Jill Friday – Three Ps and What Makes a Great Land Investor (LA 1488)

Jill Friday – Three Ps and What Makes a Great Land Investor (LA 1488)

Transcript:

Steven Jack Butala:
Steve and Jill here.

Jill K DeWit:
Hello.

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

Jill K DeWit:
And I’m Jill Dewitt broadcasting from sweet Scottsdale, Arizona.

Steven Jack Butala:
Today. Jill and I talk about… Well, it’s Jill Friday and her three P’s and what makes a great land investor.

Jill K DeWit:
Versus a good one. I think I did a week or so ago on Clubhouse and people were trying to figure out, “Hey, what’s the difference?” Really, it came to be who are these career path people because they look at it for them as great, great investors because they’re really putting the money and the time and energy into making this a really a career kind of thing. And so people say, “Well, they’re obviously great investors. What makes them stand out?” All right, I’m going to put some thought into this. What do I think is the difference here? And then you and I talked about it and I did the first two, three P’s, and you came up with the 3rd P, which we’ll share in a few minutes.

Jill K DeWit:
And I did this little talk on Clubhouse and it was really fun. It was an open discussion as Clubhouse always is. It was super fun. By the way too, I’d like to note, thank you for my pretty flowers. For those of you who are watching us on YouTube right now, you notice I put some pretty red roses behind me that Steven got me for, what was the occasion?

Steven Jack Butala:
For no reason at all because I like to.

Jill K DeWit:
These are really nice. Thank you. So now that they look so pretty behind us, we should make this a thing.

Steven Jack Butala:
Oh, this is Jill’s way of getting flowers every single week.

Jill K DeWit:
You better believe it is.

Steven Jack Butala:
Which I have no problem with.

Jill K DeWit:
Thank you.

Steven Jack Butala:
If there’s a subscription flower service.

Jill K DeWit:
I’m sure there is. It’s called 800 flowers. You could probably have different color roses and stuff. Do you want me to just do it for you?

Steven Jack Butala:
No, no, no, I’ll do it. I’ll go do it. I mean, I wonder if Amazon’s probably got a floral component to it. 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. If you’re already a Land Academy member, please join us on Discord. It’s a tremendous tool to get every question you’ve ever had about this answered. And if you’re just a lurker, it’s a great way to learn through other people’s questions. I’m on there all the time all day.

Jill K DeWit:
Okay. So this is a lengthy one. I’m going to go through the whole thing here, but it’s a great question that we have. Yes.

Jill K DeWit:
Greg wrote, “Hi everyone. Another fun story to share with the group and looking for any advice. I have a property in blank that has no legal access. The road doesn’t quite make it there that I sold/I’m selling on a land contract. Of course, I told the guy I didn’t think it had legal access, but he wanted to buy it anyway for a low price. That was a year ago. So a month ago, I get a letter from the Property Owners Association indicating that the parcel has trucks and trailers and all of stuff parked on it and apparently it’s in the middle of this association and the road that almost leads there is owned by the Property Owners Association, the POA. The POA asked for all the stuff to be removed within 30 days and to stop trespassing or they would call the sheriff. I told the guy that I sold the place to, again, it was under land contract and he wasn’t too happy and has missed his March payment. I fear he’s going to back out of the contract and I understand why. So today, I get a letter in the mail from an attorney in the state saying that they represent the Property Owners Association and they go on to say that all the junk is still on the property. And they offer to annex my property into the Property Owners Association four or $5,000 plus legal fees etc.”

Steven Jack Butala:
Okay. Annex my property into the POA. Now why the hell would you do that?

Jill K DeWit:
I know.

Steven Jack Butala:
Go ahead.

Jill K DeWit:
Not going to do that since the road doesn’t touch the property, so still no legal access to the parcel, although legal access of the broker. So the upside is my guy removes all his junk from the property and makes the POA happy and I sell it to someone else fully disclosing the new knowledge of the POA. The downside is the guy leaves the stuff on the property and the POA threatens me with fill in the blank. Do I have some liability for my tenant/line buyer because he’s trespassing? Other than the use of the POA roads, I can’t see how the POA can dictate what the guy leaves on the property since it’s his. Anyone have something similar to share or advice? I plan to call the attorney and tell them I don’t plan to annex the property into the POA and I’m not the guy doing the trespassing.

Steven Jack Butala:
All right. So my first question… No matter what happens, you need to communicate, really communicate a lot with everybody involved here, including the lawyer. There’s been times in my life when somebody else’s lawyer contacts me, then I don’t like the situation, so I talked to the lawyer for two or three hours every day and they bill their client.

Jill K DeWit:
That’s kind of funny.

Steven Jack Butala:
I don’t think they have a leg to stand on here. I think that this is your property. It’s not in the POA. The road on the way there is and so there’s that. If the stuff on the property has any value, if there’s semis and stuff there, that’s going to have some value. You can, through the department of motor vehicles, I know in Arizona anyway, it’s this way, if somebody abandoned some stuff on your property, it’s a very easy process to get it into your name.

Steven Jack Butala:
It’s not super fast, but it’s not hard. And so, as long as you communicate with the lawyer or the POA that you’re willing to work with them, you’re going to the DMV, try to get this stuff sold on a land contract, the guy left, I’m doing all this stuff as fast as I can. You can’t demand that I do anything. It’s not in your POA.

Jill K DeWit:
Correct.

Steven Jack Butala:
This is a problem with HOAs and POAs. This is not a unique situation. I don’t know or understand why. It doesn’t matter. This is not a show about POAs.

Jill K DeWit:
Okay. Thank you.

Steven Jack Butala:
Jill’s like, “Oh, thank God he didn’t-”

Jill K DeWit:
Well, what’s the answer? Just communicate with everybody and do the best you can?

Steven Jack Butala:
And try to get this stuff off of there and keep everybody happy and sell property for cash.

Jill K DeWit:
This was lengthy, so even I got a little confused reading this thing. So it sounds to me that the property is not in the POA, but the road is. That’s the problem.

Steven Jack Butala:
The road to the property is.

Jill K DeWit:
Correct. So they’re trying to do like a, “Hey, we want this property too. This is the only access.” So there’s a whole nother thing you have to consider once this is all done and everybody’s happy is the access situation. It’s clearly a problem, so I would disclose that, sell for cash, and move on. I’m almost wondering if I should take the five grand and give them the dumb property.

Steven Jack Butala:
I’ll tell you what. No, he wants him to… Oh, for $5,000. I understand. I’ll tell you what. I would very politely mention this to the lawyer and I know what state this is in. Jill didn’t disclose it, so it’s okay, but I know for a fact that you cannot withhold access to a property.

Jill K DeWit:
In this state, that’s true.

Steven Jack Butala:
In the entire state and so-

Jill K DeWit:
Stinkers about it.

Steven Jack Butala:
Yeah. So I mean, you don’t want to get into a contest about who’s right and legal stuff and all that, especially with the lawyer, but you might politely say, “Hey, you and I both know this is not trespassing. If your road is to my property, then it is. I’m not going on anybody else’s property. I’m just driving down the road.”

Jill K DeWit:
Mm-hmm (affirmative). Totally.

Steven Jack Butala:
Yeah. Jill might be right. I misunderstood. I thought the lawyer wanted you to pay $5,000 to get into the association. So 5,000 could easily become 10 and then maybe you’re okay.

Jill K DeWit:
Mm-hmm (affirmative). How bad do they want it? There you go.

Steven Jack Butala:
That sounds a little bit like extortion to me.

Jill K DeWit:
It does. That’s my concern. And you’re not alone. It was a little confusing.

Steven Jack Butala:
Today’s topic, it’s Jill Friday, the three Ps, And what makes a great land investor. This is the meat of the show.

Jill K DeWit:
This came from the Clubhouse talk that I had a couple of weeks ago. And if you’re not with me in Clubhouse, please get on Clubhouse. Come find me. Come find me and follow me. And then I made a separate little group in there and it’s called land investing. So everyone here if you’re on Clubhouse, you should be in that group. So join it and get involved. And then you get alerts when we do talks and things like that. And by the way too, we’re going to start doing more things. We’ve been talking about… like yesterday’s show we recorded it or we’re recording it, I turned on Clubhouse live, so people could just sit and listen. And as we’re sitting here doing our schpeel, doing our show, I thought, “What if I’ve made it so they could ask a question right there live?” That might’ve been kind of cool.

Jill K DeWit:
I don’t know. So there might be some component of that, that we do. But anyway, the topic came up because of people who are asking, “Well, wait a minute. We have these accountability groups and now we have these career path people. Like, wow, these people are really not just good investors. It sounds like these are great investors. How do I get to be one of them? What’s the difference between a good investor and a great investor?” So I spent some time on it and I came up with the three Ps because we were talking in the car and I had one and I had number two and Steven goes, “Well, I think this one is important, so I think you should include this P.” I said, “All right, I will.”

Jill K DeWit:
So the first P I think that makes a great investor is flat-out personality. I’ll give you number two also because it kind of go hand in hand. One is personality. Two is persistence. Some personalities are naturally persistent. Some personalities have to train themselves to be persistent. Some personalities have to have people nagging them to be persistent and they have to hold themselves accountable. There’s all kinds of little variations there, but it’s two parts. And how do I know personality? I’ll tell you how. Because in career path, we had everybody take a test and we paid for it. It was the Enneagram test. I thought, “You know what? Watch these people. We’ve got 15 phenomenal people in this group.” I said, “I’m sure one of them is going to rise to the top, which group is it kind of thing.” And it did. It did rise to the top and it was eights.

Jill K DeWit:
Most of them were eights. Steven’s an eight. I happen to not be a… I’m like, I have an offshoot of an eight. I’m a seven with a three and an eight as my sub things.

Steven Jack Butala:
It’s Challenger.

Jill K DeWit:
ACI. Yeah.

Steven Jack Butala:
What’s a seven?

Jill K DeWit:
What is a seven? I forgot what the exact thing that you call that.

Steven Jack Butala:
Helpful?

Jill K DeWit:
No, it’s not the helpful one.

Steven Jack Butala:
Provider?

Jill K DeWit:
No, it’s not the provider one.

Steven Jack Butala:
What is it?

Jill K DeWit:
It’s kind of like the adventurous one, like I’m not afraid of anything.

Steven Jack Butala:
Oh, boundless or something like that.

Jill K DeWit:
Something like that. Yeah. So that’s more me. And I thought it was a one, I thought I was a perfectionist and that didn’t come up very much at all. It was kind of funny. So that’s how I know there’s a lot of it is personality. And I know that about these individuals. They joined career path. They jumped in and said, “I’m doing it.” And we have some people by the way, that are very, very experienced and some are brand new they’re like, “I don’t care about career path people. I mean, talk about personality and adventurous and just, we’re going to go for it, man.” They don’t have any fears.

Jill K DeWit:
I’m trying to imagine it’s like, “You know what? I’m going to jump into the master driving. I’m not a good driver, whatever, but I’m going to get in that race car and I’m going to race with those guys.” What the heck?

Steven Jack Butala:
You would do that.

Jill K DeWit:
I know. And there’s people out there and they’re like, “I’m going to do this.” I’m going to jump out of a plane. Never done it before. I’m going to jump out of a plane, watch me, whatever it is. So there’s personality to this. A lot of it, which is nature. And then there’s the persistence part of it. And that’s one of the things about these top people is they have life experiences. And it’s just what showed up in them. I’m only restating to you what we learned, what I learned. They happen to all have had past lives and a lot of them had their own companies. They had to really overcome some things through persistence or they would not have been successful.

Steven Jack Butala:
More and more, I see people on the topic of persistence or let’s call it accountability, that’s kind of the same thing, it’s in the same universe, talk about those things like it’s something you’re either born with or you’re not. And more and more of that concerns me because persistence is something you learn, something that hopefully you get from your parents early on or wherever you get it. It could be from anywhere, so it’s also something that you can change tomorrow. If you don’t believe that you have persistence… Personality is a little harder. Persistence is something that you need to practice.

Jill K DeWit:
Right. How you learn it and how I think you get good at it is you find yourself in situations where you stick to it and you don’t stop. You’re persistent to get whatever outcome that you want and then when you get said outcome that you want you realize, “Huh? If I gave up six months ago, this wouldn’t happen.” Six days ago, whatever it is.

Steven Jack Butala:
With persistence comes the concept of failure. You have to fail and you have to get comfortable failing, and then having the persistence to keep at it until you figure it out and that’s with everything. This is no different. So what if you don’t have any persistence and you don’t have any personality, but you love profit like me?

Jill K DeWit:
That’s the third P.

Steven Jack Butala:
What do you do?

Jill K DeWit:
You want to explain your third P?

Steven Jack Butala:
You partner with somebody like Jill who has a ton of personality and a ton of persistence. She leaves the profit to me.

Jill K DeWit:
So here’s my take on this because I looked at it differently. Profit is not necessarily about the money. Profit is about looking at it.

Steven Jack Butala:
Winning.

Jill K DeWit:
Well, being able to look at it and really take a step back and make good financial decisions. How’s that? That’s how I see it as profit. It doesn’t mean you make a lot of money that you’re necessarily a great investor. And some great investors don’t make a lot of money. They just choose not to do that. I know some very, very great investors in our group who don’t want to do that many deals. They don’t want to work that hard. The profit, it’s not about the big, big profits. It’s about, I got my retirement paid for. I got my kid’s college fund paid for. I just got my wife so she could quit her job. That’s it. So it doesn’t have to be great, great, great, but they are solid, good, consistent investors. And I think they’re great. I think you’re great.

Steven Jack Butala:
Thank you Jill.

Jill K DeWit:
And you listening, you’re great too.

Steven Jack Butala:
You lost me at flowers. Anyway-

Jill K DeWit:
It’s awesome. Okay. Happy you could join us today. Five days a week, you can find us right here on the Land Academy show.

Steven Jack Butala:
Join us next week for another interesting episode. You are not alone in your real estate ambition.

Jill K DeWit:
I do think you’re great.

Steven Jack Butala:
I know you do. It’s very nice feeling.

Jill K DeWit:
You’re welcome. Thank you for tuning in. We hope you find our content valuable and we really do appreciate your support. If you haven’t already, zip on over to our YouTube channel, hit the subscribe button, and please leave comments on the shows that you love.

Steven Jack Butala:
We are Steve and Jill.

Jill K DeWit:
We are Steve and Jill.

Steven Jack Butala:
Information-

Jill K DeWit:
And inspiration-

Steven Jack Butala:
To buy undervalued property.

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