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Pay Dirt Paperback – May 1, 2006

4.3 out of 5 stars 12 customer reviews

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Editorial Reviews

About the Author

Darren K. Proulx lives with his wife and six children in northern Nevada. A volunteer in his community and church Proulx (rhymes with true)has served as a Cub Scout and Boy Scout leader, and has been a reserve deputy sheriff. He is president and CEO of Land Resource Investments, Inc., and publisher of Land Investment News. To date, Proulx has been involved in real estate deals worth more than $50 million, benefiting more than 1,500 investors.
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Product Details

  • Paperback: 154 pages
  • Publisher: SuccessDNA, Inc. (May 1, 2006)
  • Language: English
  • ISBN-10: 0977780120
  • ISBN-13: 978-0977780129
  • Product Dimensions: 8.9 x 6 x 0.5 inches
  • Shipping Weight: 10.4 ounces (View shipping rates and policies)
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (12 customer reviews)
  • Amazon Best Sellers Rank: #591,461 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

This book has a few interesting anecdotes and some general information which is useful enough.

I think the concept advanced by the book may work for smaller investors who don't have the time or money to invest in raw land by themselves.

But read the fine print in any offer before committing. One thing that got me was that the property management company set up to manage the pooled land bank has the right of first refusal to buy the property at the same price a third party would pay, less real estate commissions (the management company is also the sales agent).

Think of it this way. You're selling your home. You hire an agent to sell it. You pay the agent a fee as a percentage of the total price. So far, so good. Your interests are aligned with the agent (you and your agent both want a higher selling price). So your agent goes out and finds a bidder who makes an offer on your property. But what if the agent had the right of first refusal to buy your property at the bidder's price less commissions? Why would someone bother bidding if he knew he could be undercut so easily?

It also seems pretty easy for the management company to set up a shill bidder ("third party") to offer a nominal bid and then the management company can buy the property way under value. Now the management company has full control of the property, they can aggressively shop it around to real buyers.

What happened is that the property management company essentially controls the property (right of first refusal) without taking any risk. Sure, you can still make a bit of money if your 'land bank' goes up, the the upside is diminished (not commensurate with the risk you're taking).
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For those of us with average incomes but who are interested in getting more bang for our investment bucks than what we can get in the stock market, this book will be a revelation.

The best land to invest in usually is too expensive for us. That's why hucksters keep selling worthless swampland and the like -- they know we average folk want a piece of real estate, but can't afford to pay much. So we buy a dream and end up with a lot out in the desert or somewhere else and can never sell it ourselves for a profit because nothing can be built on it.

Well, author Proulx shows us how to find empty land that is valuable because it's where builders and developers are heading next: the ever-expanding suburbs of livable metropolitan areas. Proulx also shows how to raise the investment capital and leverage an investment. And he tells us how to watch out for the ever-present scams.

All this, in 12 short chapters illustrated with cartoons.

The book itself is a wise investment.
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I picked up a couple of points on land research for which I am grateful.
Overall, a very entertaining and an easy to read book.

When the author compares the landbanking with other investments, he (intentionally) oversimplifies it. For instance, he says buying a rental property is just creating a headache for the tenants will be calling you with maintenance requests. Well, for once, you don't have to manage the property yourself (just like the pitched idea of having the author's company pick the land for investors) - there are good property managers out there. But after all, tenants are buying you a building, so I am perfectly fine with them calling me with requests. Just screen your tenants and train them. Look for Jeffrey Taylor's and Mike Butler's books on Landlording topics if interested.
Now, if you buy a rental property, 15 years from now your building will appreciate in value (we're talking long-term investing), your mortgage will be partially paid off, you will enjoy the awesome tax benefits along the way. Not sure about the tax benefits with land owning (the author didn't talk about this for some reason).

In any occasion, you're probably gonna have to do more reading if you decide to move forward (i.e. ISBN 0385010931 The Simple Truth About Western Land Investment ).
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I was a raw land investor, after I read PAY DIRT I got more confident than ever. This book clearly shows you how to avoid scams, which location to look for raw land to landbank, and for the small investors, how you can afford to landbank with using a small amount of money to invest big parcels like 30 acres to 100 acres ( not to invest small acres, builder donft like it)and getting benefits from it. Also, it tells you when and how you should zoneing to get maximum profit and who will be your buyer, you just need to invest a little money for the book, and time to get rich in land investment, God not create raw land anymore. The united statesf population keeps rising rapidly and expanding so that land investing can become a very little hassle and best investment on earth. You must read this book ¨ Pay Dirt.

Dennis Wong
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This is a useful book for those considering real estate as a long term investment. For those interested in a quick buck or "flipping" this is not for you. From my own experiece money likes to have "certainty" and can get scared when things get risky. I believe if you learn one thing you did not know before reading this book then it's worth the time to read through the info. One bad investment can ruin 10 good ones. Take a look as it could save you lots of money in the long run and make you even more.
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