Best Data Driven Businesses

Transcript: 

Jack Butala:                       Jack Butala and Jill DeWit.

Jill DeWit:                           Good day.

Jack Butala:                       Welcome to our show today.

Jill DeWit:                           Thank you, Jack.

Jack Butala:                       In this episode, Jill and I talk about the best data-driven businesses and why they succeed. Turns out, we have one of them, and so do our members. Before we get into it, let's take a question posted by one of our members on the landinvestors.com online community. It's free.

Jill DeWit:                           Okay. Matt asked, "I have the option to purchase a property that happens to be to have a small duplex on it that hasn't been used in years and is likely a tear down. Thoughts?"

Jack Butala:                       Buy it.

Jill DeWit:                           Goal. Score.

Jack Butala:                       Here's why. Anything that differentiates your property from a vacant piece of land, on the Internet is going to much more likely to be an attribute versus anything else.

Jill DeWit:                           Mm-hmm (affirmative).

Jack Butala:                       We haven't talked about it in a while, but we gauge all these properties based on the four As, right, Jill?

Jill DeWit:                           Mm-hmm (affirmative).

Jack Butala:                       Acreage. More is better. Affordability. Cheaper is better. Access. County road's better than a dirt road. Dirt road's better than no access. And attributes like is it close to the Grand Canyon? Does it hae an unused old duplex on it? And on and on and on. The more attributes, the better.

This is a fantastic scenario. Any time, other than nuclear waste, if there's something on a property, it's almost always better.

Jill DeWit:                           Right. Let them decide. Let your ... I would showcase that. Have some photos on there. "Look. Hey, I don't know anything about it, but there's a structure there. It could be something you could remodel and make your own." You know. It's awesome.

Jack Butala:                       Now's a good time to, actually, Jill brings up a great point. You don't have to take responsibility with what's on your property like you do a primary residence. You can always turn it back around to the person who's interested in the property by using this sentence, and I say it a million times. "Hey, buyer. See how cheap this property is? It's because I don't know anything about it. Somebody told me that there's a structure on there, and I sent somebody out there, and here's a picture of it, but that's all I know. You should go check it out. Really, you might be a ... You might be finding the biggest piece of gold, you know, in a garage sale piece of gold. Mona Lisa in a garage sale. I don't know, but I know that I'm going to make a little bit of money on it." [crosstalk 00:02:20]

Jill DeWit:                           Exactly, and I hope you make even more money and it's great.

Jack Butala:                       And I hope you make more. Awesome.

Jill DeWit:                           Exactly.

Jack Butala:                       If you have a question or you want to be on the show, reach out to either one of us on landinvestors.com.

Today's topic, what are the best data-driven businesses and why are they so awesome? Why do they completely remove almost all of the risk for success? This is the meat of the show. So I came up with this topic, because I was watching a news talk show in the morning a few weeks ago, and they were talking about FourSquare. Jill, tell us what FourSquare is.

Jill DeWit:                           Okay, so FourSquare is a technology company that, I'm reading about this ...

Jack Butala:                       It's a social media company-

Jill DeWit:                           It is.

Jack Butala:                       ...