What We Consider a Win or Loss (LA 874)

What We Consider a Win or Loss (LA 874)

Transcript:

Steven Butala:                   Steve and Jill here.

Jill DeWit:                            Hi.

Steven Butala:                   Welcome to the Land Academy Show. Entertaining land investment talk, I’m Steven Jack Butala.

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

Steven Butala:                   Today Jill and I talk about what we consider a win and what we consider a loss. I can almost guarantee we’ll talk a little bit about what a real estate win is, and what a real estate loss is, and then we’ll talk about the big picture, I hope.

Jill DeWit:                            I can almost guarantee you’re going to bring dating into this somehow.

Steven Butala:                   Kids, and relationships, and-

Jill DeWit:                            I’m sure of it. Cars.

Steven Butala:                   This episode, every once in a while we get done taping an episode, and I get in a lot of trouble. This episode has that potential.

Jill DeWit:                            Well, why-

Steven Butala:                   For the same way that-

Jill DeWit:                            Well it depends on if you call me a win or a loss.

Steven Butala:                   We’re the same-

Jill DeWit:                            And then … that’s not fair.

Steven Butala:                   For the same reason that some people get in trouble on the way home from a cocktail party for the stuff that they said.

Jill DeWit:                            That’s not fair. You know what, if you throw somebody under a bus, and you expect it to not come back, you’re … come on.

Steven Butala:                   It’s not necessarily-

Jill DeWit:                            It’s crazy.

Steven Butala:                   Bus throwing, it’s more like … I don’t think … it’s TMI. So anyway, let’s see.

Jill DeWit:                            Okay.

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

Jill DeWit:                            Okay. Mark asks, “Hi guys. I got a signed offer back for this land parcel. However, it seems like the neighbor’s house is partially within the said lot boundaries. Have you seen anything like this? How should I proceed? Thank you.”

Steven Butala:                   Great question.

Jill DeWit:                            Yeah.

Steven Butala:                   That’s technically called an encroachment and very, very, very often if you’re looking at it on Google Earth, the overlay for the satellite videos are constantly 10, 20, 30 feet off. So if you’re relying on that data, just to make this statement, it’s not reliable information.

Jill DeWit:                            I agree, that was going to be my first thing, too.

Steven Butala:                   Then, if you use Parcel Fact which is actually one of our companies that utilizes a Google Earth API also. What you want, if you’re totally concerned about it is to look at a plat mat. If you can overlay the plat map on a satellite, which you can do, [inaudible] technical stuff. Actually, you know [Bay] came to me and said she does this all the time.

Jill DeWit:                            Yep. Even–

Steven Butala:                   You know what members- honor member.

Jill DeWit:                            You know there’s different satellite versions that we get out there. There’s paid versions and free versions and most of us are using the free versions that are not as accurate as what’s really available for let’s just say, the aviation community.

Steven Butala:                   Yeah, that’s a great example.

Jill DeWit:                            You have to know that it could be a little bit off, but like you just said, if you really wanted to know for sure, what you would do is get the GPS coordinates out of Parcel Fact and you would walk out there and stand there with a professional GPS in your hand. Then you know your … thank you.

Steven Butala:                   Great suggestion.

Jill DeWit:                            Thank you.

Steven Butala:                   A great cheap suggestion.

Jill DeWit:                            That’s really how you know. I always remember that … you ever notice sometimes you’re driving along the road and you’re using a map function and it can’t tell if you’re on the freeway or the frontage road. That’s why.

Steven Butala:                   It’s the same thing.

Jill DeWit:                            Then it catches up with you like, “Oh, okay, now I know where you are.” It catches up with you. You need a minimum of, I want to say, four satellites to be hitting … they’re all over in the sky.

Steven Butala:                   How the hell do you know this stuff?

Jill DeWit:                            ‘Cause I’m a pilot. I learned this.

Steven Butala:                   It’s making me a little turned on.

Jill DeWit:                            Thank you. You have to have a minimum number of satellites hitting your whatever device and everything and again, the paid versions are different from the free version, to get a real accurate reading.

Steven Butala:                   I don’t have anything else to add.

Jill DeWit:                            Sorry.

Steven Butala:                   That’s my favorite way to answer a question, with no answer at all.

Jill DeWit:                            Thank you.

Steven Butala:                   Someone just does it.

Jill DeWit:                            Thank you.

Steven Butala:                   I have to say that- are you done?

Jill DeWit:                            Yeah.

Steven Butala:                   I have to say this though, if you want to get really serious about it, you get a survey. If you’re looking at a piece of property you were going to buy it for four, five, 8000 bucks, and it’s worth 40 or 50 or 80? A thousand dollar survey is now not out of the question at all.

Jill DeWit:                            Correct.

Steven Butala:                   The first place I would start is planning and zoning and say, “Do you think there’s an encroachment on this piece of property?”

Jill DeWit:                            Yep.

Steven Butala:                   Chances are they’re going to say something like this, “We don’t answer questions for schmoes like you. I’m not going to implicate myself in a lawsuit by actually answering this question but why don’t you call XYZ survey over here and talk to Bob, he’ll hook you up for eight or 900 dollars and go out there probably two or three day turn around. You’ll get a full report.” Which you’re going to need by the way when you go to sell the property to the developer.

Jill DeWit:                            Cool.

Steven Butala:                   That’s the right way to do it and the expensive way to do it. That’s what I would do, that’s what we would do.

Jill DeWit:                            Yeah I know. Well, you know what though, define expensive. It’s the right … this comes up a lot, “Oh, I don’t want to spend the money on that.” Well, you know what, how much is this worth? Isn’t it worth it to you to spend a little more money up front and not have a huge mistake on the back end? You need to know this stuff.

Steven Butala:                   If you have a property that you purchased and it’s got a survey complete and it’s got a full blown info report done. You’re going to sell that property way faster than anybody else that has an info lot for sale. If anybody has anything for sale anyway …

Jill DeWit:                            Yep.

Steven Butala:                   … you just want to do it right.

Jill DeWit:                            Thanks.

Steven Butala:                   Today’s topic, what we consider a win or what we consider a loss. This is the meat of the show. Jill I know that you had all kinds of stuff that you wanted to say.

Jill DeWit:                            It was really just running defense is what I’m trying to do.

Steven Butala:                   That’s code for me saying I haven’t prepared for this probably.

Jill DeWit:                            Oh, yeah. Thank you. What do I consider a win? Well, you know what, while it’s easy to figure out the wins, there’s black and white wins and losses. Well, I made money. Well, I lost money. Whatever it is.

Steven Butala:                   That’s a win.

Jill DeWit:                            Thank you. Then you fix it.

Steven Butala:                   Can I ask you some questions?

Jill DeWit:                            Sure.

Steven Butala:                   If we do a turn, a flip, and we make 10 grand, is that a win or a loss for you?

Jill DeWit:                            Win.

Steven Butala:                   That’s a loss for me. 20.

Jill DeWit:                            It’s still a win, depending on what my budget was, Steven. What’s a percentage? It’s really a percentage.

Steven Butala:                   So, it’s not so much dollars this … you know what it is for me? Time.

Jill DeWit:                            It’s true. Well, if I doubled my money at 10000 it’s a win. If I bought something for 80 and I wanted to sell it for 140 and I only sold it for 90? I would not really consider that a win.

Steven Butala:                   Me too.

Jill DeWit:                            So, that’s what you’re really trying to say. I understand. Yeah, I got my money back out of it, but shucks I was swinging higher than that. I should’ve done better. I missed something. Which is probably in that scenario, I under priced it or something. I don’t know why.

Steven Butala:                   We had this machine in place, this acquisition and sales machine, and when we veer from that or some stuff goes wrong or I have to get involved and the people that are doing all this for us need my help? That’s a loss. Even if we’re making 100 grand and I’m not exaggerating. It’s all about the machine for me. It’s not so much about the money anymore, it used to be all about the money in that set. How about in Land Academy, what’s a win?

Jill DeWit:                            Oh my gosh.

Steven Butala:                   As a co-owner of Land Academy.

Jill DeWit:                            That’s easy. What’s a win is what happened with that Joe Martin recently. I hope it’s okay to say that.

Steven Butala:                   Go ahead. Absolutely.

Jill DeWit:                            Okay.

Steven Butala:                   That’s exactly what I was thinking.

Jill DeWit:                            He’s going to be on one of my next weekly- wait, wait, what’s today? Today’s Monday. He’s going to be on my weekly live show this Wednesday anyway. So, he quit his job. Quit his lucrative job ’cause this is working out so well. For me, that’s a win.

Steven Butala:                   Six digit …

Jill DeWit:                            Yeah.

Steven Butala:                   … 10 plus year job or whatever.

Jill DeWit:                            Even the little things for me are a win like people saying, “I didn’t know this was possible.”

Steven Butala:                   That’s a win for me too.

Jill DeWit:                            Wow.

Steven Butala:                   I get a kick out this Land Academy thing.

Jill DeWit:                            I just paid off my car payment.

Steven Butala:                   Yeah, me too.

Jill DeWit:                            Oh my gosh.

Steven Butala:                   That’s a win.

Jill DeWit:                            That’s a win. Then maybe just those not the mortgage, maybe I just paid off this credit card that’s been hanging over my head for three years. That’s a win.

Steven Butala:                   We don’t talk about it a lot, but the fact is probably twice a week now, we get some kind of email from a member who’s been a member for a while that’s no less than 10 pages that says, “You guys changed our lives.”

Jill DeWit:                            Mm-hmm (affirmative).

Steven Butala:                   My kids are doing X now, they were doing Y before and it was awful. My wife doesn’t have to work anymore.

Jill DeWit:                            Yeah.

Steven Butala:                   ‘Cause we don’t roll like that.

Jill DeWit:                            Exactly.

Steven Butala:                   This is not- we are, by the way, anti-Guru, anti …

Jill DeWit:                            I know.

Steven Butala:                   We don’t talk about that.

Jill DeWit:                            I’m trying to be less and less … I don’t want to be in that category. I don’t know how we can keep ourselves out of that category but I hate–

Steven Butala:                   Yeah. I don’t think we can. Well, only by our behavior.

Jill DeWit:                            Well, I understand that. I was going to make a behavior joke but it was …

Steven Butala:                   Go ahead.

Jill DeWit:                            … separate from this. Speaking of behavior, just kidding. But, yeah, you’re right.

Steven Butala:                   My behavior?

Jill DeWit:                            No, I’m just teasing you. Yeah, right. No. That’s easy ’cause what we do is very different. We’re here–

Steven Butala:                   Land Academy itself is a full blown win, for me it is.

Jill DeWit:                            Yep.

Steven Butala:                   When we started this, she drug me, drug me into filming it.

Jill DeWit:                            Yeah.

Steven Butala:                   You couldn’t have been more right. I couldn’t have been more wrong because it’s so fulfilling.

Jill DeWit:                            It is.

Steven Butala:                   At my age, it’s really interesting to see younger people be successful more than me. ‘Cause financially, we’re just done. We’ve done … we still do tons and tons of deals.

Jill DeWit:                            Yep.

Steven Butala:                   When it’s hard to do a deal at this age, it’s not about the money anymore, it’s about just keeping the machine in motion.

Jill DeWit:                            Right.

Steven Butala:                   That’s a loss. When it’s easy and it’s just running in the background and you’re watching the bank balance go up, that’s a win. It’s not even 10000 dollars versus 5000 versus 150.

Jill DeWit:                            It’s true. It’s not about the bank balance.

Steven Butala:                   Right.

Jill DeWit:                            It’s about everything … all kinds of other things. For you it’s all business related like you just said. For some people, I just think that I can relax a little bit. I think a win, I know one person in particular in our group that for him a win is, “Oh, my gosh, we have another month’s of all of our family expenses.” They keep track of things based on how many months ahead they are. They’re probably three years ahead of all of their monthly expenses in the bank, in the account ready to go.

Steven Butala:                   That’s cool.

Jill DeWit:                            If everything stopped tomorrow, they can live just fine, make no changes for three years and that’s their win. Just like I think for him, it’s not bank balance driven, it’s just like, “Oh, I can breathe and think about my family.”

Steven Butala:                   You know what’s another huge win for me?

Jill DeWit:                            What’s that?

Steven Butala:                   Offers to owners. Jill and I own a company called offers2owners.com. Most of our regular listeners probably know about it by now, and this is not a plug, I’m just telling you, it’s a huge win. We have provided a full time staff at our expense to get offers for everybody in the mail and get it done effectively and correctly the same way that we’ve been doing it for years.

Jill DeWit:                            We do the mail run.

Steven Butala:                   Yeah.

Jill DeWit:                            Make it easy.

Steven Butala:                   That company’s doing really well financially, the people who–

Jill DeWit:                            We’ll pull the data if you need data help. That’s one we don’t talk about, sorry.

Steven Butala:                   The people who work there are happy as heck. The customers are happy. We’re happy with the numbers. We’re constantly making it cheaper for our customers instead of making it more expensive.

Jill DeWit:                            Mm-hmm (affirmative).

Steven Butala:                   That company itself has just been a huge win for us and revenue keeps going up and we just keep getting more and more positive feedback from the people who are sending the mail out.

Jill DeWit:                            Mm-hmm (affirmative).

Steven Butala:                   Two years ago, we didn’t have any of these tools.

Jill DeWit:                            Right.

Steven Butala:                   Parcel Fact, itself, is a massive win.

Jill DeWit:                            Right.

Steven Butala:                   Nobody really works at Parcel Fact. No one. It’s a free tool and finally we’ve–

Jill DeWit:                            To members.

Steven Butala:                   Yeah, to members. We’ve finally gotten the costs under control where now it’s like, “Okay, it’s a win for me.” Before it was like, “Geez, we’re spending all this money, providing this tool, I don’t think people are appreciating it.” But, we’ve got it under control now and it’s really an effective tool to immediately find out where a piece of property is. There’s a lot of wins, actually, now that we’re talking through it.

Jill DeWit:                            Can I talk to you about personal wins yet?

Steven Butala:                   Yeah, sure.

Jill DeWit:                            Give me some of your personal wins. What’s a personal win and what’s a personal loss.

Steven Butala:                   Well, where we live, I love Scottsdale and I spent a lot of time there and we still go back there but where we live now is a win.

Jill DeWit:                            Mm-hmm (affirmative).

Steven Butala:                   We live in this ridiculously expensive–

Jill DeWit:                            Shh. Shh. Can I say something about that? Sometimes you describe it to me as a loss because of that second part.

Steven Butala:                   Well, I just start thinking about money and I’m like, “Oh, my god.” But then I really think about where we live and we live in a little beach community where everybody cares, especially this time of year.

Jill DeWit:                            Yeah. Santa went down the street.

Steven Butala:                   The people who live there are throwing massive, well, massive multimillion dollar events for kids and things like that.

Jill DeWit:                            Giving back.

Steven Butala:                   I grew up in a community like that in Michigan, a little tiny shore side community and I didn’t realize how much I missed it until we moved here but this is basically that community but on the ocean with … which it’s 10 times more expensive and the weather’s a lot better which is probably why, but that’s a win.

Jill DeWit:                            Mm-hmm (affirmative). Alright, what’s a loss?

Steven Butala:                   The kids are doing well. That’s a massive win. There’s no better win than that.

Jill DeWit:                            What’s a personal loss?

Steven Butala:                   When there’s a lot of time wasted. I don’t know. There’s been a couple companies where there’s just … I wasted four months on it and it’s not because there wasn’t a demand for it, there’s never a lack of demand for these tools that we kick out. There’s just sometimes there’s people that get involved that represent what they’re capable of and they’re not capable of that at all. That seems to be … I don’t remember that happening when I was younger.

Jill DeWit:                            I’m sure it did.

Steven Butala:                   Yeah, me too, but I don’t remember it. In fact, maybe I was that person. I don’t know.

Jill DeWit:                            That might’ve been. Oh, I got this. No, you don’t!

Steven Butala:                   Wasting time, there’s no bigger waste of time putting a lot of time into a relationship, a social relationship or even with kids, putting years in and they don’t respond they just don’t.

Jill DeWit:                            Yeah.

Steven Butala:                   That’s a massive loss, I think. That’s a heartbreak.

Jill DeWit:                            I understand.

Steven Butala:                   What’s a personal loss for you?

Jill DeWit:                            I don’t get a personal win? You just jump into the ucky part? Geez.

Steven Butala:                   I know you have stuff to say on this.

Jill DeWit:                            No, I really wanted to sincerely know yours. That’s all I was asking.

Steven Butala:                   That’s it. I mean I could talk about this for hours, we don’t want to do that.

Jill DeWit:                            No, I really don’t. About the losses or the wins?

Steven Butala:                   Both. Go ahead. What’s a personal win or a loss for you?

Jill DeWit:                            Okay. A personal win for me is because of our situation, we worked so hard to get where we are and anybody can do this, by the way, I’ve learned that. It just takes a lot of work, man. You got to show up all the time.

Steven Butala:                   Well said. If you don’t want to work, please don’t show up. Save us all some time and work.

Jill DeWit:                            They won’t show up, don’t worry, they’re not here. Anyway, getting to the point where I don’t have to worry. I’m thinking about that person, we’re kind of that way I just don’t look at it that way. But, if the wheels stopped tomorrow, we could live comfortably for a long time and I sleep really well because of that. The way we run our business, that’s a win for me and I sleep really well with that ’cause I know that every day I’m making tough decisions that in the end it’s doing the right thing and being an honest, upfront, transparent person which sucks. I got a complaint, I screwed up, whatever it is. I have to take care of this and you have to do the right thing. So, because of all those things I sleep well. Then, it’s a culture, I guess? I don’t know if it’s maybe a little off track here but for me, the lifestyle and the way we live our life is a win. That’s what I’m trying … that’s how I’m going to tie it all in there.

Then, a loss for me is … you know what’s almost a loss for me? When someone snows me. That’s a loss for me. I was just thinking if I trust someone and I believe in them and I think I made a good choice and I put them in this position and I gave them something to do and they snowed me.

Steven Butala:                   They snowed you intentionally or they just didn’t have any talent?

Jill DeWit:                            No, they snowed me intentionally.

Steven Butala:                   Boy, I’d love to hear an example of that ’cause the caveman in me comes out.

Jill DeWit:                            Aww, thank you. You do, you’ll know about it if it happens if it’s a bigger deal, but I just, for me, it’s a loss like, “God, why was I so-” I feel like I failed trusting that person.

Steven Butala:                   Has that happened recently?

Jill DeWit:                            No.

Steven Butala:                   Okay, good.

Jill DeWit:                            Oh, no. [crosstalk]

Steven Butala:                   If it happens recently, it hasn’t gotten to me and that’s not good ’cause I need to know that stuff.

Jill DeWit:                            No. No. Look, calm down. It’s all right. Steven, we’re cool.

Steven Butala:                   All right.

Jill DeWit:                            Down boy.

Steven Butala:                   All right.

Jill DeWit:                            He’s putting his boxing gloves on.

Steven Butala:                   I don’t know who would snow you.

Jill DeWit:                            No, it’s just … it’s me making a bad like, “Oh, I chose wrong on that one.” Then it’s that’s a loss for me. My wins and losses are spiritual if you will.

Steven Butala:                   Yeah, mine are money based.

Jill DeWit:                            That’s why we’re good.

Steven Butala:                   Money based and performance and success based which is probably so psychologically unhealthy. Expecting people to perform how you expect them to perform is probably pathologically insane.

Jill DeWit:                            Yeah, ’cause you’re never going to really get it.

Steven Butala:                   Yeah, you’re never going to be happy ’cause-

Jill DeWit:                            Exactly.

Steven Butala:                   It’s a good time to end this. Well, you’ve done it again, you spent another 15 minutes or so listening to the Land Academy show. Join us next time where we discuss outsourcing funding with plumb investments.

Jill DeWit:                            Cool. We answer your questions posted on our online community LandInvestors.com. It’s free.

Steven Butala:                   You are not alone in your real estate ambition. Yeah, that could’ve gone on for a long time. I guess, you know what, as a listener I would encourage you to just spend a few minutes considering what’s a win and what’s a loss ’cause you might be chasing the wrong stuff. I spent a whole decade chasing the wrong stuff.

Jill DeWit:                            That’s true.

Steven Butala:                   Before you.

Jill DeWit:                            That’s a good one. We often fall into the keeping up with the Jones’s or we think that’s what’s expected of us, when in your gut it’s a loss ’cause you’re like, “I didn’t even want to do this.”

Steven Butala:                   In the very beginning stages of planning this, I don’t know what would you even call it? It’s a show for women with her two very, very good girlfriends.

Jill DeWit:                            It’s more than a show.

Steven Butala:                   A help you kind of thing.

Jill DeWit:                            Yeah.

Steven Butala:                   With a group and line of events and the whole thing and whether or not it still comes to fruition, we’re still not sure. I’m just doing stuff that she asks me to do but I’m pretty sure it will.

Jill DeWit:                            Thanks.

Steven Butala:                   That’s a huge win.

Jill DeWit:                            That’s going to be a big win. Thank you.

Steven Butala:                   Oh, you don’t want me to talk about it, do you?

Jill DeWit:                            No, you’re all good.

Steven Butala:                   All right.

Jill DeWit:                            Hey, wherever you are listening or watching, please rate us there. We are Steve and Jill.

Steven Butala:                   Information.

Jill DeWit:                            Inspiration.

Steven Butala:                   To buy undervalued property.

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