Establishing Seller Trust

Transcript: 

Jack Butala:                         Jack and Jill here.

Jill DeWit:                            Hello.

Jack Butala:                         Welcome to the Jack and Jill Show, entertaining real estate investment talk. I'm Jack Butala.

Jill DeWit:                            And I'm Jill DeWit, broadcasting again from sunny Southern California.

Jack Butala:                         Today, Jill and I talk about establishing seller trust. The good, the bad, and the ugly.

Jill DeWit:                            I was going to say, we're going to start with first an example of what not to do, and then we'll fall into what you should do, yes.

Jack Butala:                         What if we just had a show about just doing it right all the time?

Jill DeWit:                            Oh that would be boring too. You've got to show that we even fall down a little bit too.

Jack Butala:                         We just pat each other on the backs all the time and say, "It's so easy to be a real estate investor. Everything single deal."

Jill DeWit:                            "Everybody should do it. You win on every deal. Oh yeah and it's so easy, you don't need to train people. You just hand them a phone, they'll figure it out."

Jack Butala:                         We could make cartoons like Walt Disney and make a theme park called "Real Estate Success".

Jill DeWit:                            Right. Love it.

Jack Butala:                         What would you name the rollercoasters or the rides?

Jill DeWit:                            The rides in Real Estate Success?

Jack Butala:                         Yeah, the theme park.

Jill DeWit:                            Oh..."Losing My Ass". "Drop".

Jack Butala:                         "Fatal Real Estate Agent".

Jill DeWit:                            "Fatal Real Estate Agent". "Big Flub 101". I don't know. I don't know.

Jack Butala:                         "Should I Get A College Degree?" That could be one ride.

Jill DeWit:                            Oh that's a good one. That's true too.

Jack Butala:                         It's a small one.

Jill DeWit:                            "I Borrowed All the Money I Could Get My Hands On."

Jack Butala:                         "I Over-leveraged This House".

Jill DeWit:                            Yeah that's it. Oh no. That's good.

Jack Butala:                         Before we get into it, let's take a question posted by one of our members on the jackjill.com online community, it's free.

Jill DeWit:                            I over-leveraged my house, oh my god. I over-leveraged my you-know-what. Okay.

Jack Butala:                         Shouldn't have married this girl.

Jill DeWit:                            Oh, Jack. Now.

Jack Butala:                         That's a side theme park.

Jill DeWit:                            Okay. That's a whole other show.

Jack Butala:                         Did you ever play that board game "Life" as a kid?

Jill DeWit:                            Yeah. I mean, I never played it as a kid, I only played it as an adult. I always thought, as a kid, it was too hard and it was stupid.

Jack Butala:                         It was stupid. Because life is stupid really.

Jill DeWit:                            As a kid I was like, "Why would you want to play this game, where you get married and have kids and there's college and everything?" I thought that was stupid. That's not a kids' game.

Jack Butala:                         See, you're intuition was totally correct.

Jill DeWit:                            It's wrong. Don't do that to your poor kids.

Jack Butala:                         Not even adults really want that.

Jill DeWit:                            Do you know what? The only game that was also up there was Risk. That was kind of hard for me, like, playing -