REI Success Pants (CFFL 0186)
REI Success Pants
Jack Butala: REI Success Pants. 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.
Jack Butala:
It’s Jack Butala here for Land Academy. Welcome to our Cash Flow From Land Show. In this episode, Jill and I talk about success pants. Hey, we show you how to buy property for half of what it’s worth and resell it the very next day. Great information and instruction from Jack. That’s me.
Jill DeWit:
Inspiration from Jill. That’s me.
Jack Butala:
Here’s some funny stuff that happened to us recently.
Jill DeWit:
How in the world did you get this flood of Germans in your Facebook account?
Jack Butala:
I’ll tell you how. Do you want me to be honest?
Jill DeWit:
I think this is so funny. Yeah. I’m looking at your Facebook and I’m like, “What’s this? I can’t even understand all these stuff. It’s all in German.” Where did that come from?
Jack Butala:
I want to be real straight about this. We have a direct competitor who’s German. They either found me or I found them. There’s like 20% of it. It’s not that high but there’s a lot.
Jill DeWit:
It’s either strippers or Germans in your Facebook account, so I don’t know what’s going on over there.
Jack Butala:
I say with confidence, most of those people, in both parties, are removed.
Jill DeWit:
Thank you.
Jack Butala:
I have to say I’ve spent some time in there looking at some stuff though.
Jill DeWit:
Boy, I tell you. It’s good I thing I don’t worry about you. Shocks. That’s good stuff. Thank you, Jack, for sharing that.
Jack Butala:
Of all the stuff I worry about, I don’t worry about that either with you.
Jill DeWit:
Thank you.
Jack Butala:
There’s 92 things-
Jill DeWit:
Of all the things you worry about, that’s not one. My social media presence, you don’t worry about that.
Jack Butala:
No.
Jill DeWit:
I’m not going to ask.
Jack Butala:
Anything in that whole genre.
Jill DeWit:
Well, I appreciate that. Thank you.
Jack Butala:
In this episode, Jill and I talk about success pants. What does that mean? I mispronounced Success Plant.
Jill DeWit:
Don’t you say it right now. It’s coming.
Jack Butala:
Success Plant [inaudible 00:01:54]. Jill, great show today. Before we start, let’s take a question posted by one of our members on successplant.com, our free online community.
Jill DeWit:
“Hey, everyone. I’m Margie. I’ve done a very tiny bit of real estate investing, just two rental properties.” Nice. “Both rehabs. One sold a couple of years ago with a $30,000 profit.”
Jack Butala:
That’s what it’s all about.
Jill DeWit:
“Plus rental for five years. The other is held in [SDRIA 00:02:25]. Now, I’m ready to move on from the pain,” from the pain, I love it, “and get going with land. I’ve just done the Craigslist exercise that Jack recommended while I’m reading and learning as much as I can. First goal is to make some money so I can purchase the course,” I saw this the other day, “and really get moving on this. My goal is to create passive income and leave the J-O-B.” I love it. I saw it. I love it.
Jack Butala:
This is a very consistent and typical type of note that we get and type of new customer. There’s little bit of property investing experience. For whatever reason, I’m not sure why, when people associate the word real estate with houses, vast majority of people and that’s the first thing they do. We get a lot of people that come from there. Even some really super successful ones, they end up selling their houses or their rental properties and flipping land because it’s just so much easier and headache-free and worry-free. One of our most successful members, Luke, is in the process of liquidating his rental house portfolio in Michigan to invest in us completely. I guess that doesn’t answer the question, does it? Go ahead, Jill.
Jill DeWit:
Well, it really isn’t a question. It’s more of a statement which I really love. What I find interesting is how many people start on that path. Could you pick a harder thing?
Jack Butala:
No, you can’t. That’s the point. Of all the types of real estate-
Jill DeWit:
Doing that kind of stuff, that’s hard and expensive. Man, you open the wall, you don’t know what you’re going to find. Trust me, we’ve done this. That’s why we came back. Two things, one, you’re going to love this, if you can make it in that or even get out relatively unscathed, you’re way ahead of the game. What I think is sad is a number of people go down that path and they think, “This is it. I’m out.” Something bad happens and they think, “All real estate is bad. It’s all really hard. There’s going to be all kinds of problems.”
Jack Butala:
They fail. They fail at it the first time.
Jill DeWit:
That’s what I mean. They think it’s bad because they failed or it was just too hard. They don’t want to do it.
Jack Butala:
It is hard that way.
Jill DeWit:
It is hard, yeah.
Jack Butala:
This is exactly what you don’t want to do. You have this thought that you want to be a real estate investor. You don’t really look into it that much and you say, “Hey, my parents made a ton of money on that house that they had for 30 years. What if I did that 10 times? I’m going to buy a house.” You go in the MLS. You find one.
Jill DeWit:
You drive for dollars. That was when [you’ve heard that 00:05:12].
Jack Butala:
You find a property that you think is going to work and you buy it. You call a lender. You get a loan. God forbid, you put down too much money. You don’t want to that. I’m being satirical here. You all leveraged it up to the top. Then you will rent it and you make 13 cents a month. Then a tenant leaves. For a couple of months, you got to pay the mortgage. It’s all set up to fail. Everybody makes money on a deal like that except you. The real estate agents on both sides of the deal make money.
Jill DeWit:
The bank-
Jack Butala:
The lender makes money. The bank makes interest income. The guy who goes and does the inspection makes money. The title agents on both sides make money all at your risk. They don’t have any risk in it. That’s exactly how not to do it. I’ve said in previous shows, Jill and I are releasing a program on how to wholesale houses that has nothing to do with what I just said. It gets confused a lot.
Jill DeWit:
It does get confused, yeah. The big picture is there a way to do it and a way to do it right. We will help with that.
Jack Butala:
We do it. Jill and I do it all the time.
Jill DeWit:
Don’t start out with that though. Please don’t start with that.
Jack Butala:
This is part of our operation. It always has been. I would have released a program about that a long time ago but I just thought people knew how to do it.
Jill DeWit:
Right. It’s interesting, too, that … Yeah, you’re right. We thought people knew how to do it and they maybe didn’t necessarily need our help. Now, we realize everybody is coming to us going, “Hold on a moment. Can you show me how this applies to me?” Well, heck yeah. We thought you knew. How the heck … That what was so funny because we have a number. We’ve done it. We have a number of friends, that’s what they do. They’re still scratching their heads because we’re trying to help them. There’s an easier way and it’s coming.
Jack Butala:
That’s right. Hey, if you have a question or you want to be on the show, call 800-725-8816. Please don’t be Eeyore. Today’s topic, success pants. It’s a little play on words. Jill called me success pants.
Jill DeWit:
I’m calling him success pants now because one day we were talking about Success Plant, which is our very, very popular online communication community. It’s all of our people, and us, and all about land. It’s free. You don’t even have to be in our program, but you can just learn so much and talk to some cool people and all kinds of good stuff. Jack one day called it success pants.
Jack Butala:
An accident.
Jill DeWit:
I kind of went with it and I love it.
Jack Butala:
The whole topic of this show really then is just to plug for our successplant.com.
Jill DeWit:
I guess it is.
Jack Butala:
We should probably move on to more technical stuff.
Jill DeWit:
I thought you were going to talk about some of your more successful pairs of pants.
Jack Butala:
What makes a pair of pants successful and not successful? Boy, a lot of derogatory stuff just went through my head.
Jill DeWit:
Jack, pull your head right here. Eyes here. This is the focus. Everyone driving, focus. It’s not where I’m going so I don’t want any car accidents right now as we’re talking. It’s not what I’m talking about.
Jack Butala:
If you have a pair of successful pants, and you like to be on our show-
Jill DeWit:
Do you want to hear something? See, chicks do. You may or may not know this. Don’t guys have successful shoes?
Jack Butala:
No. This is what a man does when he gets up in the morning and looks at the mirror. He looks at the mirror and he says, “Wow, that’s not as bad as I thought it was going to be. I look great,” even though he looks like Godzilla. Women look at the mirror, I think they say, “Geez, I didn’t think it was this bad. I better put some more of this one. Put more makeup on.”
Jill DeWit:
No, no, no, no, no. This is how a woman’s mind is. I’m sharing this with you. Hey, Jill. We’re going to this event. It’s a dress up event on Saturday night. First thought is, “I know just the dress I’m going to wear.”
Jack Butala:
Success dress.
Jill DeWit:
Yes. That’s exactly it. We’re talking about the event, and I’m picking out my outfit in my head. I think that’s true. For an interview, you have an interview … I’d say funeral suit. Don’t you have like an interview thing?
Jack Butala:
I don’t have an interview suit actually.
Jill DeWit:
I guess you don’t because you haven’t interviewed in quite a long time.
Jack Butala:
1992.
Jill DeWit:
You don’t have to. That’s good. That was my little play on success pants because I thought guys had something like shoes, or a watch, or …
Jack Butala:
No, no, no.
Jill DeWit:
Something that makes you feel really strong. Hey, my lucky whatever.
Jack Butala:
No, men don’t have any feelings. Men did not wake up in the morning and say, “Boy, I feel good today,” or, “I feel bad.” That’s what women do. Men wake up and say, “Is this going to be an efficient day or not? If it’s not, I’m going to be pissed about it in the end. If it is, I’m going to feel good about it at the end.” It’s based on events and actual stuff. It’s not just based on the feeling.
Jill DeWit:
Wait, wait. When you wake up that way, can’t you make it go that way?
Jack Butala:
For the most part, the dream situation is to have control over your environment, which is why people listen to this show. You want to have control over your time and your money. If you got an idiot boss and you worked there for 10 years, the guy screaming at you all the time, that’s going to be pretty much going to be a bad day everyday.
Jill DeWit:
I guess so. That’s when you’re going to need to put on your successful pants and go interview for a competitor job or something.
Jack Butala:
Success pants. It cracks me.
Jill DeWit:
How about this, how many people do you and I speak with on a daily basis that are done with their J-O-B like … Was it Margie? [inaudible 00:11:03].
Jack Butala:
Yes, it was Margie.
Jill DeWit:
I get it. I get it. Even if you’re not done with your job, you would like to have breathing room.
Jack Butala:
Please don’t quit your job based on this.
Jill DeWit:
Don’t quit your job.
Jack Butala:
Please don’t do that.
Jill DeWit:
No.
Jack Butala:
That’s not what we’re saying. Plot yourself a course. Get all the education you need whether it’s from us and everywhere else. In fact, I would recommend multiple sources and then put a plan together. Don’t do that.
Jill DeWit:
I’m just talking about-
Jack Butala:
For God’s sake, whatever you do, get some success pants.
Jill DeWit:
That’s right. Everybody needs some success pants.
Jack Butala:
I thought you’re going to say dream jeans like before. Don’t girls have one pair of jeans that they think they look better in than the rest?
Jill DeWit:
Absolutely, but we don’t all them that.
Jack Butala:
What do you call it?
Jill DeWit:
I don’t know. I have different pairs. Remember the-
Jack Butala:
You call them success pants?
Jill DeWit:
You know what? I think I will now. That one with the hole in the knee that fits just right?
Jack Butala:
Sure. I have all your clothes memorized.
Jill DeWit:
You’re so silly. I have a lot to say when I show up with that pair. You go, “Oh.” Most women have-
Jack Butala:
Well, you wasted 12 and a half minutes. Congratulations.
Jill DeWit:
Thank you. Talking about clothes and women. I hope I helped.
Jack Butala:
All right. Let’s try to make it up for it here. This is Technical 10. 10 minutes of property investment advice from our 15-year, 15,000 deal experience. This is called Access versus Access. I just killed a deal discussion with a very extremely disappointed new person in our group. JP, I’m sorry, dude. I had to kill your deal. I didn’t have to kill it but I’m looking out for you, and I think you would have gotten hurt on it. An extremely excited member came to me and did the 30-minute deal review with me. We looked at the whole thing. Fantastic price on a 160 acres in Northern Arizona for 16 grand or fairly close to that number.
I went and did the whole thing. I mapped it all out and showed him how to do that. I made a video actually. I put it on the internet. It’s on our YouTube channel, if you want to see it. Very nicely said, “I just don’t think this property, based on the comps and everything else … Do I think you’re going to make money on it? Heck yes.” He had an investor, another guy in the group. The other guy in the group said, “Whatever … ” What’s my name? “Jack says.”
Jill DeWit:
Whatever Jack says, whether they’re doing it or not.
Jack Butala:
Yeah.
Jill DeWit:
I got it.
Jack Butala:
I just broke this guy’s heart because he’s young and he’s ready to double his money on it. They would have made money. It’s not the model. It’s not our model. It’s not.
Jill DeWit:
Got it.
Jack Butala:
Double your money in 15 minutes or less. I’m exaggerating. Double your money … Sell a thing before you buy it. You’re so sure. Remember how we say you [don’t 00:13:58] run to the bank saying, “This is the greatest deal ever?” That has to be your first deal.
Jill DeWit:
Back to the topic. It was an access issue that killed the deal?
Jack Butala:
Yeah. He was sent a bunch of letters out exactly what happens to all of us and all of our members. Several people signed them and called them back and said, “Yeah, we’re ready to do this deal but we need X amount.” Yes, it had great access, this property, but it was all hills and stuff. You have to see the map to really appreciate it. I’ll describe it. It had 160 acres. It’s huge. It had little mountains, and hills, and part of a mountainet. There were cool little roads running. If you can imagine a wash, but they weren’t wash. They were roads but it had no real road access.
Jill DeWit:
It did have access.
Jack Butala:
It has access but it doesn’t have real road access and plotted access.
Jill DeWit:
Jack, Steve, Jack, access, access, access, access. You’re using access interchangeable. You got me confused.
Jack Butala:
I would not have done the deal. In the end, that’s what I said.
Jill DeWit:
Well, let me come back because we haven’t talked about this in a while. I’m going to bring up the four As and I want you to please answer for me as I ask you the four As. Please tell me what it had or didn’t have. One, acreage.
Jack Butala:
Yes, 160 is awesome.
Jill DeWit:
We could check that box. Two, affordability?
Jack Butala:
Absolutely. This is a trap. I feel it. It had affordability.
Jill DeWit:
I’m on two. That’s two for four. Three, attribute. Did it have an attribute?
Jack Butala:
Yeah, it’s kind of close to the Grand Canyon actually. In the video, I fly through the Grand Canyon at the end. It’s pretty cool.
Jill DeWit:
I got one, two, three. I’m thinking this is going to be a great thing. Four, access.
Jack Butala:
Not really. That’s what this is about. There’s access and there’s access. There’s plotted access. Listen, if it was on a county road …
Jill DeWit:
Plotted access.
Jack Butala:
If it was on a country road … There’s a bunch of county maintained roads in that area. That’s why I got so excited at the beginning.
Jill DeWit:
Wait. It had plotted access but not real access.
Jack Butala:
They had real access but not plotted access.
Jill DeWit:
Now, I got it.
Jack Butala:
Take a sandrail up there and have a blast access. That kind of stuff.
Jill DeWit:
It took me six minutes to get that out of you.
Jack Butala:
It was a trap.
Jill DeWit:
It was a trap.
Jack Butala:
You thought it would have all the four As.
Jill DeWit:
No, I wasn’t sure which access you were talking about. Now, I got it.
Jack Butala:
In the end, what I said is, “Dude, go buy five acres for 500 bucks. Sell it for 1,500 three or four times.” He’s got those deals already on lineup, too. Everybody gets excited about large acreage property.
Jill DeWit:
It’s like a one home run. No, no, no. Do four home runs.
Jack Butala:
That’s what I said.
Jill DeWit:
Let’s do smaller home runs. It’s the same as the one big one and we’re not all hung up on it.
Jack Butala:
I think they’re called four singles, but that’s okay.
Jill DeWit:
Whatever.
Jack Butala:
Everybody wants four home runs.
Jill DeWit:
Listen you. Now we got to the bottom of it so I get it. I appreciate you looking out. You know what’s really cool? A lot of people don’t know-
Jack Butala:
Is there somebody in your life that does that to you?
Jill DeWit:
Please. I think it’s cool that we do the deal review. If you don’t know this, this is something that we do for our members that you can bring something to us, especially when you’re starting out. It’s a good thing to say, “Hey, I just want another pair of eyes. Am I missing something here before I plop down $16,000?” Jack will help you.
Jack Butala:
Exactly. It’s money well-spent. Maybe he’s doing the deal. Maybe he’s going, “This guy is an idiot.”
Jill DeWit:
At least you pointed out all the things he needs to know and then he can make the decision so love it.
Jack Butala:
Hey, if you have a question, or you want to be on the show, or you need your deal reviewed, call 800-725-8816. Jill has some inspiration, always.
Jill DeWit:
I do. That’s just what I walk around doing. At the coffee machine …
Jack Butala:
I found her sitting in the closet a couple of days ago just inspiring herself.
Jill DeWit:
This is what I asked someone at the coffee machine a little while ago. How do you get strength to accomplish huge tasks?
Jack Butala:
My god.
Jill DeWit:
I know. I don’t know. When I wrote that down two days ago, it sounded good. Now I’m like, “Where did I … ” I don’t even know where I got that from.
Jack Butala:
Part of my job on this show … Part of the job that you and I have for each other is just to say, “You know what, Steve? You should stop dressing like you’re a homeless person. You know what, Jill? That’s just a little too sappy for this show.”
Jill DeWit:
Wait. Hold on a moment. Now, I remember where I got that from. Come on. Let’s just think about this though. I have a member right now who happens to be in England who I’m helping a little bit because the first step for him seems just huge. He’s gone through the program forwards and backwards a couple of times. He really has everything ready to go. All his ducks are in a row. He’s in England. [crosstalk 00:18:46]
Jack Butala:
[crosstalk 00:18:46] yet?
Jill DeWit:
No, no.
Jack Butala:
He’s got to do that.
Jill DeWit:
That’s where he’s at. He just kind of needed a little bit of a push. For him, that seems huge and I appreciate that. He’s come so far, too, Jack, as just to make sure no one wonder where they’re calling, he’s got a US phone number and he figured out-
Jack Butala:
He does? He got all that done?
Jill DeWit:
Yeah, yeah.
Jack Butala:
Man, he’s there.
Jill DeWit:
I know. It’s just the last little … He needs a little kick. I think that’s why I was thinking about this question. We build them up to be so big in our head and it’s okay. He’s got all the other stuff done. I think that might be even bigger. Just for him, it seems huge. He’s going to be great. I told him he’s going to be great. You’d figured all that other stuff. You got this.
Jack Butala:
Exactly.
Jill DeWit:
That’s really what I said. The last thing in my last sentence was, “You got this.”
Jack Butala:
Did you ask him? Did you talk to him on the phone?
Jill DeWit:
No, we weren’t communicating. It’s a little bit of a timezone.
Jack Butala:
If you asked him why, does he say, “I know it’s silly. I have this hangup?” Does he say, “Give me a reason?”
Jill DeWit:
No, he does. He does. He’ll be probably on our call today. It’s midnight his time. Bless his heart. He gets in our calls and everything. That’s really cool, our member calls. He’s got everything. He’s got all the tools. I told him, “Hey, if you want to schedule a time with you, Jack, I think he just … ” You know what? It’s kind of like-
Jack Butala:
I’ll [compliment 00:20:07] him on that actually.
Jill DeWit:
He just wants an extra pair of eyes, I think, before he pushes the button. I get that. I reminded him, by the way, please be [crosstalk 00:20:14] to make a mistake. It’s okay.
Jack Butala:
[crosstalk 00:20:14] Hey, English guy. English guy, schedule a call with me. We’ll talk.
Jill DeWit:
He’s a good guy.
Jack Butala:
During your 9 or 10 PM thing, our timezone difference.
Jill DeWit:
Yeah, exactly.
Jack Butala:
All right. I’ll take it back, Jill. Good work.
Jill DeWit:
Thank you.
Jack Butala:
Hey, join in us in another episode where Jack and Jill discuss how to use information. That’s me.
Jill DeWit:
Inspiration. That’s me.
Jack Butala:
To get just about anything you want.
Jill DeWit:
We use it everyday to buy property for half of what it’s worth and sell it immediately.
Jack Butala:
Get there first. I shouldn’t criticize your … I shouldn’t be fast to criticize your inspirational stuff.
Jill DeWit:
I was thinking the same thing.
Jack Butala:
I thought you were.
Jill DeWit:
It’s okay. I get it. No, I’ve had some ones that we both kind of go, “Well, I don’t know. That was dumb.”
Jack Butala:
The vast majority of the time, you knock it out the park with that.
Jill DeWit:
Thank you. Sometimes I sit and I kind of look at other people for inspiration or I read stuff for inspiration. This time it was like, in the morning, I was just kind of working on some stuff and some things came to me because I was working with some of our people.
Jack Butala:
Inspiring them.
Jill DeWit:
Inspiring them, yeah. You know what? Inspiring them, inspires me.
Jack Butala:
It’s a good thing that I’m responsible for the inspiring part of this. Here’s my inspiration for the day. Pull yourself up by your bootstraps and buy some freaking real estate for half.
Jill DeWit:
My other favorite is what you tell people about our kids. They should fail. Let’s let them fail. I’m setting them up to fail. They need to fail a lot.
Jack Butala:
Our whole generation, I don’t mean the kids, I mean us, as parents, have dropped the ball. For some reason, we follow all these kids around making sure they don’t hurt themselves, or fall down, or anything. Come on. Let them get scraped up.
Jill DeWit:
You know what? Last time I checked, not everyone is going to get a trophy in the real world.
Jack Butala:
That’s what I mean.
Jill DeWit:
Not everyone is going to … Well, you all showed up for the interview so we’re hiring you all. No. That’s just not how it works.
Jack Butala:
[inaudible 00:22:18] do that. That’s awesome.
Jill DeWit:
You know what?
Jack Butala:
I feel good today.
Jill DeWit:
You all got this far.
Jack Butala:
Everybody got the job.
Jill DeWit:
You know what? You can share the presidency. You got this far. We’ll let you work it out.
Jack Butala:
You’re all the president.
Jill DeWit:
That’s right.
Jack Butala:
Everyone in the country, you’re the president.
Jill DeWit:
Hey, however you want to divide up, rock, paper, scissors, whatever, it’s all good.
Jack Butala:
Jill, that’s awesome.
Jill DeWit:
Thank you.
Jack Butala:
I’m going to use that.
Jill DeWit:
Thanks.
Jack Butala:
You all got the job. Congratulations. Hey, let’s go buy some property for a half price today and resell it. Jack and Jill, information and inspiration.
If you enjoyed the podcast, please review it in iTunes . Reviews are incredibly important for rankings on iTunes. My staff and I read each and every one.
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