Value of our Thursday Deal Review Webinar (LA 1411)
Value of our Thursday Deal Review Webinar (LA 1411)
Transcript:
Steven Butala:
Steve and Jill here.
Jill DeWit:
Hello.
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 the Value of our Thursday Deal Review Webinar.
Jill DeWit:
Webinars.
Steven Butala:
We just did some math, Jill and I, before the episode, and we calculated that between 2016 and 2020, once a week, we do between an hour and a half, usually two to sometimes four hours of webinars with our members. And the vast majority of it is taken up by us playing out the scenario called would you do this deal? And so there’s just 500 hours of this in there.
Jill DeWit:
You’re explaining the whole show. Should we [crosstalk 00:00:53] show?
Steven Butala:
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 DeWit:
Tom wrote, “We’d like to find the right accountability group with a good fit on pace and goals. I have preconceived ideas of my strengths and weaknesses,-
Steven Butala:
So do I, Tom.
Jill DeWit:
– but I may find out differently in practice. Excited to get going.” Isn’t that true? You don’t know until you get in there. You don’t know about any of those till you get in there. You’re like, “Oh, I’d think I love to do this. No, I hate to do this” or, “Yeah, I’m good at paperwork. Oh my God, I suck at deeds.”
Steven Butala:
I’m great at being single, not so much at being married.
Jill DeWit:
Anyway…
Steven Butala:
I have some preconceived ideas of my strengths and weaknesses, too.
Jill DeWit:
I’m good at practicing getting pregnant. I suck at being a mom. Just kidding.
Steven Butala:
Oh, my God, Jill.
Jill DeWit:
I’m just kidding.
Steven Butala:
Where does that come from?
Jill DeWit:
Not me. [inaudible 00:01:46]. You were giving some wild-
Steven Butala:
The perceived ideas about yourself.
Jill DeWit:
Oh, sorry.
Steven Butala:
Not in judgment of other people. Wow, that took a right turn.
Jill DeWit:
No, I [inaudible 00:01:59]. All right, everybody erase that. Okay. Yeah, there’s no do-over button here, is there?
Steven Butala:
We’re not going to edit that out, no.
Jill DeWit:
I know that. I’m well aware of that. You know what the last time you edited something for me, it’s probably been over a year.
Steven Butala:
Yep, it’s true.
Jill DeWit:
I was probably crying. There was probably something that made me cry. I was having a really bad day.
Steven Butala:
I have to say… And I’ll tell you, you’re right, edited out… probably a year.
Jill DeWit:
Yeah. Definitely a year.
Steven Butala:
But we have had to start and stop over several-
Jill DeWit:
You know what it probably was… truth time. I’m sure you and I were getting into it. I think the last time I said, “Oh, we got to do this over,” because you and I were getting in to it about something, [crosstalk 00:02:44]. Nobody’s going to want to hear this, including me.
Steven Butala:
I listened to a podcast once… I think it was with you… about two people trying to have a podcast together, and they were married [crosstalk 00:02:54] and probably not married anymore actually.
Jill DeWit:
They were getting into it. Yeah, I have to-
Steven Butala:
I have to say that was a lot of fun to listen to.
Jill DeWit:
Yeah. So next time I promise we won’t cut it. We’ll just let it roll. So if we get into it, you decide… If you think we’re getting into it, you’re the judge.
Steven Butala:
It’s always fun to watch or listen to other people failing at stuff. So it makes you just feel better about yourself. That’s what the whole premise of reality TV is I know I’m I got some weird things going on with me, but I’m not as bad as that guy.
Jill DeWit:
That’s very true. Like those hoarder shows… I’m like, “It will never be me.”
Steven Butala:
So, Tom, I understand your sentence “I have preconceived ideas on my strengths and weaknesses.”
Jill DeWit:
Well, and, luckily, you have me to tell you what you are good at [inaudible 00:03:44].
Steven Butala:
Who, me? I thought you meant Tom.
Jill DeWit:
I’m here to tell you, not Tom, your strengths and weaknesses. But maybe, Tom, maybe, if I happen to be in one of the accountability groups that you’re doing, I can help you there too.
Steven Butala:
No, he’s trying to find one. And then our staff jumped in on Land Investors because we’re starting an accountability group next week. It’s on Tuesday at 5:00 PM, so watch your email.
Jill DeWit:
Yeah. I have no idea how the group was selected, who is in it…
Steven Butala:
It’s open.
Jill DeWit:
I have no idea. I think it might be limited number of seats, though.
Steven Butala:
It’s not. We talked about all this with the… I got it all under control.
Jill DeWit:
Well, that’s fine.
Steven Butala:
But everybody did say… And even other members said, we’re just waiting for Jack and Jill’s…
Jill DeWit:
How are we going to have unlimited and go around the table?
Steven Butala:
We’re not.
Jill DeWit:
Oh, okay. So, it is limited.
Steven Butala:
I went way down the path with this with our staff. It’s going to be cool.
Jill DeWit:
Okay. Got it. Anyway, back to Tom’s thing. So they’re here, and they’re coming, and we’re going to have different levels of accountability groups. So you probably already know about it.
Steven Butala:
Today’s topic, the Value of our Thursday Deal Review Webinar. This is the meat of the show.
Jill DeWit:
I’m looking to you. You started to talk. I can explain the [inaudible 00:00:05:09]. Would you want me to go first?
Steven Butala:
Just here, I’m going to start with math, like everything. Like I said earlier, we have about 500 hours combined plus or minus of historical… Jill and I sitting just like we are right here on a webinar with all the members who were interested in participating in this, and it’s closed.
Jill DeWit:
Free to members.
Steven Butala:
It’s a closed call, and they submit the deals that they’re doing and ask our opinion and, at times, other people’s opinion, that everybody pipes in on the chat and says “Yeah, it’s great deal. No, I wouldn’t do it. You might want to consider this.” Very often, someone will say “My mom lives an hour from there. I’m happy to go take a picture.” The reason that I came up with this topic is because we, again, another tool that we provide for our members is discourse subscription-
Jill DeWit:
Discord.
Steven Butala:
Sorry, discord description.
Jill DeWit:
Subscription.
Steven Butala:
Subscription. Wow.
Jill DeWit:
It’s okay. I will translate.
Steven Butala:
They’ve been commenting. So there’s some new members that are really going through those deal reviews and saying some really positive things. I actually had no idea how educational they were for new people because we’re going through with the initial due diligence process for other people’s deals. And we’re sitting there saying, “Yeah, I would do this, but not at this price.”
Jill DeWit:
People often ask… Because price comes up with Land Academy, too, because we have a membership that comes along with it. It’s a monthly membership that gives you access to data. You get a bunch of different tools for data. You get cheap mail. There’s all kinds of support that goes along with it, and this is one of those things. And that’s what Jack’s talking about is we noticed it in our discord chats where the new members are all going, holy cow, what is all this? They didn’t even know this was here, just like a little surprise bonus. It made us want to share with you what this is and what we do and what’s going on.
Steven Butala:
Exactly.
Jill DeWit:
Like you said, we do these weekly calls. That’s every Thursday, barring a holiday, unless it falls on a holiday. If it’s not on a holiday, we’ll be there. We’ve been doing it for years now, so this is going on 16, 17, 18, 19, 20… So it’s five years of material. Well, it’s actually… Yeah, from 16, so it’s even more than 500 hours.
Steven Butala:
Yes. It’s more, we just did a fast [crosstalk 00:00:07:40].
Jill DeWit:
It’s more than 500 hours.
Steven Butala:
Well, I just wanted to say I want to be a conservative on the number.
Jill DeWit:
We record them and they’re videotaped, so people can go back and watch.
Steven Butala:
They’re on Zoom.
Jill DeWit:
And it’s really cool to see the chat. It’s not just deal review. It’s also Q and A. It’s any… dream it up. And we have people who said, “Jill, I heard you talk about how to handle a seller when you come in and your price is too high. Can you please talk about that for a few minutes?” And then we do. Sure, here’s how I do it. He and I might role play to have fun with it just for a second, just kind of say, this is what the seller… what they’re going to probably say. This is how I handle that… that kind of thing. I didn’t even think about it until this topic came up that that is such valuable information. It is shocking. It’s awesome.
Steven Butala:
Well, members are saying things like, boy, this fills in all the gaps for me, it’s all the questions that I really had on about what really goes on in the real deal. This fills it all in. They’re also talking about how to listen to it and watch it at one and a half times the speed or two times the speed so you can get through more.
Jill DeWit:
That’s good.
Steven Butala:
I thought that was great.
Jill DeWit:
Because do you have 500 hours right now, not really? So that’s true. I’m trying to think what else I was going to point out in there. It also tells you a lot of the things that people just ahead of you… There’s always somebody in the group on every call that says, “I just sent out my first mailer,” and then 10 people can chime in and say, “All right, here’s what to expect,” and it’s not us. It’s so fun because you get to hear what everybody else is saying, don’t worry, your phone will start ringing. Don’t worry about this. Yes, you’re going to second guess it. Oh, I made that mistake too. Did you set this up? Whatever it is, there’s always somebody that’s two weeks ahead of you, two months ahead of you, and two years ahead of you. It’s so fun to be able to pick each other’s brains and have working examples of this whole industry. I don’t know what else to call it.
Steven Butala:
It’s one of those things that just organically grew out of necessity or out of requests that we don’t charge for.
Jill DeWit:
Part of the membership.
Steven Butala:
It just seems to be so well received, and that’s what makes me happy.
Jill DeWit:
Right. What’s interesting… So they’re all recorded, and people are going back now and listening to the old ones and just picking up on so much. You could probably not even watch the program. I wouldn’t do it. You need the basis of it, but you could probably pick up a lot from those calls.
Steven Butala:
Well, what we talk about is it starts with a member did everything right, sent mail out… You need the program, I think, for all [crosstalk 00:10:27].
Jill DeWit:
True, definitely need the basis.
Steven Butala:
But just for fun, if you wanted to start and really motivate yourself and you’re new, just log on and watch a couple of those calls. You’ll see the result of… You’re about to go through a pretty substantial learning curve and a lot of hard work, and, then, that can keep you motivated.
Jill DeWit:
The biggest takeaway is watching how we analyze the deal because I really think when you watch us do that 10 times, you’re going to go, okay, I know what I’m looking for. I watched Jack immediately pull it up on the map. I saw what he’s, out loud, tell me what he’s looking for. I watched him open up the data section for Jill and I heard her say, I’m looking for this, this, and this. Okay, passes my test, move on. I watched them quickly look at it for any flood potentials on the FEMA thing. Okay, check.
Now I watch them jump over and look at the elevation. This is really what we do with a group or someone else, looking at the elevation of the property, making sure the slope’s not too crazy for building anything on to make sure about. I’m checking access, things like that. Now I watch them all go and look for some comps to make sure this is all priced correctly. Done. After 10 of those you like, all right, I’m starting to get a feel for this.
Steven Butala:
Jill, also in real life, plays this game called yeah, I love it at 12… So I’ve got it under contract for 20. I love it at 12. I’ll accept it at 15, but I’m not buying at 20. We do that in life all the time with these deals that come back. I just got done analyzing a deal just like that. And it happened to be the mailer price was perfect, better than perfect actually.
Jill DeWit:
Yeah, that’s good. Happy you could join us today. Five days a week, you can find this right here on the Land Academy Show.
Steven Butala:
Tomorrow the episode on the Land Academy Show is called Understanding Money in Life. You are not alone in your real estate ambition.
Jill DeWit:
Boy, that sounds like a big lecture.
Steven Butala:
It’s not. It’s as much of a lecture as you think it will be because we can talk about relationships and money, and kids and money, and real estate and money. There’s all kinds of fun stuff we can talk about, but we’ll see.
Jill DeWit:
I have to say, I am proud to be not your normal woman. I’m not out there running into something else, not like spending spree Jill, we got to talk about money and life.
Steven Butala:
Jill’s a profit center, not a cost center.
Jill DeWit:
Thank you. Thank you. Thank you for watching. We hope you find our content valuable, and we really appreciate your support. If you haven’t already, please jump on over to our YouTube channel and hit the subscribe button.
Steven Butala:
And your comments and suggestions help us to create the type of content you’re here for. Hitting the like button on your favorite episodes helps to support our channel’s algorithms engage your interest in future shows.
Jill DeWit:
We’re Steve and Jill.
Steven Butala:
We’re Steve and Jill. Information…
Jill DeWit:
And inspiration…
Steven Butala:
To buy undervalued property.
—————————————-
If you have any questions or comments, please feel free to email me directly at steven@BuWit.com.
The BuWit Family of Companies include:
I would like to think it’s entertaining and informative and in the end profitable.
And finally, don’t forget to subscribe to the show on Apple Podcasts.
