Jack Thursday – Why is Land Investing Like Pulling Teeth (LA 1751)
Jack Thursday – Why is Land Investing Like Pulling Teeth (LA 1751)
Transcript:
Steven Jack Butala:
Jack and Jill here.
Jill K DeWit:
Hi.
Steven Jack Butala:
Welcome to the Land Academy Show, entertaining land investment talk. I’m Stephen Jack Butala.
Jill K DeWit:
And I’m Jill DeWit broadcasting from the Valley of the Sun.
Steven Jack Butala:
Today’s Jack Thursday and I’m going to talk about, “Why is land investing like pulling teeth?” This is a direct quote from Herbert Graham, a career path, now advanced member who we had pleasure of meeting with one time, because there was a brief live event in Phoenix that we were invited to. And we didn’t host it but we were invited to it. And recently he said he was having trouble with an escrow agent and he said, “Why is getting a deal closed, like pulling teeth?” Which inspired me to talk about, why is this whole thing like pulling teeth? Because it can be.
Jill K DeWit:
Sometimes.
Steven 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. Sometimes Jill says little things like sometimes and reminds me of my childhood.
Jill K DeWit:
Oh, I’m sorry.
Steven Jack Butala:
And don’t forget to subscribe on the Land Academy YouTube channel and comment on this show as you like.
Jill K DeWit:
What does that mean?
Steven Jack Butala:
It’s just funny. Sometimes you just, it’s funny. That’s how I know I love you, like some of this stuff to do that’s quirky.
Jill K DeWit:
Doesn’t sound like it, sound like-
Steven Jack Butala:
No, it’s a compliment.
Jill K DeWit:
All right. Now I know how you traumatize, it sounds like I’m traumatizing you on reminding me of your childhood and I don’t want that.
Steven Jack Butala:
No, it’s all positive. It’s like quite the opposite. It’s all positive.
Jill K DeWit:
Matthew wrote, this is more of a success of my mindset shift. I came in hoping I can make this work. That’s changed. Here’s why last month I brought in $25,000 of profit from a flip. Now I’m in the process of purchasing another two parcels. I already have a funder, one parcels, larger, one smaller, but buy one for 117,000, one realtor put the total combined value at 280,000, wait, buy one parcels larger one small buy for 117,000. Sounds like buying both for that. I’m thinking, one realtor put the total combined value of the two at 280,000 and another realtor put the total combining value at 325,000. We’re doubling, we’re tripling our number. Hello.
Steven Jack Butala:
It’s way more than that-
Jill K DeWit:
I’d be happy with either. The mindset shift is incredible now, that I’ve personally seen incredibly profitable properties come in, I received my usual two week paycheck and I’m very appreciative of it, but I wasn’t as excited as I used to be.
Jill K DeWit:
And not even as close as to as much as I’m making in land. Now I know I can do this business. Oh, I see. You know, I just talked to somebody about this recently too, that the shift in adding a zero and not being afraid to go for these bigger deals. And then once you do a couple of them you’re like, huh, and the numbers you throw around are like, let’s see what’s that? 80, $90,000. Sure. Where do you want me to wire the money when, before you’d be like, holy, oh my gosh. I mean even $8,000. That was a lot. And then you jump ahead and ahead and ahead.
Steven Jack Butala:
The takeaway that I took from this is that, we all can have personal anecdotes or experiences like this, where one month you look at something and say, there’s no way I can do that. Not because I don’t think I’ve had talent or not. I just don’t want to put the energy into it. I know I can do it, but I don’t want to figure it out. And for whatever reason a month goes by and it’s like, I’m doing this and it’s not as hard as I thought and I’m actually going to make a business out of it. So we all have things like that. For some kids it’s like, there’s no way I could ever drive a car the way that my parents do. And then there’s 16 and a half and they’re doing it. So, I love this story.
Jill K DeWit:
Yeah.
Steven Jack Butala:
Today’s Jack Thursday. And I’m going to talk about why land investing is like pulling teeth.
Jill K DeWit:
Sometimes..
Steven Jack Butala:
This is why you’re listening. You didn’t do in the cute little voice. I wish I could play it back so we can listen to it. Sometimes..
Jill K DeWit:
I’m going to do that. Like, don’t go too far.
Steven Jack Butala:
I’ll tell you the truth. This can be this shortest show ever.
Jill K DeWit:
Right?
Steven Jack Butala:
Land investing is like pulling teeth. There are so many moving parts. You got to get educated and get acclimated and discord with a bunch of people that you don’t know most of the time, the vocabulary they’re using it. You don’t understand it at all. If you get past that,
Steven Jack Butala:
You got to get a mailer out. You have to decide where to send mail. Then you got to get a mailer out, all very technical difficult stuff. For some people. For me, that stuff was not a hurdle at all. I got it. And you know, I created this environment. That was not a hurdle at all. Then, once the mailer goes out, you got to answer the phone and get yelled at over and over and over again until the two or three people at the end of the yelling say, yeah, I do. I actually want to sell that piece of property. Then you got to decide if you want to buy it or not, then you’re new. So you don’t have any idea if the property here is good or this one’s good or they’re both trash, then you do take a huge risk, right at your own check or get funding from somebody else, find a real estate agent or sell it yourself.
Steven Jack Butala:
It’s a hail Mary, it seems like a hail Mary to people that are new to this to see if you’re ever going to see that money again or get it back. There’s every step along of the way, then there’s a real estate agent involved and an escrow agent involved. If you do it like the way that Jill and I do it. And if they have non-compliant personalities for what you’re trying to do, which a lot of people do in rural markets, it’s like pulling teeth. The whole thing is very hard. That’s why Jill and I make two to five million a year doing it. And that’s why there’re members, many members, hundreds of members in our group that make more-
Jill K DeWit:
Making more-
Steven Jack Butala:
More than that, literally because it’s hard.
Jill K DeWit:
Yeah, it’s true.
Steven Jack Butala:
But it’s only hard in the beginning,
Jill K DeWit:
Right?
Steven Jack Butala:
Like everything..
Jill K DeWit:
Stay with it. That’s my point. Stay with it. And I love it, every time there’s an obstacle like this, by the way. And we overcome it. I’m like, yes, I’m excited by it, every obstacle doesn’t make me go like this and throw up my hands up. I get woo, yay. Because I know 90% of the planet is going to, they are going to back down and we’re the 10%. That’s not, I’m going to power through and figure it out.
Steven Jack Butala:
I am acutely aware of the statistics of success and failure in this business. And I want to be real clear on this. About 1%, maybe half of 1% of the people that really look into Land Academy as a, Hey, I’m going to do Land Academy. It all starts like that. Half of 1%. Join of that half of 1%, about 50% because if you join, you got a 50% chance of making this work really well because we are not out advertising this, sitting on top of a Ferrari or standing in front of a jet saying you can get rich and it only costs 22 cents or you don’t need any money to get into real estate.
Steven Jack Butala:
We don’t have catch phrases like that and never will, no our catch phrase is. You’re not alone in this and I’m mean that, but it’s like pulling teeth and there’s a huge multi of things, that are all kinds of things that are involved to be very, very successful. People who do join have the right personality type, long before they ever get to Land Academy. So if you’re going to join Land Academy, thinking that you’re going to get a new personality type, that’s just not going to happen.
Jill K DeWit:
I’ve tried…
Steven Jack Butala:
If you’re already part of that half of 1% that we’ve reached you for some reason on the show or whatever, it’s probably going to work for you. If you put the right time in and have the right attitude and you don’t have like 15 children and all these other life obstacles to overcome. So yes, Herbert Graham it’s like pulling teeth. I feel like, I’ve been doing this for almost 30 years and probably every third deal is like pulling teeth.
Jill K DeWit:
That’s true. You know what solves it. Get a good transaction coordinator, put you in between those people, by the way.
Steven Jack Butala:
Get a good partner. Get a good real estate partner. Jill’s going to talk about that tomorrow.
Jill K DeWit:
I am tomorrow that’s a good point. We can leave it on that. Happy you could join us today. Five days a week. You can find us here on the land academy show.
Steven Jack Butala:
Tomorrow’s Jill Friday. She’s going to talk about how to pick a great land business partner. I’m not sure why she’s qualified in talking about that, but we’ll see.
Jill K DeWit:
Yep. I’m still working on it.
Steven Jack Butala:
You are not alone. Your real estate ambition.
Jill K DeWit:
Just kidding.
Steven Jack Butala:
I’ve brought it up.
Jill K DeWit:
I know that was good.
Steven Jack Butala:
You know, one of the things I’m not looking for a new business partner or life partner.
Jill K DeWit:
No that’s-
Steven Jack Butala:
Looking for a new car constantly.
Jill K DeWit:
Yeah. That’s-
Steven Jack Butala:
Always looking for a better land deal.
Jill K DeWit:
Of course.
Steven Jack Butala:
All kinds of stuff I’m looking for, but not that.
Jill K DeWit:
Right. Places to camp and hang out.
Steven Jack Butala:
Yeah.
Jill K DeWit:
Good trips to take. Thank you for tuning in. We hope you find our content valuable and we do appreciate your support. If you haven’t already, please check out our YouTube channel. Hit the subscribe button and by the way, if you are a member of Land Academy, make sure you are in it with us in discord. If you want to find out more, send a note to support@landacademy.com.
Steven Jack Butala:
We’re Jack And Jill… [crosstalk 00:09:19]
Jill K DeWit:
We’re Jack and Jill… [crosstalk 00:09:19]
Steven Jack Butala:
Information,
Jill K DeWit:
And Inspiration,
Steven Jack Butala:
To buy undervalue property.
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