Working with Your Spouse without Tragedy (LA 1301)

Transcript:

Steve:

Steve and Jill here.

Jill:

Hello.

Steve:

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

Jill:

I'm Jill DeWit, playing with my hair, and I'm broadcasting from sunny Southern California.

Steve:

Today, Jill and I talk about working with your spouse without tragedy. I'm sure Jill has a lot to say about this. Sure of it.

Jill:

Let's define tragedy. Just kidding.

Steve:

We can show you what a tragedy looks like on this episode, actually.

Jill:

I guess we could.

Steve:

We can give a great example of tragedy.

Jill:

So, divorce papers? Or just getting into it?

Steve:

Yesterday, and I bit the inside of my lip, we were talking about when to leave your job and I'm thinking like, "We should be talking about when to leave your relationship."

Jill:

Oh, that's sad. Don't say that.

Steve:

Sometimes you've got to leave.

Jill:

No, I mean, come on. Don't leave let's... careful.

Steve:

All right.

Jill:

All right. Let's be cool here.

Steve:

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. Rebecca wrote, "Hi, Land Academy. Quick question on filtering and pricing lots. The last list I sent out for four to six acre lots/parcels, I filtered out the higher priced lots over 75,000, but kept the lowered valued lots. I filtered them out." So, she didn't keep them. Okay. "I received about eight signed contracts from people who I sent offers to for eight to $10,000 when their lots were worth less than $10,000. Should I price by zip code or filter out the lots assessed under 10K or both? Thoughts please."

Steve:

You should price by zip code, for sure. No doubt about it based on the information that we have, the level of information we now have specifically because of Zillow. So yes, you should price by zip code, for sure. Should you remove any of the top end or the bottom end data? I call it like a bell curve. I keep it all in. We send out offer prices at a million plus now, and we get some of them signed back because you just never know. Over and over and over again what I hear from our advanced group at our live events, is send out more mail. Send out more mail and see what happens. You put yourself in such a position of control when you send out just hoards of mail.

So yeah, maybe some of it's overpriced, maybe some of it's under priced, to this day I over and underprice property sometimes, but I'll tell you, when you're staring at a pile of purchase agreements that are signed, let's say 10 of them, you're going to pick the best three. If you have five purchase agreements signed and you're going to pick the best three, it's not as good of a situation to be in as 10, pick three. But yeah, you've got to price by zip code now.

Jill:

Well, I like what you said too, careful, don't limit yourself too much because you never, like you said, you never know what's going to come back. And if you're really, really deathly afraid of anything over $100,000, I can understand that, that's over your threshold. I would download the data. You're famous for saying the data is cheap, the mail's expensive and that's true. So, I would download the data just to have it and play with it and think about it too, but go for some bigger numbers anyway because you can afford to do this. Why? Because we'll fund your deals and people in our community will fund your deals. You might find something spectacular, Rebecca, that you're buying it for $83,000 and holy cow, it's worth 400, that just comes across your desk. And I want you to be able to look at those and see those and act on them. Adding a zero or a couple zeros is not nuts.

Steve:

This group is packed full of people that would love to write you an $83,000 check.

Jill:

Right. My other thing is too, I think what may have happened is sometimes how counties assess properties.