Jill Friday – Stop Walking Away from Good Deals (LA 1593)
Jill Friday – Stop Walking Away from Good Deals (LA 1593)
Transcript:
Steven J Butala:
Steve and Jill here.
Jill DeWit:
Happy Friday.
Steven J Butala:
Welcome to the Land Academy show entertaining land investment talk. I’m Steven Jack Butala.
Jill DeWit:
And I’m Jill DeWitt, broadcasting from the valley of the sun.
Steven J Butala:
Today Jill and I talk about, well, it’s Jill Friday, and she’s going to talk about stop walking away from good deals.
Jill DeWit:
Mm-hmm (affirmative).
Steven J Butala:
Not even I know what she means.
Jill DeWit:
Oh. That’s funny.
Steven J Butala:
Can you give us a little peak?
Jill DeWit:
No.
Steven J Butala:
Before we get into it, let’s take a question posted by one of our members on the online community. It’s free, and don’t forget to subscribe to the Land Academy YouTube channel and comment on the shows you like, and maybe on the shows you don’t like so we actually can gauge future topics.
Jill DeWit:
The backgrounds you like you don’t like, the outfits, the hairstyles, please let us know. Just kidding. All right. James wrote “The recommendation for number of letters to send seems to be greater than or equal to 1,500. Does this mean to send at least 1,500 letters for one acreage, like two to five, a mix of acre, just like two to five, six to 10 or multiple counties. Assume that the minimum of 1,500 is meant to maximize your chance of getting a deal and should be sent to one acreage and one county. For example, if I were mailing to counties then I would set 3,000 units.” All right this is all you.
Steven J Butala:
This is a very technical question.
Jill DeWit:
It’s a good question.
Steven J Butala:
And I can tell James, you’re reasonably new. And I also can tell you’re going to be very, very good at this because you’re breaking it down. You’re deconstructing what we’re saying to do, asking a couple further questions and it’s yeah, I can tell you’re on the edge of the seat to let it out. Let the mail out. The rules of diversification and investment here apply in full force. It’s better to take $100, split it into $50 each and buy two shares of stock instead of one. Well, the same thing applies here. If you’re going to sign 1,500 units, split it up into two counties, or split it up into two zip codes and price it differently. This is what we teach in land academy 3.0. It’s better to send variances in acreage than it is just all one acre property, 1,500 units in one zip code.
Steven J Butala:
So break it up as much as you can. And here’s my final way to answer this question. Unlike a lot of laws in the universe, physics or not, more is better here. More is always better. It’s always better to send more mail. It’s also more expensive. So you’ve got to gauge that for yourself.
Jill DeWit:
What if he can afford 3,000?
Steven J Butala:
Oh, then send it.
Jill DeWit:
Okay. So the answer to the question is how much can you afford? What’s your budget? You should have a budget for mail. Then whether it’s 1,500 or 3,000, put a couple different things in there.
Steven J Butala:
Here’s what I don’t-
Jill DeWit:
Maybe it’s 10,000 units.
Steven J Butala:
Yes, Jill. Exactly.
Jill DeWit:
Have four counties in there.
Steven J Butala:
Now you’re-
Jill DeWit:
And have two different sizes.
Steven J Butala:
Now you’re really setting yourself up to succeed.
Jill DeWit:
There you go.
Steven J Butala:
What I don’t want to do, and I haven’t seen this in discord lately at all. And I mean, within the last several months, is air quotes, test a mailer. Test a location.
Jill DeWit:
I hate that.
Steven J Butala:
I’m going to send out 300 units.
Jill DeWit:
Or 30.
Steven J Butala:
And I’m going to see if this actually works. It is absolutely the fastest way besides not sending anything at all, that’s the fastest way to fail at this.
Jill DeWit:
Right.
Steven J Butala:
Think of gambling. It’s all percentages. The more hands of Blackjack you play and stick to the actual rules of the book, the better chances are that you have of winning.
Jill DeWit:
Yeah.
Steven J Butala:
You can’t just play one hand of Blackjack and you’re either going to win or lose. And if you lose, walkaway.
Jill DeWit:
So to answer the question too, I was going to say, I’m looking at the last thing. If you are mailing two counties, I’d send 3,000. Yeah, I think that’d be perfect. And if you’re going to send three counties, 4,500, I think that’s perfect.
Steven J Butala:
I mean, better than gambling, and fishing is a better example. You don’t just throw a line in, cast out a line one time, reel it in, don’t catch anything. And that’s it.
Jill DeWit:
Thank You.
Steven J Butala:
Today’s Jill Friday, stop walking away from good deals. This is the meat of the show.
Jill DeWit:
So we focus a lot on people ignoring red flags and trying to see a deal there when there’s really no deal. Like, but if I change the zoning this’ll work, but how important really is the access because somebody said they walked it, stuff like that. I’m like, stop it, stop it, stop it. Seriously.
Steven J Butala:
Oh it’s Jill Friday.
Jill DeWit:
It is. So that’s that’s, we have that extreme, right? There’s plenty of people that are trying to see a deal that’s not there. And really it means that you didn’t send enough mail. And that’s what we’re just talking about in the question, you need to send more mail. So, because you do have better chances, better odds that you’re going to have more properties to choose from and make good deals. But what I also see too is, people missing potentially good deals and there’s usually three ways that this happens.
Jill DeWit:
One is missed calls. They do not call back those missed calls. They just let them go. They’re like, oh, okay. They didn’t leave me a message, oh well. Call him back. There could be something there. And the second thing I see is they doubt themselves and they doubt and they’re questioning the numbers. I’ve seen people go, this is a good, this is common. On the Thursday call, people will say things like that’s exactly what I thought, you just confirmed it. Which is by the way, that’s what the Thursday call is for. The Thursday call is our weekly member webinar, where we all get together for two hours and go over deals, answer questions. Just talk about all kinds of things in a closed environment, just with the Land Academy members.
Jill DeWit:
And it’s great how many people are there just kind of, because they’re second guessing themselves and they’re going, I just want to make sure I’m seeing this right. And it might be good, and it might be bad. And I love it, that’s a good thing. So that’s one thing to the people that are missing deals are not asking those questions. They’re automatically doubting themselves and just not even taking it any further. And then the third… You are frantically writing.
Steven J Butala:
You’re giving me great ideas about future stuff in a real positive way.
Jill DeWit:
Oh good.
Steven J Butala:
This is a good topic, Jill.
Jill DeWit:
All right. And then the third way I see people missing and walking out on potentially good deals is they’re just flat out nervous because of their lack of an experience. They’re afraid to pull the trigger. They call the person back, everybody’s on the same page. They looked it over. We talked about it on the Thursday call and said, go buy this. And then they’re still sitting back on, I got to put some money down now. And that’s the third way. So we used to go, overcome this. Well one is, get over it. Number two, ask for advice. And number three, I don’t want to use the deal funding as a sounding board, but-
Steven J Butala:
I disagree.
Jill DeWit:
Well, let me tell you why. But, if it passes all your tests and you want some funding or some help with it just to make sure, I mean, we’ll fund it. We’ll let you know. We won’t fund it unless we agree with you.
Steven J Butala:
If you are on the fence or new and you’re sitting around and this is keeping you up at night. This, well, I got these three deals in. I don’t know if they’re good enough to do. I want you to go to landfunding.com and submit them in the notes part, say, look, I don’t know if these are good. I don’t know if the pricing is okay. But they did come back. I do have a signed purchase agreement. I’m new. And whether I want it, whether I’m going to, you want them to be funded or not. I want you to submit the deals and we will help you.
Jill DeWit:
Okay. Staff we’re hiring.
Steven J Butala:
That’s the way the back end Land Funding has to work. That’s how we’re going to get the deal flow to make that work.
Jill DeWit:
Well, let me just specify this. I don’t want you to put every single signed purchase agreement back. Well you could and put at Steve.
Steven J Butala:
I would.
Jill DeWit:
Okay. I guess we should have a meeting about this.
Steven J Butala:
We should talk. That’s the way we’re going to get enough transaction flow to make landfunding.com itself. We’re-
Jill DeWit:
I want it to pass your test.
Steven J Butala:
Yeah I mean, just to-
Jill DeWit:
How about this. I don’t want you to, because at this point-
Steven J Butala:
Can’t be good at this.
Jill DeWit:
I’m trying to get you on the same page with me. And I think you are. Yeah. Every single signed purchase agreement that comes back, good, bad or otherwise, you went so hot, you got a million back. You put them all in deal funding. Please don’t do that, because all I’m going to do is write back and say, you need to get it for this. You need to get it for this. You need to get it for this all day long. But, I want it, just make sure it passed your initial stuff that you’re like, darn it. I think this is a good one.
Steven J Butala:
I think it’s a good one.
Jill DeWit:
That’s what I want you to say back.
Steven J Butala:
And but I need help. And I don’t care what type of help you need. If you need help, you’re just lost about finding a title agent or any of that. We will help you. That’s how we’re going to get the transaction flow.
Jill DeWit:
Okay.
Steven J Butala:
We have a ton of transaction flow right now. A ton. But I know there’s other great deals out there that people are… I was like this in the beginning. I didn’t know if it was a good deal or not. And I just, I went and spent some money and figured that, I didn’t know what access was when I started this. At all. And the truth is I got pretty lucky that first year I was in business that I got, I bought and sold a lot of property. A ton of it actually, effectively. So I want you to have this better sense of competence about what you’re buying and selling than I did.
Jill DeWit:
Mm-hmm (affirmative). That’s good. And just, and think I covered it. This is a big topic. I see this a lot. People give up on a mailer. I had one recently that I talked to someone I’m like, please go back through your notes. I am sure there’s some juice there. I will argue that there’s no such thing as a bad mailer. And if you don’t believe me, let’s talk because I’ll find something there. We might have to readjust some prices, but if people call you back, there’s juice. And everyone’s going to get some somebody calls back.
Steven J Butala:
That’s exactly right. Everyone’s going to get somebody calling back saying, I’m going to work with you on this. In fact, I’m going to call the seller with you.
Jill DeWit:
Right.
Steven J Butala:
And we’re going to, so that’s my whole point.
Jill DeWit:
Right. Thank you. Happy you could join us today. Five days a week you can find us right here on the Land Academy show.
Steven J Butala:
Join us next week for another interesting episode. You are not alone in your real estate ambition.
Jill DeWit:
Listening, good week?
Steven J Butala:
Great week. I really think that this is going to change Land Funding permanently for the better. Whatever deal you have that’s reasonable.
Jill DeWit:
That’s, thank you. That’s what I just want you to get, I want to get that point across.
Steven J Butala:
Submit it.
Jill DeWit:
Don’t send everything. It comes in, it goes to deal funding.
Steven J Butala:
It needs to have a purchase agreement. It needs to be signed.
Jill DeWit:
That too. That’s true. It has to have a PA.
Steven J Butala:
There has to be a deal because we’ve all career long spent too much time on deals that are never really there at all.
Jill DeWit:
Right. That’s exactly right. Thank you for tuning in and we hope you find our content value and we really appreciate your support. If you haven’t already, please check out our YouTube channel and hit the subscribe button. We are Steve and Jill.
Steven J Butala:
Information.
Jill DeWit:
And inspiration.
Steven J Butala:
To buy undervalued property.
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