Darrin: (00:08)
Scott Bossman, what is the BIGGEST RISK?
Scott: (00:14)
I'll give you a multi-part answer if that's okay. It'll be short. Uh, so I, I think of this in a couple of ways. The biggest risk in my land investing business is a, not mailing and not marketing. So if I can be consistent in those two things, I will be successful in this business. And that's something that we, we iterate to our students over and over and over again. Do not stop mailing thats your deal flow. Do not stop marketing. Those are your sales. So the consistency in those things and not being consistent is the biggest risk. As far as a technical standpoint from land investing, land investing is, is actually very low risk. Uh, which is one of the reasons people love it so much. There are no land emergencies like I said earlier. Uh, so you know, um, uh, that that can be covered with like an umbrella policy in your business in case you do happen to have somebody that you bought a property or and sold the property to and they want to go out to your land to camp on under that type of thing.
Scott: (01:16)
You know, Mark, Mark, recommends having some type of umbrella policy for your land investing business for, for your properties. Otherwise the land investing business is pretty low risk, which is, which is very nice, you know, as far as very, you know, very low entry as well for us with cash and time. Uh, but the biggest, the big risks that I think about is, and this is something I never used to think about, uh, I think in this day and age you really need to diversify. Uh, you need to have multiple streams of income from coming from different places. And that's something I did not realize, uh, up until four years ago or probably five, six years ago, that I needed something like that. That a physical therapist, salary alone was not going to help me get to where I needed to get, uh, as you were mentioning, you know, that that time, 10, 20 years from now, that 10 years is coming, no matter what you do.
Scott: (02:09)
And if I have only my physical therapist salary to rely on, the risk in that is high. Uh, so, so if I can have multiple streams of income, so, you know, now I have physical therapist didn't come, which is small compared to what it was, my land investing income. I'm doing a couple other things now, which is exciting. Uh, and I'm using my retirement money to invest in land. And so I'm really diversifying. I've really come a long ways in the last five years, uh, in doing that. So I think that that's the biggest risk is not diversifying and not having kind of multiple streams of income.