Success Lies within Your Natural State (LA 1296)

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 still from the road, still sitting in Northern California, kind of northern, in the middle.

Steven Jack Butala:

Jill and I today talk about how your success lies within your natural state to which-

Jill DeWit:

Not Wisconsin.

Steven Jack Butala:

Jill is constantly confused by my titles.

Jill DeWit:

I am. Aren't you.

Steven Jack Butala:

And if she's confused... This is what I think. If she's confused, the whole listening audience must be like, "What?"

Jill DeWit:

I know.

Steven Jack Butala:

Because she gets me.

Jill DeWit:

Normally.

Steven Jack Butala:

She's a headstart, anyway.

Jill DeWit:

I have a headstart.

Steven Jack Butala:

Here's the whole premise of the show.

Jill DeWit:

I get you and I like to think I complete you.

Steven Jack Butala:

Oh my God.

Jill DeWit:

I'm just kidding because you complete me.

Steven Jack Butala:

It's going to be one of those spiritual shows.

Jill DeWit:

You're the one that wrote it.

Steven Jack Butala:

Here's the deal. Again, I am going to sound like your father. You don't want to fight yourself your whole life. If you hate data and the thought of just sitting in a dark room just nauseates you, which is fine, this business model might not be for you. Or if you're bent on it, find somebody like me to be your business partner. So that's the premise of this. The motivation or inspiration behind me writing this title was Jill. We were forced to do a bunch of stuff. Jill was forced to deal with a bunch of insurance company crap earlier this week, which turned out... Actually, it turned out fine and Jill was in her natural state. She was on the phone for probably three hours talking to insurance companies and car rental companies. And man, we came out way ahead, actually. And so if it were just me dealing with that, I would've gotten through it, but I would have been a pretty angry person.

Jill DeWit:

Oh gosh. [crosstalk 00:01:57].

Steven Jack Butala:

It's not my natural state, so this really translates into being successful at whatever you're doing.

Jill DeWit:

You just touched on something I was going to say real quick. Some people do this. Some people get into a business and a life. It's not their natural state and they suffer through it their whole lives and it makes me sad.

Steven Jack Butala:

It makes me sad too. The profession of a medical doctor comes to mind because the vast majority of medical doctors I've ever seen in a professional setting, not in a social setting, are just so unhappy. I think the academic... That profession, for some reason, the academic part of it and the research part of it is so intriguing, or just for me anyway. And then you got to deal with patients and it's just like...

Jill DeWit:

I know that would be hard for you. Patients and patience, both.

Steven Jack Butala:

Before we get into it, let's take a question posted by one of our members on thelandinvestors.com online community. It's free.

Jill DeWit:

But you have many, many, many, many great qualities, sweetie. I'm not picking on you.

Steven Jack Butala:

I know I don't take it that way.

Jill DeWit:

Okay. All right.

Steven Jack Butala:

I have thick skin, that's one of them. I'm with you.

Jill DeWit:

What?

Steven Jack Butala:

I just got to zing stuff in there once in a while.

Jill DeWit:

What? Okay. Actually we're getting along. It sounds like we're [inaudible 00:03:18]. No, we're good.

Steven Jack Butala:

Yeah.

Jill DeWit:

That's funny, because we're not at home. This is great. We're on the road having fun and we're not sick of each other yet.

Steven Jack Butala:

Not yet.

Jill DeWit:

Next week it could change, or tomorrow. Tiffany wrote, "Hello, all. I've got maybe an interesting question.

Thin Line Between Insulting a Seller and Pricing to Buy (LA 1295)

Transcript:

Steve:

Steve and Jill here.

Jill:

Howdy.

Steve:

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

Jill:

And I'm Jill DeWit, broadcasting from sunny northern California.

Steve:

Today, Jill and I talk about the line between insulting a seller and actually buying a piece of property. This is a topic that's very fresh in how we're buying and selling land, and it's something that we all deal with. It's one of the top five-

Jill:

It happens.

Steve:

-or eight questions that we get from new people or really even experienced real estate people, like, "What do you mean you send offers out for 20% of what the property's actually worth?"

Jill:

Exactly.

Steve:

How do you deal with that? There truly is a line between... There's a thin line between offering $25 for a piece of property, which I personally think is ridiculous. Some people do it with success.

Jill:

Right.

Steve:

We'll talk about all that.

Jill:

Thank you.

Steve:

Before we get into it, though, let's take a question posted by one of our members on the LandAcademy.com online community, it's free.

Jill:

I would like to add on the LandInvestors.com online community, it's free.

Steve:

Oh, yes. You'll get there.

Jill:

It's okay.

Steve:

You'll get there both ways.

Jill:

That's true. Lucas wrote, "Hi, everyone. Lucas here from Greenville, South Carolina. For some reason, I'm extremely nervous and excited at the same time. After reading the book-"

Steve:

Are you crying? Crying on the inside.

Jill:

That's daily. That's kind of how I wake up, nervous and excited. You're not alone, Lucas.

Steve:

Crying on the inside and laughing on the outside. That's how I wake up.

Jill:

"That's right. After reading your ebook, listening to the podcasts and watching YouTube interviews, I have become convinced that I want to do this and I could be good at this. I love data.

Steve:

Excellent.

Jill:

"I'm part of a manufacturing engineering group, and my colleagues call me the data guy because I so enjoy statistics and deep diving into the metrics." This is all really good.

Steve:

Excellent.

Jill:

"And I love land. This is good. I have a dream of starting a homestead with my wife and children someday, so for the last several years, I've been scouring GIS maps and Google Earth, trying to find a hidden gem for our homestead. I have long believed that there are incredible deals out there, just waiting to be found, and I couldn't process the data in a way that was efficient. After spending hours examining attributes of parcels in numerous states, I just couldn't figure out how to get the truly amazing deal. When I saw this community, it was like a lightning bolt turning on. It hadn't even occurred to me that this could be a potential business. I have been focused on upstate South Carolina, western North Carolina, upstate New York and all of Vermont, my home state.

Steve:

Excellent. Vermont's a great choice.

Jill:

"Someday, I want to leave properties for my children, and I want them to have business savvy. I feel like I have a knack for this stuff. I just need some direction. My biggest challenge will be managing this endeavor with the time constraints of my full-time job and my life as a parent. I'm so determined, though. If I can make some success with my initial mailer and my first purchase, I know there'll be enough momentum to really change my career. I'm looking forward to meeting some of you and collaborating and sharing ideas. Thank you, Steve and Jill." Awww, that's so cool.

Steve:

I'm going to turn this over to you right now, just the initial part of it, anyway, because I know that you talked to people constantly in the exact same boat.

Jill:

There's no question. I'm looking to see. He's just kind of sharing his experiences, right?

Steve:

Mm-hmm (affirmative).

Jill:

Am I missing something?

Steve:

I think he joined.

Jill:

Buyers are More Willing Than Ever to Sell (LA 1294)

Transcript:

Steven Jack Butala:

Steve and Jill here.

Jill Dewitt:

Hello.

Steven Jack Butala:

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

Jill Dewitt:

And I'm Jill Dewitt broadcasting from sunny, mid-California. We're not in Southern California right now. If you're watching, you can tell it's not our normal background.

Steven Jack Butala:

San Francisco actually.

Jill Dewitt:

Yes. What would you call that? Mid? It's not Northern.

Steven Jack Butala:

I would call it mid. I was just thinking that-

Jill Dewitt:

Well, technically they say they're northern-

Steven Jack Butala:

You think it's northern California, but it's not.

Jill Dewitt:

Yeah.

Steven Jack Butala:

It's right in the middle.

Jill Dewitt:

Exactly.

Steven Jack Butala:

Before we get into it... Oh, I'm sorry. Today Jill and I talk about how buyers are more willing than ever to sell. Yeah. That's, really Steve? That sounds like you're making that up. No, it's just, it's the environment that we're in, the economic environment is dictating, it's putting a little flair under the seller's butt, but at the same time and I have to say I've never seen anything like this in my career at the same time, it's buyers are willing to buy. So, that's what's so unique about this. You can always find really willing sellers based on the geography you go, but it seems like it applies to everything right now, for land I'm talking about, not necessarily houses and buyers are pretty willing to buy within a day's drive of pretty large cities. 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 Dewitt:

Martin asks, "Does anyone have a certain criteria they look for when acquiring higher price properties? For instance, what do you look for in a county when you're trying to buy higher priced properties with your blind offers? I currently buy myself mostly sub $40,000 properties, but would be nice to move up to 100,000 plus properties. Just not sure what to look for when researching those. Any ideas from someone who actively buys higher priced land?"

Steven Jack Butala:

So, yes. May I?

Jill Dewitt:

No. What am I going to say?

Steven Jack Butala:

If you've been through an education, I'm pretty sure Martin's a member. He might not be, but anyway we all know that pricing, any type of real estate starts with what you're going to sell it, the price you're going to sell it for and then you back down from that based on where you think a logical gap is between what you're going to buy it and what you're going to sell it. So, if you think you can sell, very easily sell a property for $100,000, that's a wholesale number, property's worth let's say 150, 130 and 100,000 is the number that you want to sell it for. You need to be buying that property for around 40 to 50,000 bucks to make it worth it. So, that's the answer. So, if you're having success buying sub $40,000 properties, doubling your money, making 20 and $30,000 on it hopefully, it's the same exact thing.

You just move it up a notch for the $100,000 property. I will say this, there's fewer of those properties. The more expensive those properties get, the numbers are fewer and you want to make darn sure that the property at that price range, you have an audience and the audience is going to have to have some money. So, they should be coming out of larger cities. So, this is exactly, what you're describing is exactly what Jill and I are doing in our current mailers right now is we're buying. We are moving up. This is one of the reasons I chose this question. We're moving up this gap.

Jill Dewitt:

May I add?

Steven Jack Butala:

Of course.

Jill Dewitt:

As far as a certain criteria, am I looking for an attribute? Am I looking for now it's commercial land? Am I looking for agricultural land? No, don't even worry about it.

How to Maintain Your Enthusiasm and Revenue Stream During a Plague (LA 1293)

Transcript:

Steven Butala:

Steve and Jill here.

Jill DeWit:

Happy Friday.

Steven Butala:

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

Jill DeWit:

I'm Jill DeWit, broadcasting from sunny, Southern California.

Steven Butala:

Today, Jill and I talk about how to maintain your enthusiasm and your revenue stream during a plague. This is a fun show for me, maybe not so much for Jill.

Jill DeWit:

Why do you say that?

Steven Butala:

Here's the thing, here's the thing: we've been kind of life interrupted now for, what, five months, six months? It's hard to maintain your enthusiasm, let alone your revenue stream during a pandemic. There's a lot of stuff. Here's really what the juice of what we're going to talk about today: if you own your own company and you're an entrepreneurial spirit and you just don't know any other way, you're very used to adapting and overcoming whatever comes into your field of vision or whatever you need to overcome.

Steven Butala:

So, this year for a lot of us, I include myself and Jill in this, it's an adapt and overcome to a pandemic. So, maintaining my enthusiasm and our revenue stream has not been that much of a challenge. It's had its moments, but I think for some people, and this is really who this show is for, it just destroys their mindset. It's a lot to deal with.

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.

Jill DeWit:

Austin wrote, "Hello. I have been quoted $200 for a two-document mobile notary signing in New York City. The notary said that it was higher priced due to COVID. What has your experience been as far as pricing a notary as post-pandemic? Also, is there a big geographical difference as well, such as a hundred dollars for Los Angeles and $50 Maricopa? Thanks, Austin." I have not experienced this. I'm wondering if it's a particular notary.

Steven Butala:

I think this is more of a New York problem, New York City problem than anything else.

Jill DeWit:

That's what I think. I have an in-house notary here in our office, we're in Los Angeles area, or I can still go, and they never closed, to my local UPS shop where you can drop a package and for the same $15, get a signature notarized. It never changed. I could walk in, I have to have a mask on, big deal.

Steven Butala:

The bigger question here is for me, and this question is very appropriate for the topic today, reading way below this question and what this is really about is how the world has changed because of this pandemic/plague that we're in and why people feel like it's okay to double their prices on stuff.

Jill DeWit:

That's kind of not nice.

Steven Butala:

What?

Jill DeWit:

It's kind of funny. No, you're right. You're not wrong.

Steven Butala:

It's not just pricing. It weans its way-

Jill DeWit:

Could you imagine?

Steven Butala:

It trickles its way and weans its way into everything. I mean, I have never walked through a Home Depot in my entire life and been told where to stand and that I'm not doing it right. It's like-

Jill DeWit:

Could you imagine?

Steven Butala:

... in one week, the people that maitre des or servers and stuff have just been allowed to, and this is never going to change. This is my theory: I think it's here to stay, have been given some power to treat-

Jill DeWit:

Oh, like TSA.

Steven Butala:

Yes, like TSA, perfect example.

Jill DeWit:

TSA-

Steven Butala:

Well, TSA, those people-

Jill DeWit:

People that couldn't get jobs anywhere else got TSA jobs.

Steven Butala:

That's right.

Jill DeWit:

That's kind of saying this, a lot of it.

Steven Butala:

Let's say it. Say it. They have some, and boy do they use it.

Jill DeWit:

They can't carry a weapon or anything, they can just say, "Stop, go back through the metal thing," but whatever. Oh, that's kind of funny.

When Data Tells You to Pull the Plug on a Mailer (LA 1292)

Transcript:

Steven Butala:

Steven and Jill here.

Jill DeWit:

Hi.

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 what to do when data tells you to pull the plug on a mailer.

Jill DeWit:

This is funny. I like this.

Steven Butala:

Before we get into it, though, let's take a question posted by one of our members on the landacademy.com online community. It's free.

Jill DeWit:

Landinvestors.com. Thank you.

Steven Butala:

Yeah, Land Investors.

Jill DeWit:

Eraldo, If I'm saying that correctly, wrote, "I have a property under contract in which the electric poles and the lines cut across the property. I'm not exactly sure if they're more on the edge or if they run through the middle, but I would assume this would affect the pricing somehow, correct? Does anyone have any experience with this?

Steven Butala:

I have tons of experience with this turns out. When you send a mailer out the way that we do the data, what you're looking at are the basic facts that are provided by the assessor. So that that data set includes basic stuff like size, value, location sometimes. So it's a dataset that doesn't give you all the information. For instance, the assessor doesn't care if your property has a power line easement on it, and it also doesn't care if it's waterfront or any of that stuff. It assigns a value based on an algorithm that's probably been used for ... It's probably outdated, quite honestly. You're never going to tell some of these attributes, specifically in this case with the power lines running through it, until it comes back. And by design, these mailers are designed so that you can very efficiently send out thousands of mailers, but people choose the ones that they want to sell. They come back to you.

Jill DeWit:

They self-select.

Steven Butala:

Self-select. Yeah. It works itself out. And then you're staring at 20 or 30 or 40 deals if you do it right and choosing the best one. Well, in this case, this one came back and it's got, I'm assuming, huge power lines going from some power plant somewhere out to the public. And this comes back with us all the time, because chances are the seller has had some tough, some experience or lack of experience selling the property. So they sign your offer, send it back and they say, "Yeah, I do want to sell." And you find out that there's an easement on the property in it. So Eraldo's question is, do I care? And the short answer is, heck yes, you care. It's probably going to kill the deal, in my opinion. However, if it's around the 20 acres or more and the poles aren't running right through the middle, you can get around it, but there's still going to be power lines there. And they're still going to be, in my opinion, relatively devalued because of this. Jill's probably going to say some stuff like, well now wait a second. We don't want to kill the deal yet.

Jill DeWit:

No, I was just going to say I'm not exactly sure if they're on the edge or in the middle. I'm guessing that he may send out some offers. He doesn't have the right tools he needs to look at the property in full, by the way. I was kind of reading it like maybe the owner disclosed that, which they probably did. There's power lines there and he's probably going, uh-oh. How do I find out where they are? It's easy. Neighbor scoop. You need to have a good tool. If you don't, you have to, it'll save you so much time. And you can stare at it and decide what's possible. And I totally agree with you. If it's a 40 acre property and it's over here dividing up five and 35, done. I could totally work with that. I'm okay with 35 acres. And even the other five, whoever this person, whoever the buyers going to be, they can make that work because-

Steven Butala:

If it's cheap enough,

Do Sellers Really Know the Value of Their Land (LA 1291)

Transcript:

Steven Butala:

Steve and Jill here.

Jill DeWit:

Hi.

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, do sellers really know the value of their land?

Jill DeWit:

Oh boy, do they. In some parts of the country. I'm here to tell you, based on experience.

Steven Butala:

The reason this topic came up is because Jill I are in the middle of doing a 10,000 unit mailer, as you might guess, from the previous shows this week. And it was in two parts of the country. One part was on the West Coast, one part was in the center of the country. And the people on the West Coast really know the value of their land, for whatever reason. The people in the center of the country aren't making a decision to sell to us or not sell to us based on price alone. They're doing it because it's just time or some other circumstance. So that's what this is all about.

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:

Thomas wrote, I recently ran across the podcast and started digging into the information. My wife and I have been dabbling in almost everything real estate related, since 2017. We own two SFR rental properties, manage others, via our own management company, renovated 10 SFRs. We do home staging, flipping SFR, and most recently flipped a piece of waterfront property, which was $40,000 financed. We put 10,000 down. We held it for five months and then sold it for $60,000.

Steven Butala:

Excellent.

Jill DeWit:

We got worn out on the major reservations and have been looking at land in general. It looks like this is a great place to expedite my knowledge, gain methods rather than stumbling through it all myself. Okay.

True.

Steven Butala:

I can't say enough positive stuff about this comment.

Jill DeWit:

Kind of been in your shoes too.

Steven Butala:

So here's the thing. Jill and I, by our professional history and everything about the two of us, would not lend itself to having a show like this, or really being the owners of Land Academy. In my soul, and Jill's, for sure, we're all about buying and selling land. And Jill and I, in 2015, sat down and said, "Hey, maybe we should share this with everybody because it's great." We had long conversations about it and my gut reaction was... I mean, it's not that I want to hide it and keep it all to myself. It's just like, I'm not that kind of person. I don't want to get in front of the camera.

Well, what I've learned is this, since then. It was a great idea and it's one of the most rewarding things I've ever done, professionally in my life, if not the most rewarding. However, the reward comes from people like Thomas here. They come to us with a bunch of experience in real estate, or in some other business ownership and then they sign off, go through the program and dramatically improve what they've already created for themselves anyway.

And then there's other people that just really struggle with it. So, Thomas, congratulations, you absolutely fit the profile of what I've learned over the last five years about real successful people in real estate. What do you think, Jill?

Jill DeWit:

I love it. Well, what's funny is, and of course what you said, everything's true there. We started doing land... I stepped in, only doing land and it's funny because through our career together, we've done some houses, we've done some renovations, I did home staging. We did stuff like that. And at the end of the journey, I was staring at myself again, going, this is stupid. land's the best. It really is.

I mean, really. I mean, I still look around. I'm still shocked. What you and I can do in 45 days with the planet, the planet would barely do in 45 days.

Real Profit on a 10,000 Unit Mailer (LA 1290)

Transcript:

Steven Butala:

Steve and Jill here.

Jill DeWit:

Hey.

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, Jill and I talk about the real profit on a 10,000 unit mailer. It costs like five grand to do a 10,000 unit mailer, which is a huge one, by the way. If you're brand new, you never want to do one that big. But here's a hint on the answer. You make more than $5,000.

Jill DeWit:

One deal could do it. Exactly.

Steven Butala:

Before we get into it, let's take a question posted by one of our members on landinvestors.com online community. It's free.

Jill DeWit:

Charlie Row. So I was opening my PATLive account after deciding I don't like talking on the phone. It's holding my business back. And I saw one of the things that they specialize in is real estate sales. They're currently answering my phone for mailers, but I didn't even know that they would do sales. My first instinct is to just use them on cheap property, where I find myself repeating everything that's already in the ad when a potential buyer calls. Is anybody using them for sales? How is their salesmanship? I mean, if they sell one property a year, it pays for itself. I think I have to do it. I've honestly not used them for sales.

Steven Butala:

So, I mean, you're an expert at this stuff, Jill. Do you mind if I ask you a couple of questions interview style? There's something bigger and deeper going on here, and I'm certainly not picking on this person at all. We all have stuff that we love to do, and we all have stuff that's not our favorite task to do in these real estate deals. So this person is stating something that has fascinated me since the beginning of my career in real estate. You post the perfect posting, you buy a piece of property for 10 grand, you post it for 25,000. You have a perfect posting. It gives all the information you could ever want, utilities, all of it. Yet, to this day, buyers call and say, "Hey, where are the utilities on this?" What's the psychology behind the same questions over and over and over again from these buyers?

Jill DeWit:

Well, first I would argue... I want to make sure... If he gets this, there's a chance that you miss something now and then. There's a chance that you forgot to put the taxes in. So I would pay attention to that if I get the same question, like, "Oops, I forgot to add that." Because that can easily happen. Then otherwise, they're just people that are not real buyers. There's tire kickers out there and everything. I'm sure every person, I don't care what kind of product you sell, there's a percentage of people that don't bother looking at the description, and they go, "Is it really baby blue? Are you sure it's not navy blue? How blue is the baby blue?"

You know what I mean? Who knows? There's something of that nature. But other than that, if you do a really good posting and you spell it out correctly, and you're getting it in front of the right people too, by the way, you're marketing it to the right community, you're hopefully getting the right calls, and it's just kind of a, "Hey, I'm about to drive out there. Just want to make sure your website's up to date and it's available." "Yep." Or, "Hey, I'm going to buy this. I need to wire some money over tomorrow. How can I lock it in right now?" Kind of thing.

Steven Butala:

If you do everything right in the acquisition and in the presentation of the property online, that property should sell in one or two weeks or less. The problems come, and all these questions that are related to sales like this come when property doesn't sell as fast as you think it should, or you're overpricing it, or a combination of those things. I've long said there's two reasons that property doesn't sell quickly. Number one,

Mailer Just Hit, What's it Like to Take 1000 Phone Calls (LA 1289)

Transcript:

Steven Butala:

Steve and Jill here. 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, the mailer just hit. What's it like to take a thousand phone calls?

Jill DeWit:

More like 10,000, really?

Steven Butala:

I like you, listener, I'm going to listen to Jill today.

Jill DeWit:

Well, thanks.

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.

Jill DeWit:

Cupidgaveuponme, wrote, "I mailed a new county and the mail hit this week. I didn't get much response, but the first couple responses I did get, accepting my offer has caused me to believe that I overpriced my mailer. I would still like to buy, but not at the price I originally listed in the letter. I believe in being honest with people, but I'm not sure how to say that I actually want to offer less than what they have already accepted. There isn't anything particularly wrong with the properties. They all have access. They're all large acre desert properties with dirt road access, but they're big enough I will have to partner on the deal to purchase at my original offer. And there isn't enough to make it worth it. My son says, move on and keep mailing. I am proud, but I want to at least try. And I don't want to waste a lot of time. We have to brainstorm things to say, but nothing sounds very good to me. Can anyone give examples of what you say to sellers?" Doing it now. This always happens.

Steven Butala:

No one's more qualified to answer this question than you.

Jill DeWit:

Sometimes, this situation can happen. Yeah. Sometimes you came in too high, like, "Shucks. I goofed," or there's something about that property that makes it less desirable. That could be, and it's not that you're going to kick to the curb, but you do want to offer less. We do this all the time on our Thursday afternoon member calls. We have a section called, would you do this deal? And it's often that you and I, Steve, are looking at properties and we're like, "Oh, shucks. You know, I see why you offered 12. Man, I love it at five. I could maybe do eight. Twelve's pushing it because I think you're going to sell it for 20." That's usually how it works. So I usually, and I'm doing it now. I go back to the sellers and say, "Look, I didn't realize X was going on out there, such as days on market in that area are so high," or, "Whoops. There's 800 properties available in the zip code," which then I probably wouldn't want it anyway.

But there's something that's causing you hesitation, and making you think that you're going to have to take a risk here. And I pass. I tell that honestly and openly with the seller. And then what I do is I would say, "Look, here's, what's going on." I state what the problem is. Say why I need to alter my purchase price. I give them my new, highest and best offer. And I make it... I say it like that, say, "Look, I still want it, but I'm willing to pay seven, not 12, like you signed and sent to me. If seven doesn't work for you, I get it. I totally understand. Please feel free to think about it, sleep on it. If you come to me, probably within 30 days I can still make this work, let me know."

And then, just walk away. It's not worth it. There's nothing really to negotiate and such and such and just say what it is and move on. And then watch, hang up and watch what happens in a day or two, a large percentage of those guys, they know, and often if they answered back so quickly, they're like, "Ooh, Yippiekiyay. I never thought anybody would offer this." It's probably what's going on in their heads. So they get it. And they'll come back if they're serious. If not, don't worry about it too. The last thing you want to do is buy something for 12 and you kn...

TV Series Yellowstone is What We are All Selling (LA1288)

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If you have any questions or comments, please feel free to email me directly at [email protected].

The BuWit Family of Companies include:

https://BuWit.com

https://offers2owners.com

https://landinvestors.com

https://landacademy.com

https://landpin.com

https://parcelfact.com

https://countywise.com

https://deedperfect.com

https://ownersdata.com

https://houseacademy.com

I would like to think it’s entertaining and informative and in the end profitable.

And finally, don’t forget to subscribe to the show on Apple Podcasts.

Scaling Your Land Business. Our Possible Education Program (LA 1287)

----------------------------------------

If you have any questions or comments, please feel free to email me directly at [email protected].

The BuWit Family of Companies include:

https://BuWit.com

https://offers2owners.com

https://landinvestors.com

https://landacademy.com

https://landpin.com

https://parcelfact.com

https://countywise.com

https://deedperfect.com

https://ownersdata.com

https://houseacademy.com

I would like to think it’s entertaining and informative and in the end profitable.

And finally, don’t forget to subscribe to the show on Apple Podcasts.