Jack and Jill Live Tomorrow in Los Angeles
Recording Location: 33.840103, – 118.391379
Jill DeWit: Hi.
Jack Butala: Welcome to our show today. In this episode Jill and I talk about Jack and Jill Live tomorrow.
Jill DeWit: I know, happy Tuesday.
Jack Butala: Yeah. Tomorrow in Los Angeles actually.
Jill DeWit: Yeah. Hermosa Beach even cooler.
Jack Butala: How much time have you put into really planning this thing?
Jill DeWit: A lot, a lot, this is going to be big.
Jack Butala: I’m excited about it, part of the Jill live thing.
Jill DeWit: Oh yeah, it’s going to be awesome.
Jack Butala: That’s great. Well I have no idea what I’m going to talk about but maybe we’ll find out on the show. Before we get into it let’s take a question posted by one of our members on landacademy.com. It’s free.
Jill DeWit: Okay. Steven asks this question: “When you close with a title company, and the transaction amount is the larger number, do you use transactional funding or double close to keep the buyer and seller from seeing how much you’re making? Does it matter?”
Jack Butala: What do you do?
Jill DeWit: This is a good question. You answered this the other day, I have to say, on our call and your answer was perfect because if you’re not front and honest, it probably will come out and you’d rather just be upfront and honest with it.
Jack Butala: Want me to to answer it again?
Jill DeWit: Yes.
Jack Butala: I’ll tell you. We do deals now. We do all types of real estate transactions but when we do a dual-closing or a double closing or depending on where you are in the country, or what your age is, it’s called different stuff. I’m a huge fan of just being incredibly transparent. Let me give you an example of a recent transaction. Jill and I are doing and have done a couple of deals, pretty large deals, in Southern California like in Santa Barbera County. They’re ranches and they’re very, very expensive. These are ballpark numbers. Buy for cash, for six to eight-hundred thousand bucks, and sell it to somebody who with intent is going to resell it. It’s still way below market value and sell it for let’s say nine hundred, all right? We make a hundred thousand bucks. The person that’s purchasing it from you through [inaudible 00:01:59], they’re going to-
Jill DeWit: They’re going to find out. It’s going to leak.
Jack Butala: I’m real upfront. If that really upsets the buyer, because let’s say the property’s worth 1.5. If that really upsets the buyer, that we’re making a hundred thousand and he’s going to make five hundred and he wants to make it all, that’s not the right person. That being said, if this person, Steven, here is brand new and he really wants to get the deal done, he may take a different approach. I used to do it much differently, a long time ago, for smaller deals.
Jill DeWit: Really?
Jack Butala: Yeah, but in this kind of transaction …
Jill DeWit: Because if it was a couple hundred bucks, no one’s going to care.
Jack Butala: For a couple thousand.
Jill DeWit: A couple thousand, right.
Jack Butala: Let’s say you’re buying a forty for four thousand, selling it for six, and that person’s going to go sell it for twenty.
Jill DeWit: Right, then it’s okay.
Jack Butala: I still think in the end there, it’s such a good deal you’re going to find another buyer the next week anyway.
Jill DeWit: Well, I looked at it this way too. For a lot of, especially our buyers, there’s a lot of people that are like happy. They look at it like they’re paying us for our services of sourcing this great deal. They didn’t want [crosstalk 00:03:02] it.
Jack Butala: That’s the right kind of buyer for us. Those are the kinds of people we deal with.
Jill DeWit: They’re like, “I’m happy to pay you a chunk of it because you found me this great deal and I know I’m going to make even more off it.”
Jack Butala: If you listen to the show consistently at all, Jill, and now watch the show … Jill and I have a single buyer in Scottsdale, where we purchase houses and we mark the property up. He puts an order in and we go purchase houses and we mark it up ten thousand bucks and we never put any money in. We open [inaudible 00:03:30]. He knows it’s ten thousand dollars. It’s ten grand every time, whether it’s a hundred and twenty thousand dollar house or a four hundred thousand dollar house. He’s happy as hell with that and so are we. He closes the deal with his people, and cleans it up and resells it and makes way more than ten grands. We’re happy. He’s happy. It’s like a finders service.
Jill DeWit: It is. He doesn’t want to go do it so it’s perfect.
Jack Butala: Yeah, and I don’t want to clean up a house.
Jill DeWit: Exactly.
Jack Butala: You have a question or you want pay? The whole point is you have to be ridiculously transparent and not just this but everything. It’s going to catch up with you. It’s like fibbing with your wife. You just don’t do it.
Jill DeWit: I don’t know where that came from. All right.
Jack Butala: DO you have a question or you want to be in the show? Reach out to either one of us on landacademy.com. Today’s topic? Jack and Jill Live, tomorrow, in Los Angeles.
Jill DeWit: Yes!
Jack Butala: Tell us what’s going to happen there.
Jill DeWit: Okay, so here’s the deal. If you are cruising around the LA area, today, and you’re listening to our show, number one, I’m wearing a parka. It’s still a little cold. It’s raining. It’s kind of weird. I actually have my New York parka on, which is really kind of silly. Anyway, I don’t know where that came from. I just thought about it.
If you’re cruising around LA, and you have some time tomorrow night, so Wednesday, February 22, from 6:30 to 8:30, come on down. Please go on and register because there is a limited number that I can get in there. I reserved a room. It’s at the Beach House. It’s called the Beach House Hotel, in Hermosa Beach. It is right on the Strand. It’s like 1300 [inaudible 00:05:02] or something like that but if you go into the meetup community and you search for Land Investors and you see South Bay/Los Angeles, that’s us. Go on in there. Join the meetup group, even if you can’t make it tomorrow, join the meetup group so you’ll get notified of all the other events that we have coming up. That’s the timing. Tomorrow, we’re going to talk about the topics but today, I’m just covering … We’re here and it’s free by the way and the place is gorgeous and I was going to talk about too why we’re doing it.
Jack Butala: Yeah, I’d love to hear it. Take it away, Jill.
Jill DeWit: Okay. We’ve been dragging our feet for how long? Maybe two years?
Jack Butala: Mostly because of me.
Jill DeWit: Yeah, that’s true. There’s a lot of things that we said, “We’re not doing that,” and then we’re doing it.
Jack Butala: Yeah. Well, you know why? Because people keep asking for it.
Jill DeWit: They do. That’s it.
Jack Butala: We’ve done this a few other times. We’ve crashed other people’s meetups.
Jill DeWit: True.
Jack Butala: Real estate meetups.
Jill DeWit: We have spoken.
Jack Butala: Never in Colorado. Yeah, and spoken. I’m not patting myself on the back here, but we pretty much stole the show.
Jill DeWit: We did steal the show.
Jack Butala: It’s not because of our personality. Jeez, that’s not it. It’s because …
Jill DeWit: The material’s interesting.
Jack Butala: Selling land, investing in land, and flipping land. It ends up that almost all these meetups are geared toward house flippers probably because of HGTV or who knows why. I’ve never understood it because it doesn’t appeal to me, but when you start to talk to that crowd about flipping land and how much less you have to do to make more money, it’s not a hard-
Jill DeWit: It’s not.
Jack Butala: It becomes a sales pitch and you don’t want it to. This isn’t a sales pitch. We’re not going to sell anything. We’re not selling anything at all.
Jill DeWit: It’s an informational thing telling people how to get going and [inaudible 00:06:42] explaining what this is about and if anybody’s interested. It’s going to be a series of events. I’ll just tell you right now, the topic is getting started in land investing and just covering … We’ll go more into that tomorrow. We’re going to follow up with more things about the tools that you need and things like that because it’s going to help everybody whether you’re an agent or a broker, looking for listings. All these things that we do everyday can help the whole real estate community.
Jack Butala: We package it up as land and land investors which we’re slowing transitioning the company to be called Land Investors. It’ll happen within the next thirty to sixty days. Land Academy is and will be part of that. We package it all up in land but in the end, the tools that we provide are the same ones that we use, that we’ve been using since the 90s or versions of it, better versions of it now can be used to do any of this stuff.
Jill DeWit: Think of it as property investors.
Jack Butala: It’s property investing.
Jill DeWit: It really is. We call it land-
Jack Butala: We love land.
Jill DeWit: Because it’s our niche but it really works for everything.
Jack Butala: The databases have all the tax records of every owner of every property in the country, minus like one-tenth of one percent for non-compliant counties, but to hit 99.9% of [inaudible 00:07:58] databases in the country for a couple hundred bucks month is …
Jill DeWit: Exactly. It’s huge.
Jack Butala: If you know about a better transaction, better place to find data, and a better place to print stuff for less than 49 cents a stamp with all the services that you get, please email me. I’d love to hear about it.
Jill DeWit: Hey, you know what I’ve been doing to prepare for this tomorrow? I’ve been reading up on TED talks and watching some TED talks because I get so much out of that. That’s our format if we can perfect … That’s our thing. We really want it short and sweet. Get some information to you. That’s how we roll anyway, but this is for you and we can help? Great. We’re happy to help. If it’s not for you, it’s not your thing, okay. Great. I get that too.
Jack Butala: Can I ask you a couple questions because I don’t even know?
Jill DeWit: Sure. Will there be food? No.
Jack Butala: No, not that. How about …
Jill DeWit: Will we go out afterword? Maybe. I just thought about that actually. Maybe, I don’t know.
Jack Butala: That was a question I wasn’t even going to ask on the air.
Jill DeWit: Okay.
Jack Butala: Should I fly in for this? If I live in Kansas, should I fly in?
Jill DeWit: No, it’s not that big of a deal.
Jack Butala: Okay, so if you’re kind of in the LA area.
Jill DeWit: You’re already-
Jack Butala: What if I purchased a ticket and now I feel like a ding dong because I asked that question to you?
Jill DeWit: Oh, you should definitely come still. Why? Do you know somebody that did?
Jack Butala: No, from Kansas. No, no, I don’t know.
Jill DeWit: Okay.
Jack Butala: That’s not a specific thing.
Jill DeWit: All right.
Jack Butala: Do you know how many people are coming so far?
Jill DeWit: No. I haven’t looked at it today.
Jack Butala: What’s the capacity?
Jill DeWit: Well, I booked it right now for forty-five. Well, the room could do forty-five to fifty but there’s other rooms I can grow into so we’ll see. You know what I think? I think people aren’t used to seeing us live right now so we have a bigger following obviously, because of the show. I know how many people download this show and listen to it everyday. That’s nowhere near [inaudible 00:09:45] to our event. My point is I think people are not used to seeing us here, knowing that we’re doing this so that’s part of why I’m bringing it up right here on the show, right now.
Jack Butala: What is it? I checked last night. There’s a good twenty-five people in there, at least.
Jill DeWit: I think it’s going to be more. I think there’s going to be a lot of just walk-ins and stuff at the last and I’m ready for that and that’s [inaudible 00:10:04]. In three months or four months of doing this, now I’m going to have to book a bigger room. I know that, but it’s all going to lead to a really big event.
Jack Butala: Listener, if you’re into this at all and you’re anywhere close to Los Angeles, just come in and ask us any questions or anything else. It’s an open Q&A.
Jill DeWit: It is. Well, that’s the best thing. Let me back up. Jack and I, that’s why people love us, and love that we do this stuff because we’re going to answer anything. You ask me anything. I’m not going to say, “Oh, I’m sorry that’s reserved for my members.” No, I’ll help you.
Jack Butala: No, yeah. Good.
Jill DeWit: That’s the whole thing. Imagine this is like-
Jack Butala: We’re a 100% transparent.
Jill DeWit: Yeah, this is like your version of getting to be on our member calls or something. Come on down and meet us and you could ask us face to face like, “What the heck? How does this work?” or “How much money do I need?” I don’t know.
Jack Butala: Or “How do you guys manage to work with your spouse?”
Jill DeWit: Right, or “How do you scale up, scale down what you guys are doing? How do you manage the calls when I work a full time job?” Man, I’m just thinking of all the questions that a lot of people that come to us when they’re brand new, they have and we’ll answer anything. Come on down. It is fun. I’m excited because you and I get so much out of these.
Jack Butala: Yeah.
Jill DeWit: I really do. I love and I know that … I don’t want to have a real narrow topic because I want to open it up to more Q&A and let people’s-
Jack Butala: What is the title of it, on Wednesday?
Jill DeWit: It’s Getting Started in Land Investing.
Jack Butala: Getting Started.
Jill DeWit: It’s just a real big picture but there will be plenty of Q&A, because I know some of our members are going to come and they’re not getting started, at all.
Jack Butala: Yeah, that’s my whole point.
Jill DeWit: There’s several of members that are coming so that’ll be really, really good. I’m excited.
Jack Butala: If you have a super large deal, and you want to talk about how to get it closed because you don’t have eight hundred thousand dollars, come. We can talk about that.
Jill DeWit: Yeah, that’s true. We’re happy to talk about anything, in an apartment complex and you’re working on something, I don’t know. We can help with that too, or you want to find apartment complexes.
Jack Butala: Jill and I are releasing, in the next 90 days, probably ten websites. One of them is called LandCrowdFund.com, because just about every week, people reach out to me for some reason and ask, “How can I get involved from a finance standpoint? I have access to a ton of money. We do real estate deals all the time. I love land. I’ve always wanted to get into it.” We’re going to open those resources up through that website. It’s a crowdfunding portal so that people who are great at sourcing these transactions like us, but let’s say you’re relatively new, you don’t necessarily have a couple hundred thousand dollars laying around, this is a way to get deals done. Whatever’s on your mind, whatever theoretically is stopping you from getting involved in this, other than the fact that you don’t know Excel. If you don’t know Excel, please don’t come tomorrow.
Jill DeWit: No, that’s not true.
Jack Butala: It’s true.
Jill DeWit: No.
Jack Butala: It’s not?
Jill DeWit: No.
Jack Butala: Is this not Excel?
Jill DeWit: No, it’s just that …
Jack Butala: This is not Excel.
Jill DeWit: No, but you know what? We talked about that on … Was it yesterday? We recorded a member call last week, one day, and that’s one of the things that we talked about and it was really good is he brought it up is even if you don’t know Excel, let’s just say you’re not really a data person. You’re not really good on spreadsheets but, man, you’re bound and determined to make this happen, then you will. You might spend twenty hours watching youtube videos to figure some stuff out and that’s why it’s there.
Jack Butala: I guess that’s my point.
Jill DeWit: It’s cool.
Jack Butala: You’re welcome to join us tomorrow if you don’t know Excel but I’m probably not going to feel a lot of questions about it.
Jill DeWit: We’re not going to get into that. It’s okay. We’re not going to get into the nitty, gritty detail of data scrubbing tomorrow.
Jack Butala: Jill can’t stand when I become negative about anything.
Jill DeWit: We will discuss the concept of data scrubbing. We will answer any questions about painting the picture of really what we do. That’s all good. We might share some insight to some of the things that we have coming up as well, tomorrow, so it’ll be a really good, informative, fun event.
Jack Butala: A lot of years ago, I went to Las Vegas to a tax lean … It was long before meetup. The guy that owned TaxSaleList.com, his name’s Johnny. He’s since sold the company and actually we’re launching a website to replace that too but incidentally, if you can picture a square set of tables and he just sat and talked and gave us the raw information first and then we had to just a chance to … Everything I ever wanted to know about tax leans, this was even before I ever got into it, I got to ask him and it was huge. It was expensive, by the way. This is not.
Jill DeWit: How many people were there?
Jack Butala: About 25.
Jill DeWit: Really?
Jack Butala: It was three days.
Jill DeWit: That’s cool.
Jack Butala: I went there myself and drove in from Phoenix and I left there feeling like, “Man, I totally got my money’s worth.”
Jill DeWit: How much was it, out of curiosity?
Jack Butala: I don’t remember exactly, but I know that it was less than five hundred and more than three hundred.
Jill DeWit: Okay.
Jack Butala: He wasn’t selling anything either, at all. He was really just there. He was very similar to us. He’d done a ton of transactions. “This is what you do. This is what you don’t do,” and that’s really what we’re there to talk about. Avoid the pitfalls, right from the beginning, that stop you from moving to the next step. That’s what I got out of that. It was worth way more than three or four hundred bucks.
Jill DeWit: Right.
Jack Butala: I hope that’s what it’s going to be like. I think tomorrow, you’re going to ask … We’re going to talk about what I’m supposed to talk about because I don’t even know yet.
Jill DeWit: Tomorrow, we’ll cover the topics. If you’re thinking about coming-
Jack Butala: Tomorrow, on the show we are-
Jill DeWit: Tomorrow, on the show, on Wednesday tomorrow, we will go into a little more detail about the topics that we’re covering and then you’ll have a good idea of when you show up tomorrow night, what it’s going to be all about, if you’re around.
Jack Butala: Exactly.
Jill DeWit: Thank you. We’ll record it though. Don’t worry.
Jack Butala: Join us in another episode where Jack and Jill discuss how to use information. That’s me.
Jill DeWit: And 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: You are not alone in your real estate ambition. What do you think of this weather?
Jill DeWit: I know, right? I feel silly.
Jack Butala: I think it’s nice.
Jill DeWit: I can’t believe. As I’m walking out the door, I’m like, “It’s kind of rainy. It’s kind of drizzly. It’s kind of cool. I’m going to put on my New York parka.”
Jack Butala: It doesn’t affect how pretty you are.
Jill DeWit: I’m very comfortable in this, thank you.
Jack Butala: It’s just a different look.
Jill DeWit: Thank you very much. I feel like I have a sleeping bag on and I’m very happy. It’s probably how I look. I might look like I have a sleeping bag on but that’s okay.
Jack Butala: Information and inspiration to buy under-value property.
If you have any questions or comments, please feel free to email me directly at jack@LandAcademy.com.
I would like to think it’s entertaining and informative and in the end profitable.
And finally, don’t forget to subscribe to the show on iTunes.