Real Estate Investment 404 Accumulating Wealth (LA 769)

Transcript:

Steven Butala:                   Steve and Jill here.

Jill DeWit:                            Hi.

Steven Butala:                   Welcome to the Land Academy Show. Entertaining land investment talk, we hope. I'm Steven Jack Butala.

Jill DeWit:                            And I'm Jill Dewit, broadcasting from beautiful Southern California.

Steven Butala:                   Today, Jill and I talk about Real Estate Investment 404: Accumulating Wealth. This is my favorite stage.

Real Estate Investment 404 Accumulating Wealth (LA 769)

Transcript:

Steven Butala:                   Steve and Jill here.

Jill DeWit:                            Hi.

Steven Butala:                   Welcome to the Land Academy Show. Entertaining land investment talk, we hope. I'm Steven Jack Butala.

Jill DeWit:                            And I'm Jill Dewit, broadcasting from beautiful Southern California.

Steven Butala:                   Today, Jill and I talk about Real Estate Investment 404: Accumulating Wealth. This is my favorite stage. Tomorrow, we're going to talk about the End Game, that's what it's called. 505 The End Game.

Jill DeWit:                            Love it. [crosstalk 00:00:25]

Steven Butala:                   But this is where it's all about the money, and you've realized that you've found it.

Jill DeWit:                            Mm-hmm (affirmative).

Steven Butala:                   As an investor, or just basically an adult, we're all trying to find this thing that's going to set us up to be done or on our way to being done.

Jill DeWit:                            Yes.

Steven Butala:                   It's like we're not saying any longer, "What is this for? What am I getting up in the morning for?"

Jill DeWit:                            Right.

Steven Butala:                   That's it. You've found it now. You know the equity that you're going to create and the wealth that you're going to create for yourself is possible. So you know how to do it. It's just about getting organized and really putting the right people in place to make you some dough. So this is my favorite, it's not even the end. This is more fun.

Jill DeWit:                            Are we going to talk about goals and all that?

Steven Butala:                   Sure.

Jill DeWit:                            Okay good.

Steven Butala:                   We can talk about anything you want. [crosstalk 00:01:10]

Jill DeWit:                            Because I have some questions about that.

Steven Butala:                   We can follow the script too, but that's up to you.

Jill DeWit:                            It doesn't matter. It doesn't really matter.

Steven 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:                            Okay.

Steven Butala:                   Let's take a look at the question.

Jill DeWit:                            Milan asks:

I am in escrow for an amazing property I am buying in Nevada. I visited this place with a couple of my buddies over the weekend and it was an epic road trip. I still have a massive headache. Oh we know those kind of trips.

Steven Butala:                   Guess what's happening there.

Jill DeWit:                            Very, very good. All right. This land is everything and anything. It's in a ghost town, it has electricity, water, gas connection, half burned house, old scary other house, old vintage Russian cars, piled up tires, mining equipment. My goodness. It's a mess, or you would say hot mess.

Steven Butala:                   No I wouldn't. I said that once.

Jill DeWit:                            Right.

Steven Butala:                   She liked when I said it.

Jill DeWit:                            I do like hot mess. It's kind of fun. But it's kind of a beautiful old Western American mess. And all of it is on 40 acres with mountains all around and walking distance to a restaurant.

Real Estate Investment 303 Your Small Business (LA 768)

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 our studio here in gorgeous, beautiful ... can't see it now ... sunny Southern California.

Steven Butala:                   Today, Jill and I talk about Real Estate Investment 303: Now This Is Your Small Business, or you're thinking about making it your small business.

Real Estate Investment 303 Your Small Business (LA 768)

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 our studio here in gorgeous, beautiful ... can't see it now ... sunny Southern California.

Steven Butala:                   Today, Jill and I talk about Real Estate Investment 303: Now This Is Your Small Business, or you're thinking about making it your small business.

Jill DeWit:                            You're a junior, congratulations!

Steven Butala:                   This week, all week-

Jill DeWit:                            You can see the end.

Steven Butala:                   All week is real estate investment education week, the way you would think of it, learning some stuff in college or high school.  Jill thinks at 303 we're juniors.

Jill DeWit:                            That's how I see it.

Steven Butala:                   101 is the very beginning, go back and listen to the show if you need to. It's all about getting that first deal done. It's not about how you look, or whether you've got an LLC, or any of the stuff that trips people up. 202 is, "All right, I've got a few deals done and I get it. I can see how I can make some dough, and I like it." 303 here is, "This is my business now. I can see myself soon if I haven't quit my job already. I can see myself."-  [inaudible 00:01:09][crosstalk 00:01:09]

Jill DeWit:                            My school analogy does apply.  "101, did I pick the right program? 202, yeah, I did, I'm enjoying it. 303, now it's too late."

Steven Butala:                   You got the bug.

Jill DeWit:                            No, no, no. Now it's too late, you're like ... because you're gonna have to go back and redo credits if you didn't pick the right program. You better know you want to do this.

Steven Butala:                   Before we get into the actual topic, let's take a question posted by one of our members on the land investors online community, it's free.

Jill DeWit:                            Okay. [Waldon 00:01:40] asks, "Does the vast majority of interest in the properties you are selling fail to generate a sale?"

Steven Butala:                   Yes. I know what it means.

Jill DeWit:                            I was gonna say, where did that come from?

Steven Butala:                   Lots of people are interested but nobody buys it-

Jill DeWit:                            That's true. I feel like-

Steven Butala:                   I have a lot to say about this.

Jill DeWit:                            Oh, good. That's so funny. You know it's so sweet, Steven, when-

Steven Butala:                   She's not gonna read the question.

Jill DeWit:                            No, I'll get to it in a second here. People who know you very well ... it's funny that you have a lot to say about a lot of things.

Steven Butala:                   Is it everything though? It's like an old man who sits down and says, "In 1949..."

Jill DeWit:                            No.

Steven Butala:                   Is it that bad?

Jill DeWit:                            You will never tell me how to build a watch, but you will go into great detail about all the time zones. Just kidding. I'm kidding.

Steven Butala:                   This is how Jill ... never mind.

Real Estate Investment 202 Few Deals Complete (LA 767)

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:                            I'm Jill DeWit, broadcasting from gorgeous southern California.

Steven Butala:                   Today Jill and I talk about real estate investment 202. You've got a few deals done, and you like it.

Real Estate Investment 202 Few Deals Complete (LA 767)

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:                            I'm Jill DeWit, broadcasting from gorgeous southern California.

Steven Butala:                   Today Jill and I talk about real estate investment 202. You've got a few deals done, and you like it.

Jill DeWit:                            You're a sophomore now. You made it through your freshman year.

Steven Butala:                   This week, yesterday was 101. Today's 202. Guess what tomorrow is?

Jill DeWit:                            I don't know.

Steven Butala:                   What is tomorrow, junior for you?

Jill DeWit:                            That's a junior.

Steven Butala:                   For-

Jill DeWit:                            I did junior, senior and masters. That's how I see it.

Steven Butala:                   There's no PhD here?

Jill DeWit:                            No.

Steven Butala:                   You just stop at masters because you don't think-

Jill DeWit:                            We didn't keep going.

Steven Butala:                   Because education's no longer important to you, because you really actually want to do stuff? In the real world?

Jill DeWit:                            I think that at your master, you know what? I'm glad we're having this discussion.

Steven Butala:                   Me too.

Jill DeWit:                            I don't think you need a PhD in this. I think you can get by with a masters. Sometimes, you don't need to go that far unless you want to be a perpetual student.

Steven Butala:                   I'm gonna quote Danny Elfman.

Jill DeWit:                            Ready.

Steven Butala:                   He's from the school of hard knocks, and that's-

Jill DeWit:                            And he's from Orange County. Had to point that out.

Steven Butala:                   Once you get the basic information down, you've got a few big deals under your belts, which is the 202 here-

Jill DeWit:                            Yeah.

Steven Butala:                   At that point, the needle's either in your arm-

Jill DeWit:                            Yeah.

Steven Butala:                   And you've got the bug and you've got to take it to the end-

Jill DeWit:                            Right.

Steven Butala:                   Or you're just gonna kind of say, "You know what? This is not for me."

Jill DeWit:                            What was the, was there a quote? Does he have a certain saying about that?

Steven Butala:                   No.

Jill DeWit:                            Oh.

Steven Butala:                   Either get the needle in your arm or take it out.

Jill DeWit:                            That's Danny Elfman saying that?

Steven Butala:                   No.

Jill DeWit:                            Oh.

Steven Butala:                   Danny Elfman said, I read an interview years ago in Rolling Stone, and they were all asking him, "What is it with this multi-level success?" He had a successful band, successful independent career, and then he became one of the greatest-

Jill DeWit:                            The movies,

eal Estate Investment 101 for Beginners (LA 766)

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 DeWit. Broadcasting from sunny southern California.

Steven Butala:                   Today Jill and I talk about real estate investment 101 for beginners.

Real Estate Investment 101 for Beginners (LA 766)

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 DeWit. Broadcasting from sunny southern California.

Steven Butala:                   Today Jill and I talk about real estate investment 101 for beginners.

Jill DeWit:                            This will be good. So, here's what I'm thinking. This whole week, it's 101, 202, 303, if I'm not stealing your thunder-

Steven Butala:                   Yeah it is.

Jill DeWit:                            So, 101 is, think like a freshman, and we're gonna go ... So, this week is freshman, sophomore, junior, senior, and master's, right? Because we'll do-

Steven Butala:                   I call it real estate education week.

Jill DeWit:                            Because we're gonna do 500 level, so you're in your master's program at that point.

Steven Butala:                   So, if you're already buying apartment buildings but you're not enough, then maybe you can skip to 303. 404. Or you can listen to the beginning.

Jill DeWit:                            Yeah. There's always gonna be something.

Steven Butala:                   We'll all about sending offers to owners here.

Jill DeWit:                            Yeah. There's always gonna be something that you pick up, even if you went back and picked up, we all know that. Every time you start something new, you're like, oh, I know it all.

Steven Butala:                   Yeah.

Jill DeWit:                            Right? I have so many members, too, that have started with us, they're like, oh, I knows this all. I've been here, I've been there, I'm doing all this stuff. Then, oh my gosh, I totally missed that.

Steven Butala:                   Yeah.

Jill DeWit:                            So, it's huge.

Steven Butala:                   Including me.

Jill DeWit:                            Yeah, including me.

Steven Butala:                   We're doing a deal right now where I'm learning tons of stuff on it. I didn't know we could subdivide it like we can.

Jill DeWit:                            Exactly.

Steven Butala:                   Before we get into it, let's take a question posted by one of our members on the land investors online community. It's free.

Jill DeWit:                            Okay. So, Brian asks, "I'm looking at picking up a five acre parcel in Kern County, California. Pretty much barren wasteland right next to a solar plant, 45 minutes outside the nearest city. I've done my own title search and I'm confused by finding one original party in 1969 selling to another, and this parcel has deeds exchanging ownership a number of times. But it looks like the one party," I'm not gonna say the name-

Steven Butala:                   Yeah.

Jill DeWit:                            "Mr. Blank sells it in 1970, buys it again three years later, sells it it a few years later"-

Steven Butala:                   Welcome to our world.

Jill DeWit:                            I'm questioning it's probably the, gives it to the family member-

Steven Butala:                   Yeah.

Jill DeWit:                            Then he got it back-

Steven Butala:                   Kid, a family drops out of college-

Jill DeWit:                            Then, yeah, dad takes it back.

Financial Goals First, Then Plan Backwards (LA 765)

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 DeWitt, broadcasting from sunny Southern California.

Steven Butala:                   Today, Jill and I talk about your financial goals come first, and then plan backwards from there, so that you actually make sure that they happen.

Financial Goals First, Then Plan Backwards (LA 765)

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 DeWitt, broadcasting from sunny Southern California.

Steven Butala:                   Today, Jill and I talk about your financial goals come first, and then plan backwards from there, so that you actually make sure that they happen.

Jill DeWit:                            Hmmm ... I think we're gonna be a little bit different here.

Steven Butala:                   I do too.

Jill DeWit:                            It's kind of funny.

Steven Butala:                   I know that's why I wrote it.

Jill DeWit:                            I love it.

Steven Butala:                   Before Jill and I get into it, almost literally, let's take a question posted by one of the members on the Land Investors online community. It's free.

Jill DeWit:                            Wouldn't it be hilarious if we like totally got into it?

Steven Butala:                   Remember that one time we were in a car listening to another couple's podcast?

Jill DeWit:                            Oh yeah they did get into it.

Steven Butala:                   They got in a huge argument and then that whole show ended. Not the episode, but the whole show.

Jill DeWit:                            Yeah. They were not having fun.

Steven Butala:                   Yeah.

Jill DeWit:                            Yeah, I remember that.

Steven Butala:                   We were laughing our [crosstalk 00:00:55] we were crying laughing in the car too.

Jill DeWit:                            You could just tell ...

Steven Butala:                   Like we've been in that spot.

Jill DeWit:                            Like they're trying to cover up. I'm like there's no love there right now. She's pissed off.

Steven Butala:                   You know what I remember about that? What she was mad about was, there was no schedule. She's like, "Oh you just decided that we're gonna do the podcast right now. It's 6pm instead of have dinner." I wouldn't be happy about that either. Like we do it the same time. That's kinda along the lines of what we're talking about this week.

Jill DeWit:                            Hmm-hmm.

Steven Butala:                   We do the show at the exact same time every ... all the shows. Every Thursday morning.

Jill DeWit:                            That was so darn funny. Okay, Stewart asks, "I'm working to configure my site to accept credit card payments with Heartland." Yay! "And I'm wondering what business process to establish around this. I've looked at a number of other sites, and it appears that different investors use different processes. In many cases I'm not certain exactly what they are doing."

                                                So let me give a little background. Stewart is a member, I'm assuming, he's looking at some of our other member websites, and he's setting up to accept credit cards and things are like, do you have a refund process, and how the deeds are gonna be done, how your whole ... 'cause they're gonna click and pay ... and then how you're gonna follow through, and what your company protocol is gonna be, and all that good stuff. Stewart goes on to say, "Should I, one, capture the full payment and then send a purchase agreement? Two, authorize payment, send agreement,