Not What you Choose to Work on Its What You Choose Not To (LA 1098)
Transcript:
Steve J.B.: Steve and Jill here.
Jill Dewit: Hello.
Steve J.B.: Welcome to the Land Academy show entertaining land investment talk. I'm Steven Jack Butala-
Jill Dewit: And Jill Dewit broadcasting from sunny Southern California.
Steve J.B.: Today, Jill and I talk about it's not what you choose to work on, it's what you choose not to work on.
Jill Dewit: I love this topic.
Steve J.B.: Before we get into it, let's take a question. This is a little bit, kind of a new setup for us, so we're trying to work it out.
Jill Dewit: I know. Do you want me to go print out some stuff? That would have been better.
Steve J.B.: Well, we can do it next show. You know what? This is perfect. You can see, if you're watching this-
Jill Dewit: Us fail? We're failing.
Steve J.B.: Yes, you can watch us fail.
Jill Dewit: We're failing right now.
Steve J.B.: Then next week, this is Friday. So next week, it'll be a little bit more put together.
Jill Dewit: Exactly.
Steve J.B.: But, this is how progress happens.
Jill Dewit: Yes, we have a teleprompter, and we can't reach the teleprompter, so this is how we're failing. So, Steven has to lean way over to adjust the teleprompter. Not that we need a teleprompter, none of this is really scripted, but the question, I need to be able to read the question, I do not have that memorized.
Steve J.B.: We'll do that on paper next time.
Jill Dewit: All right, and I will fix this.
Steve J.B.: Doesn't stop you from looking good though, Jill.
Jill Dewit: Aw, thank you. I'll just sit back here and just relax.
Steve J.B.: What's different from that from the other time?
Jill Dewit: I'm going to get little table here, we're going to put our drinks and stuff, but that's going to be fun.
Steve J.B.: Excellent.
Jill Dewit: Cool. All right, go for it.
Steve J.B.: 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: Okay. Skylar asks, "We have all heard about deal funding, but is anyone interested in doing transactional funding? Thanks." Did anybody reply to this yet?
Steve J.B.: No.
Jill Dewit: Okay.
Steve J.B.: And that's why I wanted to personally reply to it.
Jill Dewit: What are your thoughts?
Steve J.B.: I honestly don't understand the question, and this is a big topic for me.
Jill Dewit: Okay.
Steve J.B.: This actually taps into what this topic is today. Jill and I have now the luxury of choosing what we work on and what we don't. As entrepreneurs, that's the very definition of, in my opinion, succeeding or not succeeding. One of the things that I'm choosing to work on in a big bad way is funding. I talked about it a little bit, I think on a couple of shows ago or earlier in the week, if we had $100 million to spend, we could spend it and probably double it, or at least throw off a 40 to 50% return on it very quickly.
Jill Dewit: Right.
Steve J.B.: And so, funding is a big deal. Since we had this live event, and just because of the show, we're getting a lot of people reaching out to us, offering us funding. We haven't found that perfect fit yet for some reason. There's a lot of people out there with a lot of money, but there's very few people that understand land.
Jill Dewit: Right. That's true.
Steve J.B.: I'm not sure why or how land got this reputation. It gets lobed into commercial real estate, and commercial real estate by the very nature of it is treated on capitalization rates, which heavily rely on rent-