Seller Called Back on My Offer - What To do

Jack Butala: Seller Called Back on My Offer - What To do. Every Single month we give away a property for free. It's super simple to qualify. Two simple steps. Leave us your feedback for this podcast on iTunes and number two, get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening.

Jack Butala:

Jack Butala here for Land Academy, welcome to our cash flow for land show. In this eight part series Jill and I talk about what to do when sellers begin to start calling you back. Based on the offers that you sent them in the mail to buy their properties. Stuff that she and I do all day long. Jill how are you?

Jill DeWit:

Great. Thank you. How are you?

Jack Butala:

Excellent. This is episode one of eight. This is an eight part series and it's called ... "Seller Called Me Back On My Offer. What Do I Do?" Jill, you're maybe the most qualified person I've ever met to do this show.

Jill DeWit:

I've had one or two or a thousand of these. I don't even know.

Jack Butala:

In case listener, if you live under a rock. We've completed almost 16,000 transactions, purchases, and sales of property so I think we're both a little bit qualified to answer some of these questions.

Jill DeWit:

I think so.

Jack Butala:

Great show, but before we start let's take a question from a caller.

Jill DeWit:

Okay, cool. Michael from South Bend, Indiana asks, "I'm interested in the psychology behind the strategy of investing in real estate nationwide. Is it practical to plan for building a nationwide network in order to capitalize on a hot market wherever that market exists in the USA? Are there any investors out there who are investing nationwide?" Good question. I like that. It's a long wordy one.

Jack Butala:

What do you think? Can you paraphrase, mostly for my sake but maybe there's some listeners that might want to paraphrase too.

Jill DeWit:

I think he's just asking, "What's the psychology behind nationwide versus where you are?" He's saying, "Okay, is it practical as an investor to have a nationwide market." Because it might be hot here, it might be hot there, or here. You know, which again, and I think I've got to tell you. I've read a little bit with this guy and done a little communication with him in other forms ... I think he does not just properties I think he does SFR's and flips all kinds of things, too. He's talking about general investment psychology and I love it because what we do primarily is nationwide. It's rare when I get something in my backyard, it's the greatest thing ever. What do you think Steven?

Jack Butala:

Well, as usual, I have a lot to say on this. I just gave a talk on this recently to a real estate group, not on this specific topic, but it really ties in. It really goes with our human nature when you think about real estate. To stand in front of the real estate and kind of look at it, touch it, feel it and judge it as a piece of real estate. As investors you have to fight that a little bit. You have to say, "Hey" ... You have to retrain yourself with your regular biology and say, "Let's not look so much at the actual piece of real estate, let's look at the transaction that's beneath it. Let's look at the fact that you might have the opportunity to buy it for half the price that you could actually sell it for. That taps into ... You don't necessarily have to purchase ... If you live in Ohio you can do a transaction in Nevada if it's the right deal.

Jill DeWit:

Mm-hmm (affirmative)

Jack Butala:

The psychology of doing that is maybe less about the psychology and more about developing your skills and developing the way you look at these deals as an investor over the way as you would as a home owner or as just a person standing on a piece of land. You think that answers it or do you think he meant something else, am I close?

Jill DeWit:

I think it does.