How Mike Balcom's Novation Strategy Could 10x Your Profits | REtipster 190
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Are you ready to take your land investing game to the next level? In this episode, we sit down with Mike Balcom, a former professional poker player turned land investing mastermind. Mike shares his unconventional journey and the hard-won lessons he's learned.
From navigating the challenges of novation deals to building a rockstar team culture, Mike reveals the strategies and mindset shifts that have allowed him to close hundreds of successful deals. He also shares cautionary tales of the costly mistakes that can trip up even experienced investors.
Whether you're a seasoned pro or starting out, this episode is packed with actionable insights and insider tips you won't want to miss. Tune in now and discover how to avoid common pitfalls, unlock hidden profits, and build a thriving land investing business.
00:00:00 - Introduction to Mike Balcom
00:06:46 - How Mike Learned of Novation
00:08:30 - How Novation Deals Work
00:10:09 - Is Novation Legal?
00:13:55 - Novation vs. Assignment
00:19:40 - Making Opportunities and Taking Action
00:24:18 - Playing Poker vs. Land Investing
00:30:47 - How Much of Mike’s Deals Are Novation?
00:34:36 - Novation Timeframes and Closing
00:38:38 - Mitigating Risk on Due Diligence
00:42:16 - What’s a “Deal-Killer?”
00:46:31 - Can You 100% Confidence a Land Deal?
00:48:00 - Dealing With Difficult Neighbors
00:52:26 - Legal Recourse
00:56:36 - Role of Agents in Novation Deals
01:02:48 - Lessons Learned in Pursuing Further Education
01:08:47 - Empowering Your Team
01:11:27 - Where to Reach Mike
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