Charles Noonan and his team want to help you find affordable properties around America. The Landbank Team founder is on a mission to assist in locating affordable properties for you to turn into a source of cash flow.
Noonan recently stopped by rolling out to break it all down.
How do you purchase a property for $1,000?
I’ll take a quick step back.
I’m the founder of what we know today as the Landbank Team. I started it for my kids because what I realized is with Gen Z and Gen X, as parents, [we] weren’t putting them in a position to be able to afford houses at the new housing rates or the new rent rates that are out there.
So what I did was go out, and I turned Trulia and Zillow upside down. I was looking to buy property for my sons to get them passive income to build up enough money to afford to live in New York. What I found was land bank properties. Land bank properties are properties that start at $1,000. They’re as low as $1,000.
I found the site that we use today on the land bank team called buildingdetroit.org.
You can go there now or even right after [reading this], and you’ll see they have auction properties and own-it-now properties that start at $1,000. They have two ways you can buy: auction and then “own it now.” Auction is the typical auction style where the highest bidder wins, and then own it now is like a quiet bid. They did it that way for equity purposes where no one knows what anyone else bid for a property. For fairness, no one sees each other’s bid; you just bid your highest and best price, and that property will be awarded to the individual who wins the bid.
At an alarming rate, I started having success in land bank properties. I was buying them, I was building cash flow for my kids, building this portfolio of real estate for my two sons. What happened was people just started asking more about how [I was] doing it, if [I] could teach them, asking them if [I] could show them.
One of the events that I’ve done is called Shadow Day. People were asking me if they could shadow me as I go to Michigan [or] other places that have Landbank properties and buy property. So I said, “Hey, let’s do it as a team.” It started as a team of 10 individuals, then it grew to 100 to 200. Now, we’re upwards of 500 team members. We all take advantage of the vacant property opportunities that are out there.
Where can people find you on social media?
You all can follow me @charlesjnoonan on Instagram.
We give out our course for free with team membership. Once you become a team member, which there are fees for, you can join at different levels based on your interest.
