Work 90 Hours a Week to Avoid a 40 Hour Job (CFFL 547)

Transcript:

Jack:                      Jack Butala with Jill DeWit.

Jill:                          Hi everyone.

Jack:                      Welcome to our show today. Jill and I talk today ... in this episode Jill and I talk about working ninety hours a week in the beginning to avoid working a forty hour job. I think you might know where this is going, 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.

Jill:                          Okay, Pete asks, "I have some areas where the average lots are selling for $9,000 to $14,000 and up. There are many lots available. I would love to know what offer price people would start with?"

I don't know ... offer $2,000 and sell for $7,000. Is offering $3,000 reasonable? Which is 33% of the lowest retail?

Jack:                      Yeah, I think that if there's a lot of available properties ... which is non-quantifiable variable in pricing. I would definitely scrape the bottom of the lower portion of the pricing scenario, so yeah that's the key here. The other thing I would look at is days on market. So if you've got properties ... lot of property available and there's really long days on market, like more than 200 days or 300 days, which is a year, frankly, I'd move on. I wouldn't even send an offer campaign of that area.

What you want is real low days on market, not a ton of availability, but some availability so you can price it right. Then you wanna go in around 40, 50, 60 percent. That's just personally what I would do, I don't know Pete if you're new or not ... it's hard to tell from here, but if there's a ton of availability and a really long days on market, go in at the bottom. And really don't expect to get a lot because you wanna find a market that's kinda really cool, like, Man I would like to ... if you find yourself doing this as an investor, "Boy, I think maybe I should ... if I get one of these properties for this cheap I should keep it." If you find yourself doing that, you're gonna do great.

Jill:                          When there's a lot of availability, too, it's hard to differentiate your property from other properties so you might be sitting with it for a little while, so if you come in low you can afford to let it just sit there. I would roll it into my inventory, wouldn't have a problem with that. Just be ready for it.

Jack:                      There's gotta be something good about your property, that differentiates it from everything else that's on the market. Jill and I have literally gone to Home Depot and bought one of those cool sheds that are out in the parking lot and had it delivered to a property. Took a bunch of pictures and just yeah, there's a shed on the property, and now it's different from every other piece of property out there and it sells really fast.

Jill:                          Now we can buy a yurt like Luke.

Jack:                      A yurt?

Jill:                          That came up the other day. One of our members found yurt zoned property. What the heck? That's a new one. I had to know that that was out there. So we were joking about that. Put a yurt on it, Pete.

Jack:                      One night in a yurt and it'll be over.

Jill:                          Oh my goodness. I just can't even say the word yurt.

Jack:                      That's so funny. Everybody's saying what the hell's a yurt.

Jill:                          I wanna do that tonight, we're out ... we're gonna go what do you guys do? We invest in yurts.

Jack:                      A yurt is a Mongolian Teepee.

Jill:                          I'm a yurt distributor. That's my new job.

Jack:                      I'm a yurt dealer.

Jill:                          I'm a yurt dealer. What color would you like? You want a two bedroom or a one bedroom?