Transcription
Good morning, welcome to Coffee with Dennis. So today, we're going to do something cool. We're going to go over, um, today we're gonna go over picking some markets. Uh, I'm trying to find a few markets for a friend of mine. She's looking for a piece of land. So, what we're going to do today is actually find some decent markets that could find some land for her. And if it doesn't work out, well, guess what? We could still sell it, right? So it's a double-edged sword today, which is really cool.
Um, now today, today, the main thing we're going to be focusing on is the sell-through rates and then pricing out the price per acre on sold properties in the area, okay? It's really simple stuff, honestly. Anybody could do this stuff. You just gotta kind of just take action and learn a little bit. Um, so, number one thing that I'm looking for right now, hold on. So we have today, um, I hope you guys ever did this, but here, check this out. This right here, I want you guys to go, if you guys want to learn how to do this stuff from the best, Sumner Haley, right here. I'll give you this link. Go to this website right here. It's just a quick video. It shows you the five simple steps for being a successful entrepreneur and building a highly profitable six-figure land flipping business. Honestly, I follow whatever Sumner says and it's, it's really scaled me up insanely. Um, so if you guys don't know who I am, my name is Dennis Casco. I'm a real estate investor. I've been real estate, been in real estate investing since about 2010, and I've flipped houses, I've been flipping houses, I've been wholesaling, I've been, uh, buying rentals ever since then. And, um, I kind of fell into this, this category not too long ago, maybe in 2022, into 2022. And I put around, tried to figure it out, and then I found Sumner and we started connecting. And all of a sudden, I went from like, not having any good leads or anything like that, to to now, I'm like, I have leads with the potential pipeline profit of over a million dollars if I could just close all these leads, do my subdivisions, and all that stuff. And that's less than like six months. So to be able to go from not having any leads that are good to all of a sudden having a potential pipeline profit, profit, not not just like, um, gross, this is like net in our pockets profit, almost a million dollars. Uh, it's pretty insane. And our, our spend was like five thousand dollars so far. So it's like absolutely just outlandish. So it's really, really crazy. Um, but yeah, so check out this site right here and you guys could start learning from Sumner. This is a free video, just watch it. I'll leave that link up. Um, so yeah, so I wanted to go over. So this is something that I do. Um, this is my, my impact hour, I call it, right? I don't know if you guys ever share this. Real quick, so just so you guys should say this is the website that you go to. So this is something if you guys ever read this book. I'm, I'm a huge, uh, fan of reading. I read constantly. Probably listen to by reading, I mostly listen to audiobooks. Um, but I listen to probably somewhere around 150 to 200 books a year. And a lot of times I repeat them, right? This is the book. This is a book that I personally have read probably about 15 times. It's one of those books that every time like I need a little boost, I feel a little lost in my business or whatever it is, or just feeling like I need to regrow myself. I listen to this book. It's so good. It's, it's absolutely amazing. It's just a very, the way it's told, the way it's written, everything like that. And it's got a lot of life advice. It's got a lot of little things. So this is just a pro tip. But one thing they talk about in this book, John's Fork, who talks about something called impact hours, okay? And that's what I focus on is my impact hours because I have two kids and I have a lot of other stuff. I do run a couple other businesses and I just don't have a lot of time, right? So what I do is I take the business I'm mostly focused on and I pretty much make sure I got an hour dedicated to that business every morning, okay? So for this business, this is, um, for this business, I focus every single morning on just my impact hour. So this book is really great and it teaches them little things like that. So, all right, now let's get into the real stuff. So pick this book out if you guys will want to kind of focus on some new things.
So, what we're going to do today is I have a couple markets here that friend of mine. The Discord to you guys. If you're not in here, you need to get in here. So to create a great Discord, I, uh, actually I dropped the link. I'll send the link in the comments right here. So if you guys want to join the Discord, just hop in on the link in the comments. So close this. So this is what we're going to be focusing on today. I need to find a couple of these markets and I'm going to check to see if any of these have like pretty good sell-through rates and stuff like that. So, what is this health? Sell-through rate is the difference between the on-market, on-market products, like how many properties are on market versus how many properties have sold in the last month. I look for the last one because I want to see those really fast markets, okay? So the first step we're going to do before we get into anything else, you're gonna need three things, okay? Super easy. Website, landwatch.com. Great website. This will tell you like, you can find any land for sale, everything like that. It's completely free. Everything I'm showing you today is 100% free. Doesn't cost you a dime. So Land Watch, Redfin, and Excel or Google Sheets. I use Excel because I don't know, I just like Excel. So I'm going to first, before I go any further, I want to build my sheet, okay? And my building my sheet, what does that mean? Okay, this is, this is basically how you're going to solve for sell-through. I'm going to make this a little bit bigger so you guys can see it. This is how you're going to solve for sell-through. And if you're not good with Excel, it's okay. This is so easy. Um, yeah, the formulas are going to be on here. You'll watch this anytime you can see exactly how I do it. So what you're going to do is I wanna see, number one, I want to see how many sold on Land Watch. I have a stiff layer when it comes to this stuff. I want to make sure everything's like neat, even though it doesn't really matter, okay? Land Watch sold. All right, then I want to do, uh, Redfin on market, okay? So this is gonna, I want to put a counter that I want to put Red, Redfin sold one month. [Music] One month. Oh, it's all-through rate, STR, sell-through rate. And then I'm gonna do three months. I'll explain why I'm gonna do three months, six months, and stuff like that in one year. Three months. And then I'm gonna do three month STR. And and then I'm gonna do six months. Another six months STR, okay? So the reason why we're going to do the one month is the most important. Three month and the sixth month are, I want to see how fast that market turns over. So I'm gonna do this. I'm gonna go data. Do I'm gonna lock these, these. So when I scroll around, it doesn't move. So just another little habit of mine. And now let's just add some color to this, why not? We like color, right? Cool. Okay, now we need to figure out. We're gonna have to do some formulas. So these formulas are so easy. And I'll show you guys real quick how to do them. So whenever you want to do a formula and figure out the on-market versus sold or whatever it is, you're gonna equals, right? Equals tells you what you want to figure out. You're gonna take this. All you do is click that cell and then hit divided by this cell and then hit enter. So it's gonna say division, right? So because I have no numbers in there, it's not gonna show me anything, okay? So I'm gonna drag this down. This way, when you drag it down, you only have to do the formula one time, okay? I'm gonna do the same thing. I'm gonna do this. I'm gonna go on market and then I'm gonna go divided by the three month, okay? The same thing. I'm gonna drag it down. All right, equals, right? Redfin on market divided by this one. Perfect. All right, now like a dummy, I forgot to put the county, okay? So this is gonna be the county. I'm gonna put that there. And over here, I'll put the state. This just makes my life a little bit easier later. It's not really necessary now. So I'm gonna take these counties. Let's see, copy, select my cells. So if you ever, pro tip, if you're want to like paste into this stuff, select your cells and then hit paste.
Look at that. So what it does is the second you do that, it actually pastes them in, which is so neat. So this is WV, this one, these are all. I'm just gonna move these up one, okay guys? By the way, I suck at Excel and all this stuff. This is just something I learned by necessity. So it's, anybody could do it. It really is not that hard. Just doing this a couple times, you kind of figure it out, right? And if you ever get lost, just watch that video again. It's really not that hard. So we'll delete this one too. All right, so I don't know if these are going to have good sell-through rates or anything like that. I don't know yet. But the goal today is to figure out if they are. And the reason why we're using these counties is we have a friend of ours that is, um, looking to locate, uh, relocate. And we want to try to find her a good piece of property. Um, so no, okay, next thing. So I got that. Now, first on my list, I'm going to go to, let's just go here. Let's go to Land Watch, okay? So we're gonna go to Land Watch. I'm gonna just shrink this down a little bit, just so I could see this. So I want to be able to look at Land Watch and look at my county. So I want to like flip back and forth, okay? Here we go. All right, let's see. So we're gonna go to this. We're gonna go hit Winchester. If I knew how to spell that would be amazing. Winchester County. And this was, this is what the heck state is this? This is supposed to be Virginia. Virginia, okay? So this is Winchester, VA. I want to look for now, what am I targeting? So I'm targeting specific acreage in this area. But I'm also like, I'm not just targeting, I'm not just targeting this just to just for exactly what she wants because we're probably going to mail these counties if they're good. So the goal here is I'm going to target what I would, what I like to sell and what I like to deal on. I deal in rural recreational land. What is rural recreational land? So if you look at a map, okay, let's go to, uh, Google Maps, okay? Let's look at a map. Let's take, okay, so let's, let's look at this. So when you look at a map, you see this big white right here, Oklahoma City. Let's say this is a city, this is a major metro. I don't buy land anywhere near this. In fact, I won't. I don't even really buy land anywhere near this. You know, I actually go all the way out here, okay? We look for something that's about 45 minutes. So here's major city. This is about 20 minutes. This is about 45 minutes out, okay? And then 45 minutes to about two hours out. That just so happens in Oklahoma. Let's say, kind of hits Tulsa. No, I still don't get me wrong. If I get a five-acre parcel in Tulsa or five-acre parcel in Oklahoma City for a great price, totally freaking buy it. But I really only want to focus on this rural recreational land, right? And that type of land is used for hunting, it's used for hanging out, like just parking an RV, just people who just want to go escape the city for a weekend, whatever, whatever the case may be, right? Or some people just want to live off-grid. So for instance, um, my friend, that's kind of what they want to do, right? Their goal here is to escape the city a little bit. They homeschool their kids, so they don't really need all the, the bells and whistles and all that stuff. So they're pretty much, they can pick what they want, right? Which is awesome. Um, so yeah, so this is actually just a city. So we're gonna go back to Winchester. So what we're gonna look in now is I'm looking for a four-acre plus parcel. I'm gonna add a max range on this. We do go for, um, like larger parcels, like we'll buy, you know, we have a one deal we're working on now, it's 160 acres, we're gonna subdivide that. Um, and we look for all kinds of things. So it's not like we won't go bigger. But for right now, just for this, so we're looking just for vacant land. So we don't want any houses or anything like that. So, all right, so let's see. So I'm just gonna put square feet, custom size. [Music] Thank you. I just want to see what's coming up on that. Opened it out. Okay, so undeveloped. And let's put max, um, 500,000. This is, I mean, this is good too. If you guys are like, have a budget, set your max range, your sold range, so you know, like where you could play in. So I'm just gonna see what has. Doesn't look like I have any sold. I'm just checking out now. Let's go here. I'm gonna look in Winchester. So I'm gonna look for very similar parameters. I want to just see what the activity has been here. Oh, let's go, land sold in last year. I just want to see a total market overview. Um, they're four acres plus. And let's put a top cap on this as 900,000. All right, so it looks like they are looking at the city. You know, that's not really what we deal in. So I'll probably be looking around. Let's see what county this is in. Probably vacant land for acres, Winchester, VA. So I'm just trying to find out Winchester County. Much better. Okay, all right. So it looks like it's a tiny little county. So you could also remove outlines. I could draw a specific area. So if we're looking for a very specific zone, you could just go, I only want this, you know, or whatever you want. I just want to look right here and see what's sold recently. Now, this is important too, because if we're looking for subdivisions, which eventually, you know, that's something that you guys are going to want to do. Um, you could target just very specific subdivision areas. Four acres, do 100 acres. Okay. Okay, so this is what's sold recently in the area. Not a lot, not a lot at all, right? So I'm gonna, I'm gonna skip that one now. I'm gonna go to Frederick on t. Let me just show you this too. So if you're on Land Watch, you can just type in. So this is if you're, if you don't have a target market specifically, you're looking for, you could just go into this and you can look, Virginia, undeveloped. And it's going to rank all the counties. See? And you want to look for and sold, you want to see what's going on. Okay, then watch. Let me select all my stuff and then move me out. Okay, so if you wanted to see, let me remove some parameters. Okay, Virginia undeveloped souls. So what this will do is this is going to give you the total sold in that hallmark in all of Virginia, right? So you can kind of see like all the counties right here. And what we do for building our master sheet, we take all these counties, Floyd County, and you know, Land Watch, we would see what the ranking is. So same thing, you go like this. If you wanted, you go all these counties. Okay, go up to here, you go copy, control C. You go into a sheet, you would select all this stuff right here. Let's just say, let's say you picked like 40 counties, you just paste it. Okay? And now each one of these, you could just copy all this information over. Actually, if you go, let me do that again. I'll show you the right way to do it. We're gonna paste, but to go paste special. [Music] Oh, it's not giving me the option. That's all right. So you basically, you could take this, you have all the counties, you could copy this. If you do it, I don't know, I'm not gonna figure it out right now. But what you could do sometimes is paste special and it'll only paste the, um, thing, not the links. So you can do that if you ever need to. Um, makes life easy. So all right, let's take a look at Frederick County. I want to look at this Frederick County. Frederick, yeah, County, Virginia. Okay, so here's my parameters. I have the same parameters. I have land sold in the last year, four acres plus, okay? And I just put 900,000 cap on it. Why? Because I'm not, depending on the size land, I'm not really going to be buying it right now for that. Now, what I do here, you could see in the last year, it sold 101 homes. Let's see what's on for sale right now. So for sale is 41. So we're gonna do this, you ready? We're gonna calculate the sell-through rate right now for this market. I will show you guys how to do that. I'm just doing this to make my life a little bit easier. If you shrink your two tables down next to each other, like it just makes life easier not to click back and forth. I have two screens running right now. So if I wanted to, I could, I usually put one on the upper screen and one on the lower screen and then just easier to work. But just for the stream, it's a lot easier to do this. So, okay, here is what I am looking at. So first thing I'm gonna look at is I want to see what's for sale. How many are for sale? I have for sale with those parameters, 41. 41, okay? This is Frederick County. And I'm gonna do Redfin sold one month. I'm gonna go sold and the last month. What's my count? 10. 10. This, how to buy this? Sorry, I actually did this math wrong before. So I usually wait to do it. So what you want to do is you hit the one month divided by the on market and that gives yourself a rate. And then this is represented as a percentage. So we'll click this button and then we could just go when you're on this, hit this. See, 24%. Um, same thing here. I did my math wrong. Oh, this is like so simple like to mess up. So when you go to do this stuff, like just make sure you know you're doing your one month divided by your on market to figure out your percentage. Okay, even still, still make mistakes. Okay, let's go into the three month. Let's see what our three months doing. [Music] Our three month, we have 31. Nice. And then I'll explain before I fix that one. Let me just do this. Let's get our sold six months. I sold six months is 50. 50. Now let's do this. I'm just gonna track just for for you guys. We'll do the one year and then one, one year of the rate. I'll be right. Okay, so that's basically how you create your sheet. And then you're gonna go, let's look at the one year. One year, what's how many sold in one year? 101. Okay, 101 sold in one year. All right, so now that we got all our data, let me just go fix this stuff real quick. The first one to make sure everything's the same damn size. I hate that. Okay, perfect. All right, so the sell-through rates, like we said before, this formula is this number divided by on market equals this number. The sixth month divided by the on, divided by the market, okay? And this one is this number divided by on market, okay? So these guys, we're gonna just select all these boxes and we're gonna hit this little percent button. Look at that. It's gonna show us a nice percentage. Um, now if you want to drag this up, I could drag this up. I could drag this down. So as we're inputting other counties, we could just check it. Okay, now let me explain to you why we did that. So I want to see what's on the market, okay? On the market, there's 41 on market. Now, on average, the last month, 24, uh, 10 have sold, which gives you a 24% sell-through rate. That's great. It's really high. We target more than five on market, more than five sold in the last month. So as long as it has more than five sold in last month and the sell-through rate above 15, so that'd be like, let's say 30. Then that's a deal we want. Okay? So just show you this divided by this. That's something we want because as long as there's more than five on the market, that means there's activity. And 30 would mean, you know, 5 into 30 is 17, which is more than 15. We target that 15 or greater. That's in my business. That's what we do. Um, we go by the numbers, not by what we like and what we think is pretty. We don't care about that. We go by the numbers. It's all about the numbers. The numbers make sense, we do that. So that's, that's what we look for when we're looking for a county. So already, I'm gonna just stop right there and say, this is great. This is a good county. Now let's look at the three month. Why do we do the three month? Okay, this is important. You want to know relatively how fast the inventory is going to turn over, right? Let's say I'm putting private money on this deal and I'm buying a parcel of land, I'm gonna book private money on it. And you want to turn that money in four weeks or 12 weeks or whatever it is. Well, you want to go to a market that has really fast turnover so you could turn the money faster, right? Because the longer it goes with private money, a little more ex, it costs, right? Unless you have fixed that, whatever you want to do. But the longer you go, the more cost, okay? So I want to make sure I'm going in a market that turns over in three months so that I know whatever I'm getting is turning over fast enough that I don't have to worry about, um, how long my private money is out there for. I drink my coffee black. I don't know how you guys take yours, but I like my coffee black. Black, lick the dirt. I buy. Um, so then I go six months. Same thing with six months because some markets are three-month markets, meaning all the inventory turns over in three months. Some markets are six-month markets, means all the inventory turns over in six months. And some are one year. This market's pretty good, right? And why, why do I say it's good? Okay, well, in three months, 75% of the market turns over. In six months, 122% of the market turns over. And in one year, 246% of the market turns over. That means all the inventory comes in and sells two and a half times. So 41 listings come in, 41 listings sell two and a half times. It's like a hundred and hundred property sell per year, right? Now, is this an exact number? No, I don't know. But this is the whole thing. When you're starting out, you just gotta get started somewhere, right? So you get started doing this. And then what you should do is track all these markets. Okay, go out, pick a whole bunch of markets, go on Land Watch, take a whole bunch of markets, track them. Okay, let's say you're mailing this county right now, okay? Well, mail that county, but go track other markets. We do a thing called Market Mondays. Um, we do this inside Leah. And basically, every Monday, you go in and you track markets, you pick markets, you go through them, you select them. And why do you do that? Because you want to be ahead of the curve. And you also want to track trends, right? This month, we're looking at this. We're like, oh, 10 sold in last month, that's great. But what about next month? Maybe zero selling them next month and like 100 people list their property. What's this healthy rate? Zero. It's gonna go way down, right? So if you see a trend where it's an uptick in the trends, where it's 24, next month it's 25, next month it's 26, next month it falls off to like 20 and then 19. You could see like a trend in the market, right? And you would know, okay, maybe during the winter it falls off a little bit, in the summer it picks back up. Well, I want to market to that area in the winter, right? So that I'm buying land in the winter, so that I could sell it in the summer when it's summer, when it's at peak. So just a little tip. All right, so we found a good county already. That was easy. Now, the next step, we found a good sell-through rate. Not that we found a good county, now the next step I want to look for is homogeneous pricing. What the hell does that mean? Okay, homogeneous pricing is I want to look at the county as a whole. There's a whole, there's a whole, um, another school of thought of like finding, you know, micro markets and stuff like that. And that's something that's really awesome to do. But I'm a broad strokes kind of guy. I like to go for the broad stroke stuff and just, now, whole county. So I want to, I want to find a county that works for me to do that, right? If you are a micro market person, we'll touch on that another day. Um, Sumner touches on that on his videos and stuff like that, and he shows exactly how to do it. So for me, real quick, this is what I do, okay? I look at this county and I want to see, let's say five or five acres. So this, what's this? This is a five-acre just sold for 135,000. All right, now let's go to the other side of the county. What's a five-acre selling for? This is a four-acre sold for 32,000. Now, big discrepancy there, right? Why is it? I have a big dumb calculator because I like stupid calculators. So I'm gonna take 32,000. Okay, divided by how many acres? Four acres. That sold for about 8,000 an acre. Okay? And then if you go to the other side of the county, this is 135,000 divided by five acres, 27,000 an acre. That's a big discrepancy, right? So one side of the county, you're selling for 8,000 an acre, one side of the county, you're selling for 27,000 an acre. It's a 20,000 dollar difference. It's pretty big, right? Now, there's, you could look into why and all that stuff. But really, at the end of the day, it's just about taking those quick looks. Okay, so looking at this market, so 22, 22,000 divided by 5 is 4,400 an acre. So pretty close to this one up here. Okay, yeah, see all these, this pocket up here. So this is like if you're doing a micro market, this is, this is what you're looking for, okay? You're gonna go in here and say, huh, all these are trading about the same. So what I want to do is draw this little market right here, okay? And like, now I know all this, this whole little market right here is selling for relatively close to the same thing. Okay? So you could just pick out, let's just draw the state line. Look at that. Okay, so these are all the sold. How many sold here? Cool. Now, you don't want to show me real nice. Um, so you can see like this holes that are here. Redfin does always sketch out on you, so you'll have to deal with that. Good luck. Um, but okay, so let's look at Frederick County as a whole. So back to what we were doing before, as a whole, okay, cool. Redfin is now sketched out on me. Um, let's go, let's look at other counties because like I said, I want to find something that has homogeneous, homogeneous pricing. So Shenandoah, Shenandoah County, Virginia. All right, Redfin, thank you for being great. We love you. Now, there is, you're gonna have to, why are we using Redfin? I'll show you why once we pick a county. I'm gonna show you exactly why we like Redfin versus, um, versus anybody else. Two sold last year. Now, if you guys are noodling investing, this is like your ground floor. This is where you want to try to figure this stuff out. It's really helpful to kind of like get in here and like go through all this stuff, right? I know if you're not new to land investing, this is kind of monotonous for you, but this is so important. Picking your markets and picking them the right way, like picking them so you know they're good, right? Because if you don't pick your market and price it the right way, your business is screwed. Now, our business, basically what we do, there's a lot of strategies. You could, you could text, you could do all this stuff. But what we focus on right now in this business because it's easy, it's repeatable, and we attract KPIs really well because we mostly just send mail. That's it. Send a lot of mail and we just track them. We see what's going on. Um, all right, so what I'm looking for now is I'm gonna just quickly first look at the sell-through rates in this area. So five acre plus vacant land, fiberglass sold in the last year. Um, actually, I was at four acre last time. So whatever you're doing, make sure you're continuing the same trends, okay? So there's, let's go to the one month. If you want to get a pulse on the market real quick, real, real quick, just do this. Do the one month. You got five on market, five on, uh, five sold in the last month. And for sale, 39. Okay, so sell-through rate's a little low. How do I know that, right? So let's do 39 and five. Separate that's 13. It's not terrible. Um, let's go sold again, 18. So 18 and 24, 54. 24. Okay, so wow, okay, so all right, so look at this. This is, oh, that's why it's the math. Maths be wrong. That's why because I never fixed my maths before. Okay, so this is a 46. So you can see this is actually probably like a one-year market, meaning stuff turns over very slow. Right? I don't really want to secure debt to this because maybe I don't move it for a year. Well, it's gonna cost me a hell of a lot of money. So let's go to load quad. [Music] We are, yay. Who, same thing. Let's look at the one month, get a quick pulse. Four for sale, 38. So I mean, this is everybody's prerogative. You want to track all this stuff, it's great, right? Interest of this video, I'm not gonna track it. I looked at the one month and the one one's F4. I move on. Clark, there's over 3,000 counties in the U.S. It is pretty simple to just go find another one. Okay, Clark County, sold in the last month, zero. Do not go there. Warren County, VA, for sale. I want to just mark this real quick. Where does my Virginia stop? Nine. I'm gonna throw a little drop of paint on there so I know when my Virginia start stops and West Virginia starts. So Warren too slow. Four more. Four in the sold in last month. Old Pepper too, too slow. Rappahannock, UVA, zero. Okay, so let's move to West Virginia. Uh, Jefferson County, West Virginia. Beautiful. Three. Okay, let's go Berkeley. Boom. See, 12. Okay, so let's just hold last month. Let's go back here. Let's go for sales, 59. Okay, looks like a pretty decent celery. Oops, what is happening? Okay, so that's, that's got a good sell-through rate, 20%. Okay, now let's go to the sold again. Let's do three month is 31. 31, 47, 90. 31, 47, 90. Beautiful. Okay, decent market, right? Why is it these markets? Well, it's got 20% sell-through rate, almost 100% turnover in six months. I mean, it's not, it's not a stunning market. It's not moving extremely fast. But now let's do this. I want to just look at the solds. I'm gonna look at a specific pocket range. So targeting for my friend, we're looking just for like chilling. She wants like a five-acre parcel. So I'm specifically looking for that. Now I want to just see in the last year what sold and I want to just see the price per acre sold in the last year, okay? See, you got this guy, a five-year lot. This is probably something really beautiful that's why it's old for that. 87. Cool. Doesn't show me my acreage. All right, 50,000. So 5,000 per acre. Okay, let's go up here. All right, so that sold for 85. That is closer to like 10,000 an acre. Let's go over here. Pretty close, 8,000 an acre. So I'm looking at five acres divided by 155. All right, it's a little higher. Five. So I look kind of like, doesn't really have homogeneous pricing, okay? Just based off that. So let's, let's just keep looking. We could always circle back. Hampshire down in West Virginia. All right, that's sold last month. Say, check the pulse. Pulse is good. She's got a pulse, baby. 13. So for sale, 20. That's what you like to see. Let's go on. Why is everyone 65% sell-through rate? Damn. On market. Oh, you know what? I'm sorry. Hang on, hang on. I still have these parameters on. No max. Why am I doing no max? Okay, so 44. Double check ourselves before you wreck yourselves. Sold last month, 19. This is crazy good. 943 sell-through rate. Damn. Okay, 44, 73, 153. 44, 73, 44, 73, 153. Hot market, hot, hot, hot, hot, hot market. You got a 43% sell-through rate. You got 100% turnover in three months. That's insane. And then you have six months is 166. And then you have, boom, 350. That means the market turns over three and a half times per year. So if you wanted to cycle money through a market, you could cycle somebody's money four times in a year, which is insane. Okay, next disparity. Now, just because I'm looking at the four to ten acres, doesn't mean that's it. So like, you might find the four to ten acres trade wildly, but the 10 to 20s trade the same. And I'll just show you that real quick. So we're gonna look at this market. Already, I'm seeing. So just as a quick, quick glance, I'm already seeing this market looks great without even looking. Just look at the prices. 80,000, 54,000, 110. It's pretty much pretty similar, right? So a 30,000 dollar lot, 30,000 sold for, uh, that's 7,500 an acre. Now let's go to the other side of the county. 37,000 divided by how many acres? About seven. 5,200 an acre. So that's pretty close to that one, right? Let's check out this 30,000 lot. 30,000 divided by five, 6,000 an acre. So this is what you want to see, guys. This is a lot. This is perfect. Okay, they're all trading pretty close to each other. Okay, so this, we're gonna pick this market. Okay, now I'll show you the next steps. All right, so what I'm gonna do now, now I have all the sold data. I want to make sure I want to get everything, you know, let's just double check while we're on here. Let's just double check this. We're gonna change this parameter to let's check the 10 to 20. I want to see if these are trading relatively the same too, okay? Because there could be disparities. Now, this is 165,000 that's sold, 10 acres, about 16,000 an acre. Less than that, about, uh, 7,000, 8,000 an acre. Okay, about the same. All right, so there you go. I mean, this right here, this tells you like, okay, this is actually a pretty good market. The pricing is pretty damn homogeneous. So this is a win. So I'm gonna take this. I'm gonna pull four, no max. All right, go C, hit C. Okay, so now here's all your data. You're gonna go ahead, scroll all the way down to here where it houses the pages. Hit download all data. What does that do? Boom. You just downloaded all the data from Redfin. Show and finder. I'm gonna open with Excel. All right, so next up, I'm just gonna delete a couple columns because I don't really need them. It's kind of data I don't really need. Now, this is where this is the most important part. This is where you price the actual price per acre that you're gonna overlay later. And we'll do another video on that. We'll overlay that data later on to a, um, onto a sheet. Okay, so right now, we're gonna figure out. First step, um, now, you know, we pulled vacant land, so we don't really need beds and baths. So I'm gonna change this to acres. I'm gonna change this to price per acre. Clear this one right here. So every time you download Redfin data, this is exactly what the sheet looks like. So I just mess with the sheet, changed a couple names. So I'm gonna put price per acre. And then I'm gonna leave that open. So this is my lot size. So the one thing Redfin does not do is does not pull data and show you the, um, how many acres it is. It only shows you how many square feet the lot is. So what do you have to do? I have to solve for that. I hit equals. 43,560. Got so many square feet are in one acre. Divided by this, the lot size equals. Okay, I did that wrong again. So you hit equals. This, you hit the lot size divided by 43,560. And then you get seven acres. Okay? And then I'm gonna take this equals again. I take the price divided by my acres. And I'm gonna get price per acre. We're gonna just hit this. And this, these two columns going to want to be in dollars. And this guy, I want to take this down to like two decimal places. I don't need all that. So 7.4. I don't need it to be an exact. Okay, now I'm gonna take these two, select them together. So you just hit this one, hit shift, select that one. And then you just drag them right down. Look at that. We got it all. All right, so I want to lock this. I'm just gonna go into view, freeze top row. Now I'm gonna take this whole, uh, this guy right here. I want to sort it. Okay, I want to sort by the smallest largest. All right, so sometimes I don't know why it's doing this because it's a dummy. So sometimes it doesn't want to sort for that for some odd reason. Okay, so what I just did, I sorted by the lot size. Sometimes it doesn't want to sort my formulas for some odd reason. I don't know why. Um, it just, it just be like that sometimes. I'm just gonna remove some of this stuff because I don't need it for my references. Okay, now I'm gonna go through this. I'm looking at, see these price per acres. All right, why is a four-acre lot here selling for 9,000, but this one's selling for 160? Well, let's take a look. Something's happening somewhere. Okay, so the goal here is to remove stuff. Okay, so this looks like it's some historic land. So that's, there's something's going on here. What is happening here? Why are why do you suffer so much? Foreign corner lot. Yeah, looks like an outlier. So we just delete outliers. Okay, I don't want them. Get out of here. So I want stuff that's kind of trading in the same. Why did this sell for 9,000, but this sell for 3,000? Maybe this is the dumpy lot. Let's see. [Music] Looks like a reason subdivision on a cul-de-sac. Is this it? Might be that one. So why would this have sold for last one? It looks like it might be this lot right here, which is doesn't have the cul-de-sac, which is going to be a premium. So it's a little bit less. So that's probably a lie. I shall remove you. Like I said, we want to find stuff that has similar pricing. 90,000. I'm just gonna remove these. I know there's something up with them. You could go in and look at them, but yeah, just pull them out. Since I'm sorted by lot's eyes, I kind of know everything should be trading relatively the same. So let's check this 26,000. Why did you trade different? Okay, there you go. You got RV hookups, you got beautiful lake access, all that stuff. Of course, it's gonna sell for a premium. But we're not pricing everything in the market for a premium. We're only pricing everything in the market for what we, what we think the total market's worth. Okay, beautiful land, nice river. I guess it's one angle, either way through it or right by it. Okay, gorgeous. Okay, that's also why that one sold for a little bit more. All right, so I'm just gonna take out all the outliers. [Music] Now, you could get micro into this stuff and pick by the ZIP code, picked by this, pick by that, but it's really just up to you and what you want to do. For me, I'm looking for total market. I just want to move, get something that's like pretty similar all around. So I don't really focus on [Music] the micro markets right now. Um, we plan to bring on a data analyst. And once we bring in our data analyst, that's when that's when that person's gonna basically be doing that all the time because they're just gonna look for, um, they're gonna look for like micro markets and price them out and do all that stuff. But for now, we aren't doing that. Okay, so now, if you guys are wondering too, like, yeah, we're showing you like all this stuff, um, and it's great to know this. Now, if you're not in like the Leah group or anything like that, when you join the Leah group, like you'll be able to really talk with people and get in here and do all that stuff. So, um, I need the lead Discord that you could hop in. It's in the comments. Um, and if you also want to learn like how we're doing this and doing, you know, six figures plus, I mean, some of us doing six figures plus a month, um, which is seven figures a year, um, you can learn. Just check out this link at the bottom. Um, watch a quick video. It's the five steps and then take it from there. It's right here. So these are a little weird. So yeah, so you can see I'm just trying to sort these out.
Let's check why this sold for this, you know, and this is boring, guys. I know, I get it. But this is still the most important part of your business, man. Everybody just puts this stuff. They're all about the Civil War down here. Wow. All right, so this is another land investor. They bought a big acreage and then they chopped it up to three lots. So that's what we do. So we sold it for a premium. I'll just pop those babies out. Same thing. This guy just sold for a premium. Okay, now, as you're going through this, you'll start noticing like, I just see a 15,000 acre in the rest of like sixes. So I just pop them out. Um, and that's something you'll, you'll kind of start learning and seeing as you go through this lot when you do a lot of markets. Okay, sometimes it's usually just because it was a premium lot, it had water on it. Just so you know too, if you look at like West Virginia areas like this, they like water features, sell for a lot more.
So if you want, you could just target lots that have a lot of water features and just sell them. Uh, just buy them. That's something like when you're pulling data on Data Tree, that's something you could sit there and like hone in and do. Um, we could show you how to do that. It's pretty cool.
Why did this sell for $11,000 an acre? A slot, good road access, all that stuff. Just looks like a nice piece of land. So living acres to enjoy. Okay, all right. So you can see the rest. It's kind of similar. Four thousand, five thousand. It's pretty close, right? A little bit of disparities. Why did this one sell for more? Let's go check that baby out. Awesome. Okay, sweet. Nice land.
Okay, so this is, guys, just too. This is like my impact hour. This is the stuff that I do, like the most important stuff in my business is finding markets. Um, so we always try to do that. So I, I spend an hour every day in the mornings like doing this kind of stuff and picking out good markets and and all that jazz. I encourage everybody to do the same thing. Um, it's been an hour. I mean, we've been doing this hour on the live stream. If I'm doing this myself, I would have already had this priced and all that. It's pretty quicker, but I'm explaining things, taking a little more time.
All right, so I want to figure out the average in these areas now. I want everybody to know this is not a freaking perfect science. You're not ever going to get this right. You're never going to get everything perfect. You're never going to get the total market priced exactly like it needs to be. So it's just, you're just sending a broad stroke. You want to get a generalization around in the area and then let's get some feedback from some mailers and then maybe fine-tune it. Okay, I only got, you know, I sent out a thousand mailers, I only got five calls. No, maybe that price is wrong. Let me change that. I'll price a little bit higher. Try repricing my county and then do it again, right? So that's how we do that.
Now, so I just did the average for the four to five acre parcels. I'm gonna do the average for average. Okay, equals and you know, average, then you select your cells and let's go up to nine point, just a shy of ten. Equals average. Equals average. You start spelling the word, it pops up and then I select my cells. Let's go the ten point. Now it depends on how granular you want to get. You could just focus on like the ten to twelve. Some pressure, ten to twelve is different. Price your, you know, pressure to ten to twenties. This, you know, the same, whatever it is. Figure out your average of that. This one, I'm just, just for fun, just doing it different averages and then I'm gonna go back and look at it. Why?
And all right, so when you do this stuff too, you want to see cascading pricing, right? So basically, as the acreage size goes up, the price per acre goes down. It's like buying water at Costco. You could buy a bottle of water, it costs a case of water at Costco for four dollars. You go to a baseball game, that same case, same bottle of water sells for, you know, he sells for like six dollars. So it's supply and demand. You have more supply, the demand goes down, the price goes down. Okay, so this looks like the 40 acre plus has quite a drop off. So I'm gonna just price everything 40 to 80 acres about the same. Equals average. Let's get all the big acreage. Same. Okay, cool. Let's see. Do we have a cascading effect? Seven thousand, fifty four hundred, forty four Ave. It's in. Okay, so why is this range trading a little higher? I don't know. Let's take a look. Okay, looks like this just areas, just a nice area. Lot 20. I think this was a recent subdivision that somebody just made and usually recent subdivisions, they trade a little bit higher. Stop fighting me, just work with me, honey. Work with me. It's cool because when you download the data, get everything, goes on here. So there you go. This one has like a shed, has some improvements, looks like it has cleared land. There you go. Why is this in trading good? You have electric, you have this, you have all the stuff, all the things, right? So of course that's going to trade higher. So let's take out these two parcels. Watch what happens when I take out these two parcels. So it's 5800 right now. Boom. 4900. It went down, down. So let's take out this one and this guy. Okay, cool. So I have a beautiful cascade. The four to five acres are seven thousand. The six to ten acres are 5400. The ten to twelve are trading at 4900. The twelve to twenty is trading at thirty six hundred and so on and so forth.
So what I'll do is I'm gonna creep this little guy and I'm gonna do four to five. I want you to be a number. So we're gonna do general. Sometimes this stuff likes to be stupid. Four to five. I don't want to change you text. Let's change this text. Sometimes Excel likes to think it's smarter than you and change your stuff and put a date. I don't want a date. I want my number because that's what I'm doing. Four to five. Six to ten or it could be six to nine point nine. Two four to five point nine technically. Ten to nineteen point nine. Twenty to what do we do? Twenty to forty. Twenty to forty. Twenty to forty. Forty-one to one hundred. So twenty to thirty-nine point nine. This is twenty. Twenty, thirty-nine point nine. Okay. And then forty to ninety-nine. Nine.
Okay, bigger. Make you wider. Okay, now I'm gonna just take these numbers. So, so I have to keep going back and forth. Just copy this. Drop this baby right here. Paste. I just want to paste. Paste special values only. And I'm just going to delete. Just deleting cells. When you delete the cells, it just moves them up. So shift cells up. You could also just type all this stuff in, but yeah, I'll be lazy. Okay, looks like I missed an acreage range. Let me go find out which one I missed. I'm pretty sure I missed a. I did 40 to 80 and then 99 to 100. So 40 to 79.9 and then 80 to 99.9. Okay, so there you go. That is pretty much it.
So now here's the data. Now what I'm going to do next. This is when you would actually take this data and overlay it with. You pull some data from your data source, Data Tree, whatever the case would be. Well, actually, I'll save this. I'm not going to do anything else. I'll save this and then we'll do. I'll do this another time with everybody else. We could do the same thing. Um, what is today? I'll do the same thing next Wednesday and we'll, we'll go over this data. We'll take this data now and then we'll actually go overlay it and price the whole county and prep for mail. So super easy to do. We'll show you all that stuff next week. Same time, Wednesday at 5:30 AM. Um, you guys could always watch us. It's always going to be live. So this right here, I'll save this sheet. Let's go file save as. What county was this? I don't even know. County, county, county. Are you? This is Hampshire County. Hampshire County, West Virginia. Okay, okay. So let's go back to this. Close this one. This guy, we're gonna save this as Hampshire County, West Virginia. And this is, um, sold data. My Dropbox list. New folder. Oh, West Virginia. Great. Okay, save that baby. Uh, cool. Fantastic. Okay, cool. So I will go back to that. Um, so yeah, basically that's that's so that in a nutshell is basically how you take, figure out your sell-through rates, okay? And then pull some sold data and then actually price out that sold data. This is the most important part of your land market, like the, um, your land flip business is this. If you don't do this right, you can't do anything else, right? Right. You need to find out what the pulse on the market is and what stuff is selling for. So if you can't do that, you're screwed. Um, so that's why I went through, I showed you all that stuff today. Um, it's definitely the most important part.
A few takeaways for today. Number one, read the book, The Wealthy Gardener. Set yourself up with some impact hours. If that means you have to wake up an hour early every day and work on your business every single day for one extra hour a day. All right, that's all you need. One extra hour a day. And that could transform your life forever, right? One extra hour a day. Do that seven days a week. That's seven hours a week focused on just your business and you'll be set for life. So it's that simple. Um, check out The Wealthy Gardener. Check out the link below. Landtraining.com. Um, check out quick video. It shows you five steps to becoming a land investor. Check this out here, right here. Five steps to multiple six figures. Check that out. We'll also have the link below in our common sec, in our, um, description section. Also, if you want to join our Discord, there's a link below. Um, if you want to set up a call with Sumner, link below. Everything's right below. So be sure to do that. Um, thanks for coming. This is Coffee with Dennis and I will see you next Wednesday at 5:30 AM. Have a good one, y'all.