Dave Lukas Chats with Pete Reese
391: Unleashing Financial Freedom Through Land Flipping with Pete Reese
This week’s Misfit Entrepreneur is Pete Reese. Pete is the President of Reelvest Properties, a land development and investment company. With nearly two decades of real estate experience as a broker and investor, Pete has successfully purchased and sold hundreds of pieces of real estate for a profit over the years for himself and on behalf of his clients. He did $3.5 Million in Revenue in 2022 with his land flipping and development business, and did over $10 Million in 2023.
When I learned about what Pete was doing, I had to have him on. He has found a niche in “land flipping.” It is a fascinating way to create income and earn a living that Pete has been teaching others to do for years. I wanted to have him on to explain the concept and how it works compared to other types of real estate investing.
Land Conquest Community
Social Media: @partnerwithpete
It all started when Pete and his wife purchased their first home in San Diego County in 2001. It was a fixer-upper, and they profited $50,000 in just two years. This initial success ignited Pete's passion for real estate. He continued buying, fixing, and selling homes until 2008 when the market crashed. During this downturn, he transitioned into becoming an REO listing broker, working with banks to sell their properties. Later, he expanded into helping large investment companies identify properties for flips or rentals and briefly entered the luxury real estate market. In 2021, he flipped his first piece of land and generated $1.2 million in revenue. The business model and short hold times attracted him, and he went all-in on land flipping.
What is land flipping?
Can you walk us through the elements of a land flipping deal and what makes your approach successful?
You send 50,000 letters a month. What's the ratio? How many letters does it take to get to an opportunity? How many opportunities does it take to get to a contract? How many contracts does it take to get to an actual closed deal? What's that look like?
What's the average purchase price for a deal at this point?
And what do you attribute to creating essentially the value? Is it just that you're buying off-market, so it's not listed, and so you don't have those expenses of a listing and that sort of thing, and you just basically make that difference or is it something else?
What is the typical use case for the properties that you're buying
Do you use any tools or any software for finding prospects? Also from a diligence standpoint?
What are the risks? Where can things go wrong? What are the pitfalls to look out for
What are characteristics of a good deal?
Where do you see the real estate markets going over the next two to three?
You've been an entrepreneur for 20 plus years. What are some of the best lessons you've learned for succeeding as an entrepreneur?
Anything that you wish you knew sooner as an entrepreneur?
What advice would you give to someone starting out as an entrepreneur, not just in land flipping but in general?
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