Work 90 Hours a Week to Avoid a 40 Hour Job (CFFL 547)

Transcript:

Jack:                      Jack Butala with Jill DeWit.

Jill:                          Hi everyone.

Jack:                      Welcome to our show today. Jill and I talk today ... in this episode Jill and I talk about working ninety hours a week in the beginning to avoid working a forty hour job. I think you might know where this is going, 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:                          Okay, Pete asks, "I have some areas where the average lots are selling for $9,000 to $14,000 and up. There are many lots available. I would love to know what offer price people would start with?"

I don't know ... offer $2,000 and sell for $7,000. Is offering $3,000 reasonable? Which is 33% of the lowest retail?

Jack:                      Yeah, I think that if there's a lot of available properties ... which is non-quantifiable variable in pricing. I would definitely scrape the bottom of the lower portion of the pricing scenario, so yeah that's the key here. The other thing I would look at is days on market. So if you've got properties ... lot of property available and there's really long days on market, like more than 200 days or 300 days, which is a year, frankly, I'd move on. I wouldn't even send an offer campaign of that area.

What you want is real low days on market, not a ton of availability, but some availability so you can price it right. Then you wanna go in around 40, 50, 60 percent. That's just personally what I would do, I don't know Pete if you're new or not ... it's hard to tell from here, but if there's a ton of availability and a really long days on market, go in at the bottom. And really don't expect to get a lot because you wanna find a market that's kinda really cool, like, Man I would like to ... if you find yourself doing this as an investor, "Boy, I think maybe I should ... if I get one of these properties for this cheap I should keep it." If you find yourself doing that, you're gonna do great.

Jill:                          When there's a lot of availability, too, it's hard to differentiate your property from other properties so you might be sitting with it for a little while, so if you come in low you can afford to let it just sit there. I would roll it into my inventory, wouldn't have a problem with that. Just be ready for it.

Jack:                      There's gotta be something good about your property, that differentiates it from everything else that's on the market. Jill and I have literally gone to Home Depot and bought one of those cool sheds that are out in the parking lot and had it delivered to a property. Took a bunch of pictures and just yeah, there's a shed on the property, and now it's different from every other piece of property out there and it sells really fast.

Jill:                          Now we can buy a yurt like Luke.

Jack:                      A yurt?

Jill:                          That came up the other day. One of our members found yurt zoned property. What the heck? That's a new one. I had to know that that was out there. So we were joking about that. Put a yurt on it, Pete.

Jack:                      One night in a yurt and it'll be over.

Jill:                          Oh my goodness. I just can't even say the word yurt.

Jack:                      That's so funny. Everybody's saying what the hell's a yurt.

Jill:                          I wanna do that tonight, we're out ... we're gonna go what do you guys do? We invest in yurts.

Jack:                      A yurt is a Mongolian Teepee.

Jill:                          I'm a yurt distributor. That's my new job.

Jack:                      I'm a yurt dealer.

Jill:                          I'm a yurt dealer. What color would you like? You want a two bedroom or a one bedroom?

Binge Listening to Podcasts (CFFL 546)

Transcript:

Jack Butala:                         Jack Butala with Jill DeWitt.

Jill DeWitt:                          Hi.

Jack Butala:                         Welcome to the show today. In this episode Jill and I talk about binge listening to podcasts. Is that they way you learn how to do this or not? For some people, yes, for some people, no. Before we get into it, let's take a question posted by one of our members on a landinvestors.com online community. It's free.

Jill DeWitt:                          Okay. Pete asks, "Hi everybody. I'm looking at purchasing some properties in a subdivision that is fairly hilly. My question is, How much slope on a property should be considered too much? Let's say the property had a 15% slope. Would that make it difficult to sell? Thanks for any help that can be offered?"

Jack Butala:                         Pete, this is a great question. We all want to buy property next to E.T.'s house. Where it's all gently rolling and beautiful, and you have views and stuff. But that's not how, in reality, when you subdivide property, a developer subdivides a subdivision, that's not ... What happens is they have to grade it all out and make sure it's okay. What happens with that is just like when you bake a cake, there's some stuff left over. There might be a couple of eggs left over and some stuff on the counter before the end product's done. Same thing happens when you subdivide real estate. There's usable property and unusable property for the reasons that you're talking. Maybe the slope's different. There's all kinds of things. Easements that need to go in.

The trick is when you look at a plat map to find out what is usable and what's not. While unusable property is certainly not valueless, there is some value to it, it's a lot less than usable property. One of the things that can kill it is slopes. I've seen, I literally purchased a property, this was long before Google Earth was an option, that was on the inside of the Grand Canyon. It was subdivided and it eroded away. Man, it took me two years to sell that property. This is among 25 properties a day that we were selling back then. Finally, I sold it to a rock climber. He just wanted to tell his friends that he's rock climbing on his own property in the Grand Canyon. Which, when you think about it, if you're part of that kind of social network, that's pretty freakin' cool. He's got pictures of himself and the whole thing, climbing on his own property.

As far as a slope goes, 15% is really pushing it. What you want to do is make sure ... Go to Google Earth Pro, which is now free. It's been free for a few years. Make sure your terrain is turned on, and then make sure the property's usable. If it's subdivided property versus 40 acres somewhere, make sure that it's usable property and that you can, I don't know, get to it, and the regular 4A scenario. If you're not familiar with the 4As, listen to some other podcasts. Which brings us to our topic: Binge listening to podcasts.

Jill DeWitt:                          I have two things to add to this, if I may. One is we've ... Remember that 40-acre property? There's one that we had that was half-flat, to rolling, to a slope. I remember you describing it as a protective ridge and the people loved it who sold it. That was cool. So properly describe the property, and even though it has a slope, there may still be a pad or something there you could work with, depending on the size of the property, number one.

Number two, even more importantly, what's around there? Because there's so many people that have properties and acreage, and homes, and things. You know what? That slope might be their view, believe it or not, and they might love to have that property just to know ... We have a family member who just did this recently. Bought the lot next door so no one would build on it. That's it. It wasn't the best property to build on anyway,

Top 3 Ways to Wreck Your Real Estate Career and Your Life (CFFL 545)

Transcript:

Jack Butala:                         Jack Butala with Jill DeWit.

Jill DeWit:                            Good day everyone.

Jack Butala:                         Welcome to our show today. In this episode, Jill and I talk about the top three ways to wreck your real estate career, and your life. It's a real positive show for us today.

Jill DeWit:                            Oh my gosh. This is not a Jill topic obviously.

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.

Jill DeWit:                            Okay. Marcus asks, "In the land counties I'm looking at, they seem to retail roughly at $10,000 per acre. Should I use the $100 an acre suggested offer, and blast out 1500 offers, or up my offer price? Thanks in advance."

Jack Butala:                         I am so glad, Marcus, that you asked this question. And I'm so glad, [Yanni 00:00:46], our producer, included it in the show.

Jill DeWit:                            Mm-hmm (affirmative).

Jack Butala:                         You should never ...

Jill DeWit:                            Yeah.

Jack Butala:                         ... blast a county, with $100 an acre price where it's retailing for $10,000 an acre. You're wasting your time, you're going to upset a lot of people, and waste a bunch of money on mail.

Jill DeWit:                            Mm-hmm (affirmative).

Jack Butala:                         It's the same exact effect of offering somebody to buy an office building in Manhattan for $100 a square foot. It's just silly. What you're doing is earning a reputation for yourself that's not good.

Jill DeWit:                            Exactly.

Jack Butala:                         What you want to do instead, to directly answer the question is, if it's 10,000 bucks an acre retail, for sale, come in around 40 to 50 percent. 5,000, 4,000, and 6,000. There's a lot of variables. At this level, what we do, and how I price offers, has to do with how much cash I want to take out of the deal. It's not a percentage. If you buy a five acre property, and it's $50,000 according to your ideology, I would try to buy it for 40,000 or 30,000 and just to make a $10,000 spread, or some version of that. Pricing in general, is a very, very ... It's imperative to learn how to price to make this work. It takes a lot of practice. You can't do it the first time out.

Jill DeWit:                            You know though, the thing that's interesting that you were giving those numbers. We go for volume more than maximizing revenue, and I think that's important for people to know. The more deals you do ... Maybe they're smaller deals, but they're easier deals, and they're faster deals. That's our way, and it works out really well.

Jack Butala:                         You want to have a ... What you want to do when you get an offer campaign in the mail, is establish some type of consistency that yields predictable results.

Jill DeWit:                            Mm-hmm (affirmative).

Jack Butala:                         Jill and I in general, when we do a land campaign, I can almost bank on about one percent. For every 100 letters that we send out, we're going to buy a property. It's a little closer to 150, but we're going to buy a property that we know we can double our money on, for land. For houses, it's about 1,500 to 2,000 sometimes 2,500 offers we have to send out to buy a house, but the profit margin from a percentage standpoint is way lower. But the dollars that you yield on each deal is way higher.

Jill DeWit:                            Mm-hmm (affirmative).

Jack Butala:                         Does that make sense Jill, or we all just ...

Jill DeWit:                            Yeah, less deals worth more money,

House Poor Defined (CFFL 544)

Transcript:

Jack Butala:                         Jack Butala with Jill DeWit.

Jill DeWit:                            Hi there.

Jack Butala:                         Welcome to our show today. In this episode, Jill and I talk about House Poor Defined. 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. Allan asks, "Hi. I purchased a parcel of land and now have a potential buyer who is asking if mineral rights are included. Has anyone had this question come up, and if so, how would I even go about answering what seems to be a very complex area of law?" I apologize. This is Marianne, by the way. "Does anyone make this part of their due diligence before buying a property, and if so how are you checking it? Any help is much appreciated." I want to just point out, Marianne is actually what looks like brand new to Land Investors and just kind of learning about this, but it's a really good question.

Jack Butala:                         Yeah. Do you want me to answer it or do you want to?

Jill DeWit:                            Yeah. Go right ahead.

Jack Butala:                         You're 100% correct in saying it's extremely complicated. Here's what happens. There's a change of title on every single piece of property right back to when it was homesteaded. So let's say it changed hand just 10 times. John Smith gave it to his daughter or Sally Smith. Sally Smith sold it to an unrelated third party called John Adams, and so on and so on and so on. Well, during one of those changes, one of those transfers, somebody put right on the document on the deed, the transfer document that they're going to retain the mineral rights. They're going to transfer the surface rights, but they're going to keep the mineral rights.

Is it complicated and difficult and nearly impossible to find out who actually owns mineral rights? Yes it is. Unless you have to go through all those documents, most of which, think about how many county buildings have burned down before the internet. The chances are of really digging into and finding out who owns mineral rights is nearly impossible at our level. If there's a gold mine on a piece of property somewhere in Nevada and there's billions of dollars in potential revenue involved, then you can start to hire people and figure that out. But for purposes of these asset types that we're involved in, it's nearly impossible, so what do you do?

Well, what Jill and I do and for a lot of years what we just said is ... We don't even look into it. We just say no. We are not transferring the mineral rights. Or we say I don't know. We're not going to put it in our document.

Jill DeWit:                            Right.

Jack Butala:                         When we convey the property to you, we're going to convey the property as if we don't know and that you get the mineral rights with it. We're not going to retain the mineral rights nine times out of 10, well, 9.9 times out of 10. The potential buyer that's asking that doesn't know this and quite frankly, it's really important for you to understand the basic stuff, but if you start to go down this path, this philosophical mineral rights path with the buyer, you're going to scare him away.

So just say to your knowledge, I believe that we are transferring the mineral rights to you, but I don't know. You're going to have to check, but I think it does come with mineral rights, and we're going to assume that, so we're going to convey a document like we believe that you're going to get the mineral rights with it.

Jill DeWit:                            Right. I would just say too, look at it like the property. The property's the asset. That's what I'm conveying to you-

Jack Butala:                         Yeah. There you go, Jill.

Jill DeWit:                            That's really it is.

Every Million Costs 5 Thousand in Monthly Payment (CFFL 543)

Transcript:

Jack Butala:                         Jack Butala with Jill DeWitt.

Jill DeWitt:                          Good day.

Jack Butala:                         Welcome to the show today. In this episode, Jill and I talk about how every million dollars of acquisition cost costs you $5,000 in monthly payment.

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

Jill DeWitt:                          Okay.

Allen B. asks, "How is everyone managing their terms deals? Are you using platforms such as Loan Geek or Simple Money? Or are you manually keeping track of payments and sending monthly invoices? I have five properties I'm currently marketing as cash only deals ...

Jack Butala:                         Good for you Allen.

Jill DeWitt:                          Right.

Jack Butala:                         Awesome, man.

Jill DeWitt:                          ... But I've had a few buyers who want to do terms. So, I figure since the whole idea of this business is to cash flow from land, I'd better get a handle on how I'm going to manage terms deals. My mindset is, the more automated I can make the payments and statements the better ...

Jack Butala:                         Yeah, absolutely.

Jill DeWitt:                          ... What does the Land Investors collective mind have to say about this?"

Jack Butala:                         That's a good question.

Well so, I mean, Jill, you have historically managed our cash flow, our terms sales. What do you use? I'm pretty confident that we don't use the most sophisticated methodology out there, which is why I think I would love to just hear your unedited, undiscussed answer, the truth of it. And then I'll put my two cents in as how I think it should go.

Jill DeWitt:                          My team has it automated how you have directed them. Is that fair to say?

Jack Butala:                         A lot of years ago I spent almost a quarter of a million bucks on ... This is a long time ago ... On a relational database that handles the management of this thing. And it's by no means the best way, in any way. Stuff gets imported through a spreadsheet and a CSV file, pretty much like it's 1998. So, while there's a lot of good ... It works for us, let me put it that way.

There are other cooler, easier, simpler ways, like Loan Geek, I hear nothing but good things about Loan Geek and Simple Money. But in the end, if I were just starting out and I only have five properties, I would put it in a spreadsheet. Jill and I have created a tremendous number of helpful, I think, some of them are imperative tools to make real estate investing easier, and in the 21st century. Here's a short list of them, ParcelFact, fact.com, so you can look up a property and get the GPS boundaries, that's life changing. That was life changing even for us.

Jill DeWitt:                          Right.

Jack Butala:                         When you're on the phone, you can time in an APN ...

Jill DeWitt:                          And have right there.

Jack Butala:                         ... And have it staring at you, and you can make a decision about whether or not to buy or sell a property.

Jill DeWitt:                          Right.

Jack Butala:                         Offers2owners.com, life changing when it comes to getting offer campaigns in the mail. There's nothing cheaper, and there's nothing more geared toward exactly what we do anywhere on the internet. And it comes with a ton of free help to get that first mailer because it's a bottleneck. And there's a bunch of other ones and I'm not gonna bore you.

I'll tell you what's not on our list, and probably never will be, a way to manage payments.

Jill DeWitt:                          Right.

Jack Butala:                         Which is one of the r...

How to Buy Your Next House for Half Price (CFFL 542)

Transcript:

Jack Butala:                         Jack Butala with Jill DeWit.

Jill DeWit:                            Hey there!

Jack Butala:                         Welcome to the show today! In this episode Jill and I are going to talk about how to buy your next house for half price. Here's a hint: it's the same way we buy all the other stuff.

Jill DeWit:                            Yup.

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

Jill DeWit:                            OK. I love that he uses this name. It's not his real name, I looked, I know. But shammgod asks, if you go on landinvestors you'll find him here. He asks, "A couple of properties I've researched I've noticed have extremely low assessed values. Sometimes $20, in an area where that's not normal at all. Is this a red flag when that happens, and what would you be looking for? I realize analyzing assessed value is unnecessary, but when it's significantly different from the other properties in the area, I feel like something might be up. Overthinking? Or a good flag to follow?"

Jack Butala:                         At this level there's no such thing as overthinking how to analyze data. There's overthinking, like, lots of stuff. But analyzing data, you can't overthink it. And I think that this is a fantastic question. Assessed value, like you said, has nothing to do with the actual value of the property. What you're experiencing when you see, if you have a dataset of like kind properties, in a perfect world, and the assessed values are all over the map, it's purely for this reason: the assessor, or the assessor before him, or 13 assessors ago when the county actually incorporated, made a mistake. They just overlooked that APR and so it got assessed at $20.

It might be a property that's designated as a non-profit, so there's no taxes at all. 13 assessors ago a guy may have decided that the two-zero dollar value in that column in the database really meant that it was a non-profit thing. So, they get offers from me, shammgod. When I see that, I disregard it. The only reason that, in order for a property wouldn't get an offer from me when I scrub out data is, number one, it's like a government property, so the owner is not somebody who is going to respond. Like, the City of X, that's the owner. They don't get a letter from me. And the other reason is property use. I'm famous for not sending offers to industrial property. There are people in our group that that's all that they do is send offers to industrial property, and they do great. So those are the two reasons, assessed value is not one of the reasons. I hope that answers the question.

Jill DeWit:                            I think it's great. Thank you, Jack. If you have a question or you want to be on the show, reach out to either of us on landinvestors.com

Jack Butala:                         Today's topic: How to buy your next house for half price. This is the meat of the show. So think of going to a garage sale or to a jewelry store, even better ...

Jill DeWit:                            Better. Now you have my attention. Thank you.

Jack Butala:                         And you go to a jewelry store, and you see a diamond ring, and the exact same ring, two of them, side by side, or as close as can be, and one's 10 grand and one's five grand. But they're the same ring. Which one are you going to buy?

Jill DeWit:                            Two of the five grands.

Jack Butala:                         Two of the five grands?

Jill DeWit:                            Ha ha ha ha.

Jack Butala:                         So you buy two of the five thousand dollar rings ...

Jill DeWit:                            That's right.

Jack Butala:                         And sell one of them for ten grand.

Choose Real Estate Specialization (CFFL 541)

Transcript:

Jack Butala:                         Jack Butala with Jill DeWit.

Jill DeWit:                            Hey there.

Jack Butala:                         Welcome to our show today. In this episode, Jill and I talk about choosing a real estate specialization. Seems kind of basic, but man, it's important. 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. Joshua asks, "In the education program, Jack recommends including agricultural land data in our search criteria. I had decided on a county to send my first mailer to, but I've noticed that the majority of the parcels listed had the land use description of Agricultural NEC. Would this be a red flag for targeting this county, or could I be looking at this differently. In theory, I thought having the major percentage of my list focused on residential or recreational would be best. Thanks for any insight."

Jack Butala:                         NEC, as I understand it, and I don't know the exact N-acronym, I'll look it up during the show and try to find out exactly what it stands for, but what it generally means is not categorized. Not is the N, and C is categorized, I think, and I'll make absolutely sure. I just found it, No Existing Category, so it means that the assessor thinks it's agricultural, but it's NEC, or they think it's industrial, but it's NEC. That's your assessor at work, by the way. That's your taxes.

Jill DeWit:                            Would this be a red flag? Oh gosh.

Jack Butala:                         No. You know what? To directly answer your question, I love NEC property because hey, if the assessor doesn't really know, I'll figure it out. We're going to let the guy who owns it and me, the buyer, we're going to put a price on it real quick, so keep that in, absolutely.

Jill DeWit:                            Totally.

Jack Butala:                         To directly answer your question again, the only reason I would remove agriculture is if you're working on a very farming intensive county. Farmland is a commodity that's usually priced per acre. If you walk into a bar or a coffee shop somewhere in Kansas and you say, "Hey, what's the price of an acre go for these days," everybody will jump right up and say, and they'll be pretty close about it, but their answer's going to be very consistent, "Oh, it goes for about $8,000 an acre or $3,000 an acre or $3,250." If you're working those areas, you want to price your mailer the way that we price houses. You want to come in under that number. Decide what it is and come in 60-70% under that number.

Jill DeWit:                            Traditionally, what you're saying too is farmland is much higher than just out there rural residential vacant land.

Jack Butala:                         Desert land, yeah.

Jill DeWit:                            That's the whole point here.

Jack Butala:                         It's priced much lower, much, much lower than property that's about to be developed like a developer property for subdivisions.

Jill DeWit:                            Exactly.

Jack Butala:                         That variance, by the way, this is a topic for a whole show. All of us have driven down a street and then two months later, you drive down it and you're like, "There used to be a farm there, and now they're putting roads in."

Jill DeWit:                            It's a strip mall or something, exactly.

Jack Butala:                         That's why we're here, by the way. That person, whoever is doing that development, they're creating equity. That's the takeaway from this question, but whatever you do, you want to create equity. You don't want to just make property move around, if you know what I mean.

Jill DeWit:                            Right.

How To Value Houses (CFFL 540)

Transcript:

Jack Butala:                         Jack Butala with Jill DeWit.

Jill DeWit:                            Hi, there.

Jack Butala:                         Welcome to the show today. In this episode Jill and I talk about how to value houses.

Jill DeWit:                            This is interesting.

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

Jill DeWit:                            Okay. Matt asked, "Hey guys, I did a few searches on the forums. I couldn't find anything specific about the topic of how to build a buyers list. I've heard it mentioned of manually pulling emails of paid Land Watch users in your areas and asking if they'd be interested in being buyers. I've also heard mention of people systemizing the process of scraping those emails. This is all good stuff. It looks like it may be a good idea to keep one property up on Ebay at all times and adding those people to a buyers list. It looks like managing your buyers list through A-Webber is currently the best option." He's doing a lot of work here. I'm really impressed. "I wasn't able to find a definitely 'This is the best way to do it,' or 'Do these three things every week,' and I'm sure I'm not the only who would benefit from this thread. Hopefully the group can get some good actionable items from this thread. My question to everyone is if you were to build a buyers list from scratch today, how would you do and how would you structure emails to your buyers list. Thanks!"

Jack Butala:                         Outstanding question, Matt. Plus you're thinking out of the box. I think you've asked a few other questions that haven't made it as far as this show on the landinvestors.com community and this is top notch so I'm going to do my best to answer your question. Drop everything and go to landwatch.com and go to the signature area. In fact I do a YouTube video on how to do this so if you go to our YouTube channel, landacademy.com, I actually show you how to do it on the computer. It's incredibly simple and fast. Literally takes about 30 minutes and you're going to have 50 to 100 of the best land buyers in the country. Go to the signature area, right click on any given email ... You're going to see each ... State-by-state it lists the land owner or the signature. It costs a lot of money to be a signature level member at Land Watch.

Jill DeWit:                            It's like 500 a month, from what I remember.

Jack Butala:                         Yeah. Click on ... First try to do it with one. Click on the person's email and that the notice of all their contact information and then save as and copy it to Word or anywhere else on your desktop and you're going to get their email address. Do that for all 50 to 100. I'm not sure how many. Every time I look the list gets bigger. These are the people who are real serious land buyers and sellers. That's the beginning of your A list. Since you're interested in doing this on an ongoing basis, which is incredibly positive, continue to do that, I don't know, once a month maybe. Then post your Craigslist ad in the area that you're working. Let's say it's Montana for example. I'm just throwing any location out there.

Post your Craigslist ad saying you've got a bunch of property that you want to buy or you want to sell and you'll get some people that way, but the absolute best way, without a doubt, to get great buyers and probably will result in immediate sales, is to go to Real Quest, which you already have a subscription to, and take a look at who owns property in the immediate area of the properties that you want to sell. If it is Montana or one county in Montana, like Sweet Water, I guess Wyoming, or I'm drawing a blank on counties in Montana. You'll see exact, you'll see and just drop them a little note.

When To Stop Selling (CFFL 539)

Transcript:

Jack:                      Jack Butala with Jill DeWit!

Jill:                          Hey there!

Jack:                      Welcome to the show today! In this episode, as promised, Jill and I talk about when to stop selling. When is it just too much, jeez, stop with the shameless plugs of your websites.

Jill:                          Bank account's too big ...

Jack:                      Every other sentence is Land Investors this, Land Academy that. Before we get into it, though, let's take a question posted by one of our members on the landinvestors.com online community, it's great.

Jill:                          Merritt asks, "Hi all. I'm wondering if folks have any experience with doing deals with attorneys. I know that I've heard warnings in the podcast from Jack and Jill that attorneys have a tendency to kill deals, but I'm not sure that applies to when they actually accept an offer you've mailed them.

Jack:                      Man I have a lot to say about this already.

Jill:                          This is good.

Jack:                      Right?

Jill:                          I got an accepted offer back in the mail that looked like a great deal. Reviewed it with Pappy Jack, thumbs up Pappy Jack, that's you. Strangely, after multiple attempts to get in touch with the seller via phone, no dice.

Jack:                      Oh darn.

Jill:                          Finally decide to email the guy and got a quick response.

Jack:                      Oh good!

Jill:                          He wants to do the deal but his deceased mom is on the title. I called the county and found out the necessary steps, removed him off the title-

Jack:                      Good for you Merritt.

Jill:                          And emailed him back the information, and the forms for him to file, et cetera. It should take him about thirty minutes of his time and cost $25. I said I would reimburse him. After I sent the email back to him, I notice that on his email, he was a D.A.

Jack:                      District Attorney.

Jill:                          It's hilarious. Looking him up and found out he's in fact the D.A. of the state's capital county.

Awesome, this is so funny.

Knowing this makes me want to take this deal down even more to show that I conquered the Genghis Khan of the state with an Excel spreadsheet and a $5,000 cashiers check.

Jack:                      Oh, Merritt. We gotta have you on the show. You're hilarious.

Jill:                          Is this cavalier and/or naïve on my part?

Jack:                      No, it's great.

Jill:                          I really can't run away, since I signed the Purchase Agreement with the D.A. Is this a mistake at a hundred miles an hour, Jack?

Jack:                      Nope.

Jill:                          Thanks for your thoughts.

Jack:                      No, so let me clear this up. I don't dislike doing deals with attorneys. I just think that some of them can get a little overzealous and look for things to kill a deal. And by the way, just so we're all clear, full disclosure. Lawyers get paid the more they talk and do stuff. So if they can stretch a deal out for a couple more weeks, or a couple more months, or a couple more years, they get paid more. They can bill more. The more problems they find and that they have to solve, the more they get paid. Do all of them do that? No. In fact, one of my best friends is a lawyer in Scottsdale. I've known him forever. His name is Kent Lang, he's a construction real estate attorney-

Jill:                          Sales plug.

Jack:                      Yeah, well I hope it's [crosstalk 00:02:54] more business out of it. I have never dealt with an attorney who is more straightforward, honest and tries to get stuff done quickly. In fact, I tell Joe, Kent wrecked it for us.

Flirt To Convert II (CFFL 538)

Transcript:

Jack:                      Jack Butala with Jill DeWit.

Jill:                          Hey there.

Jack:                      Welcome to the show today. In this episode Jill and I talk about Flirting to Convert. Two.

Jill:                          Two. Where the-

Jack:                      A lot of years ago we did a show called Flirt to Convert. It was really popular because, I think-

Jill:                          It's just funny

Jack:                      they want to hear Jill's take on flirting-

Jill:                          Thanks

Jack:                      to convert, let's just say. 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:                          Okay. Noam asked, "Hi Everyone. What templates do you chose to work with in order to complete a sale on terms, and where do you get them? For terms deals, I know I need a land contract, promissory note and purchase agreement (is this accurate?) I was going to use Rocket Lawyer or a similar website. Do you recommend going the Rocket Lawyer way? Do you mind sharing your own docs? Do I need to notarize my signature on any of these docs, or only does the buyer? Thank you."

Jack:                      All good questions.

Jill:                          All good questions.

Jack:                      So, the program, the educational program that Jill and I provide on how to flip land which is on LandAcademy.com provides a library of contracts and agreements. They're examples.

Jill:                          So you have all ours right there.

Jack:                      Do you want to use those verbatim? No. You want to put your own twist on it, and make sure that the specific situation is reflected in there.

Jill:                          Right, but the meat's there.

Jack:                      Do you want to use Rocket Lawyer? Yeah, I've heard all kinds of good stuff. I've never pulled agreements down from there, but I'll tell yeah, you're doing the right thing here, asking this question on LandInvestors.com because everybody is- I mean there's people all over our group, hundreds of people that do agreements all the time so, someone's going to have a real good, up-to-date answer. We've been using the same agreements for quite some time, and it works for us. So, you're in the right hands, let's say.

Jill:                          Exactly.

Jack:                      If you have a question, or you want to be on the show, reach out to either one of us on LandInvestors.com. Today's topic, Flirt to Convert, at number two. This is the meat of the show.

Jill, I know you have a tremendous amount of experience in sales, even right up to the last 20 seconds.

Jill:                          What the heck?

Jack:                      Me and the kids joke about it. If she's talking, she's selling us something. I don't even know I'm being sold something.

Jill:                          Oh boy.

Jack:                      She's selling me on putting her paja-

Jill:                          We don't have a thing on you. I need to come up with one about you.

Jack:                      She's selling me on putting my pajamas on.

Jill:                          That's hilarious.

Jack:                      She's selling me on what to eat for lunch today.

Jill:                          No.

Jack:                      When they were little. It's a compliment.

Jill:                          No. Thank you. That's just called good parenting. And picking your battles.

Jack:                      That's a good point. When is it sales, and when is it too sales-y, like used car salesmen, or when is it like-

Jill:                          That's a good one.

Jack:                      Or when is it healthy, helpful?

Jill:                          Can I talk now?