Jack Thursday - 5 Rich People Personality Traits (LA 1537)

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 DeWit, broadcasting from sunny Southern California.

Steven Butala:

Today is Jack Thursday. And I talk about five rich people personality traits. Thursday...

Jill DeWit:

Sounds kind of funny.

Steven Butala:

I get to pick the topic.

Jill DeWit:

Oh. How about Monday through Friday you get to pick the topic? Because that's really what goes on.

Steven Butala:

I honestly have somewhat of veto power, which I don't exercise almost ever. But on Thursday, I like to talk about the stuff that I really think matters. Most of the time, it doesn't have to do with real estate.

Jill DeWit:

Okay.

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. If you're already a member of Land Academy, please join us on Discord.

Jill DeWit:

Dallas wrote, "Hi everyone. I've a property in escrow. I got a title commitment, but closing is a couple of weeks out. I found a builder looking for lots in this subdivision. Is there any reason I shouldn't let them take a look at it now? Is it too early to put on my website and market as coming soon or something? It's my first run-through with all this. So not sure what could go wrong. Just eager to sell and recycle the capital."

Steven Butala:

I respect that, Jill, this is all you. I know what I would do.

Jill DeWit:

Technically, not supposed to. Unless you want to have some kind of conversation real quick with the seller about it.

Steven Butala:

I think this is a massive opportunity. Everyone loves off-market property. I think you should say, "Look, you didn't hear this from me. I've got a piece of property in escrow." I thought you were going to fall off the stool.

Jill DeWit:

No, no, no.

Steven Butala:

"I've got a piece of property in escrow. It's due to close any time. It is in the subdivision that you're interested in and I'm not going to get into it in too much detail because I want to-"

Jill DeWit:

We are saying the same things. We're not going to give them all the details yet.

Steven Butala:

"Maintain some ethics, but here's a price range and it'll be available in two weeks and you have my word you have first crack at it."

Jill DeWit:

That would be okay with me. I agree with that. See, so as you can see Dallas, he's not fully disclosing and giving it all out there, but you can start the dialogue like, "I'm buying in this area, please sit tight. And I know you're looking for what size? Good. I got something coming. I'll let you know on this day." So, that's really the right thing to do. Cause you don't want to get into a pickle because things could go wrong. That's the thing. And you don't want to be collecting money before you own it. Things could go wrong.

Steven Butala:

My experience with builders is that they're not dealmakers. That's not why they do stuff.

Jill DeWit:

It's true.

Steven Butala:

They're builders.

Jill DeWit:

That's true.

Steven Butala:

They know about cabinets and framing and probably a little bit about finance.

Jill DeWit:

Contracting.

Steven Butala:

And I also don't think that they're left in the world in this business by being dishonest in general. So I don't think they're going to go around you or try to figure it out just to save whatever it ends up being 20, $30,000. Hopefully you're making that much money on it. But I'll tell you if you manage this relationship right and talk to this person every couple of days and say, "Hey, the escrow is just about to close. I can't wait to present it," and just build this trust, you'll have a customer for life. We have a couple of people in one market where we buy infill lots and dead houses and they can't wait to talk to Jill.

Jill DeWit:

I do think that, Dallas,