Jill Friday - How to Manage Your Team & Business from the Road (LA 1812)

Transcript:

Steven Jack Butala:

Steve and Jill here.

Jill DeWit:

Hello.

Steven Jack 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 Jack Butala:

Today is Jill Friday and she's going to talk about how to manage your team and your business from the road, just like we're doing right now.

Jill DeWit:

And I hope you interact and have some points too.

Steven Jack Butala:

Of course.

Jill DeWit:

I'm sure you do.

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, and I help you. I'm going to tell a real brief story here. Back in the day, it was really, really difficult to find property that didn't have a post office address, like 123 Main Street. All we had was the state, the county and the assessor's parcel number. And so we just had to make do with it and figure it out.

Jill and I, about two years ago, developed a product called Neighbor Scoop/Parcel Fact. They're both one and the same. We're about to convert those together so it's just Parcel Fact. It's where, while you're on the phone with the seller, type in the state, the county, the assessor's parcel number and make a quick decision or get all the facts so that you can intelligently talk about the property with the seller on the other end of the line. You send out 10, 20, 30,000 mailers. You can't keep that stuff straight, and so this tool is custom designed to be able to interface with sellers in real time. Check it out at NeighborScoopd.com or ParcelFact, F-A-C-T, .com.

Jill DeWit:

Kalu and Joey wrote, "We have a 50 acre property we have under contract at $115,000. The seller signed and returned back the offer. It has some issues, like nine utility easements, fire damage in the back, and a difficult slope at the entryway, likely unbuildable." Why are we still looking at this? I'm not sure.

Steven Jack Butala:

I know, let's just go through it.

Jill DeWit:

But how many red flags do we need? "The broker's opinion came back at $175,000 for a wholesale, fast turnaround, and maybe upwards towards $250,000 if we wait six months. We thought the numbers were a little tight. We're buying for 115, right? We went back to the seller and to verbally negotiate and he wouldn't give a new number considering all these factors. And then he asked us for a number, which I said, 'It would need to be in the high sixties or so.' And he said, 'Well, let me have a realtor or two go out.' And several days later, now he wants 225. What do you guys think I should do you?"

You know what? I'll be truthful. Here's the story. They got the software, 115, they dig in a little bit, has all these problems, right? They reach out to the brokers. I'm just reiterating and making it hopefully easier to understand. On the low side, sell for 175, on the high side for 250, if you hang in there for a bit. This is still questionable because of all these issues that concern me, honestly. They go back to the broker and say, "All right, unless..." This is a very good real example. We say, "We're either going to walk right now or..."

We talk about this all the time on Thursday. You're going to go back to this guy, go back to your seller, and give him a number that you feel really good at. This is what Kalu and Joey said. All right, obviously we felt good at 60. They went back and said, "It's 60, 69, whatever. Somewhere in the sixties, we can do it." The seller unfortunately said, "Well, wait a minute. Let me get another opinion." Right? That's what happened. And so the seller called some brokers. And now they're want to hang out with their 225 number, because probably the guy says, "I can wait six months to get 225."

What do you do? Do I go back and try to change something? Well, wait, we have 175 signed.