Number One Reason People Fail (CFFL 450)
Jack: Jack Butala with Jill DeWit.
Jill: Good Day.
Jack: Welcome to our show today. In this episode, Jill and I talk about the number one reason people fail.
Jill: Okay, I have to say something. So …
Jack: We’re not even into it yet!
Jill: No, no, no … I just have to say something about this real quick because my assistant was going, “what is the number one reason?” I’m like, where are you reading that? What are you talking about? She goes, no it’s a show you have coming up. I’m like … Oh, that’s a really good question. I think I know what he’s gonna say, but I don’t know what he’s gonna say. So I think … I told her I’ll let you know.
Jack: Because God forbid she listens to the show.
Jill: No I know. They usually don’t listen to our show. That’s what’s so funny. Everybody that works here does not listen to our show.
Jack: Everybody who works with us has no interest in real estate.
Jill: I know.
Jack: And doesn’t listen to our show.
Jill: Well she does interest in real estate.
Jack: It’s just funny.
Jill: I know.
Jack: I don’t know why.
Jill: It’s hilarious. Okay. So, I think I’m going to quietly … You know like you’re writing when you cover your hand I’m gonna write what I think it’s about and I want you to tell me what you think it’s about.
Jack: Before we get into it even though Jill just did. Let’s take a question posted by one of our members on landinvenstors.com online community. It’s free.
Jill: Okay. Claire asks, “Is there any special way to frame offers to owners of multiple parcels in the same subdivision?”
Jack: Claire I am so proud of you. You are one of our original members and you’re just killin it. And this is yet another incredibly intelligent question from you. Yes, this is what we do. It gets complicated, but I will tell you for the more sophisticated database people out there that are in our group or not in our group doesn’t matter this is how you do it …
In a whole subdivision we’ll use a thousand property example. There’s a thousand properties in a subdivision and let’s say two people own, you know, a ton of them. Which this is a real life example. It happens all the time. Usually the people who own a ton of them are like Jill and I. So you don’t want to waste fifty cents on sending duplicate offers at all. You never want to do that. So you run through the mail merge or you call somebody at offerstoowners.com, which is one of our companies. They’ll do it for you. You run a mail merge that says … With all the single property owners, right, and now you’re done with that and you get the offers in the mail. And now what you have in the tech world or the database world is an exception. You deal with these exceptions at the end.
And so if there’s those two people that own a ton of properties … If you’re brand new or if you’re new to data, you can manually just copy and paste them in or you can run a duplicate data base filter which creates a separate type of offer and now you’re only spending fifty cents to send an offer and it adds it all up for you. Fifty properties, or eighty properties, or a hundred properties.
So, Claire reach out to me. I’ll help ya. We have a little custom application that we wrote a lot of years ago that we run the data through and it separates the two. It’s on my list to share with everyone.
Jill: I love it. This is so good. This is a really great example of how quickly you can go from flipping your first deal to this stuff.
Jack: She’s killing it. She’s doing big deals too.
Jill: It’s so interesting. I keep telling people hang in there. Give yourself ten deals make a whole lot of mistakes. Don’t spend a lot of money. Do ten one-thousand dollar deals whatever it is. Let’s double your money. Get out. One goes sideways, okay, now we’re at nineteen-thousand instead of twenty-thousand, we put in ten, that’s okay. So, you’re still way ahead. Now, let’s start making some different decisions, which you can now decide how you wanna go and what you wanna do. And she’s doing multiple parcels and some people are subdividing. We’ve got all kinds of great things going on.
Jack: There’s a couple more points in this, simple points in this. You never wanna exclude those people. Those people are the investors so they’re also the people who might buy the property that you do end up buying. They already have a bunch of property. The subdivision are there for a reason. So, they should be an A-list buyer in that specific mailer. What you never, never wanna do is … because it’s complicated from a data standpoint, is just blow it off. At the very least, you wanna send them one offer. With even a handwritten note that says “I know you have a bunch of these, give me a call.” They will call you. Investors call you back. For sure.
Jill: And Claire’s the one, remember she accidentally stumbled across that early on [crosstalk 00:04:27]
Jack: Huge deal.
Jill: In her career. She’s like, “uh oh. A broker just called me back and he’s got this seller has like five hundred properties. He loves my pricing and he’ll piece them out to me.” And we’re like, “whoop! There ya go.” And that was like two years worth of stuff for her.
Jack: I’ve done, a few times in my career I’ve done what I call “life changing deals” where they’re so big that it actually changes what you eat in your life. That was electric [crosstalk 00:04:50]
Jill: Like ramen noodles
Jack: For him. Yeah, one time I went from ramen noodles to potatoes.
Jill: Ramen noodles to potatoes. You didn’t go from ramen noodles to steak?
Jack: No, I never did. I went from potatoes [crosstalk 00:05:00] to pizza
Jill: Cause you know why cause you’re on a fixed income.
Jack: And then when you get old everyone tells you you should stop eating like that.
Jack: Eat vegetables.
Jack: Turns out it was the cheapest stuff anyway.
Jill: It’s the best for you. [crosstalk 00:05:15]
Jack: And the best for you. Yup.
Jill: That’s good.
Jack: If you have a question or you wanna be in the show, reach out to either one of us on landinvestors.com. Today’s topic: the number one reason people fail at anything. This is the meat of the show. This is a Jack-ism. I mean, I didn’t read this anywhere, this is just my … Professing my … Hey listener, you don’t pay for this so I get to say what I want.
Jill: I can’t wait to hear [crosstalk 00:05:43]
Jack: The number one reason people fail at anything is cause they’re working on the wrong stuff.
Jack: They get up and they go start driving for dollars. Don’t do that! They get up and go look at real estate. Don’t do that. They look in the MLS. Don’t do that. They take advice from people who’ve never done anything except teach. Don’t do that. Take advice from their brother-in-law about how to … No, no. What you want to spend time on is data, data, data, data, data. You wanna learn all the stuff first. And you wanna do the first few deals in a group of people that are doin ’em too. Specifically led by people who have done it already, and successfully. So, I see people fail at this because they just don’t … They’re working on the wrong thing. They’re out walking through houses and stuff.
Jill: It’s like can you imagine you’re learning to be a surgeon and you’re learning from someone who’s never actually operated on people, but they read all the books!
Jack: Yeah, I mean, there’s a reason [crosstalk 00:06:40]
Jill: You can’t do that.
Jack: That’s great that you bring that up. There’s a reason that medical doctors go through an internship. That’s what Land Academy is, it’s an internship.
Jill: It’s true.
Jack: And then when you’re done and you’ve graduated yourself, then go out and kill it.
Jill: That’s very true. You wanna hear what I wrote down?
Jack: It’s your show.
Jill: Wait, I wrote down … Can I give you mine?
Jack: Yeah, yeah.
Jill: Okay, so I sat here and as you’re talking I wrote down several things and, as you can see, I crossed them off. I wrote down this, no that’s not it, this, no that’s not it.
Jack: Oh, so tell us what it is.
Jill: Okay, so I wrote down, okay so what’s the number one reason people fail? My first one was assuming too much. You know like knowing what the buyers want. No, no, no, it’s bigger than that, I crossed it off. Then I wrote … By the way, mental state. It’s all mental. And I put afraid of making mistakes and I said nope, it’s bigger than that and I crossed that off. So, my number one thing that I think and I’m sure it ties in is well, this is what I see, is people give up too soon.
Jack: Oh yeah sure. You talk to these people more than I do.
Jill: People … [crosstalk 00:07:37]
Jack: Yeah, I see that, too.
Jill: I see people fail because one little thing goes awry to copy or whatever this week used that word, it was so good, something goes awry
Jill: I like awry. And then they go “Oh, that’s it” they throw in the towel [crosstalk 00:07:54]
Jack: Jack, our relationship’s going awry.
Jill: It’s going awry. If one thing goes awry and you can’t recover from it, this is not for you. You’re not in, your hearts not in this. Obviously.
Jack: You know, that was my [crosstalk 00:08:06]
Jill: Cause if your hearts in it you will die … You’ll get this. You’ll die trying.
Jack: That is my number two reason. That’s not what this show’s called and I wasn’t even gonna bring it up, but it’s an offshoot of … Number two reason people fail is emotion.
Jack: There is no place for emotion in any of this.
Jack: In any way.
Jill: Exactly. You have to get out of your head. People ask me all the time, “tell me what’s your … What’s the same about your top people?” And I’m like, they don’t … They’re out of their own heads. They listen. They always say, even though it sounds crazy, they do it. Remember the show we did, oh it was so good, with Rowdian and Curia and they both said [crosstalk 00:08:47]
Jack: Members, they’re members.
Jill: Yeah, they’re members. Several weeks ago they both said, “all right, we’re gonna do it” and they go, “oh my gosh, holy cow, this works!” You know they kept saying “we’re gonna do this. Holy cow, this works!” You know? And here they are buying this and flipping that and doing really, really, really well. Now they have these investors kinda following them around putting in their orders. So it’s good.
Jack: Yeah, I mean if … What happens is that everything you do, I don’t care if it’s land investing or anything, there’s things that come up and it’s like, “oh, man, I have to get a new hammer to do this? I have to get a new version of Excel?” Instead of sitting there and saying “oh, man” that’s just what I see a lot of people do. In everything, not just in this. That’s when it starts going south. Instead of just saying “oh, cool! I gotta get a new version of Excel. I will get a bigger hammer then.”
Jill: I have a good one. What’s happening right now in our world. Payments, credit card processing.
Jack: Oh yeah, this a beautiful story. Go ahead. This is what this show should be about. This is a fantastic, fantastic example.
Jill: Well, you explain it better. [crosstalk 00:09:50]
Jack: Well said.
Jill: What’s going on?
Jack: For years … Since the beginning of time people have been using PayPal to take payments on land online. The original people in this business, I’m one of ’em. And then one day PayPal woke up and said, this is a lot of years ago, “ya know, taking payments is not part of what we agreed … You signed this agreement, you agreed not to involve real estate. We thought you were selling beanie babies. You have ten seconds to terminate this.”
All of us were left high and dry. We all gravitated towards whatever next credit card company, same thing. Then it was Stripe. Take payments to Stripe. Then it was Blue Pay, more recently. Blue Pay did the same thing. Finally, I got, two weeks ago, I had it up to my eyeballs with this and a member called me and said, “I have a personal relationship with a company that is the underwriter for all these other companies. They’re the underwriter for PayPal. Why don’t you just go to the horse’s mouth and see what we can do?”
So, I spent a couple of days on this and the short of it is this … We are … We started a company, Jill and I, called JillPay.com, the website is not anywhere near being active yet and we will become Stripe or Blue Pay or PayPal and I have it in writing that these guys are like, “we love your business, we love real estate, and we’re gonna make sure that all the people that you’re affiliated with, in any type of real estate, landlord payments, any of that stuff, is an accepted and encouraged type of transaction [crosstalk 00:11:23]
Jack: For us.
Jill: I’m so excited. That’s my classic [crosstalk 00:11:26]
Jack: So instead of [crosstalk 00:11:27]
Jill: Talk about
Jack: We could’ve said, you know what? I can’t take credit cards anymore.
Jill: Yeah. Like oops, oh well. Yeah.
Jack: It’s over.
Jill: No, it’s not giving up. We will find a way.
Jack: And I never had any … That’s been a theme. When we started Land Academy, almost that same day, what we realized is that everybody who’s buying and selling property is running into the same stuff that we solved several years ago. Which CRM do you use? Who answers your phone? On and on and on. So, Jill and I … If you go to landinvestors.com you’ll see all the products that we’re releasing this year to solve all those problems. We’ve already solved them internally, but they’re just not in any type of presentable format yet. So that’s what we’re doing. That’s what Land Investors is. It solves all those problems that take the emotion [crosstalk 00:12:13] out of it. Take all the hard work out of it.
Jill: Cause you and I will not fail. You know what’s great about that?
Jack: Absolutely right.
Jill: We do not … I don’t know how. I will figure out a way. Period.
Jack: I don’t care what time I have to get up [crosstalk 00:12:25] every morning. I don’t care what I’ll have to do.
Jill: I’ll change my … I’ll tweak the business however I have to to make it work.
Jack: That’s not about me, too. That’s the thing. Talk about reasons people fail. They take themselves too seriously. It doesn’t matter.
Jill: People make mistakes.
Jack: People don’t care about you. People care about the property. They want some cheap property to buy and they want it to be easy. [crosstalk 00:12:47]
Jill: And that’s what you’re doing.
Jack: They don’t care what car you drive.
Jill: Be a good person, stand up, be transparent. There ya go.
Jack: Exactly, Jill.
Jill: Thank you.
Jack: I got over that a long time ago. I’d like to think I got over myself a long time ago.
Jill: Not so sure.
Jack: You might disagree. And I know we have staff that disagrees with that. [crosstalk 00:13:06]
Jill: Oh my Gosh. Yeah right. Yeah, okay! Whatever you say!
Jack: Every time Jill goes on vacation everyone says, “when is she coming back? Jack, you know nothing about this. That has nothing to do with … Why are you even here?”
Jill: Aw. Oh my Gosh. The other day … That’s like the other day, we have a new employee and I was gonna show her something and he’s like “why are you bothering them?” Well, because they kinda need to know. He’s like, “well if that’s how you run your business”
Jack: That’s exactly what I said.
Jill: I’m like, “yeah, I don’t just throw them to the wolves.”
Jack: I don’t think you should ever have to train anyone. They should just come in and kinda know.
Jill: You know they need a little backstory sometimes. A little bit of information is not a bad thing.
Jack: Join us in another episode where Jack and Jill discuss how to use information, that’s me
Jill: And inspiration, that’s me
Jack: To get just about anything you want.
Jill: We use it everyday to buy property for half of what it’s worth and sell it immediately.
Jack: You’re not alone in your real estate ambition.
That’s some classic stuff that credit card thing.
I just thought … It just came to me like, it’s a perfect example of how we will not stop. We’ll figure out a way.
Jack: Well the theme now is “hey, if you’re not gonna provide it for us, Blue Pay, I’m gonna start my own and put you out of business, Land Watch”
Jill: That’s exactly what’s going on.
Jack: I could relist ’em right now.
Jill: Yeah, let’s see. Bigger Pockets.
Jack: Bigger Pockets. We have late investors. Bigger pockets does a good job, I actually like …
Jill: They do do a good job. And we’ve never had any issues with it, but we decided to make our own type [crosstalk 00:14:40] of community.
Jack: I’m sick and tired of Land Watch. We’re done with Land Watch. [crosstalk 00:14:41]
Jill: Oh I’m totally done with Land Watch.
Jack: So we started Landpen.com
Jill: Now we just started our own credit card company.
Jack: Pat Live, done with it.
Jill: Out. Yup.
Jack: Jill Live. [crosstalk 00:14:49]
Jill: Starting our own. Jill Live
Jack: Blue Pay, PayPal, all of it? Done.
Jill: Isn’t this great? This is [crosstalk 00:14:55]
Jack: Jill Pay is the way to go.
Jill: I gotta tell you, Jack, I am having the most fun every right now because who gets to do this? Who gets to wake up and say, “ya know? I don’t like that way the company is handling my book of business and for all my associates so I’m just gonna make my own.” We get to do that. It’s so cool. What’s next?
Jack: I know what’s next.
Jack: There’s 148-million pieces of real estate in this country. It’s a finite sample. Ready?
Jill: I’m ready.
Jack: It’s not infinite, like you might think. 148-million. Some get newly subdivided every month so there’s a few more net-net-net a few more every month. And I say a few, it’s not that many, it’s less than a thousand every month in the whole country. Some get consolidated. Take two [inaudible 00:15:38] and make em one.
Jill: It’s true.
Jack: And then, of course, property changes hands all over the country every day. So the data update, once you have that 148-million data set licked, which we have, by the way, it just becomes updates. Updates, updates, updates. And it’s when you really break it all down and deconstruct it backwards, it’s not that hard.
So, what’s next, you ask?
Jill: I am ready.
Jack: We will be Correlogic.
Jill: Got it.
Jack: We will be RealQuest Pro slash Black Knight.
Jack: Not this year, but probably in 2018. We are the data provider.
Jill: We’ll have the best [crosstalk 00:16:16] delivery and format
Jack: And we have the direct concept of the kinds [crosstalk 00:16:21] … Yeah, all that. But that’s a huge, much bigger [crosstalk 00:16:24]
Jill: It’s coming.
Jack: Being the scope of this.
Jill: Jack, that might change the way people buy and sell real estate in this country. Is that where you’re going? I say this quietly.
Jack: We’re getting way ahead of ourselves. We’re going to change the way people buy a house in this country. It is an outrage, it is an outrage, since you brought it up
Jill: Here it comes!
Jack: That is costs 6-12% in realtor fees to trade an asset that everybody wants to buy and sell anyway. What if you just went to a website and said “this is where you go to put your … Here world, it’s for sale!” And it costs $49 to do that, not, you know, you have a $300,000 house, it costs $35,000. That’s insane!
Jill: I agree!
Jack: So, it should cost $49 or some number like that and then it gets sold.
Jill: Thank you, Jack.
Jack: You’re welcome, it’s fun. I like putting people out of business.
Jill: Information and inspiration. To buy undervalued property.
Jack: Bad people.
If you have any questions or comments, please feel free to email me directly at jack@LandAcademy.com.
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