When to Walk into the Bank

Transcript: 

Jack Butala:                         Jack and Jill here.

Jill DeWit:                            Hey.

Jack Butala:                         Welcome to the Jack and Jill Show, entertaining real estate investment advice. I'm Jack Butala.

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

Jack Butala:                         Today, Jill and I talk about when it's appropriate and when it's not to walk into the bank.

Jill DeWit:                            Preferably not armed. Preferably? Just kidding. I'm just joking.

Jack Butala:                         That would be great if we could just rob banks.

Jill DeWit:                            Remember that show. I loved it. The Jumpers. Was it Jumpers? Was it a show?

Jack Butala:                         Yeah, it was called Jumper.

Jill DeWit:                            Thank you.

Jack Butala:                         It was a movie.

Jill DeWit:                            He could jump ... That's what he would do. He would jump into the bank, fill his backpack, and leave.

Jack Butala:                         Yeah.

Jill DeWit:                            I want to do that.

Jack Butala:                         He could do it from here to France and then back.

Jill DeWit:                            Exactly. I love it. They couldn't do it in different time periods, though, right? It was like still current day.

Jack Butala:                         There's a lot of different variations, though, but the one that I find most interesting is there is a limit. You can only jump to a place that you've already been. I think that limits it, limits the writer in a good way. You actually have to have a story.

Jill DeWit:                            Very interesting.

Jack Butala:                         He had to fly to France. Like he took this girl to France and Italy. It was all under the guise of doing recon. He didn't tell her.

Jill DeWit:                            Okay. I remember a little bit about that. That was fun.

Jack Butala:                         Really good movie. I've seen it a couple of times now.

Jill DeWit:                            Has nothing to do with our topic today, but ...

Jack Butala:                         Before we talk about absolutely nothing that can help you ...

Jill DeWit:                            That's right.

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

Jill DeWit:                            Because this is good information.

Jack Butala:                         This right here is [crosstalk 00:01:32].

Jill DeWit:                            This will help you. Okay. Roscoe P. asks ... Is that really their name?

Jack Butala:                         Yeah.

Jill DeWit:                            Okay. Roscoe P. says, "Hi all. I'm relatively new, but I have a couple of questions. I sent my first mailer and bought five properties off of it." This is great.

Jack Butala:                         Good stuff.

Jill DeWit:                            Can I share all this stuff?

Jack Butala:                         I would leave the county name out.

Jill DeWit:                            Okay. "2.5 acres in blank county, Arizona. I purchased them for $525 each. I sold one for $2,000 cash, but I have not have luck selling the other four. I've had them online for about three months, Craigslist and LandWatch." I hope he has some other places, too.

Jack Butala:                         Me, too.

Jill DeWit:                            "The lowest price comps on LandWatch are $1,100. I have mine at $1,100 cash or $1,500 on terms with $99 down and $99 a month for 15 months. It's a low terms deal, but I still turn $500 in acquisition into $1,500 in a little over a year."