Same House Costs Way More in Different Markets (JJ 685)

Transcript:

Jack Butala:                         Jack and Jill here.

Jill DeWit:                            Hello.

Jack Butala:                         Welcome to the Jack Jill show, entertaining real estate investment talk. I'm Jack Butala.

Jill DeWit:                            And I am Jill DeWitt broadcasting from sunny southern California.

Jack Butala:                         Today Jill and I talk about why the same house costs way more in different markets. I just learned this myself, and that's why I decided to do a show about it-

Jill DeWit:                            Thank you.

Jack Butala:                         ... because I was floored.

Jill DeWit:                            Thank you.

Jack Butala:                         I was very, very, very shocked at the relationship between the balance sheet and then how much money people make and the real estate they live in.

Jill DeWit:                            I thought there was something more to it, too.

Jack Butala:                         It turns out it's really quite simple.

Jill DeWit:                            Yup. Super interesting.

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

Jill DeWit:                            You know what, Jack, that's a lot of life. We build up these things in our heads, that it's a big deal, and it's really not that big.

Jack Butala:                         Right.

Jill DeWit:                            It's like nah. No, that's the reason why, that's it.

Jack Butala:                         Yup.

Jill DeWit:                            Really, that's all. All this time =I thought I was missing something. Nope.

Jack Butala:                         You know, I want to talk about this.

Jill DeWit:                            Thank you,

Jack Butala:                         I should do it right now.

Jill DeWit:                            Okay.

Jack Butala:                         What's the opposite? So, usually I go into things. What's the opposite of what you just said?

Jill DeWit:                            You think it's too easy.

Jack Butala:                         You get into something-

Jill DeWit:                            You go, "Oh, I got this". That's the opposite.

Jack Butala:                         If they get into something, and they're like, "That was worth it, that was fantastic, I'm so glad I did that. It wasn't hard, the outcome was great, it's exactly what I planned." Has it ever happened that way? Does anything every happen that way?

Jill DeWit:                            Yeah.

Jack Butala:                         What?

Jill DeWit:                            Us.

Jack Butala:                         Marriage? I don't think so. Kids?

Jill DeWit:                            I don't know.

Jack Butala:                         When you line buying and selling real estate up, successfully, against having kids-

Jill DeWit:                            Mindset

Jack Butala:                         ... and marriage and all of it, it's so much easier.

Jill DeWit:                            Mindset. You know what, I swear it's mindset. We all have to do the same things. We all have to get up. Everyone who has children has to make sure that they're fed and their healthy and they make it to school and they have clothes and their shoes fit and whatever. We all had to do the same things. Be honest. But some people whine about it, and some people got it. It's a mindset.

Jack Butala:                         Yeah.

Jill DeWit:                            You know, honestly this a little insight to me, when my kids were little, our kids were little and I was a mom, I thoroughly enjoyed it. I enjoyed the walk to school with the kids.