Win When You Buy Not When You Sell
Jack Butala: Win When You Buy Not When You Sell. Every Single month we give away a property for free. It’s super simple to qualify. Two simple steps. Leave us your feedback for this podcast on iTunes and number two, get the free ebook at landacademy.com, you don’t even have to read it. Thanks for listening.
Steven: Hi, Jack Butala here for Land Academy. Welcome to our Cash Flow From Land Show. In this episode, Jill and I talk about that old standby real estate rule, you win when you buy, not when you sell. We talk all about what it means. Jill, I really hope this doesn’t end up being one of those [lectury 00:00:20] shows. I would like to have some fun with this, and I’m sure you would too. But before we get into it, let’s take a question from a caller.
Jill: Okay. Jack from Texas called in and asked, “I sent out a mailer using your data in a neighborhood where my wife wants to buy a house.”
Jill: I like that.
Steven: Yeah, Jack, you got it.
Jill: Nice job. Okay, “It worked and we have three to choose from. What should I do with the two that we don’t buy? They are great bargains.”
Steven: Oh, my gosh.
Steven: You know what’s going to happen to this guy? He’s going to get the hook.
Jill: Now he is, when he sees what just happened. That was brilliant.
Steven: This is a great … This is the best question I can remember getting on this show.
Jill: I am impressed.
Steven: If you have question … Before we answer this one, if you have a question call 888-735-5045 and leave us your question. If your funny and stuff, we’ll have you on the show. What’s your answer? I have a lot to say.
Jill: Find a buyer. Don’t let them go. They’re bargains. There’s an investor out there. Keep it.
Steven: Never, ever let good acquisitions go to waste. The biggest reason, and we see this a lot with our members on successplan.com, they don’t have the money or the access to the money. They’re just generally new and they’re concerned about asking for money. I see this all the time. They just don’t buy the property. They don’t tell anybody about it. They call the seller back and say, “I’m sorry, I just can’t buy it at this time. I’ve spent my acquisition budget for this month.”
Please never let a deal go to waste because of money, never, ever, ever. In this guy’s case, Jack from Texas, I guess his name is, he did exactly what he should do. He got our data, sent it out … Used the data not so much to start a real estate company, but he used it to buy a primary residence and it worked. Now he’s got these two leftover deals. Hopefully he negotiated and all that. That’s what I would do. He’s just got to find a seller. Jack, if you’re listening to this, call us and we’ll get involved in this.
Jill: I would just first do a little bit of work, which you could do in not long at all. Find all the top flippers and investors and stuff right in that neighborhood. It won’t be hard to figure that out. You can do that on Craig’s List in an afternoon.
Steven: Uh-huh (affirmative). Then reach out to them and let them know you’ve got a deal and you want to pass it to them and see what you guys can work out so you get a piece of the action, Jack. You know how we work. We just rip on driving for dollars all the time. Want to hear what I did one time?
Jill: Oh, no.
Steven: To do exactly what you’re saying, to find people that are flippers, I drove around-
Jill: Looking for signs and-
Steven: No, for dumpsters.
Jill: Oh, dumpsters in driveways?
Steven: Dumpsters in driveways.
Jill: Driving for dollars is looking for dumpsters in driveways. Got it.
Steven: I picked up a few good guys.
Jill: That’s funny. Like construction guys, or investors?
Steven: I picked up flippers.
Jill: That’s great. That’s perfect. Is that how you met Dennis?
Steven: It’s not. I met Dennis at a comedy competition, which I lost. I’m completely joking. No, I met Dennis … No, that’s another story. Dennis is one of the funniest people I ever met, ever.
Jill: I agree. Our friend, Dennis in in Italy right now, supposed to be finishing writing his book, and all I see on Facebook, there’s no book writing going on at all. It’s partying, I’m on the Eiffel Tower, now I’m over in Spain, now I’m here. It’s awesome.
Steven: Dennis buys houses. He absolutely buys them the wrong way. He does everything opposite to what we tell our members to do. He buys houses and he renovates them, adds square footage, and then he sells them. He probably works three months out of the year. I bet he makes half a million bucks a year.
Jill: And he kills it. He’s also sleeping there. The three months he works, you don’t see him.
Steven: He’s a very strange person. He doesn’t really have a house.
Jill: No. He moves into them. He’s there.
Steven: He’s a grown man. Moves into these things-
Jill: You know, that’s funny. Here’s a funny thing, he’s not married with no kids, gee, I wonder why? Could you imagine if you’re married with kids and that was your lifestyle and you moved them around every time you bought a renovation?
Steven: I know people who’ve done that.
Jill: No. That would be painful. Well, I’m moving again.
Steven: Setting your kid up for a long-
Jill: Daddy bought another flip. Could you imagine? Some poor kid … Oh, my gosh. I went to eight different elementary schools while my dad was building his flipping business. Oh, my gosh.
Steven: That’s a lifelong psychologist’s dream. Jill, can you say daddy again?
Jill: I could never have a dog.
Steven: I like how you say daddy.
Jill: I’m not going to say that. Who’s your daddy?
Steven: I feel guilty.
Jill: All right, it’s making me feel gross.
Steven: That’s a strange feeling.
Jill: I feel yucky now.
Steven: My stomach feels strange.
Jill: I need to take a shower.
Steven: Oh, my God, don’t say take a shower.
Jill: That is not what this is about.
Steven: What’s the name of this … Oh, you make your money when you buy.
Jill: Yeah. Okay, so here’s some notes that I have. Let’s get back on topic. I’m like ugh. Okay. Okay. We’ve heard this saying … You better have heard this saying. It’s a hundred percent true. Sometimes you need to hear it again. Sometimes you forget, so that’s why we do this show. I just keep reminding you don’t get hung up. Here’s some things.
Do your homework and confirm your target buying and selling prices. Before you get all into a property and hung up on it and it’s the greatest this, whatever, whatever attribute, whatever you think it is, it’s going to be worth this much money, go back on paper and make sure it adds up. It needs to make sense mathematically, not emotionally. That’s my number one. Do you want me to go through my three and then talk about them or-
Steven: Yeah. Sure. We’ll do it together.
Jill: Okay. Number two, don’t be afraid to pass. You’ve done all this work, it could be the greatest thing, but you know what? There’s something in there, if it doesn’t add up and it’s not your math, then you need to pass. Don’t be afraid to do that.
Steven: This is great advice.
Jill: Number three, if you don’t have enough deal flow and you’re getting a little hung up on some properties because you’re worried that there’s only this thing in your mix, so what? Create more deal flow. Send out more mailers. Get your phone ringing. Keep your system rolling and you won’t have to think about that.
Steven: I’m going to ask you like an appropriate personal question. When you were kid, because I know you’re a music lover like I am. Our tastes in music are generally the same, but there’s little offshoots here and there. Anyway, did you ever buy a record or an album or a CD or a tape by an artist that you loved that’s a new thing they came out with and you listen to it and your first reaction is like this sucks?
Steven: Then you spend like two months justifying and listening to it, even though it sucks, and you’re trying to see something in it that’s not there?
Steven: I have too, a million times. I see people doing that with real estate deals. They’re looking at this deal. They want to be a real estate investor. They’re trying to see something that’s in there and it’s just not there.
Steven: Hopefully it’s not their first deal and then they fail at it and then they just do something else for a living.
Jill: Yeah, then they give up. They think this isn’t for me or this isn’t-
Steven: In a glaringly obvious way, if you don’t see how great the real estate deal that you’re looking at is, this goes for you’re probably first ten deals at least, maybe more … If you’re not running to the bank saying, “Man, I hope the seller doesn’t change his mind. Come on, I got to get this thing in the mail,” then don’t buy it. Don’t try to find something in there just because you want to be a real estate investor and you’re trying to impress your girlfriend or whatever. I see this happen all the time. I’ve done it with other stuff in my life, like this record album thing. For some reason, real estate has never been that way, but I’ve done it with like women.
Jill: Oh, please tell me more. Now you’ve got my attention. What?
Steven: You have never done this with a guy? Like you’re trying to just cut him some slack? This guy is an idiot.
Steven: Up front he seemed like a lot of fun and he seemed great, but [crosstalk 00:09:11] and I’m trying to really justify why I’m even hanging out with this guy anymore at all.
Jill: No. Because you know what? Then I would only use them for what they’re … I don’t want to say use them. I would only date them-
Steven: No, you said use him and it came out really easily for you.
Jill: It’s not what I meant, Steven. That is not what I meant. What I meant was for example I dated a guy once years ago who was in a band, and it was a whole lot of fun. It was in LA and we get to go, and I’d get to bring a friend and watch him and his band record, and that was kind of cool. Outside of that, he was so boring it was not even funny. He looked good. He looked good and he was in a band, that was it, so I never got that hung up on him. I didn’t try to make it work. I just would have fun with him the times that he said, “Hey, come on, we’re doing this, we’re doing that,” and I would go.
Jill: Then that was it. I didn’t try to do square peg/round hole thing and make it work long term. And he wasn’t the only one I was dating.
Steven: How a woman looks isn’t really that important to men. Men never make mistakes about women based on the fact that they’re really good looking.
Jill: Really? You’re such a liar. Oh, I’m sure. I am absolutely sure. Oh, my gosh.
Steven: The vast majority of the people that I have ever been involved with in an interpersonal relationship, two months in I’m like you know what … I was talking about this with my dad, of all people. My dad is single and he’s seventy-five. Jill and my dad get along really well, probably way better than my dad and I do. You can hear my dad saying this. He’s like, “You know, every time I meet these women everything is fine for about a month, a month and a half, and then it just seems like then I don’t want to be there anymore.”
You do not want your real estate deals to look like that. You want them to be perfect, or kick them to the curb. More deal flow, so more acquisitions. I used to have a plaque on my desk, I’m going to put this again. Did I already say this in this show?
Steven: I have on the show already?
Jill: Yeah, I think so.
Steven: Good acquisitions solve all problems.
Jill: It’s true. It’s worth repeating.
Steven: Is that the second time I said this in this show? You can’t remember?
Jill: About the third time.
Steven: Is it really?
Jill: Yeah. We have over a hundred shows, Steven. You’re fine.
Steven: All right.
Jill: Trust me, it’s not being abused or overused.
Steven: No, I mean in this episode, is what I mean?
Jill: No, not in this episode.
Steven: Okay. Good.
Jill: No. Not in the last five minutes. No.
Steven: You know what I’m going to do? I just wrote this down. We’re going to do a show soon called The Real Estate Cliches That You Should Be Aware Of.
Jill: I like that.
Steven: Buy low, sell high.
Jill: Drive till your qualified. That’s my favorite.
Steven: Location, location, location.
Jill: Driving for dollars.
Steven: That would be a fun show to do.
Jill: That would be really fun, and talk about all of those. Okay, that’s a good show.
Steven: You win when you buy it, not when you sell it. The whole roundabout way of saying it is just buy it as inexpensively as you can and then sales just fall in place. Did you ever wonder why Jill and I never talk about sales? Why is that, Jill?
Jill: Because it’s not an issue. There’s not much to talk about.
Steven: There has never been a sales issue in any of these companies, ever.
Jill: Yep. Anybody that I deal with that comes to me for advice or whatever, if they have trouble selling … I love this, Steven. You’re right. There’s two reasons.
Steven: Go ahead. I love this comment.
Jill: One, it’s priced too high. Let’s think about this.
Steven: Or just priced incorrectly, that’s what I say.
Jill: Priced incorrectly, right. Two, you’re not reaching the right people. Done.
Steven: Yep. It’s for sale only in your head. I see this all the time. “This property has been for sale for a year.” “Where did you post it?” “Nowhere. I put a sign on it.” Then it’s for sale only in your head.
Jill: Exactly. Nobody knows. You’ve got to get it out there. You’re right.
Steven: So buy it as inexpensively as you can.
Jill: Exactly. If it’s not right … Again, people get hung up on this, just move on.
Steven: Have you been happy with all these men in your past? How did you end up here?
Jill: Oh, no. I didn’t say that.
Steven: I think it’s just … This is sweet old Jill.
Jill: How about this? Could a woman be happy with five different guys that fulfill different things? Heck yeah.
Steven: What would those five things be?
Jill: One looks good.
Steven: This is rolling off your tongue.
Jill: One of them looks really, really good. One of them has the emotional connect that you need.
Steven: You mean he can read your mind?
Jill: Yes, and he’s there for you, whatever. So you’ve got one guy that does all that.
Steven: You want a gay man? Do you want a model?
Jill: This is my five. One needs to be a model. Yes, and a gay man. One needs to be the Detroit beat them up type.
Jill: Like don’t mess with me.
Steven: You want a freaking steelworker?
Jill: I don’t know if a steelworker is the right thing, but just a motorcycle riding, getting in a fight for you, you need that tough guy.
Steven: This is your next book. You’re writing your next book now. I can see it.
Jill: You got the model, the gay man, the tough guy. You’ve got the brainy one. He’s the brainy one that makes sure … Did you get your taxes done, and helps you with all that stuff, the brainy one. You’ve got to have that.
Jill: Oh, and the comedian. How in the world could I forget-
Steven: So brainy and … Who’s the responsible one? You? I don’t think so.
Jill: Oh, no, no, no. That’s why you have five men taking care of you. So there you go.
Steven: When I first met Jill, my friends were like what the heck. I said, “Yeah, and I’m actually the responsible one in the relationship.” Every single one of them said, “This is going to last twenty minutes.”
Jill: That’s totally, totally true. I love it.
Steven: So five people? You don’t want to bring it to six?
Jill: Oh, no I’m happy. The model, the gay guy. The model, my gay emotional … That guy, the one who will watch a movie with me and cry and eat popcorn. Then the tough one who’s going to fight any battle I need because somebody screwed up my car, somebody at the dealership did this or whatever. The brainy one, who’s going to make sure all my taxes are done and everything is going great there. Then I have the comedian who just makes me laugh.
Steven: I think I’m three out of four, which isn’t bad.
Jill: You’re more than three out of four.
Steven: No, I’m three. I don’t want to be more than three.
Jill: You’re great.
Steven: There’s no handsomeness in here at all. There’s no … I’m not going to probably … Well, sometimes you go to silly movies, but I’ll kick the hell out of somebody for you.
Jill: Yeah, you will.
Steven: Actually I’m looking for a reason. I walk around looking-
Jill: You’re walking around looking for fights all the time.
Steven: It’s the Detroit in me. I can do you’re taxes.
Jill: Yes, you can.
Steven: And I can make you laugh.
Jill: Yes, you can.
Steven: I don’t want to be good looking, I really don’t. I don’t spend any time on that, never have.
Jill: Who says you’re not good looking?
Steven: I do.
Jill: Steven, do you want to turn this around or do you want to save it for another show and do it about me?
Steven: I’ll do it for you. Let’s do it for you right now.
Jill: Okay, do it for me.
Steven: What does a man want in a woman? I clearly haven’t thought this through. Jill, seriously, that rolled right off your tongue.
Jill: You know what? I had not thought about it though. I just put it together.
Steven: When Jill and I wrote Cash Flow From Land, this program that we’re selling the heck out of, it took us less than thirty minutes to write the whole thing, that’s how familiar we are with this business model. We never really veered from that thirteen chapter outline. We put some stuff in there and then beefed up especially chapter five, which shows you exactly how to do a mailer. When you can write something this quickly and it just rolls off, it’s such a good thing. You should write … It’s a positive compliment. It’s a compliment.
Jill: Thank you.
Steven: No, men probably want a swimsuit model, that’s one, like yours. You know what men really want out of a woman?
Jill: Make sure this is still G rated.
Steven: It is.
Jill: Careful what you say. Somebody is driving around with kids in the back seat right now and they’re like oh, do I need to quickly have my hand over the volume?
Steven: What men really want is not crazy. They want the girl next door. The super good looking thing is fun for just twenty minutes. I mean it helps-
Jill: It sure helps.
Jill: You can get by with a lot if you’re hot.
Steven: Yeah, it helps you. After a while it becomes a pain in the ass. No, in all seriousness, they just want somebody that’s not really worried about what shoes they’re wearing all the time. They just want somebody that’s funny and fun you can hang out with and that’s not nuts and not nagging and all that stuff. You don’t realize this, Jill, because you’re not crazy, how much of a huge issue this is for men. I call it a mom-wife.
Jill: I didn’t know it until I got older and I heard it more from you and other people.
Steven: Is this your mother or is this your wife dude, that kind of thing.
Jill: What’s sad to me is the men that … This is now turning into a whole counseling thing, talk about off topic.
Steven: I love when these shows are so simple, like buy low, sell high. That’s what this one is. We can talk about silly stuff.
Jill: Yeah. I did not know this, but I have found that many men settle because they think that’s the way it is and they don’t know that it doesn’t have to be that way.
Jill: My mom was like that, so I thought that everybody yells or whatever it is, that you’re supposed to be like that.
Jill: No, no, no.
Steven: No, it’s not even five things.
Jill: You have two so far. You said attractive helps, and not crazy. How about independent?
Steven: Yeah, but that goes with that girl next door thing.
Steven: Yeah, independent is great. I’ve never cared about how much money-
Jill: I was going to say successful?
Steven: I don’t care about that.
Steven: Uh-uh (negative). I can do all that myself. I don’t care-
Jill: But you don’t want her living out of her parents’ guest house forever?
Steven: You know what? I don’t think I could ever … No man wants somebody who just doesn’t have a job. They have to be interested in something. I don’t care if it makes no money at all. That’s fine.
Jill: There is women out there, I know you know this, that aspire to not have a job. Their goal is to marry the guy right, so they say, to have to work.
Steven: How disgusting. Are you kidding me?
Jill: Thank you.
Steven: This town is packed full of people like that.
Jill: They run around dropping off and delivering kids and taking them here just to justify why they couldn’t possibly have a job. All the men are probably thumbs up. I hope I didn’t offend a bunch of women just recently, but it’s true. I don’t agree with it.
Steven: That’s just telling the truth. You know what my next blog is titled?
Steven: I’m paraphrasing. There needs to be something in your life that looks like Willie Nelson’s guitar. You need to be that interested in something to really be successful.
Jill: I have a picture of his guitar that you could use.
Steven: Did you ever hear the story of this guy, he started when he was a little kid building popsicle stick stuff and then it … He had a regular job and a life and everything, but by the time he was in his fifties he had like cities, little popsicle sticks with Elmer’s glue built together. Elmer’s glue became like a sponsor for him, promoting this guy. So he’s like obsessed, probably in an unhealthy way, with this one thing. You know Willie Nelson’s guitar has got holes in it and stuff.
Jill: I’ve seen it first-hand. I saw it live.
Steven: My keyboard is … I had to replace my keyboard about once every two months, that’s how worn out it gets. This one I’ve got is starting to wear out like his guitar. That’s how I got this idea, because there are certain keys that are all worn off you can see like in there.
Jill: Which keys? Escape. Escape.
Steven: The shift keys. I’m looking at it right now. The shift keys and the S.
Steven: My whole philosophical point is you’ve got to be interested in something. No one wants to be with anybody, male or female, who is just not really interested in anything, I don’t anyway. So no, I can’t come up with five things. It’s really just that one thing.
Jill: Not crazy?
Steven: Not crazy and pretty hot, sort of hot, like you.
Jill: Not crazy and … What? What? Oh, my gosh.
Steven: You have that girl next door thing licked.
Jill: Thanks. I wasn’t trying to, but thanks for the compliment.
Steven: [crosstalk 00:22:45] the girl next door and wrote a dissertation on how they should behave or how they would behave, not should behave, it would be you.
Jill: Thank you.
Steven: I have to say this because of what I just said. We’re not twenty-five, either one of us. We’re not supposed to be hot. Hot is twenty-five.
Steven: Institutionally beautiful is what you are, Jill. That comes with age.
Jill: Thank you.
Steven: Who wants institutionally beautiful when they’re twenty-two? They’re sex objects.
Jill: And now they turn down the volume in the car, in the minivan. Just kidding. Thank you, Steven. I appreciate that.
Steven: God, I got myself out of that. Join us in another episode where Jill and I probably won’t talk about this kind of stuff, but we’ll talk about your all-important success in land investment and in life. I think you’re gorgeous.
Jill: That was funny.
Steven: I can’t say that in the real part of the show.
Jill: Thank you. I appreciate that. That was funny. It was nice. When we have a topic that we didn’t have to talk about very much, we go the topic out of the way and then we just started to have fun.
Jill: I think that’s valuable information though.
Steven: Yeah, buy land right.
Jill: Well, no, I was talking about the other parts. That was fun for me.
Steven: What was valuable? How to choose a man?
Jill: Five into one, why every woman needs five men. Why every good woman needs five guys.
Steven: I understand that, I guess.
Jill: It could be Tuesday, Wednesday … Let me think here. I’ll leave Monday and Wednesday free, so Tuesday, Thursday, Friday, Saturday, Sunday.
Steven: The handsome guy you’re going to get, you’d only use him to go to like events?
Jill: Yeah. And he’s not allowed to talk.
Steven: Yeah. Super good-looking people that have no personality, it’s the most overrated thing in the world.
Jill: It should be male arm candy.
Steven: Yeah. It goes with women too.
Jill: Uh-huh (affirmative).
Steven: It’s just boring as hell.
Jill: Uh-huh (affirmative).
Steven: Like once a month you want to see them.
Jill: Yeah, and if your shoes hurt nobody knows. I don’t want to hear it.
Steven: Nice. See, that’s what I mean. That’s why you’re so cool about this stuff
Jill: Thank you. Yeah, we got the rest-
Steven: We should end this on a happy note.
Jill: I thought this was great.
Steven: That’s what I’m saying. Let’s end it now because everyone is happy.
Steven: Let’s go buy some property.
If you have any questions or comments, please feel free to email me directly at steve@LandAcademy.com.
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