Thin Line Between Insulting a Seller and Pricing to Buy (LA 1295)

Transcript:

Steve:

Steve and Jill here.

Jill:

Howdy.

Steve:

Welcome to Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.

Jill:

And I'm Jill DeWit, broadcasting from sunny northern California.

Steve:

Today, Jill and I talk about the line between insulting a seller and actually buying a piece of property. This is a topic that's very fresh in how we're buying and selling land, and it's something that we all deal with. It's one of the top five-

Jill:

It happens.

Steve:

-or eight questions that we get from new people or really even experienced real estate people, like, "What do you mean you send offers out for 20% of what the property's actually worth?"

Jill:

Exactly.

Steve:

How do you deal with that? There truly is a line between... There's a thin line between offering $25 for a piece of property, which I personally think is ridiculous. Some people do it with success.

Jill:

Right.

Steve:

We'll talk about all that.

Jill:

Thank you.

Steve:

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

Jill:

I would like to add on the LandInvestors.com online community, it's free.

Steve:

Oh, yes. You'll get there.

Jill:

It's okay.

Steve:

You'll get there both ways.

Jill:

That's true. Lucas wrote, "Hi, everyone. Lucas here from Greenville, South Carolina. For some reason, I'm extremely nervous and excited at the same time. After reading the book-"

Steve:

Are you crying? Crying on the inside.

Jill:

That's daily. That's kind of how I wake up, nervous and excited. You're not alone, Lucas.

Steve:

Crying on the inside and laughing on the outside. That's how I wake up.

Jill:

"That's right. After reading your ebook, listening to the podcasts and watching YouTube interviews, I have become convinced that I want to do this and I could be good at this. I love data.

Steve:

Excellent.

Jill:

"I'm part of a manufacturing engineering group, and my colleagues call me the data guy because I so enjoy statistics and deep diving into the metrics." This is all really good.

Steve:

Excellent.

Jill:

"And I love land. This is good. I have a dream of starting a homestead with my wife and children someday, so for the last several years, I've been scouring GIS maps and Google Earth, trying to find a hidden gem for our homestead. I have long believed that there are incredible deals out there, just waiting to be found, and I couldn't process the data in a way that was efficient. After spending hours examining attributes of parcels in numerous states, I just couldn't figure out how to get the truly amazing deal. When I saw this community, it was like a lightning bolt turning on. It hadn't even occurred to me that this could be a potential business. I have been focused on upstate South Carolina, western North Carolina, upstate New York and all of Vermont, my home state.

Steve:

Excellent. Vermont's a great choice.

Jill:

"Someday, I want to leave properties for my children, and I want them to have business savvy. I feel like I have a knack for this stuff. I just need some direction. My biggest challenge will be managing this endeavor with the time constraints of my full-time job and my life as a parent. I'm so determined, though. If I can make some success with my initial mailer and my first purchase, I know there'll be enough momentum to really change my career. I'm looking forward to meeting some of you and collaborating and sharing ideas. Thank you, Steve and Jill." Awww, that's so cool.

Steve:

I'm going to turn this over to you right now, just the initial part of it, anyway, because I know that you talked to people constantly in the exact same boat.

Jill:

There's no question. I'm looking to see. He's just kind of sharing his experiences, right?

Steve:

Mm-hmm (affirmative).

Jill:

Am I missing something?

Steve:

I think he joined.

Jill: