{"type":"video","version":"1.0","html":"<iframe src=\"https://www.loom.com/embed/b84d6c9caada474c985cde006f58b919\" frameborder=\"0\" width=\"1280\" height=\"960\" webkitallowfullscreen mozallowfullscreen allowfullscreen></iframe>","height":960,"width":1280,"provider_name":"Loom","provider_url":"https://www.loom.com","thumbnail_height":960,"thumbnail_width":1280,"thumbnail_url":"https://cdn.loom.com/sessions/thumbnails/b84d6c9caada474c985cde006f58b919-35a11fc1f0e1c4a2.gif","duration":3258.93,"title":"Meeting with Erik about his first deal","description":"\n\n### Erik's first real estate deal 1:27\n\n- Erik discussed his first real estate deal involving an 11.9-acre parcel.\n- The seller initially wanted to sell only a 3.3-acre portion, but Erik negotiated to buy 5 acres to meet county compliance requirements.\n- He combined two parcels to achieve the necessary 5 acres and 200 feet of road frontage, ultimately securing 300 feet.\n- The main challenge was overcoming the fear of the unknown and fronting his own costs without loans.\n- Erik emphasized the importance of understanding bylaws and getting a survey to ensure compliance.\n\n### Financials and project outcome 6:38\n\n- Erik shared financial details of the deal, purchasing the parcel for $31,500 and spending $2,000 on a survey.\n- He resold the property for $80,000 after a bidding war, making a profit of approximately $43,000.\n- The deal was completed in 45 days, with Erik reflecting on the importance of acting quickly and efficiently.\n- He noted the need to expedite surveys and understand county processes better for future deals.\n\n### Strategies for maximizing property value 13:54\n\n- Kenneth advised on strategies to increase property value and attract more bidders.\n- He suggested setting the price slightly below market value to create competition among buyers.\n- Highlighting unique property features and potential uses can increase perceived value.\n- Kenneth emphasized the importance of understanding offer timing and human nature in negotiations.\n- He shared tactics for handling offers, such as waiting for multiple offers before accepting one.\n\n### Broker relationships and leverage 24:05\n\n- Kenneth discussed the role of brokers in real estate deals, emphasizing that they represent the deal, not the client.\n- He advised Erik to be involved in all broker conversations and to use brokers strategically to gain leverage.\n- Kenneth shared experiences of using brokers to gain insights and negotiate better deals.\n- He recommended not using a broker on the buying side unless they bring the deal, to avoid losing leverage and paying unnecessary fees.\n\n### Future plans and mentorship 38:54\n\n- Erik expressed interest in expanding into multifamily developments and seeking further mentorship.\n- Kenneth offered ongoing support and mentorship, encouraging Erik to continue learning and growing in the real estate field.\n- They discussed the potential for Erik to inspire others through his success and experiences.\n- Erik plans to continue leveraging his broker relationships and exploring new opportunities in different counties."}