Jill Friday – I Have Money to Burn (on Your Deals!) (LA 1533)
Jill Friday – I Have Money to Burn (on Your Deals!) (LA 1533)
Transcript:
S Jack Butala:
Steve and Jill here.
Jill DeWit:
Happy Friday.
S Jack 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.
S Jack Butala:
Today is Jill Friday, and she’s going to talk about how she has money to burn on your real estate deals.
Jill DeWit:
Am I?
S Jack Butala:
Yeah.
Jill DeWit:
All right. Can we spend two minutes on that, because that’s not as exciting. We could come up with some other stuff for Friday.
S Jack Butala:
Today, we’re going to talk about what Jill wants to talk about.
Jill DeWit:
That’s what I want to hear.
S Jack Butala:
How about inspiration by Jill?
Jill DeWit:
No, we can do… Well, that would be good. We can come up with some more stuff too.
S Jack 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, and if you’re already on Land Academy, please join us on [Discord 00:00:45].
Jill DeWit:
Thank you. Sean wrote, “Great thanks to Jack and Jill. First mailer, a huge success.” Aww. “After months of watching Jack and Jill’s podcast, I put in some work and sent out my first mailer. I was planning on sending out 1500 offers but after scrubbing, ended up with only a thousand. My letters hit 10 days ago and I have four deals so far, and one seller has properties in four other states she wants to sell. After closing my first round of deals, I look forward to becoming a Land Academy member. I can’t wait to join the community fully and enrich my life even further. Thank you so much, Jack and Jill, for creating such an incredible community and sharing your invaluable knowledge. I love you both and look forward to seeing every episode.”
S Jack Butala:
Wow. Geez. Tell me where to send the check, pal.
Jill DeWit:
Aww, thank you Sean. That’s so awesome. Thank you very much. I appreciate that. How cool is this? Sean just kind of winged it with what he collected here and now he’s like, “Oh hold on, I know there’s more,” which is true, “How I can really up my game and make it big.”
S Jack Butala:
When people come to us from other groups or prior real estate experience or own other types of companies, real estate related or not, they stay forever. I think this is great that you tested it on your own. This is what I would do.
Jill DeWit:
Mm-hmm (affirmative).
S Jack Butala:
Test it all on my own. Make sure I did it right, and then realize that, okay-
Jill DeWit:
Yeah. This is the thing.
S Jack Butala:
… now I need to learn the right way to do this-
Jill DeWit:
Yeah.
S Jack Butala:
… and bounce it out. Get myself some partners.
Jill DeWit:
Yep. That’s so perfect. Good job. Congratulations.
S Jack Butala:
Yeah, it’s great. It’s a good Friday statement question. Today’s topic, it’s Jill Friday and she has money to burn on your real estate deals.
Jill DeWit:
Ready?
S Jack Butala:
Yeah.
Jill DeWit:
Yada, yada, yada, I got money. Some people are beating me to it. Stupid land tank, recreated that, some people put in deals there and keep looking at them before I do. That’s great-
S Jack Butala:
I’ll help you.
Jill DeWit:
… because then people have money too, so I got money, hit me up, cheque book’s open.
S Jack Butala:
It’s no big secret that Jill and I do deal funding very successfully.
Jill DeWit:
Yeah.
S Jack Butala:
If you have a great deal, and you want a partner, just a funding partner, let us know.
Jill DeWit:
Mm-hmm (affirmative).
S Jack Butala:
There’s lots of other places in the group to do it too.
Jill DeWit:
Okay, there I guess we’re good.
S Jack Butala:
Yep.
Jill DeWit:
Now let’s talk about something way more fun.
S Jack Butala:
Doh.
Jill DeWit:
Like deals. I know we got some crazy deals, so-
S Jack Butala:
I noticed that. I just got that email yesterday.
Jill DeWit:
Yeah.
S Jack Butala:
It’s going to be close to seven digits this month.
Jill DeWit:
Uh-huh (affirmative). It’s really ramping up in a great way, and it’s so funny. We know a guy. I didn’t tell you this. Scott Carson.
S Jack Butala:
Yeah.
Jill DeWit:
Totally different thing, he’s a Note guy. That’s not our thing, but we’ve done things with him. He was on our show. We were on his show. We did a weekend webinar series, we spoke on that. It was really cool, it was fun. Anyway, there’s a point to this. Scott sent out a funny email like two days ago, all I saw was a water and hose and he was doing a video in his backyard talking about this upcoming thing and how great it is with Notes, which is like us, you don’t have to leave the comfort of your air conditioning home, and be cool and doing deals and making money. At the end he gets these fire hoses in his face. I actually had to watch it, so I said- [crosstalk 00:04:28].
S Jack Butala:
You have to watch, if there’s a fire hose in someone’s face, you got to watch that.
Jill DeWit:
I sent Scott a little note. I said, “Ah,” I said, “That was funny, Scott.” I said, “I actually had to watch that. I hope you’re doing well.” He wrote me back. He wrote me right back like, “Jill, how are you? Nice to hear from you. Hope you guys are doing great at the beach.” He’s like, “Hey, by the way, what’s going on with you guys and land right now with this current climate?” I haven’t written… This just happened. He wrote me back this morning. It was yesterday, this morning, and I haven’t written him back yet but man, that water hose in the face to him is how I feel with land right now in these deals. I’m like… Did you see the deal? Every Wednesday, my transaction coordinator has all those things, incoming, in escrow, outgoing for sale. I got these chunks and this list is pretty long.
S Jack Butala:
It’s huge now.
Jill DeWit:
I told her, I said, “I need a one sentence recap every Wednesday, so I’m caught up on all of these deals. I could see things going through. I can go look on Airtable, but there’s a lot of stuff. I just need a one line.” It’s huge right now. I’m like, this is awesome.
S Jack Butala:
It turns out, sending letters out to people to buy their property, works.
Jill DeWit:
Wow. Who would’ve thought? I’m so glad. I love reading online when people say, “I ran out of inventory, again.” That’s the greatest thing.
S Jack Butala:
I like when people say, “Yeah, what’s the trick? Come on. I mean, is it because you guys have a show? You’re the only one successful.” I love answering questions like that.
Jill DeWit:
You know what’s cool, it’s happening right now too. There’s a couple of properties. I have one property in particular in LA County that Ideal funded for somebody else and they kind of goofed. They may have goofed a year ago, let me finish this here. They presented it well, looked like a good deal. I said, “Sure. I’ll fund it,” and it’s not selling. It’s not selling. It’s not selling. Then we realized, maybe we overpaid. I trusted them, that’s on me. I took the property back. The guy’s like, “I don’t care. I’m embarrassed. Please take it. Don’t give me a dollar. I’m sorry I goofed up on this.” It’s probably has been sitting in my inventory for a year.
Jill DeWit:
Well, guess what? Now it’s swinging back up again in this part of the county. We might make a good return on it again, it’s funny. I kind of forgot about it. Once you get going too, this is the funniest thing, I know it sounds crazy right now. What do you mean you forget about property? That’s your money. Trust me. You’re going to have so much in your inventory and so much going through the system and your bank balance is going up just great. You’re going to forget like, “Oh yeah. There’s $10,000 over there I forgot about.” Totally happens.
S Jack Butala:
I don’t forget about it.
Jill DeWit:
Oh, okay. I do.
S Jack Butala:
That’s what our CRM is for. I always know how much money-
Jill DeWit:
Well, that’s true. I don’t forget but…
S Jack Butala:
… how much money we have in property.
Jill DeWit:
Right.
S Jack Butala:
Obviously, you know how much cash you have. If you don’t know how much cash you have, right now, I’m concerned about you.
Jill DeWit:
Uh-huh (affirmative).
S Jack Butala:
Then how much money we have cash in. We’ve already purchased property and what the exit value is of that.
Jill DeWit:
Right.
S Jack Butala:
Then how much money we’re looking to spend on property we’ve approved.
Jill DeWit:
Right.
S Jack Butala:
I do that equation in my head all the time. When it gets out of whack, and it hasn’t been out of whack since I met Jill, I get concerned. I stopped looking at it a while ago actually.
Jill DeWit:
Oh. I know-
S Jack Butala:
It’s a lot.
Jill DeWit:
It’s just nice like, “Oh yeah, I still have that. I still have this.” It’s fun.
S Jack Butala:
Yeah.
Jill DeWit:
Happy you could join us today. Five days a week you can find us right here on the Land Academy Show.
S Jack Butala:
Join us next week for another interesting episode. You are not alone in your real estate ambition.
Jill DeWit:
It’s like finding money in a pocket. Isn’t that nice? [crosstalk 00:08:22]
S Jack Butala:
It’s funny talking about positive stuff.
Jill DeWit:
What’s great about it too, is the way we do things. We pay cash for everything and some people don’t realize that and they don’t know that’s how we roll. That’s why I’ve allocated X amount of money for this property. No one’s banging down my door. I don’t have to make payments every month. The taxes aren’t monthly. You really can just breathe.
S Jack Butala:
Yep.
Jill DeWit:
In a perfect world though, it’s two days in and it’s two days in your inventory. That’s the ideal situation.
S Jack Butala:
Right.
Jill DeWit:
I know a lot of people, like us, that are doing that.
S Jack Butala:
Yep.
Jill DeWit:
And, I love that. Thank you for tuning in. We hope you find our content valuable and we really appreciate your support. If you haven’t already, please zip on over to our YouTube channel, check it out and hit the subscribe button, and also comment on the shows that you love.
S Jack Butala:
We are Steve and Jill.
Jill DeWit:
We are Steve and Jill.
S Jack Butala:
Information…
Jill DeWit:
… and inspiration…
S Jack Butala:
… to buy undervalued property.
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