Land Tank: Shark Tank for Land Investors (CCFL 487)

Land Tank: Shark Tank for Land Investors.

Transcript: 

Jack Butala:                         Jack Butala with Jill DeWit

Jill DeWit:                            Hi.

Jack Butala:                         Welcome to our show today in this episode Jill and I talk about Land Tank … it’s shark tank for land investors. Before we get into it, let’s take a question posted by one of our members on land investors dot com online community, its free!

Jill DeWit:                            OK

Chuck ask, “I just ran into this on my latest large data download. Ouch. About 90% of the results in the data set had mobile homes on the parcels with zero percent improvement identified in the filter. From now on I will be checking a few APN on the county GIS before downloading.

Jack Butala:                         Ding, Ding, you don’t get burned twice on this stuff.

Jill DeWit:                            Yes, this is true. You should only make this once.

This is the first time I have gotten stung after downloading boat loads of data from previous mailers, lesson learned. That’s true. What I love is this is the beauty of success plan, a few people have chimed in here and I’m going to read some of their responses.

Jack Butala:                         It’s a forum.

Jill DeWit:                            Uh, hum. So, Eric added “You know in most states mobile homes are treated the same as cars, not considered real estate. They are registered like cars and are not considered attached to the land thus not an improvement.”

Jack Butala:                         I’m going to repurpose a blog that I wrote a really long time ago and make it available on this pod cast … in the notes area of this pod cast, in all 50 states how mobile homes are treated.

Jill DeWit:                            OK

Jack Butala:                         Because he’s right, some are treated like cars, some are personal property, some are actually real estates, very few.

Jill DeWit:                            Exactly, to me, I’m going to give a couple more comments here, Luke chimed in and said “I have seen that in some New Mexico counties. Can you start by the access value or the taxes or some other data there to see if the vacant or mostly vacant stuff comes to the surface of the data. Just skim the top of the list and mail them instead of mailing all the houses unless you are trying to buy houses.” That’s all another thing, too.

And then the last thing he added is, “Or sort by bedrooms or square foot and cut off the ones that have house data.” All good tips.

Jack Butala:                         This is why Luke is making six digits a month doing this … High six digits I might add, probably more. That’s what he’ll admit to. We see how much data he pulls and we see what he sells on land p[inaudible 00:02:28] And its staggering.

Jill DeWit:                            Right.

Jack Butala:                         That is exactly, 100 percent correct, Luke. You have to look at this data creatively. Just like Kathleen yesterday. Look at the data creatively and make it work to your benefit.

Jill DeWit:                            Exactly.

Jack Butala:                         You know, the first thing I would start thinking about is “Hold on a second, this county is all mobiles? And I got a mobile list? Now I have a mobile list everybody?”

Jill DeWit:                            I’m really happy with that. [crosstalk 00:02:59] I’m like “Hold on a moment everyone. Exactly, this is not a bad thing.

Jack Butala:                         Now I’m going to start selling some mobile homes.

Jill DeWit:                            The same people who buy land, rule vacant land by mobile homes. Trust me, I know this from decades of experience. If you mix some of those in you are going to do great.

Jack Butala:                         Man!

Jill DeWit:                            I love buying and selling mobile homes.

Jack Butala:                         I know, I mean, I look at like that, it’s gravy. I mean, any improvement that on the land like that is gravy. And if you pick it up cheap because they are walking away from it and it comes with a mobile that’s not a bad thing.

That’s the other thing, if these people own mobile homes and they own the land below it so I’m not exactly sure what that data set was. If it was mobile home owners or the land, the underlying land both are gold.

Jill DeWit:                            Right.

Jack Butala:                         You know, that could be … Chuck I would seriously consider not veering off from what your acquisition criteria but trying to experiment let’s say.

Jill DeWit:                            Saving that data and using it in another way, repurpose it and go at that data maybe at another time.

Jack Butala:                         I think you have to ask yourself is it worth $500 to send a 1,000 unit mailer out to offer to buy land with a mobile home on it. And I

Jill DeWit:                            I would say yes.

Jack Butala:                         Think you will find the answer is by leaps and bounds “hell yes.” Just to send it out as a test just to see if you’re into it or not. Some people can’t stand buying and selling houses, whole selling houses at all.

Jill DeWit:                            Right.

Jack Butala:                         I’m not one of those people. Some people just do land and that’s it and that’s fine.

Jill DeWit:                            Exactly.

Jack Butala:                         But I think that’s cool. I don’t think that’s a mistake you made.

Jill DeWit:                            Right.

Jack Butala:                         I think it’s good.

Jill DeWit:                            I bet if you do a little work too you could find a buyer before … you know if you start coming up with some nuggets in this I bet you could do a little bit of research I mean, heck even Craig’s List or something and find some people that buy mobiles. You know, some kind of investor and just give them to them.  See, you still don’t have to go out there and look at them.

Jack Butala:                         Sixty percent of the people who buy mobile homes and houses as a primary residence live within a mile of where that house is located. Or they buy it for their sister or something like that. So they’re in your data set already. There’s a real good chance the person that you’re going to buy this property for half of what it’s worth and sell it to someone who received a letter.

How many times, if you’re a member in our group have you received a note back? Not the hate, but a note back saying “Hey, I own a bunch of property in this area you sent me a letter to buy mine.” If you get any for this price I’m happy to pay you more.

Jill DeWit:                            Exactly.

Jack Butala:                         It happens all the time.

Jill DeWit:                            You’re right.

Jack Butala:                         If you have a question or you want to be on the show reach out to either one of us on success plant or land investors dot com.

Today’s topic, land tank. It’s a website Jill and I have started. It’s shark tank for land investors. So picture this, if you hadn’t seen shark tank you should really get out of the vacuum and get out from under the rock you live in and look it up cause it’s pretty cool. It’s a bunch of really wealthy capital investors, private money lenders … not … they’re equity partners. And people put products and companies in front of them and they bid against it if they’re interested at all.

Well, turns out tons of our … people in our group or not in our group just didn’t, as Jill calls it in this world.

Jill DeWit:                            In our world.

Jack Butala:                         In this world.

Jill DeWit:                            In our world … is my term.

Jack Butala:                         In this world of buying and selling land sometimes you find a deal you just don’t have the cash yourself, which is you know, don’t hang your head about it, it’s good. You’re doing … that’s great. Wouldn’t it be great …

Jill DeWit:                            More deals than money is good.

Jack Butala:                         To have a single place to go where there’s people who understand you. They understand what you’re all about and how much time and energy and understand … look at a deal just like you do and say “I got it. I’m … we’ll [inaudible 00:06:31]  another bank together on this. That’s what land tank is. And Jill wants to make a shoe out of it. Like a video show.

Jill DeWit:                            Yeah, we might do that. I can see a niche for that.

Jack Butala:                         [crosstalk 00:06:41] website

Jill DeWit:                            What I thought we could do, we could do it in a live environment you know, have people really come forward and then we could … cause here in L.A. lord knows there’s enough investors and property and things around here that’s not hard.  And then we could record it and then put it up on the website, I think that’d be really fun.

Jack Butala:                         So if you want to be on the panel at least initially and you have some type of personality … you’re not like an incredibly boring person … reach out to me at Jack at land investors dot com and we’ll … we’re in the planning stages of it right now. I had the dot com and the whole thing … we have the people who are going to film it, the producers, all that stuff’s done we just need …[00:07:23] we have a lot of people who want to bring deals, right? Mostly a lot of people who are in our group. If you want to be on the panel but you know … literally have to … not … if you’re a movie start do not show up for this.

If you’re a real land investor with real money and you want to follow through and tell us three weeks later how much money you guys made together and all that let us know cause we’ll put you on the panel.

Jill DeWit:                            Or you have a property I mean … well we’ll open that up later where people can apply online with their investments and there’ll probably be a little bit of a … there will be a screening process, let’s be honest and then we’ll pick the five or ten or however many we wanted, you know, come forward and present their deals.

Jack Butala:                         It’s real simple, if parcel fact is the mediator let’s say, because what we’ll do is put parcel fact up on a screen so that you just input the property. You look at it that way.

Jill DeWit:                            We can all look at it.

Jack Butala:                         So, if you haven’t checked out parcel fact check it out. F-A-C-T, parcel fact dot com. It’s a site that Jill and I started awhile ago, it makes it really … and its free. The initial look ups are free to find your property.

Jill DeWit:                            So, Jack and I came up with this we were driving one time between Arizona and California and we were watching … you know we were in the car we were … kind of … I think we got kind of tired of ted talks cause we would do those for a while and this time we pulled up some Shark Tanks and we were watching some Shark Tanks and isn’t that funny I’m just thinking who came up with this

Jack Butala:                         You did.

Jill DeWit:                            Oh did I? Okay, thank you, I’m like

Jack Butala:                         I came up with the word then you bought dot com right on your phone.

Jill DeWit:                            I did buy that, that’s true but it was kind of funny, you and I are good at brain storming. When we get out of our normal environment and we’re off somewhere we come up with some pretty good ideas and this is one of those where you come up with like “wait minute, people could come forward instead of a company come part of the property.” It was like, would you do this deal evolved to “I need money to help do this deal and there’s land tank.” And I’m excited … this will be cool.

Jack Butala:                         We will be a money partner on the … we’ll be panelist.

Jill DeWit:                            Exactly, we should be

Jack Butala:                         One of us

Jill DeWit:                            Wait a minute, that’s an even better idea we could do it separately. I think that would be fun cause there’s deals that you would take on that I might not take on and vice versa. I think you and I should not be a united front on all these deals. I think it’d be fun to be … wouldn’t that be cool, I see your … the wheels turning. I’ll put some of my money up sometimes and sometimes you put your money up.

Jack Butala:                         And sometimes they have guest … I want to have guest panelist all the time.

Jill DeWit:                            Oh yeah, there should be like four of us … or more. Four or five.

Jack Butala:                         But then it should interchange all the time so sometimes you and I’ll be on the show together sometimes it’ll just be one of us.

Jill DeWit:                            I think it would be fun …

Jack Butala:                         Sometimes we won’t be there at all.

Jill DeWit:                            What about this idea, too. What if we have on … you know on the panelist, the people who are selecting the deals and investing, I think it would be fun to have all kinds of property types, maybe they’re into apartment buildings.

Jack Butala:                         Yeah, absolutely!

Jill DeWit:                            And they’re into broaden their … I don’t want really want someone that’s nothing but tires … you know what I mean? Or some kind of manufacturing cause I don’t want to … I don’t … what do you think?

Jack Butala:                         Just keep it to real estate only.

Jill DeWit:                            Yeah, so real estate only but all types? [crosstalk 00:10:29]

Jack Butala:                         That’s it, and they’d be getting just land. It’s called land tank.

Jill DeWit:                            This will be really fun. I like this.

Jack Butala:                         Every good idea we have, we have nine other ones that really, really suck bad.

Jill DeWit:                            Suck!

Jack Butala:                         And sometimes they’re very expensive failures.

Jill DeWit:                            Yes, that’s true. How many dot coms do you think we have that we haven’t used?

Jack Butala:                         Like, 50.

Jill DeWit:                            OK, that’s not bad actually.

Jack Butala:                         It’s a good thing they only cost eight dollars a year.

Jill DeWit:                            Exactly, that’s hilarious. Yeah, you know what if you have a good idea go … this is true … go get the dot com and then think about it and then if … you know … you’ll at least have that option.

Jack Butala:                         I had lunch with a developer recently and he said do you know how many dot coms I have? And how many … cause he said developers can’t … they have great ideas and they know how to build the website and then after that they have no idea how to market it.

Jill DeWit:                            That’s funny.

Jack Butala:                         They just know how to build stuff.

Jill DeWit:                            Yeah.

Jack Butala:                         I’m all set up for that … we’re set up for marketing even.

Jill DeWit:                            Yeah, well we’re good at that.

Jack Butala:                         Hey, do you have any suggestions about any of that stuff, again, or you want to be on the panel for land tank dot com …

Jill DeWit:                            It’s going to be fun.

Jack Butala:                         Let me know, Jack at land investors dot com.

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:                         Get just about anything you want.

Jill DeWit:                            We use it every day to get property for half of what it’s worth and sell it immediately.

Jack Butala:                         Not a loan. You’re real estate ambition.

Jill DeWit:                            You know it’s so funny …

Jack Butala:                         I can’t wait to do that.

Jill DeWit:                            I know! I talked to a couple a week or two ago, it was so cool, and it was funny cause they said, “Jill,” he’s like, “I’m the inspiration and my wife’s the information.” I thought ah! That was really cool. He said, “We’ve figured it out who’s who.” I was like, “That’s really good.”

Jack Butala:                         Yeah, if you have two information people then you’re just going to walk around with your head hanging all the time like me.

Jill DeWit:                            Well you need the inspiration to push it to fruition.

Jack Butala:                         Yeah, like shark tank. Land tank.

Jill DeWit:                            Exactly.

Jack Butala:                         Inspiration to buy undervalued property.

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