24 Month Millionaire Revisited (JJ 624)

24 Month Millionaire Revisited

Transcript:

Jack Butala:                         Jack and Jill here.

Jill DeWit:                            Hello.

Jack Butala:                         Welcome to The Jack-Jill Show, entertaining real estate investment advice. I’m Jack Butala.

Jill DeWit:                            I’m Jill DeWitt broadcasting from sunny southern California.

Jack Butala:                         Today, Jill and I talk about the 24 Month Millionaire Revisited. Why? Because several hundred people are asking for it, it seems like.

Jill DeWit:                            Why? Because we like you.

Jack Butala:                         Mickey Mouse Club.

Jill DeWit:                            Exactly.

Jack Butala:                         Oh, showing our age.

Jill DeWit:                            You know what’s so funny about that? Come on. All right. I should have not said that. Never mind. Well, you know what?

Jack Butala:                         Nobody believes that we’re in our 20’s, Jill.

Jill DeWit:                            You know what? Hold on a moment.

Jack Butala:                         Need to just get over that.

Jill DeWit:                            You know, if you hadn’t said anything it would’ve just gone over other people’s heads and they wouldn’t have known what that was.

Jack Butala:                         I know.

Jill DeWit:                            Thank you very much.

Jack Butala:                         I feel compelled to call out certain stuff on the show with you.

Jill DeWit:                            You know what, though? Hold on a moment. Yeah, thanks a lot.

Jack Butala:                         If it helps, you’re much prettier now than you were 10 years ago. And I mean that from my soul.

Jill DeWit:                            I don’t know if that helps.

Jack Butala:                         It doesn’t help?

Jill DeWit:                            I don’t know. No, I do. Thank you very much.

Jack Butala:                         Maybe I just can’t see as well.

Jill DeWit:                            Well, yeah, that’s it. Your eyesight’s gone. Never mind.

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

Jill DeWit:                            Okay. I have to tell you. I was reading this question beforehand and I started to giggle just reading the question. And I love that our people put this in here.

                                                Michael V wrote on our online community this exact question. “I’m trying to convince my wife this is legit. Is there some outside agency that will vouch for Land Academy?”

                                                I love this. Because it’s funny. Yeah, Better Business Bureau. No. I mean … it’s just really funny.

                                                All right. One of our members actually piped in and said something, and I know which Kevin this is and it was really cool. Kevin wrote back, and by the way you can all go there and read this too.

                                                Kevin wrote, “Michael, you will probably not be able to convince your wife until she sees it working. There may not be an outside agency, but there are a few hundred of us on this forum, maybe more, who will vouch for Land Academy.”

Jack Butala:                         A few thousand.

Jill DeWit:                            Right? “You have access to all the forum posts and all the podcasts. If you read all the posts and listen to all the podcasts, you will have over 80% of the information. The hard part is putting all the different pieces together into a plan that you can execute. The training does all of that and more.”

Jack Butala:                         Yeah, Kevin. [crosstalk 00:02:25] publicity.

Jill DeWit:                            Purchase of the training makes you a member, and that is part of the membership. Awesome.

Jack Butala:                         We should pay this guy.

Jill DeWit:                            I know. It’s so good.

Jack Butala:                         Thank you, Kevin.

Jill DeWit:                            Thank you, Kevin.

Jack Butala:                         I appreciate it. He’s actually right. In fact, that didn’t all happen by accident. There are some people in this business, Seth Williams, that I really respect. He said, “Look, you can take two or three years out of your life and listen and watch everything on the internet about buying and selling land. And you’ll get it. Or you can just pay for it and get it in two weeks.”

Jill DeWit:                            Exactly.

Jack Butala:                         He cut right to the chase, start buying and selling property.

Jill DeWit:                            That’s so true. That’s the reality. If you want … how many years did it take us to get where we are? Do you want to put in that time, or do you want to just jump ahead?

Jack Butala:                         We have some members on that forum. On the backend, we can see where everybody, how long everybody’s been with us, all the stats. There are several people on the forum that have no intention of spending a dollar on any of this. Which I respect a lot. And they’re doing great.

                                                We have some people that spend a ton of money on this stuff. Not that you can spend a ton, but they try it and they can’t seem to get it right. Which is really …

Jill DeWit:                            Maybe that’s part of it too.

Jack Butala:                         That’s kind of what this show’s about.

Jill DeWit:                            Well, maybe that’s part of it, Jack. Maybe the people that don’t really invest and spend the money on it, they don’t invest in anything. They just like to dabble in a lot of stuff.

Jack Butala:                         It’s Eddie Van Halen’s guitar. You’ve said it a million times.

Jill DeWit:                            I know.

Jack Butala:                         If Eddie Van Halen teaches you to play the guitar for 45 minutes and then you wake up the next day and you can’t play the guitar?

Jill DeWit:                            Right. It’s not Eddie Van Halen’s fault.

Jack Butala:                         There’s nothing wrong with Eddie Van Halen.

Jill DeWit:                            Exactly. And it’s not the guitar’s fault. Yep.

Jack Butala:                         Today’s topic, 24 Month Millionaire Revisited. This is the meat of the show. What the heck is a 24 month millionaire anyway?

Jill DeWit:                            Take it away, Jack.

Jack Butala:                         I struggle with this, Jill. And I struggle with this concept.

Jill DeWit:                            Where did this come … please back up, Jack, if you will, and tell us where this whole cockamamie idea and this came from.

Jack Butala:                         Well, 24 Month Millionaire, it’s a manual. It’s in a written form manual. It’s a book. And it happened because it happened to me. I made it, when I started in this in the last 90’s and early 2000’s, I made a million bucks flipping land on the internet. On eBay specifically.

                                                The whole premise is you buy an asset, you send out a bunch of offers, you buy an asset for $4000 and you sell it for $8000. And then you do this same thing over and over and over again. It doesn’t take that long before you have a million bucks.

                                                Especially if you continue to work in your regular job that you have, pay your bills, and don’t use the money for anything else.

                                                In fact, I’ve done this several times. Many times over. Since I’ve known Jill, we’ve done it.

Jill DeWit:                            Mm-hmm (affirmative).

Jack Butala:                         That’s really what it is. However, it’s not just that. There’s other stuff that I really believe, and this is where Jill comes in, that gets in the way. We just alluded to it for a minute ago.

Jill DeWit:                            What do you mean? This is where a joke comes in. What, did I get in the way?

Jack Butala:                         No, no. No.

Jill DeWit:                            That’s what it sounds like.

Jack Butala:                         No. Information.

Jill DeWit:                            This is what happened. Then I met Jill. And in the 24 Month Millionaire became the …

Jack Butala:                         24 Month Thousandaire.

Jill DeWit:                            Exactly. Sheez.

Jack Butala:                         No. This is where Jill …

Jill DeWit:                            Things get in the way, like women.

Jack Butala:                         That’s part of the book.

Jill DeWit:                            And kids.

Jack Butala:                         No. What I meant was this is where Jill comes in and it can help. I’m information, she’s inspiration.

Jill DeWit:                            Good save.

Jack Butala:                         A lot of what this is all about is not just a manual on how to buy real estate and resell it and double your money. In the case of land you double your money. In the case of houses, you make 10 or 20 grand per pop, per unit.

                                                That’s what it’s about. So why doesn’t everybody do this? Why? There’s so many entrepreneurial people out there that are incredibly intelligent, hard-working, that are stuck working in an ice cream shop or a barber shop that they started.

                                                I believe it’s because life gets in the way. And that’s a lot of what this book is about.

Jill DeWit:                            They let life get in the way is really what it is.

Jack Butala:                         Yes. Exactly, Jill. Staving off all the stuff that happens in life, like children and relationships.

Jill DeWit:                            Sick parents.

Jack Butala:                         Or trying to please your parents. I mean, there’s a …

Jill DeWit:                            Jobs. Woes.

Jack Butala:                         I’ve spent two years writing this book, and I’m getting close.

Jill DeWit:                            Thinking you’re unhappy and it’s really not that bad.

Jack Butala:                         Yeah. I need another car.

Jill DeWit:                            Oh yeah, yeah. Keeping up with the Jones’s. Love that one.

Jack Butala:                         I’m not smart enough. My favorite is … I interviewed a lot of people actually about this. I asked them exactly the question I just asked. And a lot of them said, “I just don’t think I’m smart enough.”

                                                They didn’t come out and say that. Some of them did. What do you mean you’re not smart enough? You’re smart enough, trust me.

Jill DeWit:                            Isn’t that funny?

Jack Butala:                         Yeah. It is. It’s a mindset.

Jill DeWit:                            At the end of the day, the only person you have to blame for not doing something or getting to this point is yourself. You really can’t point your finger at your wife or your kids, or your boss or the economy.

Jack Butala:                         We just have to sit and look at what you want. And then really just not … I was thinking about this earlier today, actually, before the show.

                                                Because we’re implementing this new calendar. Jill and I are going to put the calendar that she and I use to get stuff done, on JackJill.com, on the front page, as soon as it’s all organized from a tech standpoint.

                                                I really believe that is a big part of what’s missing in why people can really just knock it out of the park financially. It’s quite simply getting organized and following a calendar.

Jill DeWit:                            Mm-hmm (affirmative). And sticking to it.

Jack Butala:                         You and I do it all the time. I don’t know why. And you know what? If something doesn’t work right for some reason, anything, like we send some mail out in XYZ county or we hit a subdivision and we price it wrong, stuff happens all the time.

                                                You and I kind of high-five each other, laugh about it, and say, “Yeah, I guess we’re going to have to send the next one out, it’s going to be a little bit more expensive.”

Jill DeWit:                            Mm-hmm (affirmative).

Jack Butala:                         Or you know what? I’ll go back to the drawing board and I’ll dig a little deeper on how we’re pricing this stuff and we’ll figure it out. And then we go do it.

                                                I don’t sit around and say, “God, I’m a failure.” Or I wonder if my girl still loves me. None of that stuff. Kids sure as hell don’t care about any of this.

Jill DeWit:                            No, they don’t.

Jack Butala:                         I can tell you that right now.

Jill DeWit:                            Nope.

Jack Butala:                         That’s what the book is about. But in a kind of a funny, lighthearted manner. There’s a couple of areas in there where I say, “If you do these three things you’re going to really truly sabotage your whole life and your potential for success.”

Jill DeWit:                            You know what’s interesting? I was just talking about this with kid number two. About what’s your dream job. Kid number two’s 18, almost 19. I’m like, “Come on, let’s really start planning for this. What’s your dream job?”

                                                He spelled it. I’m like, all right.

Jack Butala:                         What is it? I want to know.

Jill DeWit:                            Well, it was a little too vague.

Jack Butala:                         It’s not buying and selling real estate, I know that.

Jill DeWit:                            No, it’s not. No. But it was something like “Where I can be creative and make a great living.” It was a little bit too broad.

Jack Butala:                         That’s what I want.

Jill DeWit:                            I know that. So I said, “All right. Go back to your room and come back out with a real answer.”

Jack Butala:                         Go to your room.

Jill DeWit:                            No, just kidding.

Jack Butala:                         Go to your room or I’m going to smack that creativity right out of you.

Jill DeWit:                            Exactly. That’s a fluff answer.

                                                No. But I really did. I tasked him, and actually I gave him the weekend to think about it. So I’m like, “All right. I want you to really spend some time, think about your dream job.” And I said too, because this is scary when you’re 18, 19. You don’t want to like, what if I make a bad decision and I change my mind?

                                                I said, “Look, I know this could change. I don’t care. But what is it right now? And we’ll god down that path and then we’ll tack.”

                                                Anyway.

Jack Butala:                         I love when you use boating analogies.

Jill DeWit:                            Thank you.

                                                The point is I want him to come out with, I saw a guy doing … it’s computer related. And we actually talked about it. We had a really good conversation, because he already signed off on the … I said, “You’re not getting any kind of an arts degree. You’re getting a science degree. You’re going to know computer stuff, there’s going to be a lot of computer science in there.”

                                                And all of a sudden he’s like, “Yep, I hear you. I got it. Yes.” I’m like who are you and what have you done to my kid?

Jack Butala:                         That’s good, Jill.

Jill DeWit:                            I know.

Jack Butala:                         That’s more progress than …

Jill DeWit:                            Some of the stuff that I …

Jack Butala:                         You made more progress in one conversation than we all had together in 18 years.

Jill DeWit:                            Well, you know, I think all this stuff’s finally sinking in. I really do. It’s now he’s like okay, I hear you, now I’m getting it.

                                                Anyway. Where this relates to this topic today, in a really long way, is I said basically find your dream job, we’re going to talk to someone who’s doing it, we’re going to find out how they got there, and we’re going to dissect it and work it backwards.

Jack Butala:                         And it can’t be your parents.

Jill DeWit:                            No.

Jack Butala:                         Cracks me up.

Jill DeWit:                            No, I never said that.

Jack Butala:                         I am. I’m saying. Kids don’t listen to their parents. They’ll listen to somebody else.

Jill DeWit:                            Oh, but no. That’s a point too. I’m going to have an unrelated third-party here also saying, “If you want to do my job, do this, don’t do that. This was a waste of time. Boy, I wish I’d done that.” Whatever it is.

                                                And then we can sit and go okay, what kind of degree’s involved? How much time? Is there an internship involved? Really plan it out so we know by age 23 or whatever it is, you can now start applying. You’re ready. He could be in that job.

                                                It relates to this where when you really think about this 24 month millionaire, people go ugh. Some people go eh, piece of cake. I mean, some do, I’m sure. I don’t know what the percentage is.

                                                But I know a lot of people that go aw man, that’s hard. No, is it? Like you just said, Jack. When you think about it, let’s work it backwards.

Jack Butala:                         Work it backwards.

Jill DeWit:                            How many deals is it going to take? How big are the transactions? What are you comfortable with?

Jack Butala:                         What do I have to do every week?

Jill DeWit:                            If you’re comfortable with little transactions, you’re going to do a lot more of them.

Jack Butala:                         How many offers do I have to send out?

Jill DeWit:                            If you want to do bigger transactions, you’re going to do a lot fewer of them.

Jack Butala:                         That brings me back to the calendar. If you know you want a million bucks at the end of 24 months, then just work it backwards. Put it in a calendar.

                                                I need to get for these three weeks, first three weeks, I need to get incredibly educated. Or maybe for you, it’s six months. I prefer to have a lot more education upfront and then go pound it out versus the other way.

                                                Some people, they just want to try it and then retry it and try it and find their way. And that’s fine too. It all works. As long as you start from the end, not the beginning, and work your way back. Just like we said.

Jill DeWit:                            It’s so much easier.

Jack Butala:                         Before you go to college, find out who you want to work for.

Jill DeWit:                            When you really think about it, we don’t … why we were not all told this our whole lives growing up. You think about degree, it’s kind of funny. We kind of think about … we’re kind of doing it backwards.

                                                While you’re in elementary school and middle school and then in high school, you’re icing out what you like and what comes natural. Maybe you’re math, maybe you’re not into math. Maybe you’re an engineer, maybe you like accounting, maybe you like physics.

Jack Butala:                         Maybe you like girls, maybe you like boys.

Jill DeWit:                            Maybe you like girls. Yes. Thank you. Oh, geez.

Jack Butala:                         God, my shin is all bruised again.

Jill DeWit:                            Oh geez. Okay. Anyway.

                                                Listen, Mr. Football Jock.

Jack Butala:                         Oh my gosh.

Jill DeWit:                            Anyway. There were three things that came to my head and none of them were appropriate.

Jack Butala:                         Well come on. Say it.

Jill DeWit:                            No, no. It’s all good.

Jack Butala:                         You have to say them now.

Jill DeWit:                            I know. We’ll get there.

                                                Anyway. The point is then we go into college and you think of that as a further exploratory environment. Which I don’t think it should be. I think we should have a good idea and go to the right school. Like I did.

                                                I naturally did. I was sharing that story with kid number two again. Stop me if this is boring. Jack said yes.

Jack Butala:                         It is.

Jill DeWit:                            All right. I’ll stop. Go ahead.

Jack Butala:                         It’s not about college. College is a small example.

Jill DeWit:                            Okay.

Jack Butala:                         This is about real estate investing, and where you want to go and what you want to do.

                                                Jill’s exactly right, by the way. That’s the conversation you have to have with yourself. What do you want?

Jill DeWit:                            Mm-hmm (affirmative).

Jack Butala:                         I hate my job. I hate my whatever. Fill in the blank. Nobody’s listening to this because it’s entertaining. They want to know how to flip real estate.

Jill DeWit:                            Nobody’s listening to this period. Go ahead, sorry.

Jack Butala:                         It’s look at a book like The Four Hour Work Week. I struggle with how silly these names are.

Jill DeWit:                            Oh.

Jack Butala:                         Four Hour Work Week is … does anybody really want to work four hours?

Jill DeWit:                            I do.

Jack Butala:                         I don’t.

Jill DeWit:                            No.

Jack Butala:                         I want to work 400 hours. I really do. It’s something that I enjoy, that I really succeed at, and make a good living at. A really good living.

Jill DeWit:                            Right.

Jack Butala:                         That book, if you really read it, though, there’s road maps in there. It was incredibly successful as a book.

Jill DeWit:                            Tim Ferriss, right?

Jack Butala:                         Right.

Jill DeWit:                            Yeah.

Jack Butala:                         Who now has a pretty successful podcast because of it. Then he went on to write Four Hour Workout, or something like that.

Jill DeWit:                            Oh did he?

Jack Butala:                         It has something to do with …

Jill DeWit:                            The Four Hour Wife? The Four Hour Children?

Jack Butala:                         It was something about weight loss, four hour workout or something. It doesn’t matter.

Jill DeWit:                            Awesome.

Jack Butala:                         The title’s silly. A lot like my title. But the book is actually a pretty technical manual on how you can achieve it. His has to do with outsourcing and getting organized. There’s spreadsheets in there and everything. It’s pretty cool. Just like mine.

                                                This is not a book plug. It’s just what’s possible. It’s meant to get you thinking, and if you really want to take it seriously there’s road maps. There’s spreadsheets, and you could look at it as a manual.

Jill DeWit:                            Mm-hmm (affirmative). Thank you, Jack.

Jack Butala:                         That’s really what it’s all about. And I say the title has revisited in it because man, every time we have this show people reach out to me and they’re like, “When can I buy it? When can I buy it?”

Jill DeWit:                            Yeah. Where is it, where is it, where is it. Where is it, Jack?

Jack Butala:                         It’s close. It’s close. It’s close, let’s just say.

                                                Well, you’ve done it again. You’ve wasted another, I don’t know, 15, 20 minutes, listening to where our number two child’s going to go to college.

Jill DeWit:                            Oh gosh. And that’s time you’ll never get back.

Jack Butala:                         Join us tomorrow where we discuss how to not let your feelings get in the way.

Jill DeWit:                            Love it. And we answer your questions, should we have one. Post it on the JackJill.com online community.

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

                                                Boy, we were all over the map.

Jill DeWit:                            I know. You had to cut me off. Thank you. I was just having an enlightening moment. I was kind of sharing.

Jack Butala:                         There’s so much crap about college and education. Here’s what I really think, since no one’s listening to this at all anymore.

Jill DeWit:                            Yeah.

Jack Butala:                         Education is so antiquated. It’s the 21st century. We have the internet, the internet’s not even that old. What’s probably maybe … the way we use it now it may be five or 10 years old.

Jill DeWit:                            Right.

Jack Butala:                         It’s going to grow exponentially. Do we really need to sit in a class for four years and listen to some old guy?

Jill DeWit:                            That’s funny.

Jack Butala:                         Point at the board and stuff. It’s ridiculous.

Jill DeWit:                            We don’t have to do the memorizing and all the silly things that we had to do. We were talking about that.

Jack Butala:                         Even high school.

Jill DeWit:                            Yeah.

Jack Butala:                         My sister’s kid just graduated from high school and he had an associate’s degree in welding. He’s two years into his four year degree in engineering. That’s how much stuff you can cram in these days.

                                                Plus these kids are smarter. They have dictionary/encyclopedia/whatever in their pocket.

Jill DeWit:                            Computer in their pockets. Yep.

Jack Butala:                         It requires, now more than ever, you have to really think out of the box and really buck the system and decide what’s for you.

Jill DeWit:                            Exactly.

Jack Butala:                         We’ve made a career out of it.

Jill DeWit:                            Love it. Share the fun by subscribing on iTunes, or wherever you’re listening. And while you’re at it, please rate us there.

Jack Butala:                         We are Jack and Jill.

Jill DeWit:                            We are Jack and Jill.

Jack Butala:                         Information.

Jill DeWit:                            And inspiration.

Jack Butala:                         To buy undervalued property.

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