niche in life and you become financially free so that you can become the person that you’re supposed to be. Stop giving 2,600 hours a year to someone else and making it possible for them to be who they need to be. That’s the goal of this. Dave Ramsey does the primal scream when people get debt-free.
Around this show, we ring the bell when people send in emails and say, “Because of what I learned on this show, I was able to quit my job and fire my boss. Now I can go to a soccer game anytime I want with my children. I can vacation as long as I want. No one’s telling me what to wear. They don’t tell me what time to get up and what time to go to bed. They don’t tell me how long I can have for lunch. They don’t tell me if I can be sick and how many days I can be sick.” The best students that we have, whether they’re my students or Jack’s students or anybody else’s students, have that, “I’ve had enough of this crap meter pegged way over in the red. Peg hard is not even moving. It’s just pegged over there in the red. I’ve had enough of this crap. I’m going to start spending some extra time after this job, in between this job. I’m going to figure out how to leave this job.”
Do you know what made the difference for my brother to come on board? They have a three-year-old baby boy and his wife got maternity leave, and she had to come back. She went back only 50% of the time, but they’re asking her to do 100% of the job and 50% of the time while taking care of their son. It’s become too much that it finally reached the boiling point and breaking point of, “I have enough.” It took eighteen years of watching us but finally, their life situation has gotten to a point that it’s no longer bearable.
The funny thing is that in spite of all the things that they have, when the urge is big enough, you’ll find the extra time because they don’t have extra time to go to this business. If the urge is big enough, you start changing your priorities and start saying no to certain things that you are spending your time on that is wasteful. All of a sudden, you go and find the time to do it, just like you with your health. You had some wake-up calls and some things that all of a sudden, the priorities changed. Look at you now. Mitch 2.0 and Mitch 3.0 are there and I love it. By the way, congratulations on that.
Thank you. I’m sure you’ll enjoy it. If I had to start over again, I keep a list in the background. This is one of the strategies on my list. I’m far advanced and well insulated. I usually take young entrepreneurs that come to me and go, “What should I do?” I’ll look at the list and I go, “These are the things I would do if I had to start over again. If I was 24 years old again or 20 years old again, this is what I would do.” I give it to them and I wholeheartedly believe it’s up to them to find out if it’s a match or a fit. It works. You just have to work it. Nothing works if you don’t work it. There’s no risk-free. There’s always a little risk. You always have to put up a little bit but go with a pro and eliminate as much of that risk as you can by getting educated.
I’d like to thank my sponsor TaxFreeFuture.com. If you need an IRA or you have an IRA, a 401(k), a solo 401(k), or a health savings account and you’re not self-directing it, think about self-directing your account rolling over to TaxFreeFuture.com. You take control and we’ll show you the things you can invest in. You can use your IRA to invest in lots that Jack is talking about. You can use your IRA to loan me money or to loan Jack’s money or to buy your own stuff. There’s a whole world out there. Quit leaving your financial future to these yahoos on Wall Street. They do not give a crap about you. Even if they did give a crap about you, they don’t control that machine. For me, it’s all gambling.
If you want to get out of that where you feel like you’re gambling, check out TaxFreeFuture.com. There are 37 little video vignettes there and you won’t believe what your financial advisers are not telling you. We’re going to tell you why they’re not telling you and we’re going to tell you what to do about it, and then you can take it from there if you want to. No pressures, nothing. I’m just going to show you some things that a lot of people don’t know and you’ll know they’re true when you know them.
Jack, we’re out of here. I’d like to thank the audience. I’d like to thank everybody for stopping by to get you some Jack Bosch.
- Check out 1000Houses.com/LandBook get your free digital book, Forever Cash. It’s a good read.
Also, check out LiveComm.com. There’s a reason why my last 300 properties have only lasted nine days on the market. I averaged 12% down and I have 25,000 people that I can hit for $0.02 apiece to let them know when I have another owner finance house available. A free Facebook account is all you need and you don’t have to worry about sales anymore. We’re out of here. Bye, Jack. Thanks for being on.
Thank you for having me, Mitch.
About Jack Bosch
Jack Bosch is an experienced business owner, entrepreneur, real estate investor, respected industry leader, speaker, educator, and perhaps most importantly a parent and husband. He’s the author of the bestselling financial literacy book “Forever Cash” and the creator of the Land Profit Generator real estate without hassles system.
Jack immigrated to the United States from Germany in 1997 with just 2-suitcases and a bunch of student debt and since 2002 Jack and co-founder Michelle Bosch have purchased and sold over 4,000+ properties and since 2008 they have set out on a mission to transform the lives of others by sharing the land investment techniques and strategies that have made them a success.