Some People Get it Some Don't

Jack Butala: Some People Get it Some Don't. 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:

Steven Jack Butala for Land Academy. Welcome to our Cash Flow From Land Show. What's this Jack business?

Jill DeWit:

What?

Jack Butala:

We provide free information through this show and inspiration that helps you buy property for half. In this episode, Jill and I talk about how some people get it and some don't get it at all. I promise, Jill, that I'll be professional and as nice as possible today on this topic because ...

Jill DeWit:

Okay.

Jack Butala:

... Some people don't get it and we're going to talk about it. Jill, it sounds like a fun, silly show. Before we start, let's take a question posted on Successplant.com by one of our members on our free online community.

Jill DeWit:

Okay. Bob from Pittsburgh asks, "So I'm currently in the process of setting up an LLC for my real estate investment company. I'm looking for recommendations as to which route I should take to set this up. I'm in a toss up between hiring a real estate attorney who will charge you about 500 dollars to file the paperwork, or choosing an online company like RocketLawyer or LegalZoom which only costs me less than half of what the attorney will charge. What should I do?"

Jack Butala:

Yeah, so I think the bigger picture question is here, what stuff do I hire out and what stuff do I do myself? Bob, if you're asking this question, chances are you probably shouldn't file the LLC by yourself and save some money. All this legal stuff, for me personally, I sub it out Jill. I get somebody else to do it. You can save a lot of money doing certain stuff yourself but it's got to be stuff that you're good at.

Jill DeWit:

Mm-hmm (affirmative).

Jack Butala:

If you're going to renovate a house and you're a contractor, you should be the contractor on the job. For me to renovate a house and to pick up a hammer is a super bad idea so I hire that out. Bob, if you're an attorney, do it yourself. If you can't stand the thought of legal stuff, like me, hire a lawyer. They should charge you about 500- 500 is pretty reasonable for that by the way.

Jill DeWit:

Mm-hmm (affirmative).

Jack Butala:

If you do it yourself it's about a hundred.

Jill DeWit:

Well yeah. This is something that we talk about all the time, like, "Okay, I spent 8 hours learning how to do X, oh great. Did I really save money?" No.

Jack Butala:

Exactly, Jill. That's a perfect way to say that, you nailed it.

Jill DeWit:

I didn't save any money. I would've been better off paying somebody else to do that because I'm over here doing this which I do well and does make money.

Jack Butala:

I hear you say this to customers all the time, or potential members.

Jill DeWit:

I do.

Jack Butala:

I started this in 1999 and almost 16 thousand deals later, I made a ton of mistakes, so you can do that. If you're thinking about getting into real estate investment, you can spend 15 years working it out ...

Jill DeWit:

I did.

Jack Butala:

... Or you can buy some of our material, which in the scheme of things is pretty darn cheap, and skip 12 years.

Jill DeWit:

I did. I used that just recently, it was cracking me up. I'm like, "Well, you want to get to where we are? All right, well, talk to you in 16 years. Let me know how that goes."

Jack Butala:

If you have a question or you want to be on the show, call 800-725-8816 and get your game on. When you call that number we'll have you on the show. If you're a super boring Eeyore type person, don't even bother to pick up the phone.

Jill DeWit:

Hi. My name is Dan and I have a question.