Welcome to the casual Friday's Rei podcast
where you'll learn about the wildly profitable mitch
of land investing.
Active land investors, Adam South and Justin S
are here to share their experiences with you
so that you can learn how to build
massive cash flow and huge profits from this
highly lucrative niche. So without further ado, here
are your host, Adam South and Justin S.
Hey. What's up, guys? I'm Adam South. Here
with Michael host. Justin
S And this is the casual Fridays. Are
podcast today. We're talking about things that seem
normal us, but are crazy to the lay
person. Before we do that, though. Let's talk
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today. That's Pete. R white. See the dot
com slash Fridays. Are you? Happy Friday, sir.
Hey, Happy Friday. I think we owe... I
don't know if we owe a a kind
of apology to the listeners because This is
the least of consistent we've been in podcasting
since 2019.
And but we did warn. We gave the
prelude coming into this... Year, it coming into,
like May. Was like, hey,
there's a lot of travel going on. And
there is a lot of things going on,
then we threw in and you getting sick.
So we missed a week that Nor... We
had planned to do, but
hold tight guys, we're here. We're not going
anywhere. We are still moving forward, but we
just life has been busy this summer. That's
what... And we knew by by plan that
was gonna happen.
Yeah. And
speaking of that. We'll be going on next
week. That's that's what I was gonna lead
into. I was thanks for jumping in there.
I I like that we already read each
other's minds. So well, but, yeah, next week,
we will not have a podcast again, and
then we'll be back to our normal
scheduled programming.
I think so I'm pretty much done. We'll
travel after that. I think I am too.
We canceled the late August trip, and I
think I'm just gonna roll into soccer and
just kinda kinda go from there. I think
Jessica wants to do something New year's es.
Like she supposed to go out. And she's
talked about something thanksgiving Es, but with that's
so far out, there's nothing on a books
and
it's just a
just kind of a pipe dream at this
point. Yeah. But that's good. That's that is
kinda leads us into some of our talk.
Like, some of the travel that we've gotten
to do and we get to do when
you put it in. Bulk like we have.
Some people look at you crazy. Mh.
Yeah. We've been gone so much this summer
that norm person definitely couldn't do that. I
don't believe. No. Unless you have 1 of
is cool like new tech jobs come. You're
doing remote, unlimited
Vacation. Well, that's what Taylor has. He... The
guy that went wrote the motorcycle trip with
Taylor he's a been a graphic designer for
a lot of our projects that we do,
but he he has that ability. He can
take as much time off as he wants.
And so he doesn't... Is that frowned upon
though really. So I think he he...
Per... And this is the point of it
is that if you make a good hire,
they take the responsibility of not taking off.
They they they try to manage a accordingly,
But, like, he'll travel with his laptop, But
unless he's not gonna be on it during
the day, he doesn't take off. Like, he
very seldom schedules a day off. So if
he like he was gone for a week.
He took off Friday to travel,
but the rest of the week, he was
working so he'd go work his 6, 7
hours and then get back in there... On
his meetings and everything. Yeah.
It kinda of leans into the amount of
time that worked too. Yeah. Right? That 1
blows my, like, neighbors away. Yeah. They're all
working 40, 50 60 hours a week, and
I'm,
you're knocked you're you're hanging out and hey,
dudes and just crew your cro guy now.
You're your cro cutting now. Yeah. Yeah. Got
them Locked in the sport mode, just moving
in the neighborhood and they're like, what's adam
him do really? Like what exactly you do
you like I compliment from a teenager
2 days ago. Hey, hey man like a
cro. I'm like, yeah. The cam cro. Yeah.
No. He didn't.
Are you wearing high socks on them too
now? No. I don't wear the high socks
stuff. Alright. Well, you know, 1 of the
things for me that I remember when we
first started doing this. Yeah. Was we used
to count the amount of offer, the amount
of offer money that we were sitting out
at 1 time. And so when you would
say... I think the biggest 1 we've ever,
I've ever done there was close to a
billion dollars in offers. I made a billion
dollars in offers today. And when you say
that, that's not false.
But we know that they're not gonna all
take. But, Mean, when you say it out
loud like that, that sounds pretty crazy. Mh.
Yeah. When you actually think about that, because
it's almost a little bit of fear like,
what if? Well, at the first couple of
times, it was, like, what if, you know,
everybody says, yes, Then you priced it wrong
my friend. You priced it wrong. You know,
Another 1 that I I... It cracks me
up is remember when we bought we did
bond Road ranch.
And we're going to look at the property.
We're up on.
Up on top of the hill,
and
the tail... Not Taylor, Trevor, are really... He
he was the broker for us and helped
to sell on a back end and who
broke worked with his on the project.
He goes
you own it as far as you can
see. As far as the Eye I can
see. And to think about that. Like, think
about that as a as a person that
lives on a core a lot or a
havoc acre a lot in a city or
are you live in a a town home,
and you own property as far as you
can visually see. And Up on his bluff
and you're looking out. I mean to me,
that was 1 of those things it was
like, oh my god.
Yeah. This fucking lion king. Right. I'm in
the fucking lion king right now. Yeah.
Yeah. That that goes along with like, that
same thing of
We just so calmly talk. Oh, yeah. I
picked up a 20 here or 40 there.
I got a hundred here.
Before you... You added up. You got... 2
300 acres. Yeah. Spread across the country. Yeah.
People just can't
really imagine that. Like... Or even... Or even
just to, like, talk about this seen so
Outlandish. Yeah. It's just nonchalant To us and
they're like, what the fuck is he talking
about, like, you you have that many what
ranches? And, like, you feel kind of like
a a land. That time. You're like, ranch
Ty, Goddamn and John Du. You know? The...
Have you ever counted up, like, at at
any given time, the, what's the most acres
you've had part ownership in? Do you do
you need have that number?
No. But they would have to be around
the time of. Bottom. Yeah. So I have
a piece of that 1. And so around
that time, I went through, and I had
just shy of 7000 acres that I own
piece either all of or a portion of.
And so when you think about that, a
section is 640 acres, times that by 10
is 6400 acres. So just under that that
is almost
11 square miles
that you own.
Now when I say that, I don't know.
That's not that big, but if you think
about 11 square miles, down. Freaking huge. Yeah.
The. Other there's cities that aren't that big.
No. I... Exactly right. Like, I mean you...
It's Manhattan.
And and I I would I don't know
the exact footage, But it... Bet it's pretty
close.
So you think about that, and you're like,
what? And if you told, you know, total
Bruce that, or if I told, Greg Pam,
hey. I own 11 square miles And look
at me and they get the what the
what in the hell are you talking about?
Yeah.
Yeah. The whole idea. It's just crazy. I
mean, people... First of all, when you tell
someone you buy and sell land. Okay? They
don't really get it. Yeah. Yeah.
You know And I guess, we don't... I
didn't really get. I'm must speak for you,
but I didn't really get it either when
first started. You mean, I gonna buy 2
and a half in the desert and someone
gonna buy it from me. So for me,
it was different because you called me and
said, hey, I've got this 5 acres I
can buy for 500 bucks, and I'm like,
I will take any 5 acre property. I
can give for 500 dollars. Like, and you're
like, what coat do it yourself, you know?
Like, I'm buying this 1. And that 1
was on top of a mountain with no
access from a little old lady. Mh. But
yet. When you when you say, hey, I
send out some mail and people call you
back they go, they look at you cross
eyed, and they go that doesn't happen. And
it does, and it does, and it does.
Yeah.
When you tell somebody you sent out
10000 pieces of mail.
And they're like, look at it... And so
do you know the first thought process they
do is they look at you and they
go, Did you lick the envelope on 1
of those? Did you put the stamp on?
Yeah. Hand cramp up after writing 20 Of
them. Yeah. 2 weeks to get 10000. Write
right all the addresses
Yeah. Okay because I I think that's it's
it's funny to me when you do that.
You know, 1 of the the things, like,
thinking about.
Like, how you go through the process of
what we do. You know the the whole
concept of land investing is is foreign to
so many people. And, you know, we get...
We've enjoyed the fruits of that that labor.
But, you know, internally inside the business. Like,
when you go back and you say you
take owner financing them and you have those
land contracts or mortgages or deeds of trust
and you go, yeah. I've got you know,
25. I've got 50 mortgages that we own.
Mh. And somebody goes, what? Like, you're the
you're the. Yeah. Like the bank is, like
I just own it.
And they pay me monthly and I get
the interest off of it. Yeah. Well, that
alone such a foreign concept for to be
a private bank really. Yeah. For people to
understand that. Just have a normal job. Yeah.
Right? They can't fathom them the idea that
you're the bank. Yeah.
Well, the second... I'm glad you said that
because you said a normal job and that
struck it a a thought process to me,
that you don't get a paycheck.
Oh, yeah. That to me is is foreign
to some people like, will, What do you
mean? How do you get paid? I get
paid off profit, but it's not necessarily a
paycheck. Mh. Like, I don't know... I, I
don't pay myself every week? Like, why not?
Like, we... Well, I got really good months.
Have months that or slower, and it just
kinda levels itself out, and I keep money
to live off of. Mh. And along the
same lines that the 1 thing that always
stands out to me is
I know you have even more in debt
story about this, but
we put a piece of land up for
sale in Oklahoma and the guy from Alaska
calls. Mh. And says, hey, I've been trying
to buy land in Oklahoma, well, I'm in
Alaska, and he always sells before I can
get to it. Mh. But if you guys...
Mh hold it 24 hours. I'll get on
a plane right now, and I'll bring 80000
dollars cash with me. Yeah.
That's crazy. To to somebody walk in and
buy cash. And I've had that happen for
me 3 different times.
Yeah. I was... Say, didn't do you have
someone handed to you in a, like a
trash bag. In in a in a shopping
bag at the county Clerk office in Oklahoma.
Then, I was so scared to leave. Because
I had this, like, little Wind dixie or
Walmart shopping bag that's got...
I think it was, like, 40 grand in
cash, and it was small mix of twenties
in hundred. So it wasn't was just like,
40 40000 hundreds. It was a mix. And
I'm like, shit, these people are gonna buy
this from me. I recorded it, Then I
gonna shoot me down the road and take
this money.
So I hold butt down down to there
as quick as I could. And then walking
into the bank to deposit that. And they're
like, what the hell is this? You know,
Oh, it's cash.
It's all rolled up. It's all rolled up.
Else funny. He's got a little green smell
to it. Yeah. So it's yeah. I mean,
it's it's it's funny that we have so
many of these things. Like, we asked Payton
and, you know, before we start the show.
Is there anything like that that's popped up
for you, and she says, when I talk
about, the amount of money that spent on
a piece of property like, oh, we bought
this property for a hundred grand,
and we paid cash for it. And then
we sold it and we made 200 grand
or we sold it... I sold it and
split it up and made half back in
cash and then the other half sold on
notes. And so we made 20000 back and
now we got payments for the next 15
year. And said that, you know, at first,
her family thought it was a pyramid scheme
just because they I couldn't comprehend exactly what
we did and how we do it. Here's
well, again, among those things lines is that
we've spent that much money. You tell people
you spend a kind money, and you never
saw the land. Oh, yeah. That's a good
1. We did that with.
I just went blank. I almost said Ba.
Bond Road. Oh, we bought. Yeah. What do
we spend on that 1 3600000.0?
3.43
0.4. Yeah. 3400000.0.
And we hadn't even stepped foot on it
yet. Yeah. Glad that 1 worked it out.
Hey. You did what? Yeah. We bought a
piece of property for 3400000.0 though. And I
think that that goes into it When you
start to get... In when we when we've
moved into the bigger sub and into bigger
ranches and talking about buying multi million dollar,
you know, ranches, you, like, when you say
that to somebody who's, you know, lives in
your neighborhood with you and and, like, you
live in a neighborhood the same mine. We're
we're in that upper,
You know, I think the lowest house price
listed on price 600000 and up, Yours your
neighborhood a lot nicer because you're richer. And
you have... I just make bad finance. I
just make that. Fine. So...
But when you live in a neighborhood, that's
in at 600000 up to about a million
1.2. I think your neighborhood tops a little
bit higher than ours.
But in 1.21 300000.0 range. They
and you say you just bought a ranch
for 3400000.0
dollars. They look at you, like, wait a
second.
You bought a 3400000.0 dollar ranch, why aren't
you living, Like a 3000000 dollar house or
something like that. And, you know, it's the
arbitrage. We're trying to... That's our livelihood. Mh.
You know,
it's... When you when you talk to the
bank and you got 5000000 or 6000000 dollars
in loans. I think the most I've ever
have out with that Texas bank. That I
had a part of, you know, guaranteeing was
close to 8000000 dollars. And so you think
about that you're like, holy crap, it's 8000000
dollars in debt. Mh. Holy macro that or
you nonchalant and just say, oh, yeah. Just
threw a hundred and 50000 into a s
indication. Yeah. What's the s indication? Well, why'd
you do that? You know? And it's... Just
a different numb the numbers change and they
get bigger than the amount and that to
to to Payton point, the numbers go from,
you know, buying for 500 bucks and selling
for a 2500 to you're mind for 50
and selling for a hundred thousand or a
hundred and 25000, and it's, like, it's not...
You don't lose sleep over that deal anymore.
Mh.
Yeah. Because I distinctly remember, like, my second
or third mailer,
having several properties come in that I could
buy for 10 grand. And I was just
like, so nervous. No no no. No. Yeah.
Yeah. Yeah. So those got passed on. Yeah.
But now
know, What did you spend in the last
2 months on a deal is you have
all in?
Oh, I don't know a few hundred thousand.
Okay. And it is like, yeah. Yeah. It
just been a few hundred thousand dollars. I
don't even know I an inventory right now.
I'd love to tell you, like, I felt
like we've been we've been a little bit
slower than normal. So... And I think everybody
cross the market feels at. So it's not
a that's not a surprise when I say
that, then somebody asked me, like, what kind
of projects you have going on right now
and I started naming off all the projects.
And I was like, holy crap. You know,
we got Coma she's got... It was a
hundred 88 acres Like East...
56 acres. We we just... We're
bull a house adding in stuff cutting and
all this stuff. All that stuff is like
the development piece of that is
is
different than what
what we so did so long ago. So
when you talk to somebody like, yeah, Those
out they're taken out of care the house
and
you're cutting us up and developing it? You're
doing some like work to it?
They just kinda look at, like, hi, and
then I'm like, okay. Well, what else do
we have going right now? We've got Henderson.
It's a hundred and something acres. We got
cherokee. We've got haskell come. We've got another
couple offers in haskell going, and you start
walking through. And like, wow, well, maybe I
do have too much inventory. Or I've got
more inventory than I think Mh. So you
that's a whole other podcast. Yeah
When you forget how much inventory you have?
No. I mean having that much in this
changing economy. Yeah. Yeah. No. I I agree.
And that's... There is there's is always nerves
with that and the products that you're creating,
but, you know, right now, like... I'll just
say, like, we bought a. We bought a
tractor in 22, and all the implements for
it and I forget sometimes, I'm, like, driving
down the road and Like, man, They really
need familiar. I was, Got truck tractor Rocket
mode that yard. Or I can I could
do that dirt work or whatever and I'm
like, wow? And that's... That is foreign to
me because I live in the city. I
don't have
a place to keep the track, It's not
kept at my house. If somebody else completely
operates it. And I don't I don't even
know... I haven't even driven it. I was
gonna be my next question as you bought
the tractor in 22. Mh. Sometimes if you've
been on So I got in and take
a picture in it, and then
he was getting to work, And I... I'm
not 1 to stop progress for Ego. Right?
So I'm like, he was getting ready to
take I was, go ahead and work, and
I'll just go do something else I was
working on something... Another thing at the... 1
of the places we was at. But
is, like,
you you own equipment that you don't even
know how to use. Like I could probably
figure it, but I don't know how to
use it. Not because I'm not mechanically inclined
just because I've never done it. Mh. So...
And that's and that's the crazy thing is
now
my Facebook marketplace is either Porsche.
Or skid steer. And because I'm looking at
as Skid steer to add to the fleet.
And that's that in itself is like, okay.
What are you looking at it for your
business? It's like, you're looking to add to
the fleet, You know? Mh.
That business is cash flowing and who why
not put some more money to work in
it. Mh. Have better faster equipment, do it
shorter time. So, you know, all those are
thoughts and things that are kind of aha.
And when you go tell your buddy at
the bar who maybe as a police officer
or works as a pilot, and you're like,
yeah, About a skid steer today.
Why now hell did you do that? You
you live on a half acre?
Yeah. So... Yeah. I mean, that's that's fun
stuff. Yeah. All fun is just
as you start talking about, like, we are
now at least for me. It's, like,
every single aspect of the business comes up
is probably crazy to someone. Yeah. Right? Which
is comment. Placed us. Yeah. And
I... I'll add this 1 with the deal
that we're doing right now. Or we're we're
running through citi. Where engineers building out the
Site, engineered site plans. We got initial, the
the rough site plans, city, green lit. Now
they need engineered site plans so we can
get full sign off on with but that's
a hundred and 15 units of the flex
space es
storage lockers and, you know, my rough math.
It's a 7 to 8000000 dollar deal. And
when I see it completed, I'm like, man,
I could possibly own that. You know, and
my office will be there, and I can...
Do my car business or whatever that other
stuff along with the land business. And so
it's like a... It's like,
sometimes these dreams seem so big and you
start chipping away, Adam,
and it just becomes just another day. Mh.
Speaking of the car business like most people...
If they know you. I guess probably no.
It'd probably be more like a luxury. Car.
I mean, l exotic car moving type of
thing. And after renting the car I rented
last week, I can see how
that maybe something funded do. Yeah. I'm I'm
with you. You... You're more than welcome to
come join on and keep a car there
for you. I'll rotate. I rotate them in
and out for you baby. Okay. Slight slight
dealer fee, but, you know, I got you.
I got you. Do put guarantee buy on
and everything. Yeah. With with between the super
court thing, taking the cobra out a couple
days. I went out a couple different days.
We went to stop off with the Mastermind
my group and
come back out when there's was a crowd
of guys around the car, And then when
you open it up the hood, and they're
like, oh, yeah.
So I was thinking about that when we
were in Montana last week, I rented into
a real nice car and
come out. I was thinking if this car
was any nicer, and I came out, there's
people like, all around it. So or, like,
touching it or something I would not be
happy. It would make me not 1? I'd
be pissed off. Yeah. You know, what... What
are you doing on my car? Yeah. What
are you knew near my car. U...
But so I think that would take away
from me actually enjoying it that much. I
wouldn't wanna leave it parked anywhere. So I...
Yes, I can understand that. You are extremely
introverted.
So for me, being an extra ver, as
long as they're not really touching it, like,
you're like sitting on it, that doesn't bother
me. But I will let people sit in
it, sit on it. Like, touch it open
the hood. Like, a couple guys Like hey,
man. Wanna stay to the hood. He's like.
And I grab that thing there and turn
it for me. He's like, What? And I
was like, grab it. I can't breach both
sides and he opens it up. And I
was like, looks are free dude. Do you
help yourself? And I, I wouldn't mind that.
But, like, Sarah and I went out. And
we came back, you know, this was a
couple months ago went out, and came back,
and someone was sitting on her. That was
a different type deal. Though... And that's what
I'm envisioning. Like if you have super nice
car. Someone's gonna wanna... You come out, someone's
leaning against it taken a photo. Yeah. Squat
it down with the... That that be signed.
Yeah. Yeah. Everybody's Hustling.
Everybody's hustling. So... Well, man, I I appreciate
you catching up with us on a podcast
today
listeners, I we appreciate you joining in and
listening today, and sorry we'll be missing next
week, but we'll be back to our normal.
Regular programming, the following week, and we look
forward to hearing from you. So feel free
to reach out and you.
Yeah. And as always do is if favor
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