Time is Not on Your Side: It Kills Deals (CCFL 489)

Time is Not on Your Side: It Kills Deals

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 time is really not on your side. It kills deals. To say it another way, time kills deals. I’ve been saying it for years.

Before we get into it, lets take a question posted by one of our members on landinvestors.com online community. It’s free.

Jill DeWit:                            Is that why you snatched me up so fast, Jack? Did you say, “Come with me, come with me. Don’t make any decision, come with me”, because you knew time would kill this deal? “Run away, run away with me.”

Jack Butala:                         Yeah, I think the acquisition of Jill DeWit probably had a lot of the same choices as buying a 40-acre property does. With lasting benefits.

Jill DeWit:                            Thank you. Okay, here’s the question … Let’s move on here. All right, Rod asks-

Jack Butala:                         Nothing like personifying women. Women love to just … I mean de-personifying, treating them like an object. God, I’m going to get some email for that.

Jill DeWit:                            Exactly.

Jack Butala:                         You don’t want to do that ever. Women hate that.

Jill DeWit:                            Exactly.

Jack Butala:                         Do they hate it?

Jill DeWit:                            Yes.

Jack Butala:                         You look like a gorgeous statue. Do you hate that?

Jill DeWit:                            Yeah, I don’t want to look like a statue. Makes me think I’m cold and like, cold.

Jack Butala:                         You’re just gorgeous, and that’s it. Stop right there.

Jill DeWit:                            Yes. Leave it at that. You can never go wrong with, “You look nice in those pants.”

Jack Butala:                         Oh, okay.

Jill DeWit:                            Yeah.

Jack Butala:                         We should do a whole show about this-

Jill DeWit:                            “Your ass looks perfect.”

Jack Butala:                         Oh my gosh, you can’t swear on the show. Save it for [crosstalk 00:01:28] –

Jill DeWit:                            I didn’t, it’s body part.

Okay, moving on. Rod asks … He’s asking about finding GPS coordinates. He’s like, “Okay, I read … I know in the new member guide it says you can get GPS coordinates from TitlePro247. How does this work?” I have something even better. Here’s the thing … Yes, if you go through steps and … A few are free, and then you have to start paying, because we pay for some for you. You can download a property report within TitlePro247-

Jack Butala:                         Which is very laborious, and-

Jill DeWit:                            It is. It’s six pages-

Jack Butala:                         I you’re looking at … If you’re reviewing ten properties in a portfolio to buy, that’s going to take [crosstalk 00:02:13]-

Jill DeWit:                            This is not the way to do it.

Jack Butala:                         Yeah.

Jill DeWit:                            Back before we had this … What I’m going to share with you in a second … Back before we had this other tool, it was a good resource, if you had to back-up. Here was the problem: A, it costs money, it takes time, it’s not the best way to do this, you can’t do ten at a time real quick, and it only gives you the settle point. Now we have something better. So, Rod, don’t even bother. Move on from here, use Parcel Fact. I can sit and put in 10, 15, 20 properties … I mean, I can whip through them, because I’m putting in county, APN. I see it, yes. County APN, I see it, no. County APN-

Jack Butala:                         It’s that fast-

Jill DeWit:                            It’s that fast and I get a whole-

Jack Butala:                         Parcel Fact.

Jill DeWit:                            The whole outline of the property.

Jack Butala:                         We’ve been using a version of Parcel Fact, not the pretty version that everyone uses now, but version of that, for years. It came to my attention over, and over, and over again that our members … Land investment members couldn’t find property. Right? It doesn’t have an address, it just has GPS coordinates. When you have just an APN and you’re talking to a seller on the phone and want an answer, you need a fast way to look it up and say, “Yeah, I’d love to buy your property”, or, “No, this is awful.” There’s no product that existed until we released parcelfact.com and I’m proud to say we’re getting rave reviews. That’s what I thought would happen. Everybody is saying I don’t know what I did before this-

Jill DeWit:                            It’s awesome-

Jack Butala:                         Before this happened-

Jill DeWit:                            I know. I’m seriously jealous of people getting into this now, with the tools that we have. I wish I had it back then. They don’t know what it was like driving a stick with not power steering-

Jack Butala:                         Sure-

Jill DeWit:                            And not disc brakes. It was like that but even worse. Going uphill in sand. That’s what it feels like pulling property, and trying to find property back then, verses trying to find property right now.

Jack Butala:                         Yeah. This isn’t a Parcel Fact commercial, but the other thing is that it’s got all the assessor data. When you pull it up by an APN, not only do you have the corner-point map of where the property is, you get a tremendous amount of zoning information, land-use information, previous owner information, what it sold for and how much. It’s truly and amazing tool, and it’s free. In the beginning it’s free, and then it’s a subscription base, so you if you need to look up a million properties next month-

Jill DeWit:                            Yeah, test it out.

Jack Butala:                         It’s amazing. I use it every single day, all day-

Jill DeWit:                            Right.

Jack Butala:                         When I’m looking at acquisitions.

Jill DeWit:                            What’s nice too, Rod, is that … This is what’s great. It takes a lot of engineering out of it too, because when you’re looking at the property and you have all the … You know how you have some maps? If you really decided you want that asset, right then and there, download those maps. Have them available, so when you go … Time to post your property for sale, you have all your homework done-

Jack Butala:                         The pictures are done.

Jill DeWit:                            You’ve got it all right there-

Jack Butala:                         It really makes it efficient. Yeah.

Jill DeWit:                            Yeah. It’s really good.

Jack Butala:                         We are a user of this product, and designed it that way.

Jill DeWit:                            Oh gosh, yes, I love it.

Jack Butala:                         If you have a question, or you want to be on the show, reach out to either one of us on landinvestors.com.

This parlays right into our topic. Time kills deals.

Jill DeWit:                            It does.

Jack Butala:                         If you’ve got a great acquisition … You’ve heard us say it before, run to the bank beofre the seller changes their mind.

Jill DeWit:                            Right.

Jack Butala:                         All right, this is a Captain Obvious topic.

Jill DeWit:                            I know. I was just talking to a woman about this other day. She’s like, “There’s got to be better way to do my due diligence.” I shared with her, “Yeah, here’s what you do, and here’s how you do it, and how I can help”, and all that good stuff. Because, up until she found us, she’s been doing a lot of paying for titles searches and things like that. Because sometimes these take four to six weeks, to get this stuff back, to evaluate the asset to see if I even want to buy. I’m like, “Shucks. That does take forever-

Jack Butala:                         I just killed a deal because it took to long-

Jill DeWit:                            Yeah-

Jack Butala:                         It was a great deal and I got mad-

Jill DeWit:                            That’s true-

Jack Butala:                         Because, the title agent was just not giving us the service that we wanted-

Jill DeWit:                            Exactly-

Jack Butala:                         It was out of our area to use the regular title system that we use. We just got a bad duck.

Jill DeWit:                            We did.

Jack Butala:                         I lost my patience.

Jill DeWit:                            It’s really true, we were all like, “This is a good thing” … Us included. We were all excited to buy these properties, and because the title agent and the process took so long [crosstalk 00:06:40]-

Jack Butala:                         She killed this deal-

Jill DeWit:                            She did kill the deal. By the time she said, “We’re ready to go”, I’m like, “Oh gee, forget it. I forgot about you and I’m not excited anymore.”

Jack Butala:                         Really, we’ve done 42 deals between the time we started this one, and now you want us to close it. I don’t think so.

Jill DeWit:                            Exactly-

Jack Butala:                         The funds that we have allocated to this thing, we’ve tripled them.

Jill DeWit:                            Yeah, if you had done it in the ten days that I originally spelled out that I was ready to act on, it would’ve been done and over with. Now, forget it. I-

Jack Butala:                         I mean, we have a-

Jill DeWit:                            You get to back … By the way, you get to tell the seller that you … That this is the reason why. I am not coming. I am not going to complete it anymore, you screwed it up.

Jack Butala:                         Good for you, Jill.

Jill DeWit:                            Thank you. Thank you.

Jack Butala:                         I like the way you operate.

Jill DeWit:                            Exactly.

Jack Butala:                         Uh oh, the mom voice just came out.

Jill DeWit:                            It did.

Here’s the reality, time kills deals. You have a seller who’s motivated right now, and he said, “You know, yeah-

Jack Butala:                         “Yeah, I do need the money”-

Jill DeWit:                            “Okay I’ll do it”-

Jack Butala:                         “I do need to settle the estate”-

Jill DeWit:                            You need to hang up the phone, get a notary on the other line … Call a notary right now, and line it up, so in the next phone call … In 20 minutes you’re calling the seller back, saying, “Hi, Mister Smith. Okay, her name is Betty, she’s going to come to you guys on Tuesday. You said you’ll be available. I’m going to email you all the information. How do you want the check made out”-

Jack Butala:                         That’s how get a deal done-

Jill DeWit:                            This is what you should do. This seller’s like, “Oh, nice. I’m getting a check for $2,000 on Tuesday”-

Jack Butala:                         Exactly.

Jill DeWit:                            And then you follow through. Period.

Jack Butala:                         Exactly.

Jill DeWit:                            The same goes when you’re selling. You want to them to be able … They see it, they love it, they’ve slept on it, they wake up that morning going, “Honey, we’re going to buy this property. I found our cabin location”, whatever it is. They need to be able to get the money in your hand, and you get the deed in their hands as fast as possible.

Jack Butala:                         That’s right.

Jill DeWit:                            So, it’s-

Jack Butala:                         They need to check out with a credit card, is what they do too-

Jill DeWit:                            And get a deed coming in the mail. Have tracking information go out that day, or within 24 hours-

Jack Butala:                         That’s right, Jill.

Jill DeWit:                            Have an email that says, “You will get tracking information”. I’ll tell you, spending a few extra dollars is one thing that I do. Spending a few extra dollars to give your seller tracking information so they know when the deed’s going to arrive, goes so far, I can’t tell you. It’s exciting for them going … It’s just a piece of paper, but they get excited and they need that.

Jack Butala:                         You need a system, if you don’t have one … And you look at every deal differently, and let the circumstances dictate how you do the deal, in the end you’re going to lose. You need to jam the deal into your process, and if it’s not jam-able into that process … This deal wasn’t for us, then we walked.

Jill DeWit:                            I like that. “If it’s not jam-able.” There’s my Jack quote for the day. “If it’s not a jam-able event, then you don’t want to do it.” Is that a word?

Jack Butala:                         Jam the damn deal, right guys-

Jill DeWit:                            Jam-able-

Jack Butala:                         Then get a check out of them.

Jill DeWit:                            That’s right. I it’s not jam-able time’s going to kill that deal. That’s so good. That’s really good-

Jack Butala:                         I don’t even know I’m saying stupid stuff-

Jill DeWit:                            I know-

Jack Butala:                         And that’s why-

Jill DeWit:                            That’s why I’m here-

Jack Butala:                         I have Jill in my life, to say-

Jill DeWit:                            I’ll point out the stupid stuff-

Jack Butala:                         To say, “You know, you should never go out of the house with that on”-

Jill DeWit:                            Yeah-

Jack Butala:                         That kind of stuff.

Jill DeWit:                            That’s all right. You in return help me all the time, like “What are you”-

Jack Butala:                         Did you ever see an old angry guy in the grocery store, and it’s like, “There’s no woman in that guy’s life.”

Jill DeWit:                            All the time-

Jack Butala:                         She would never let that guy out of the house.

Jill DeWit:                            Exactly. Why did he even bother putting socks on. That’s not how this should go. Oh my goodness.

You politely point out to me that, “Jill, nobody’s listening.” That’s how you do it to me.

Jack Butala:                         Everyone stop. The kids are not in the room anymore, Jill.

Jill DeWit:                            Yeah, I don’t know who you’re talking to, but everybody left. No one’s listening. Thanks. Or it’s more like, “Who are you talking to, because we can’t figure this out?” I’m sorry, I’m three conversations ahead. That’s another one.

Jack Butala:                         Women can talk to each other, and listen at the same time.

Jill DeWit:                            Yes, we can.

Jack Butala:                         It’s amazing to me.

Jill DeWit:                            Yes, we can.

Jack Butala:                         I have a tough time just concentrating on one thing. Let alone talking while I’m concentrating-

Jill DeWit:                            We get it. We can discuss what we’re going to wear, what time we’re going to arrive at the event, and what we’re going to bring all at the same time, and get it. We’ll hang up the phone … Actually, it’s efficient for us, because we have three conversations all jammed into the time of one-

Jack Butala:                         So talking is efficient for women. This is priceless advice for men, because talking is extremely inefficient for men-

Jill DeWit:                            Oh, Jack.

Jack Butala:                         Doing is efficient-

Jill DeWit:                            Oh my gosh. If done well … Oh my goodness. We can cover three topics at once, and make it efficient, believe it or not.

Jack Butala:                         Make sure you talk about how you feel, while you’re doing that-

Jill DeWit:                            You notice I didn’t roll that in there. I didn’t not include that part of it, because that will slow everything down-

Jack Butala:                         I’m going to get into so much trouble now.

Jill DeWit:                            Oh no, it’s all good.

Jack Butala:                         Join us in another episode, where Jack and Jill discuss how to use information and make a complete idiot out of yourself, that’s me.

Jill DeWit:                            And inspiration, point it out, that’s me.

Jack Butala:                         I get busted for it every day.

Jill DeWit:                            To get just about anything you want, kind of. We use it every day to buy property for half of what it’s worth, and sell it immediately.

Jack Butala:                         You are not alone in your misunderstanding of the opposite sex.

Jill DeWit:                            Ambition. Oh, boy-

Jack Butala:                         Oh, Jill you’re a crack-up. You’re a crack-up, man.

Jill DeWit:                            That’s good.

Jack Butala:                         Time does kill deals.

Jill DeWit:                            It does, man. If you don’t strike while the iron’s hot on either direction, you’re going to-

Jack Butala:                         It’s the same thing in life, with girls and stuff too.

Jill DeWit:                            Yeah.

Jack Butala:                         You know, if you have their interest, do something about it. Don’t sit around and wait, I learned that the hard way a long time ago. Stand on your head and spit wooden nickels if you need to.

Jill DeWit:                            I ain’t even going to go there.

Jack Butala:                         Information and inspiration to buy undervalued property.

Jill DeWit:            What does that mean?

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