GUESTS: GREG PHILLIPS + BEN LEGG
When most people think of where to apply creative financing, they think of buying and selling houses. But our guests today are applying creative financing in bold new ways. We’re talking with Ben Legg and Greg Phillips, the owners of Blue Ridge Property. They specialize in a segment of the note business that Eddie calls “Buy by the case and sell by the bottle.” They buy large tracts of land with creative financing and then break them up into smaller parcels and resell each piece with seller financing. You’ll love hearing their story of how they’re using creative financing to build long term wealth.
Many banks are hesitant to loan money to buy raw land. Our guests today realized this was a huge niche in the market and they have filled that void in a huge way.
Greg Phillips and Ben Legg are the owners of Blue Ridge Property Buyers. They buy large tracts of land all over the country, usually with creative financing where they pay the seller back over time. (They make 75 to 100 offers every week on land deals!) Then they divide the land up into smaller parcels and sell it to their buyers with creative financing.
By creating high quality notes to well qualified buyers, these two NoteSchool-trained entrepreneurs are able to live the lifestyles they’ve always wanted; free from the money worries and day-to-day grind most people have to endure.
They started their business twelve years ago, and admit that the first several years were a real grind. Around 2016 they took a step back and retooled their company around the types of lives they wanted to live. They are now reaping the rewards of successful entrepreneurial lifestyles. You’ll love hearing how they stopped chasing transactional income to focus on long term wealth building. They’re not just real estate investors—they’re bank builders, and they’re building their bank on land.
In addition to hearing from Greg and Ben, you’ll also hear from Brian Lauchner, Joe Varnadore, and Eddie Speed. You’ll love hearing stories from Eddie as he chimes in with many of his own experiences putting together land deals (which he has done in all fifty states). Eddie also tells about some of his early deals that didn’t turn out so good, so be ready to learn from his mistakes as well as his successes.
2:50 | Joe Varnadore gives the latest news recaps: The CEO of Taylor Morrison Homes says the US housing shortage will be around for years to come. Google announced a $7billion real estate investment.
5:15 | Eddie introduces today’s guests: Ben Legg & Greg Phillips who are building their bank on land they are selling. They describe their entrepreneurial business model and how they got started 12 years ago and migrated into land investments.
12:00 | They started buying rural land near decent sized cities. They first focused on wholesaling but it was a grind. They decided to pool their assets around 2016 and started buying and holding raw land, then selling it in chunks and creating notes for their buyers.
14:40 | Eddie recounts how he used to buy and sell land. But there was a lack of financing for land.
16:55 | By buying solid assets and finding solid buyers, Ben and Greg don’t have the constant pressure to make their monthly overhead like when they were wholesaling.
20:00 | Ben describes the difference between thinking like a wealth builder versus a transaction maker. He likes being able to leverage his portfolio of notes to make wiser decisions. They make 75 to 100 offers a week on land with a total staff of four including themselves.
24:30 | Ben describes how they’d rather do fewer deals that are high quality than lots of deals that are otherwise. It gives them mental freedom to have checks coming in every month.
27:00 | Brian Lauchner advises entrepreneurs to entertain ideas that seem impossible. He chats about today’s sponsor: NotesDirect.
32:00 | After Party begins, and Ben and Greg take questions from viewers. Questions include: Are they buying low or on terms or both? Why do most people sell them land? What kind of down payment do they get? What are the terms of their typical loans?