Jack Thursday - Beating the Odds at Getting Rich (LA 1741)

Transcript:

Steven Jack Butala:

Steven and Jill here.

Jill K DeWit:

Hello.

Steven Jack Butala:

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

Jill K DeWit:

And I'm Jill DeWit, broadcasting from The Valley of the Sun.

Steven Jack Butala:

Today's Jack Thursday. I'm going to talk about beating the odds at getting rich. I found a very, very interesting summary of millionaires and billionaires and percentages and what really is going on out there in the world about getting wealthy in this country.

Jill K DeWit:

I love it.

Steven Jack 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. Please don't forget to subscribe on the Land Academy YouTube channel and comment on the shows you like.

Jill K DeWit:

Drew wrote, "Hello all, and Steven Jack Butala, sorry in advance if I'm missing something, I'm rewatching Land Academy 3.0 and it seems like I'm having trouble determining what Jack says are the percentages of each. I'm not finding what the range is. So what's the range in categories and what's the percentage range for the red, yellow and green for days on market, new list of soul and parcels on the market? This is our red, yellow, green test. Does the Excel file that you made for this lesson auto-populate or do we have to mainly make the adjustments ourselves to determine what is accurate for red, yellow and green?

Steven Jack Butala:

Land Academy 3 this is a very good question, which is why I put it on Jack Thursday instead of Jill Friday.

Jill K DeWit:

What the heck? None of my stuff's intelligent. Thanks very much.

Steven Jack Butala:

Jill comes at this from a different way, which is [crosstalk 00:01:40]

Jill K DeWit:

My questions tomorrow's going to be what color should I pick my website background? Thanks a lot.

Steven Jack Butala:

Jill and I just come toward this edit from a different angle. What do we teach in the Land Academy 3.0 program is you need to find a place to send mail. It works everywhere, but why not make it easy on yourself and go through this process I call trolling to see where there's properties that fit your acquisition criteria and all that. And when you find some places that make sense, or you think it makes sense to send mail, test it. And that's what Drew's asking about, this red, green, yellow test that you're asking about, or that you're telling us to use, where on a red, green, yellow test I look at maybe five adjacent zip codes. Maybe let's say, just for example, in West Dallas, which is a hot market, and I pit them against each other and see who's got the best days on market.

Steven Jack Butala:

There's several statistics in there, how much property's been listed, how much property's been sold in the last month. So you're not shooting blind, you're doing this. So what Drew is asking is how do I know what is all green and I should send mail there? What's all yellow or what's red where I shouldn't send mail and which percentages work? And my answer is, and everybody answered in Discord the same way I'm about to answer, it's all relative. You can't take a look at Alaska, let's say, and a couple of zip codes outside of Anchorage and apply the same percentages for red, green, yellow that you can in West Dallas, it's apples to oranges. You can apply those types of apples to apples comparisons if they're all in the same market. And so he's asking me what are the percentages? What makes it green? If it's 30 days or less days on market, then I send a mail? No, it's not like that. It's all relative.

Steven Jack Butala:

What happens in Alaska is relative to Alaska and maybe specifically Anchorage. And what happens in Dallas is those five zip codes are going to tell you where to send mail in Dallas. Oh my God, Jack, can you make this more complicated? This is not a easy button.