How We Test for Reason 3 Times During the Acquisition Process (LA 1554)

Transcript:

Steven Butala:

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 awesome Phoenix, Arizona. I'll get my new little spiel down.

Steven Butala:

If I were you, I would've fast-forwarded through that too. Today, Jill and I talk about-

Jill DeWit:

What?

Steven Butala:

... how we test for reason three times during the acquisition process.

Jill DeWit:

How much do you fast-forward in life?

Steven Butala:

I fast-forward everything.

Jill DeWit:

I know.

Steven Butala:

I mean, it's just the way the world is. Like the greatest thing in the world is that 10-second button on Netflix and Amazon.

Jill DeWit:

I don't use that unless I miss some dialogue because somebody else is talking.

Steven Butala:

Or like [crosstalk 00:00:37]-

Jill DeWit:

I go backwards.

Steven Butala:

Really? You wait [crosstalk 00:00:41] for all the stuff in the beginning, like which production company did what and who did the-

Jill DeWit:

No, I don't do that but-

Steven Butala:

So that's what that 10-second button's for.

Jill DeWit:

Okay. I thought you meant just my comments.

Steven Butala:

That's why half the people that are listening or watching this, they already know what the intro is. They're [crosstalk 00:00:53] going to fast forward to it.

Jill DeWit:

They didn't hear any of this anyway.

Steven Butala:

This is where they probably started.

Jill DeWit:

Yep.

Steven Butala:

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, and if you're already a land academy member, please join us on Discord.

Jill DeWit:

Hello. Eve wrote, "Hello all, I'm working on my first mailer and came across the data that I did not have a situs address or zip code. Do you all have any advice on how I can price these properties, since I did zip code pricing?" Thank you in advance."

Steven Butala:

Go ahead, Jill.

Jill DeWit:

Why? This is kind of your area.

Steven Butala:

The vast majority of real estate in the country doesn't have a post office address, therefore, does not have a ready-made zip code. You only get an address for a property, or the person who built your house got an address for the property by contacting the post office.

Jill DeWit:

And saying we want to get mail there.

Steven Butala:

Yeah. We want to get mail.

Jill DeWit:

Yeah.

Steven Butala:

It's not that hard to work backwards. If you have a small data set, you can just go on a map and look. It's not hard, or if mailing one small little area, that's pretty easy. But that's not how we roll here. We we send 10, 20, 30,000 mailers out at a time and all different zip codes. So DataTree was nice enough to populate the GPS coordinates columns really effectively. So it's not hard. In fact, it's incredibly simple to copy and paste the GPS coordinates out of the mailer that you're building, whether it's a 100 unit mailer or a 100,000 unit mailer. Drop them into an application that we use called geocod.io into a spreadsheet, pay them a couple of bucks and then dump it back out, back into your spreadsheet, into your mailer that you're building, and now you have a situs address. It's as simple as that, and then you can move through the zip code pricing like we teach in the education.

Jill DeWit:

Exactly.

Steven Butala:

Today's topic, how do we test for reason three, no less than three, sometimes more, during the acquisition process. This is the meat of the show.

Steven Butala:

What is test for reason? Test for reason is an old, I think it's an accounting concept, it might be, I mean, it's just pure logic to me. But I'm not sure where I first heard about it, but it's just applying logic. You go through all this brainy stuff in the world, especially at Land Academy,