Would you Want to Buy it? (JJ 674)

Transcript: 

Jack Butala:         Jack and Jill here.

Jill DeWit:            Hi.

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

Jill DeWit:            And I am Jill DeWit. Broadcasting from sunny southern California.

Jack Butala:         Today, Jill and I talk about, "Would you want to buy it?"

Jill DeWit:            (laughs)

Jack Butala:         (laughs) 'Cause if you- (laughs)

Jill DeWit:            (laughs) Sounds like, "Are you my mother?" (laughs)

Jack Butala:         (laughs) Would you kiss that girl?

Jill DeWit:            Oh. Right.

Jack Butala:         Would you drive that car?

Jill DeWit:            Right.

Jack Butala:         I'm telling you, if you buy a piece of real estate, and you're like, "I'm just buying it to resell at the end." I wouldn't buy that.

Jill DeWit:            This is fun. We can talk about every single property type-

Jack Butala:         Furniture, everything.

Jill DeWit:            And give a good example and a bad example, and everybody's going to go, "Duh." And you know what the reality is? People don't get it.

Jack Butala:         It sounds like a lot of fun, actually.

Jill DeWit:            It sounds so [inaudible 00:00:44]

Jack Butala:         Before we listen to Jill rant, let's take a question posted by one of the members on the JackJill.com online community, it's free.

Jill DeWit:            Okay. Joshua-

Jack Butala:         I know, I have some rant in me.

Jill DeWit:            Oh, I got some stuff. Joshua asked, "Hey guys, so I was getting ready to send out an option agreement to my seller, but I went ahead and started marketing it already on Craigslist. I have a buyer who would like to buy on terms, so I call my seller and offered the same option we discussed, or I went ahead and offered a discounted cash offer. She's talking to her two children because they are the ones who will be receiving the money. I haven't done the deal yet, but I learned about options and terms with mobile homes in the past. Any tips on how to go about handling a deal this way? Also, I just sent out two payments to buy two and a half acres for $500 in California."

Jack Butala:         Outstanding.

Jill DeWit:            "This one seems to be a home run deal for my first one, too. I believe one of our group members has sold land here in the same size in the same subdivision for $4,000. So, I'm going to follow in their footsteps with the price point. Thanks again, everyone for the help. Much love."

Jack Butala:         Outstanding. Good stories.

Jill DeWit:            Really cool.

Jack Butala:         On this mobile home thing, what would you do, Jill?

Jill DeWit:            I'd buy it.

Jack Butala:         So would I.

Jill DeWit:            I mean, here's my thing. There's no way I would ever be in the situation where I'm making payments and the people are making payments to me.

Jack Butala:         Right.

Jill DeWit:            I just won't do that.

Jack Butala:         That's called a wrap.

Jill DeWit:            One, it's just like, it's called a headache. (laughs)

Jack Butala:         (laughs)

Jill DeWit:            I don't want to do that much monitoring and managing this stuff, if they're on auto-pay to me and I'm on auto-pay to that guy, I'm just not going to do it.

Jack Butala:         Nope.

Jill DeWit:            One, it's too easy for one of them to get messed up and it's usually the guy paying me and I'm still making the auto-pay, and I don't realize it until much later. Like, shoot, I owned a campaign for a property I don't own. It's just a disaster.

Jack Butala:         We're all fortunate enough to be a part of this group, and there's lot of people in the group who have lots of money.

Jill DeWit:            Yup.

Jack Butala:         So, if you, for whatever reason,