How to Hack Your Time Management (CFFL 494)
Jack: Jack with Jill.
Jack: Welcome to our show today. In this episode Jill and I talk about how to hack your time management. What the heck is he going to talk about with this? Before we get into it, let’s take a question posted by one of our members on landinvestors.com online community. It’s free.
Jill: Okay. Matt asked risks … Oh, this is the topic of it, of this thread, which is with a question. Risks associated with letting people build an owner financed properties. Okay, so here’s the question. I have a number of folks who have purchased properties from me that are coming back and asking me if they can make improvements on the properties before they pay off your loan to me.
Jack: Congratulations, by the way Matt. You’re doing everything right. If they want to build on a property that you sold them you’re doing something right.
Jill: Mm-hmm (affirmative).
Jack: Go ahead, Jill.
Jill: Okay. I have it on all my contract that they cannot not make improvements on it until the loan is fully paid back and they have the deed for the property in hand. Some people are coming back and just wanting to clear the property of underbrush, some want to add a slave for their our RV, and others want to clear the property and build a home on it so they can move there. What risk a, I incurring if I allow folks I have on terms to do these things?
Jack: Can I go first?
Jack: I can’t say this … I’m going to say it for more times probably before we’re done answering this question. Congratulations for the types of property and the deals that you are doing where they want to build on it and they’re visiting the property, and I love it, and they’re thanking you, and they’re calling you. You are doing every single thing right. The flip side of that is they go out, and see it and they hate it, and they want their money back. All right. So, that’s a problem. You don’t have a problem here. You have a fantastic situation for several reasons. What risks are you incurring? None, in my opinion. And I mean none. The only thing they can go wrong here is that they dump on the land, right? They put some, I don’t know, a refrigerator with Freon in it or some messy environmental scenario but that’s the only bad thing. So, now that we got the bad stuff out of the way, how do you win here? Let’s say they don’t pay the loan off. Now you own all the improvements that whatever they did to it, you own it.
Jill: Mm-hmm (affirmative). I love it. I’d love to have a slab on it that somebody did to drive their RV up on it. So I think that’s the coolest thing on the planet.
Jack: The more time they spend there, the more stuff that they do and they like it or whatever happens the higher possibility that they’re going to pay the loan off. In fact, I would even venture to say this, and I’ve done this in the past with great success, “Oh, you know what Mr. Smith? If you really want to build a house, you want to clear the brush, an RV and you’re going to use a property like you really intended, what do you say we cut a deal?”
Jill: I was going to say the same thing. Yeah.
Jack: How about I give you a 25% off if you just pay it off.
Jill: Yep ,if you can afford to do that, then you can afford to do this.
Jack: What do you say we just re-cut the deal and now you make 10 equal payments of $1000? All right, in 10 months and I’ll deed it to you. Or something like that.
Jack: If you have an owner that calls you back and there’s talk … As much as I, I don’t do it anymore, I’ve learned this from Jill. When they’re calling you back and they’re saying, “Thank you, I love it, do you have more, can I build on it?” You’re going to sell them something else or something. It’s all positive.
Jack: If they’re calling back and they’re saying, “This is awful, that you misrepresented it.” Which you never want to do, that’s a sign that you missed something. So in fact, the root of all lending. We did a show, The Root of All Evil Is Lending. I don’t know. It aired two weeks ago or a week ago. Or maybe it didn’t. Maybe it airs today, I really don’t know.
In the beginning, when lending became … When I suck at roots in, the whole idea was to lend somebody money to do something so they would intentionally fail and you would inherit how they’ve improved it. The roots of it go back to, if you look on the internet, lending to governments in South America so that they could mine their own property for resources whether it be timber, or stuff below the ground, or whatever. And then with intent to foreclose on it because they could never pay it. It’s evil. It’s terrible, terrible, terrible. Lending is … Listen to the show. It’s actually worth it.
So, Matt. I never-
Jill: I like the 493.
Jack: The other 497 podcasts that we have, they’re actually really, really good shows.
Jill: Yeah. I know. But this one’s worth it. That’s hilarious.
Jack: I just thought I’d point out the one that’s really bad.
Jill: That’s great.
Jack: And evil.
Jill: That’s great. Oh my gosh.
Jack: So I’m not saying doing anything with malicious intent. I’m just saying, if for whatever reason they decide to stop paying and they’ve improved your property, worst things could happen to you. If you have a question or you want to be on the show …
Jill: Like the plague. Where are you going with that? You know one thing I love about you, Jack, is some of these statements are so open ended it could be anything. You know worst things could happen. And you just walk away. Like what where did he go? Wait.
Jack: You know why? Because you know where that comes from? Being a seasoned parent. Kids ask you stuff. Like, “Eh, worst things could happen.” And you just walk away.
Jill: Like, what? What? What am I supposed to do now?
Jack: Do he mean yes or no?
Jill: Exactly. That’s exactly … You didn’t answer the question. I don’t know what to do. Am I getting to get in trouble now? I really don’t know.
Jack: No, he didn’t answer it.
Jill: I actually walk around going, “I don’t know if I’m going to get in trouble now.” Okay.
Jack: Listen if anybody … Listen, mom, if anybody …
Jill: Oh, no. Here he goes.
Jack: Every once in a while-
Jack: All the husbands out there are nodding right now. Every once in a while, I become the fourth kid. So the kids do something bad when they’re all together to collectively … Not so much anymore because some are older, but somehow I get lopped into that. I get in trouble with them.
Jill: Yeah. Well, because it’s often your idea. Well, let’s just start there. Dad said that ridding down the stairs on this air mattress-
Jack: This is a true story.
Jill: Into the wall is a good idea. Actually, dad gave us the air mattress and he turn the music up even louder. That is a true story.
Jack: That happened recently.
Jill: And nobody got broken bones.
Jack: We got into a lot of trouble for that.
Jill: Oh, that was funny. It was allowed. No, but fortunately no broken bones, no holes in the walls. We did okay on … That was so funny. And you wonder why.
Jack: That was a blast.
Jill: Listen mom.
Jack: That gets me thinking. Try it with a skateboard.
Jack: Do you have a question or do you want to be on the show reach out to either one of us on landinvestors.com. Today’s topic: How to Hack Your Time.
Jack: I know, but really just time. If the title is How to Hack Your Time no one would … It’s like time management? Oh, I can get it.
Jill: Oh, okay.
Jack: Recently I’m watching a show on Netflix or Amazon. I can’t remember which one. Called Mr. Robot and it’s about a bunch of kids who pull off the hack of the century and they need the Chinese hackers to help them. And the leader of the Chinese hackers, there’s a sentence. And I stopped. I stopped watching it and really had to think about it, and then obviously decided to do a show about it. The line was, you guys choose to hack computers, I choose to hack my own time. And what he really meant after I really thought about it was he takes his time very seriously and micromanages time. And so I started doing that this last week. I’m only going to spend this amount of time on this, only going to spend this amount of time on this, and guess what?
Jill: That’s good.
Jack: Guess what happened?
Jill: You’re more efficient and happier.
Jack: I am. Exactly, Jill. I mean, the amount of stuff that I’ve gotten done this week, I can’t think of a more productive week. Think about what we done this week.
Jill: This is awesome.
Jack: So hack your own time.
Jack: Put time limits on everything you do. And I saying … Don’t be the Rain Man and be a weirdo and walk around with an egg timer. Although I have done that.
Jill: Yes, you have done that.
Jack: [crosstalk 00:08:08] no but because we have these phones with the timers on them. But take your time seriously. I mean it. Even if you’re going to have a meeting with somebody who is below you, this is how I used it. Make sure the meeting is four minutes and that’s it. And tell the person, “I have four minutes to talk to you about this.” Not with disrespect, just this topic to me and how important this is and the goal that I’m really trying achieve, which is to make a bajillion dollars and I had to work anymore. But don’t say that. Just say it to yourself, this conversation in the scheme of things is worth four minutes.
Jill: Mm-hmm (affirmative).
Jack: That’s hacking your time.
Jill: By the way, this is sounding like a Jill topic. I’m very proud of you.
Jill: This is really, really good. This is really good advice.
Jack: Thank you, Jill.
Jill: It’s like-
Jack: Thanks, mom.
Jill: You’re very welcome. I’m so proud of you, Jack.
Jack: Steven Jack [Betelit 00:08:58], that’s what my mom used to say.
Jill: Oh, gosh. I’m very proud of you. No, it’s a mindset and that’s the stuff that I like because you’re coming at it like, all right how important is this topic to me? Let’s prioritize here. I’m going to spend four minutes on it, not 40 or something. And there’s things that you’re going to spend 40 minutes on.
Jill: So that’s good.
Jack: What was a show yesterday about using the phone service, I think. Or maybe two days ago, I don’t remember.
Jack: You know, how much time does that save you? Or you can, Oh, yeah. We can buy the champagne with the shoes, with the girl shoes. All kidding aside, really.
Jack: Talking to a person who wants to sell a piece of property and putting the deal together, that’s way high up on the list, right? Taking your wife to dinner, was high up on the list. And making sure that she’s happy.
Jill: That was good.
Jack: Getting the car washed, really low on the list. Don’t spare any time on it.
Jack: Hack your own time.
Jack: Hack other people’s time. There some people … We have a really good crew right now working for us. And there’s a couple people that are not the best managers of their own time. And so, if you teach them, you don’t tell them what to do and order them around, but you teach them your priorities and stuff. They’re going to start to manage their time better. Heck, you’re hacking their time.
Jill: Mm-hmm (affirmative).
Jack: I’ve never been a fan of the word hack.
Jill: You have to help people sometimes. I don’t like that word either.
Jack: Seth Williams loves it. He hacks everything.
Jill: But you do have to … It’s a process. You learn it and you have to teach somebody else too, really how to prioritize. And let them know that it’s okay to stop. Well, here’s something that I have done in the past with people as I’m helping them. I say, “All right. I need you to spend one hour on this. Give me an executive summary. Whatever you come up with in one hour, the best three sources for X. Whatever the project is.” And that’s it. And it forces them to cut it off. And you go crazy for an hour because you could spend all day on it and you really don’t need to spend all day on it. Because the results all day are probably going to be the same results that you just been an hour on. Don’t overanalyze yourself on any of it.
Jill: So that by doing things like that, not only setting those limits on yourself, but helping people who work for you or your associates, that’s great advice. It’s going to save a lot of time, and energy, and stress, and free you up for the fun stuff. Like drinking champagne out of women shoes at the store.
Jack: How did it become that?
Jill: I don’t know.
Jack: Drinking champagne out of women shoes instead of while you’re wearing women’s shoes.
Jack: I’m wondering what we’re talking about.
Jill: Oh my goodness.
Jack: That’s another episode.
Jill: Oh, no. If you just tuned into us and this is your first episode, you’re going to think these people are crazy.
Jack: If you just tuned you into this podcast for the first time, that’s your problem.
Jill: Oh, my goodness. Wow. This is crazy. All right.
Jack: If you have a question are you want to be on the show … Oh, sorry. I said that. Join us on another episode where Jack and Jill discuss how to use information that’s me.
Jill: Oh boy. And how to use inspiration and help Jack along, that’s me.
Jack: And you might just get about anything you want.
Jill: Yeah. We use it every day to keep each other on task and buy property for half of what it’s worth and sell it immediately.
Jack: You are not alone in your real estate ambition.
Jill: That was funny.
Jack: Thank you for the compliment.
Jill: You’re welcome.
Jack: You went out on a limb with this show title and the concept for it.
Jack: We really think about this whole last week, it’s been efficient as heck.
Jill: Yeah. I like it. This is really good. It’s one of those … It shouldn’t be a light bulb over your head moment, it should be, “Yeah, he’s right. I’m not doing that.” It’s a reminder. We all know … It’s like you say Jack, we all know we should get up and exercise in the morning.
Jill: That’s a fact. Do we do it? No
Jack: Some of us do, some of us don’t.
Jack: Information and inspiration to buy undervalued property.
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