Kids are Back in School (CFFL 548)

Transcript:

Jack Butala:                         Jack Butala with Jill DeWit.

Jill DeWit:                            Good day!

Jack Butala:                         Welcome to our show today. In this episode, Jill and I talk about how the kids are back in school, at least ours are.

Jill DeWit:                            Woohoo!

Jack Butala:                         And what we’re going to do with all this extra time now.

Jill DeWit:                            Woohoo!

Jack Butala:                         We don’t have to put anybody in the closet and lock the door anymore.

Jill DeWit:                            Woohoo!

Especially me.

Jack Butala:                         Before we get into it let’s take a question posted by one of our members …

Jill DeWit:                            Because I’m drinking, just kidding.

Jack Butala:                         One of our members on our landinvestors.com online community it’s free.

Drinking?

Jill DeWit:                            Gosh. Where is mom? I don’t know. She must be in the closet again.

Okay.

Jack Butala:                         Wasn’t there a gallon of wine on the counter yesterday?

Jill DeWit:                            I don’t know where it went and mom’s gone.

Thank God school’s back. Okay.

Jack Butala:                         Little Jackie, why is your mom never here?

Jill DeWit:                            I don’t know, Mom who?

Jack Butala:                         I don’t know. She got her passport renewed yesterday.

Jill DeWit:                            Exactly, then she’s gone.

Jack Butala:                         There’s a lot of food in the refrigerator though.

Jill DeWit:                            That’s right and the keys here …

Alright. Luke asks, “What accounting software are people using? I don’t like the idea of paying a monthly fee for a lot of cloud-based programs, but maybe that’s just what I’ll have to do. The QuickBooks Premiere that I bought I quickly returned after four hours on the phone with customer support because it won’t connect with my Capital One Spark Bank business account.”

I hope there’s more to the question, maybe that’s it.

Jack Butala:                         That’s it.

Jill DeWit:                            Okay.

Jack Butala:                         What software do you use?

Luke, we love you, but I think you may be overthinking this.

Jill DeWit:                            Ahh …

Jack Butala:                         This is not the regular Luke, this is a different Luke. This is Luke Harris.

Jill DeWit:                            Right.

Jack Butala:                         I use Excel. And I send it to our accountant once a month.

Jill DeWit:                            What accounting do you use?

Well his name is …

Jack Butala:                         The whole point to this is not we’re not going to answer the question. I just did. Don’t worry … Jill’s got a whole thing about don’t sweat the details about some of this stuff … I have an accounting background. There are accounting-intensive businesses, this is not one of them.

You maybe have payroll, you got some rent. Probably some subscriptions to stuff like Land Academy or whatever. They are recurring entries and this is not complicated at all.

Jill DeWit:                            While this is important, this is not what you should be spending your time worrying about, right?

Jack Butala:                         This is exactly what you should be outsourcing.

Jill DeWit:                            Right. That’s the key. Don’t think about it, Luke. Hire somebody, move on. And this Luke … I think he’s at the level where he doesn’t need to be thinking about some of this stuff. Right?

Jack Butala:                         Luke Harris is incredibly successful.

Jill DeWit:                            Yeah.

Jack Butala:                         So is the other Luke.

Real quick Jill, off the top of your head. What are the things you should outsource and what are the things you should keep in house as a real estate investor of any kind?

Jill DeWit:                            Well, book-keeping, number one. Any office detail, admin kind of thing, outsource that.

Jack Butala:                         If you don’t have a virtual assistant, I don’t care if you’re brand new or if you’ve been doing this for fifty years. Find an overseas virtual assistant that works great and charges three or four dollars an hour. And shove as much stuff as you can on them.

Jill DeWit:                            Just the real, real little stuff like call these six counties and find out the answer to this question.

Jack Butala:                         Ding, ding, Jill.

Jill DeWit:                            That kind of thing.

Jack Butala:                         Outsource all your back office stuff.

Jill DeWit:                            Now you should not be saying, “Scrub this data and get it back to me.”

Oh, no no, that’s you.

Jack Butala:                         Pulling data and scrubbing data and pricing data, you should never outsource. You should learn how to do that yourself. That’s what’s going to put food on the table ultimately.

Two people could have two identical operations. One person outsources how they scrub data and then put it in the mail and the other person, they’ve had a lot of years of experience doing it, and failing at it by the way. The exact same mailer could go to the exact same place with different prices and one’s going to fail and one’s not.

Jill DeWit:                            Correct.

Jack Butala:                         Here’s why, really quickly. It seems simple on the onset, oh sure I’m going to send an offer to every single one of those houses over there. There’s a lot of different reasons that different prices need to be associated with different houses.

Think about it like this. Think about where you live right now, and two blocks over, is the same pricing exactly the same? How about seven blocks over? It’s not. So you really need to practice that. What you don’t need to practice is accounting software. Or learning WordPress to do a website …

Jill DeWit:                            Oh, that’s a lot of good stuff too.

Jack Butala:                         There’s a ton of stuff, that can get so side-tracked from stopping you from making money and bogged down stock.

Jill DeWit:                            Picking the color green on your logo.

Jack Butala:                         Yeah, picking a logo is a great one, Jill.

Jill DeWit:                            Yeah.

Jack Butala:                         So, really have a conversation with yourself about what’s important and then who the right person is to do it.

Jill DeWit:                            Right.

Jack Butala:                         For instance, the person that chose putting this question into our show today …

Jill DeWit:                            This is a good question!

Jack Butala:                         Might not be the right person.

Jill DeWit:                            Oh stop it, it is the right person.

Because you know what, it sparked a good conversation as far as I’m concerned. I think this is a good question.

Jack Butala:                         If you have a question, a real question …

Jill DeWit:                            Ah, Jack!

Jack Butala:                         Or you want to be on this show, reach out to either one of us on landinvestors.com

Today’s topic, because this is more important than software, not. The kids are back in school, what are you going to do with all this time? This is the meat of the show.

Jill DeWit:                            Apparently there are such things as stupid questions. Jack; every time that comes up, “I know there’s no such thing as stupid questions …” Jack will go hold on a minute, yes there are stupid questions and please don’t ask one.

But yeah, you know what there are stupid questions, let’s all be honest. And are the kids back in school and are we all thrilled? Oh, heck yes.

Jack Butala:                         That’s why we’re unhappy.

Jill DeWit:                            My eye …

Jack Butala:                         Longest summer ever.

Jill DeWit:                            Man, I wasn’t sure I was going to make it this year.

Jack Butala:                         And we have good kids!

Jill DeWit:                            Yes.

Jack Butala:                         So what is it with this homeschooling business? Why would you want to spend all that time with your school?

Jill DeWit:                            Oh my goodness.

Jack Butala:                         Number three kid is smarter than both of us combined already. There’s nothing left for me to teach him.

Jill DeWit:                            Other than don’t get in trouble.

Jack Butala:                         Don’t get in trouble.

Jill DeWit:                            Don’t get caught.

Jack Butala:                         Stay away from this type of female.

Jill DeWit:                            Don’t ask stupid questions. Especially at me.

Jack Butala:                         This is how you should choose better, more appropriate parents for yourself.

Jill DeWit:                            Right.

Are you really going to wear that? Just kidding.

Jack Butala:                         Why do you look like a Vans advertisement?

Jill DeWit:                            Right. Oh my gosh that’s true.

Jack Butala:                         What is it with these kids and that stuff that they wear?

Jill DeWit:                            He’s … It’s okay; it’s all good!

Jack Butala:                         If you ever want to have a blast for two hours, and do something that’s free and just walk out of it winning; go shopping with Jill.

Jill DeWit:                            What?

Jack Butala:                         I have never seen anyone … She doesn’t do it on herself, she won’t spend money on herself.

Jill DeWit:                            Oh, thank you!

Jack Butala:                         But if the kids go shopping with her she can blow through a couple thousand bucks.

Jill DeWit:                            You know I have no trouble shopping for myself too, thank you.

Jack Butala:                         Really? I don’t see it because it’s your own money.

Jill DeWit:                            Aw, thank you, you’re sweet.

Alright. Kids are back in school, so how are you going to spend your time? Maybe you don’t have time. But you know what you have extra time. So, why not try something? I don’t know, up your game. If you’re thinking about getting into this maybe it’s the time.

Jack Butala:                         Now you have time.

Jill DeWit:                            Maybe, if you’re already into this maybe you have time now to make some changes. I don’t know, try different property. Do some different kind of investing. Change your number, buy some bigger properties.

Jack Butala:                         Move to a different county.

Jill DeWit:                            Yeah.

Jack Butala:                         From a campaign stand-point.

Jill DeWit:                            Different state!

Jack Butala:                         Do a micro-mailer.

Jill DeWit:                            Right. Test a bunch of different areas.

Jack Butala:                         Start a podcast.

Jill DeWit:                            There you go!

Jack Butala:                         Fail at a podcast.

Jill DeWit:                            Yeah. Write a blog on your own website. Nothing wrong with that.

Jack Butala:                         Get a website.

Jill DeWit:                            Get a website.

I love it.

Also, now that you have this time and you’re actually thinking about trying something; stay focused. Set yourself some goals.

Jack Butala:                         Try a new scotch.

Jill DeWit:                            Jack. Drink more! No!

Jack Butala:                         Buy a new car.

Jill DeWit:                            Kids are back in school; day-drinking time again.

No!

Jack Butala:                         That’s your job, Jill.

Jill DeWit:                            That’s not what that means.

No, no, no! Did you drink before the show? No, I’m just teasing.

Jack Butala:                         Not this show!

Jill DeWit:                            Not this one! Yesterdays show, that was a whole different thing!

No!

Jack Butala:                         Take the transmission out of your car. No, don’t do that!

Jill DeWit:                            Oh my gosh; no.

What do you want to say about the kids back at school?

Jack Butala:                         I have, like you, I know you do because we talk about this a lot; a massive list of content-driven stuff I need to get done. It’s always content now. Cause we’re fortunate enough, Jill, all the busy work and things that go on; like choosing accounting software. We have other people do that so, that’s good. Now that the kids are back in school it’s all me in front of a camera, or in front of a microphone. Getting the stuff done, or in front of a typewriter. Listen to me, typewriter; in front of a keyboard.

Creating unique content is really the business that we’re in now. Fortunately, we have enough people who listen to our crap and believe there’s some value in it to perpetuate this …

Jill DeWit:                            Jack and Jill’s new motto: yes there are such things as stupid questions and listen to our crap, we’ll tell you all about it. That’s our new tagline.

Jack Butala:                         If you’re interested in wasting a half hour …

Jill DeWit:                            Right. Listen to our crap!

Jack Butala:                         Tune in tomorrow.

Jill DeWit:                            What the heck? Somebody’s getting punchy.

Are you sure you didn’t drink a little? What’s in your coffee cup?

Jack Butala:                         No, no, no, no.

Jill DeWit:                            Alright I’m just teasing.

Jack Butala:                         What’s on your list?

Jill DeWit:                            What’s on my list? You know, shortening up my deadlines.

Jack Butala:                         Oh nice!

Jill DeWit:                            And making more concrete deadlines.

You know what my biggest fault is? I’m a huge fan of not beating yourself up and cutting yourself some slack. Slash, however, I’m here to tell you there is such a thing as cutting yourself a little too much slack.

Jack Butala:                         Yeah.

Jill DeWit:                            And I think I’ve been doing that a little bit because … Hey, but there’s a volleyball tournament; but hey there’s this or hey we’ve been invited to this event. So, I have cut myself a little too much slack and it’s really easy everyone to go too hardcore and you get burnt out. And then you go too easy on yourself and you’re like okay now I’m getting nothing done. You got to find that sweet spot. And then when you find it, stay with it.

Jack Butala:                         Right.

Jill DeWit:                            And then give yourself breaks, you do have to give yourself a break. It’s like a diet. If you’re on a diet and you eat every single day on a diet you will go crazy and boy, you will binge. Something’s going to happen and you’ll go off it. But if you give yourself a little break, every Saturday or whatever I can have a little this, then you can do that.

Reward yourself along the way too. You’re working on some big stuff. What if you have a day job and you’re starting this on the side. That’s usually how our people get rolling in this. Most people aren’t sitting around with a lot of extra cash, some are, but a lot aren’t and they’re doing this on the side to get rolling and see how it goes. Next thing you know, eventually, if you do it right, it can replace your day job. Lost my train of thought there …

Jack Butala:                         Welcome to coffee talk with Jill.

Today’s topic: staying motivated.

Jill DeWit:                            Oh my gosh, and staying on topic, like Jill just lost it.

Jack Butala:                         And remembering what we’re talking about today.

Jill DeWit:                            Shucks, I’m all over the place today. When you give me a vague, open topic like this I’ll go all over the place. It’s amazing I can get anything done!

Jack Butala:                         It is actually amazing.

Jill DeWit:                            Right. Oh my gosh.

Jack Butala:                         When you put your mind to it, Jill and you have one thing to do, not fifteen. Which doesn’t happen that often; which is the whole kids thing and back in school.

Jill DeWit:                            Oh yeah, that’s the topic.

Jack Butala:                         Take all this crap out of your life and sit there and do some stuff, you knock it out of the park.

Jill DeWit:                            Thank you.

Jack Butala:                         I’ll give you an example. Jill, there is no better person on this planet to close a real estate deal, than Jill DeWit.

Jill DeWit:                            Thank you!

Jack Butala:                         This is what happens, this is really what happens.

Jill DeWit:                            Thank you.

Jack Butala:                         I send out these mailers, we have people answering the phones whether it’s in-house or outsourced. Stuff goes into a database, I review it. Jill’s having a cup of coffee.

Jill DeWit:                            Yes I am.

Jack Butala:                         … All throughout this whole process. And then I decide of the fifteen or twenty properties that are perpetually in the database that look like they would be good candidates. I decide on one or two that I know we’re going to make some money on, and then I am out. I give Jill the phone number, she goes in the database, gets all the information. And I’ll tell you what, she closes the deal. There’s nothing that’s going to stop her. There’s no title issue that’s going to stop her.

And I guess this just comes with practice, Jill? I don’t know. Do you trust me that much? Because that’s your problem.

Jill DeWit:                            I think this is nature more than nurture and I love it. I get a kick out of it. So, here’s how it really goes. Jack will say, “I want that property, for this price.” And it looks impossible to people like, that’s not going to happen.

Jack Butala:                         Price is usually determined, but sometimes … it’s not price as much as it ends up being … price is once in a while.

Jill DeWit:                            It is price. You bought the asset for X. Really.

Jack Butala:                         Usually it’s coming back off of a mailer and the price part of it … You love the asset maybe you got to shave ten thousand off of it or something like that. Absolutely, you’ve got that part of it.

Jill DeWit:                            I’m just saying you have a set price. You made an offer for a reason.

Jack Butala:                         But the stuff that amazes me …

Jill DeWit:                            Yeah.

Jack Butala:                         Where I think most people would give up like; oh by the way I’m glad we agreed on this price and everything, but I failed to mention a week ago that my mom died three years ago and the house is in her name. And you will find a way to get the deal done. There’s a lot of stuff involved when that happens.

Jill DeWit:                            I’m good at putting people together, but where I was going with the pricing is, that’s the most fun for me.

Jack Butala:                         Oh yeah?

Jill DeWit:                            It’s like, game on! That’s where I thought you were going because that’s what I really love to do. When you say I want this asset for this price I’m like, “Alright, watch me!” I just did it with the boat.

Jack Butala:                         Yeah, you did.

Jill DeWit:                            It’s kind of fun. I want it for this. Alright, here I go; watch this.

Jack Butala:                         We just bought an extremely large, name-brand boat for about twenty percent.

Jill DeWit:                            Of what’s it’s worth.

Jack Butala:                         Of what we could sell it for tomorrow.

Jill DeWit:                            Oh, yeah.

Jack Butala:                         And you know that wasn’t …

Jill DeWit:                            That was fun!

Jack Butala:                         You’re right on the pricing there, that was not … The letters went out on that and the price on the letter … Jill got it for much less than I even priced it on the letter. That is a good example. I should do it more often.

Jill DeWit:                            Thank you.

Hey, let’s do a whole business with that.

Jack Butala:                         Hey we can make a whole business out of buying real estate and sending stuff out.

Jill DeWit:                            Oh my goodness. Love it.

Jack Butala:                         If you have a question or you want to be on … oh, sorry.

Join us in another episode where we discuss Creative Marketing for Properties Sales, not acquisitions.

Jill DeWit:                            And we answer Sam God’s questions about buying weird shaped property.

Jack Butala:                         You are not alone in your real estate ambition.

Weird shaped property?

Jill DeWit:                            There’s a lot of weird shaped property. Most properties are not a rectangle or a square. It’s kind of funny, imagine if they were.

Jack Butala:                         Did you know in the eyes of the law, every single piece of property is unique. There’s no such thing as a property that Like-Kind Property.

Jill DeWit:                            What do you mean in the eyes of the law?

Jack Butala:                         So legally, we’re sitting on a piece of property right now and there’s one next door that looks pretty the same; but it’s not. In the eyes of the law it’s an entirely and completely different entity. So we all sit around and say, oh we should do it a hundred and fifty-five dollars an acre, or a hundred and eighty dollars a square foot and we should send it out to this whole zip code. In our eyes it’s all kind of the same, but legally it’s really different.

I ran into this recently, apparently you don’t care.

Jill DeWit:                            You mean with zoning a little bit, or I’m trying to figure out where you …

Jack Butala:                         Legally. It doesn’t matter.

Maybe we can go into this …

Jill DeWit:                            I’d like to.

Jack Butala:                         I’m going down the boring path. Dad’s down the boring path.

Jill DeWit:                            I’d like to really dive in, in great depth with you privately, off the air, in a closet, with a bottle of wine.

Jack Butala:                         I have never heard you say that sentence. Can you please give me more details on that? I really, really want to know. Please finish your story. Jack, it’s so fascinating.

Jill DeWit:                            Please tell me the legal ramifications of …

Jack Butala:                         Please talk more. I’ve never heard you say any of those sentences.

Jill DeWit:                            Oh my goodness. Hey, if you like our show, maybe not this one, but in general. Please subscribe and rate us on iTunes.

Jack Butala:                         Yeah, maybe not this one.

Jill DeWit:                            Or wherever you are listening.

Jack Butala:                         Information and inspiration to buy undervalued boats.

 

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