Why Distressed Property Acquisitions Don't Work (LA 1474)

Transcript:

Steven Butala:

Steve and Jill here.

Jill DeWit:

Hello.

Steven Butala:

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

Jill DeWit:

And I'm Jill Dewitt broadcasting from sunny Scottsdale, Arizona.

Steven Butala:

Today, Jill and I talk about why distressed property acquisitions don't work. It's a big pile of fiction.

Jill DeWit:

What?

Steven Butala:

And you've heard it. Well, we're going to reiterate.

Jill DeWit:

Wait a minute. Do you mean that I'm not the first one to find this boarded up house and this diamond in the rough that's just sitting there waiting for me?

Steven Butala:

Yes. You're not the first one.

Jill DeWit:

Darn it. Oh, come on. It makes me think of those two houses on Jolla Cove that had been there for years. I wonder if they're still there. They may or may not be there, but it was a good 20 years that they were boarded up in like some of the most prime real estate on the planet and I'm sure people went, "What," and tried to track them down.

Steven Butala:

Jill and I are staying in a VRVO for a few months while the house that we bought is getting all cleaned up and we're right next to a vacant piece of property that's fallen down in a really nice area of old town Scottsdale. You can walk to all the fun stuff and it's just dying to be renovated or torn down or whatever. If I had a nickel for every car that stopped there and they got a yellow pad out with some pen and paper-

Jill DeWit:

Write down the address.

Steven Butala:

Like it's 1983, I watched it all day long. I watched people just stop and take down the address and write stuff down on a piece of paper. Before we get into it, let's take a question posted by one of our members on the landinvestors.com online community. It's free. And if you're already with us in the Land Academy group, please join us on Discord. I can't stress it enough.

Jill DeWit:

He loves it. Discord's the new Clubhouse, in case you didn't know that. And those of you on the Thursday calls know exactly what I'm talking about. All right. By the way, I have not promoted Clubhouse really once here, so I don't [crosstalk 00:02:07]. I should. John wrote, "Question for all, but hoping to get Steven's input when he has time. For those of you with well-established internet presences that are linked to certain geographic locations, rural vacant land San Diego, LandStay, Phoenix for example. When starting a mail campaign in a distant state, do you start up both a new phone number and a new mailing address? If yes to either, when interested sellers are looking up in the internet, how do they say there's a Tennessee number based with a Phoenix company?" Oh, John, you know us. And that's me. Yeah. I have a lot to say. "And does this even matter? Thank you."

Jill DeWit:

Can I go?

Steven Butala:

Yeah. I think this is for you. And I did answer this in Discord and a bunch of other people did too.

Jill DeWit:

Okay. So here's the deal. I've never had someone that said, and if they do, it's like, "We have a Tennessee office. We're based out of Phoenix, but we have offices around the country." Oh, done. That's all I ever have to say. And it depends on how much mail you're going to send, how long you going to be in that area because once you start a new phone number, a new address, you want to keep it. So I don't think it's wise to have one address and one phone number in 50 states. I don't think you need that nor do you want to pay for that for years and years because the mail and the calls will still keep coming. You want to own these numbers and put them in. So what we do though, is if I know we're going to go on for a while and be there for a while, I'll do it. I'll bite the bullet. No, I'm going to keep it and I'll make it like a regional number kind of thing. So I might send, maybe the Tennessee number gets anything on the East coast, except for upper East,