How to Become the Batman of Investing (CFFL 560)

How to Become the Batman of Investing (CFFL 560)

Transcript:

Jack:                      Jack and Jill here.

Jill:                          Hi.

Jack:                      Welcome to the show today. In this episode, Jill and I talk about how to become the Batman of investing, how to be a superhero at this, not just regular.

Jill:                          Love this. Wonder why we picked Batman.

Jack:                      I love Batman.

Jill:                          I know.

Jack:                      Before we get into it, let’s take a question posted by one of our members on the LandInvestors.com online community. It’s free.

Jill:                          Okay. [sham got 00:00:24] asks, “On my first two mailers, I had several people wonder if me and the offer were legit because of my address. It’s in an area that I don’t live and doesn’t match the phone number either. Since I have a virtual PO box, some people found other people’s businesses associated with it and said I must be a fake person. Others didn’t understand why I have a different address than where I live. Obviously, a small percent of people, but enough to where I probably lost a deal or two.

“There isn’t a PO box that’s super close to me, so if I got a local box, I’d likely hire an assistant to get my mail, which turns $10 a month expense into a $200 or more a month expense, which seems silly. I wonder if there’s another way to do it that I’m not thinking about. Curious what others are doing and if you’ve run into any similar issues.

“For the phone, I’m using Grasshopper now. It’s fine, but with how much mail I’ll be sending out, the number will be a five figure asset pretty quickly, so I want to be sure I have as much control over the number as possible. Is it better to go direct to the phone company, or what’s the best way to be sure I’ll never use the number?”

I love that [sham got’s 00:01:39] thinking about these admin-

Jack:                      This is a very, very good question.

Jill:                          It’s admin/setting up the right way/being transparent and making sure people know who I am and stuff.

Jack:                      This begs to a bigger question, in my opinion. It’s not just a real estate question, it’s about setting up an online business. The first thing that anybody does when they receive an offer is they look you up. They check you out. The more positive online presence that you have, the better. They are going to look. If two people are giving you feedback on this, you can multiply that times probably 50 or 100 that have actually looked it up and it never got back to you. This is a huge issue that needs to be addressed before you spend time and money on a mailer campaign.

To directly answer your question, there’s lots of places that you can find a virtual mailbox and they’re going to look up your address. They’re going to type it right into Google. First they’re going to type your name, then your address. They’re going to maybe even Google your phone number. You need to find an address that’s not a house. How many times have you looked up a business for credibility and it’s somebody’s house? There’s a picture on Google Maps.

Jill:                          I don’t like that. Exactly. That’s funny.

Jack:                      I stop right there.

Jill:                          Yeah.

Jack:                      I won’t do business with somebody like that.

Jill:                          I don’t like it.

Jack:                      You need a real address.

Jill:                          [inaudible 00:03:22]Hold on, I think [sham 00:03:01] was going down the right path. I’m not sure I’m on the same page with you, Jack. You know what?

Jack:                      Imagine that.

Jill:                          I know. Full disclosure, where our mail gets sent, other people send their mail. You know what, though? People look us up but they look at our website and they see us and it stops right there. Does that make sense?

Jack:                      In a positive way.

Jill:                          In a positive way.

Jack:                      Yeah, not in a negative way.

Jill:                          It goes to an office complex with a suite.

Jack:                      That’s right.

Jill:                          Basically. I might not be sitting at that suite, so my mail gets routed to me.

Jack:                      Well, mission accomplished, then, I think.

Jill:                          I know. Well, that’s true.

Jack:                      We’ve had the same address since the ’90s.

Jill:                          Right. We’ve never had any issues. I’m trying to figure this out. I wonder if there’s something really funky about his.

Jack:                      There is.

Jill:                          Oh.

Jack:                      I think they’re looking it up and getting different businesses.

Jill:                          But if it’s something odd funky.

Jack:                      Yeah, like fertilizer.

Jill:                          A strip club.

Jack:                      Yeah, a strip club.

Jill:                          It’s a strip club that gets the mail in the backroom and it’s distributed. Now, that I can understand. All right, whatever it is, [sham got 00:04:14], you know what I would do? Maybe move it to a different location that has a little more oomph to it and you can still have a suite. I think that’s gonna be fine.

Jack:                      Bear in mind that you’re gonna be getting mail at that location for the rest of your life.

Jill:                          True. [crosstalk 00:04:36]

Jack:                      We’ve said this a million times, we get offers back from the early 2000s regularly.

Jill:                          Right.

Jack:                      In the mail. You need to pick one that’s going to be around for a while.

Jill:                          Right. Moving on to the phone, get a phone number. Buy a phone number.

Jack:                      Buy it.

Jill:                          Yeah.

Jack:                      This business of porting phone numbers, you need to own a phone number. There’s a lot of places online where you buy it and you port it somewhere so you can use it. But you need to own that number.

Jill:                          You know what [sham got 00:05:02], if you want to, it’s not crazy to get a toll-free number. Then no one will ever question, by the way, what state the phone number is in. That might be an easy solution.

Jack:                      That’s good, too. Exactly.

Jill:                          Good questions, though. I’m trying to think what else-

Jack:                      The bigger issue here is, how do I increase the yield on a mailer that I send out? You have to set these things up. You don’t have to spend a ton of money on it at all, but you do have to make yourself very credible online. Social media, you know, all of it, because the first they’re going to … it’s the same thing you do when you buy something, right? You don’t just buy it. You go on Amazon, you see the price, you check it all out. Check the vendors, see what their rating is like.

Jill:                          Right.

Jack:                      Same thing is going to happen here.

Jill:                          Exactly.

Jack:                      You want to give them a lot of reasons to sign it and send it back, not question.

Jill:                          For me, it’s the website. When I pull up something, I go to the website first-

Jack:                      Yeah, me too.

Jill:                          And then, with your website and the properties you have posted, showing available sold properties and more than three … you know what I mean? Most people, it’s going to stop them right there.

Jack:                      You know what else I have [inaudible 00:06:07]. So, this is a great question.

Jill:                          Yeah.

Jack:                      When I go to a website and I click on their blog and they haven’t done an entry since 2014, that gets me going.

Jill:                          Right.

Jack:                      So, I don’t write blogs anymore. We do shows. We do this.

Jill:                          Right.

Jack:                      And every single day we do one.

Jill:                          Exactly. That’s a good point.

Jack:                      I’ve had a lot of people come up to me and say, “Boy, you guys just knock it out of the park with the frequency and the consistency of these podcasts.” And I said, “Thanks, man.” Because it’s not … thank you, Jill … this is not easy.

Jill:                          I know. It’s not.

Jack:                      It’s time consuming.

Jill:                          It is. Yep. Exactly.

Jack:                      It’s easy for me. Jill hates it.

Jill:                          I do not. You’re so silly.

Jack:                      You have a question, or you want to be on the show, reach out to either one of us on LandInvestors.com. Today’s topic: “How to Become the Batman of Investing.” This is the meat of the show. I just wanted to put Batman in the title.

Jill:                          I know. I know. Well, you know what’s funny? I’m trying to think, if it were me, what would be mine? I think it would be-

Jack:                      Hey, who’s your hero?

Jill:                          Well, Iron Man.

Jack:                      Oh really?

Jill:                          I have an Iron Man thing.

Jack:                      That’s hilarious.

Jill:                          Yeah. One of our staff members has a Thor thing.

Jack:                      Oh sure.

Jill:                          She’s all Thor. No, I’m Iron Man.

Jack:                      All these characters, these superheroes, have a couple of things in common. They all have some type of internal conflict … think of Spider-Man … and they’ve taken it upon themselves to save the world. So, they’re a regular person, like Bruce Wayne, and then they have this alter ego, who goes out … and doesn’t need to … but, you know, kind of saves the world. Does that sound familiar?

Jill:                          I love it.

Jack:                      It sounds familiar to us because, you know, we don’t need to do this. We do not need to have a show and give away our business model, which is essentially what we’re doing. But we’re doing it for the better good.

Jill:                          Yes. I’m thinking of my alter ego, and I-

Jack:                      So, my point is-

Jill:                          This is good.

Jack:                      Be the Batman or whoever your superhero is … in Jill’s case it’s Robert Downey, Jr..

Jill:                          No. You know who I would want to be?

Jack:                      Who?

Jill:                          Who would I be?

Jack:                      I don’t know.

Jill:                          Really?

Jack:                      I don’t know, Wonder Woman, probably.

Jill:                          Yeah. That’s exactly what I wrote down. Look … ding, ding, ding … wrote down. Because you know why? You just said the internal thing. I love her Lasso of Truth. Tell the truth.

Jack:                      Oh sure. I love her whole back story, too.

Jill:                          I know. Okay, this is good.

Jack:                      It’s not just what you’re doing every day. You have to give back somehow. You have to treat your customer … that has to come through. Think of a regular nurse or a teacher. Two of the most noble professions there ever were. They’re not just doing it for the paycheck.

Jill:                          You can’t fake that.

Jack:                      Yeah, you can’t.

Jill:                          Yeah. Could you imagine?

Jack:                      You know, think back to what good teachers and what bad teachers you had. The ones that were bad were just, they just, they weren’t-

Jill:                          They didn’t make it.

Jack:                      They didn’t want to be there.

Jill:                          I don’t think they made it because they couldn’t stand it.

Jack:                      So you don’t want to do this halfway. You want to really, really-

Jill:                          You can’t fake being a nurse.

Jack:                      Right.

Jill:                          Because you can’t like, “Oh, I snowed them all. They thought I really care about them.”

Jack:                      Exactly. You can see that a mile away. So the same thing happens with … when you get on the phone with a seller, the same thing happens. They either trust you-

Jill:                          Yep.

Jack:                      And believe that what you’re telling them is true because you believe it-

Jill:                          That’s a good point.

Jack:                      Have you ever been a sales person? I was briefly a sales person a long time ago for like, two weeks, and I was selling something I didn’t believe in. Man, that doesn’t work.

Jill:                          Can’t do it. I can’t do it.

Jack:                      But if you really believe in it … like I truly, obviously, believe in what we’re doing.

Jill:                          Right. Well, you know, I had no idea this show what going to go here and I really appreciate this, Jack, because now I like it.

Jack:                      We should talk more.

Jill:                          We should.

Jack:                      No, actually, we shouldn’t at all.

Jill:                          No, this is a good topic.

Jack:                      Why mess with a good thing?

Jill:                          That’s right.

Jack:                      Hey listener, do not communicate with your spouse.

Jill:                          This is the most that we talk, period.

Jack:                      Less communication is always better.

Jill:                          That’s right. Treat the kids like this, too.

Jack:                      And never look your spouse directly in the eye.

Jill:                          No, don’t make eye contact. They might ask you to do something.

Jack:                      I went to a dinner party one time-

Jill:                          Oh no.

Jack:                      A long time ago. It wasn’t a dinner party, it was like a kegger for grownups.

Jill:                          Oh gosh.

Jack:                      And I said, “What’s going on here?” The buddy’s name was Simon and he said, “Oh, that’s my friend Angela’s daughter. Do not look her directly in the eye.”

Jill:                          It’s like a Medusa thing, you’ll turn to stone.

Jack:                      Yeah. Snakes will come out of your head.

Jill:                          Yeah. That’s awesome. Oh, that’s so funny. I love what you’re saying about being truthful and I take this as being truthful and transparent, and if you believe in what you’re doing, even if you don’t know what you’re doing, but you say, “I don’t know what I’m doing, but gosh, I’m going to find out the answer. This is my business and I haven’t had that one before. I’ll get back to you.” That’s cool. People-

Jack:                      One of the-

Jill:                          Just be honest, no matter what. Even if you don’t know, be honest and say you don’t know. Don’t make it up. That’s one of the things that drives me crazy. People make up stuff or shoot from the hip because they don’t know the answer. Oh no.

Jack:                      One of the shows later this week is called “The Top Three Bottlenecks” or something … the title is like that … “The Top Three Bottlenecks in Real Estate Investing”, like, what is holding you back?

One of the things that I was concerned about … Jill’s diametrically the opposite … was not being able to answer the questions that the sellers, when they call back and say, “Who the hell do you think you are that you’re offering me this kind of price for my house or my land or whatever?” I was very concerned about that. In fact, I avoided it for a lot of years.

Jill:                          Yep.

Jack:                      But, in the end, they want what every single person wants. They just want the truth. So, if you say to them, “Yeah, we’re in this business. This is the business we’re in.”

Jill:                          Yeah.

Jack:                      “We buy assets and we resell them for more. If that really makes you uncomfortable, I get it. Have a nice day.”

Jill:                          Yeah.

Jack:                      Next.

Jill:                          Yeah.

Jack:                      And that’s it. They will, 9 times out of 10, maybe 7 times out of 10, they’re going to say, “Okay, wait a minute, wait a minute. So, you’re a real person and you’re not trying to take advantage of little old ladies or anything”-

Jill:                          Not trying to get a listing.

Jack:                      No, yeah.

Jill:                          I’m not a broker. I’m not-

Jack:                      It’s not a bait and switch.

Jill:                          Yeah.

Jack:                      I’m a real person just like you and if you’re not using your dirt way out in the middle of that area over there any longer, or you have never seen it-

Jill:                          Right.

Jack:                      Get rid of it, if you want. If you don’t, [crosstalk 00:12:28]have a nice day.

Jill:                          Moving on to the next one.

Jack:                      When Joe and I started Land Academy, we unintentionally filled a niche that was not being filled. And it’s just being straightforward and honest. Especially in the silly education environment that’s out there about real estate education. 99.9% of the people who teach how to make an amount of money in real estate have no credibility and they’re awful.

Jill:                          Oh my gosh. And no transaction experience.

Jack:                      So I had no idea when we started this that people just want the truth.

Jill:                          Mm-hmm (affirmative).

Jack:                      And so, here we are, telling the truth and it’s actually worked.

Jill:                          Mm-hmm (affirmative).

Jack:                      Really well, actually.

Jill:                          Mm-hmm (affirmative). Who knew?

Jack:                      You know, like Batman. You think Batman is going to lie?

Jill:                          Exactly.

Jack:                      No.

Jill:                          No.

Jack:                      Iron Man might.

Jill:                          No, well he might.

Jack:                      Tony Stark, right?

Jill:                          Yeah. Right.

Jack:                      Listen to you, “Yeah.”

Jill:                          Robert Downey, Jr.. Robert Downey, Jr., if you’re listening. Just kidding.

Jack:                      He probably lives somewhere around here.

Jill:                          I’m pretty sure. Fairly confident.

Jack:                      Join us in the next episode where we discuss top athletes and how they compete with themselves.

Jill:                          Oh, and we answer another question from our same guy, [sham got 00:13:41], about getting phone numbers and addresses right before scaling. I know what he’s working on.

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

Jill:                          Making fun of my choices in superheroes.

Jack:                      No, I love it.

Jill:                          All right.

Jack:                      I hope I got the point across there.

Jill:                          You know, I’ve hung in there with Robert Downey, Jr., even through those rough years, the-

Jack:                      The prison years?

Jill:                          Yes.

Jack:                      And the drug addiction years?

Jill:                          Yes.

Jack:                      His father was a famous director, a writer.

Jill:                          I didn’t know that.

Jack:                      Yeah.

Jill:                          Is that why he got into it?

Jack:                      Yes.

Jill:                          Ah.

Jack:                      That, and I think he’s-

Jill:                          Did his dad act?

Jack:                      No, his dad’s famous for saying this, “Everyone can act. Some people can direct. No one can write.” That’s his Hollywood famous-

Jill:                          For real?

Jack:                      Yeah. That’s his famous-

Jill:                          Wait, wait. Everyone can act.

Jack:                      Anyone can act. Very few people can direct.

Jill:                          Mm-hmm (affirmative).

Jack:                      No one can write.

Jill:                          Oh, that’s good.

Jack:                      Yeah.

Jill:                          Makes you want to get working on our books right now.

Jack:                      He is a famous curmudgeon in the industry.

Jill:                          I love it. Hey, you like our show? Please subscribe and rate us on iTunes or wherever you are listening.

Jack:                      Information and inspiration to buy undervalued property, like Batman.

 

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