How to Improve Your Acquisition Confidence (LA 1320)

Transcript:

Steve and Jill here.

Jill DeWit:

Hello.

Steven Butala:

Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.

Jill DeWit:

And I'm Jill DeWitt, broadcasting from sunny Southern California.

Steven Butala:

Today. Jill and I talk about how to improve your acquisition confidence. Jill, what's the acquisition confidence?

Jill DeWit:

Acquisition confidence is going into a buying situation and feeling good about it. That's basically it. And I've got some steps here that I'm going to share in a few minutes.

Steven Butala:

I would even take it 10 times further than that. When you get that property back, when you're staring at a return purchase agreement or somebody on the phone saying, "You know what? I got your offer and I do want to sell." And you look it up and there's that little tiny moment where you pull it up on NeighborScoop, or wherever you're looking at the property, and you can't believe that you're about to do this transaction. It's that good. And you execute on that logical due diligence, period. But then you execute on it and you own it. That's acquisition confidence.

Jill DeWit:

You know what's so funny? It's a good thing there's two of us. It's kind of cool, because we look at it totally different. You're looking at the acquisition. I'm looking at the person. So I'm excited to talk about it more. It's totally important.

Steven Butala:

I can't wait to talk about that. Here's the funny story about that. Every single acquisition person, without exception, that I have ever hired, who's a female, categorizes the deals that they do by the last name of the seller.

Jill DeWit:

Oh, I don't do that.

Steven Butala:

The Dawson deal. The Smith deal.

Jill DeWit:

That's hilarious.

Steven Butala:

Every male acquisition person, including myself, categorizes it by APN.

Jill DeWit:

That's funny.

Steven Butala:

I could care less about the seller. I could absolutely care less. The less I know, the better.

Jill DeWit:

No, it's funny. I go about the property.

Steven Butala:

I only care about the dirt.

Jill DeWit:

Yeah. That's how I am about the property. Which one is that? That's the 40 acres in such county. I'm like, "Okay, thank you."

Steven Butala:

Guess who does more deals than Jill or me? Times 80, Jill, because this is a people business.

Jill DeWit:

Yeah.

Steven Butala:

There's a huge real estate component to it obviously. But...

Jill DeWit:

So you're saying I'm in the middle?

Steven Butala:

No, I think you're correct.

Jill DeWit:

Oh.

Steven Butala:

If you have to be one of the one or the other. You're talking to a person who's going to sell their property for way under value of what it's worth. There's a lot of finesse and a handholding and a lot of stuff involved. You have to meet that person from where they're coming. In my early days I was like, "This should be the last time we're going to talk. You gave me the APN. We have a signed purchase agreement, and the [inaudible 00:02:37]. Thanks very much." That, in reality, is silly. And I got away with it back then, because nobody else ever sent a letter to them ever, and a bunch of other reasons. 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:

Cody wrote, "Hi Sean." Oh, so this is a response.

Steven Butala:

This is a response. So there's a string. I should have prefaced this. I'm sorry. You kind of got blindsided there. Land Investors is people post a question and then there's responses and responses. And so this is Cody's response to Sean.

Jill DeWit:

Okay. And I'm sure the response is going to tell us what the question was.

Steven Butala:

Yes.

Jill DeWit:

Okay, cool. So here we go. Cody wrote, "Hi Sean. I was able to view a little bit of your response from the members only forum from the activity on the homepage, but I'm not currently a pro member.