332 – Brad Smotherman – Wholesaling and Land Development
This Week’s Episode:
Brad Smotherman joins me on this episode of Just Start Real Estate. Brad is a wholesaler, rehabber and land developer in the state of Tennessee. He has been in real estate since the age of 18. In 2010, Brad retired his real estate license and began doing investments full-time. He is now working toward tract-land development.
Brad shares a lot of information in this discussion, and I think you’re going to appreciate what he brings. You’re going to hear him let us peek into his business by sharing details on his tools for lead generation and the results that come from those strategies. He also talks about the team that he has formed around him and his business and the roles that they play.
Tract-land development is not something I know a lot about and Brad explains why this type of opportunity appeals to him. He explains how the negotiations for these deals work, how to locate land for this type of development, and how to price the land and lots. Again, Brad shares a lot of insight and good, actionable advice.
[08:52] – Brad started in real estate at the age of 18. He talks about his background and what attracted him to real estate at such a young age. Brad was able to learn the lessons of the market crash through observation.
[12:00] – After retiring his license, Brad decided to be an investor. It took him nine months to make his first deal, and that was his best.
[13:53] – Brad talks about the tools he uses for lead generation. He is now doing direct mail and believes he’s the biggest mailer in Nashville.
[15:10] – Brad shares that with 55,000 mailers, the results are typically 8-14 deals.
[15:48] – Brad explains his views on wholesaling and why he is getting more into that practice and leaving rehabs.
[19:35] – Brad shares some details on the team he has built for his business.
[21:06] – The Dallas-Fort Worth market is very competitive, and Brad is moving into that market. He explains how this is an opportunity to test things in a competitive area.
[22:11] – Since he has a team working for him, he shares how he splits up the responsibilities and which tasks he takes care of himself.
[24:20] – Brad shares what a Sub2 Wrap is.
[26:23] – Brad is now working toward tract-land development. He discusses why he is drawn to these opportunities.
[30:00] – Brad explains how to locate land for tract development and how to price these properties.
[32:10] – With these tract developments, Brad describes when he steps out of the deal. He also explains how these deals go down and how the lots are sold off.
[34:42] – Brad gives an idea of what these negotiations are like when buying the land. The cost to develop is factored in.
[36:42] – Knowing what he knows through experience, Brad shares some insight on what he would tell people starting off in real estate now. Brad says, “Start where you are.”
[39:36] – Brad shares the vision for his future. He hopes to move into 10-12 markets, stay local for land developments, and look into hotels.
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