Jack Thursday – All it Takes is One Deal (LA 1781)
Jack Thursday – All it Takes is One Deal (LA 1781)
Transcript:
Jill K DeWit:
I don’t know what that was.
Steven Butala:
Steven and Jill here.
Jill K DeWit:
What was that?
Steven Butala:
I don’t know.
Jill K DeWit:
You’re like smelling my neck?
Steven Butala:
No, I don’t know. Our producer’s told us we’re supposed to pose every-
Jill K DeWit:
They’re going say what the hell is that?
Steven Butala:
Yeah. Steven and Jill here.
Jill K DeWit:
Hello.
Steven Butala:
Welcome to the Land Academy Show, entertaining land investment talk. I’m Steven Jack Butala.
Jill K DeWit:
And I’m Jill DeWit, broadcasting for the valley of the sun.
Steven Butala:
Today’s Jack Thursday. And I’m going to talk about how it only just takes one deal.
Jill K DeWit:
So I’d love to know what you mean. Like one deal that gets started, one deal that make your career, one deal to get people out the door? I don’t know.
Steven Butala:
When I was a young person with Ferraris in my eyes, a young professional person, all I saw was just, “I want to be rich. I want to be rich. I want to be rich.” And that’s not the furthest thing that you should be telling yourself. What you should be telling yourself is, “I just got to get that first deal done. One single deal.”
Jill K DeWit:
That’s it.
Steven Butala:
Focus on that deal. And then when you’re on deal number 32, focus on that one deal. That’s what this is about. It just takes one deal, and then the next deal. But don’t worry about the next deal.
Jill K DeWit:
I like it.
Steven Butala:
Before we get into it-
Jill K DeWit:
Now, we’re going to leave the show.
Steven Butala:
I know. Before we get into it, let’s take a question posted by one of our members. Everybody’s like, “Thank God. They’re not going to do the show.”
Jill K DeWit:
Yeah. That’s it. Bye.
Steven Butala:
On landinvestors.com, online community is free. Please don’t forget to subscribe on the Land Academy YouTube channel. And comment on the shows you liked.
Jill K DeWit:
Greg wrote, “Update. I have a question for anyone that wants to answer LOL. I know Steve stresses the importance of having a schedule. And I was curious about those who are sending out a lot of mail per month. How much mail are you sending per month, and how many hours would you say you work per week?
Also, do you find there’s a certain way of doing things that make things easier like Steven talked about getting all the mailers done once per month and just scheduling them out for the rest of the month? Also, which aspect of the business do you feel absorbs most of your time, picking counties, pricing, due diligence, finding brokers, and getting price opinions, et cetera?
Thank you. I’m just curious to see what other people’s experiences have been, and see how I can become more efficient with my time or how I can improve.” Really?
Steven Butala:
Yeah. What’s most time consuming you think?
Jill K DeWit:
Okay. Well, let me think. Answering the phones, but then I don’t even have to do that much. Somebody else does it. So if I was doing it myself, it would be the inbound calls
Steven Butala:
Combined, and I hear people in career paths say this all the time. Combined, I think we spend about four hours a week.
Jill K DeWit:
Yeah.
Steven Butala:
Anything beyond that is kind of a hobby/habit that I have. Because I troll for new markets all the time, or I’ll troll within markets that we’re already successful in and see trends. And so do I spend more than four hours a week combined doing that? Yeah. But it’s because-
Jill K DeWit:
That’s good.
Steven Butala:
…I have an unhealthy-
Jill K DeWit:
You should be doing that. You’re always ahead.
Steven Butala:
Yeah.
Jill K DeWit:
That’s important. That’s so important.
Steven Butala:
Finding an agent, you only have to do that once or twice per market. Closing a deal, you shouldn’t do that at all. You should have somebody else do that on the buy on the south side.
Doing a mailer, you shouldn’t do that at all. You should do is concierge data and have them set the price at about 25%, so you can test it there, and see if you need to move it around per zip code, right?
Jill K DeWit:
Then you update it, you change it to whatever you think makes sense. And then they run it and then they put it in the mail for you.
Steven Butala:
Yep. I think Jill’s right. On her side of the business, returning calls where people call into PATLive or whatever you use and really spend some time. She doesn’t see that as a job, she likes it. And the same way with me, I like the data part of this and the mailer part and the trolling part.
Jill K DeWit:
That’s awesome. Today’s topic?
Steven Butala:
To just answer the question again, you will naturally find your way by doing it. And so I wouldn’t worry about, “Oh, I spent four and a half hours this week. I spent three hours last week. I spent 40 hours this next week.” Don’t worry about it.
Jill K DeWit:
No.
Steven Butala:
Just make a bunch of money and have some fun while you’re doing it.
Jill K DeWit:
Yeah. I think some people when they’re new, they spend a lot of time on due diligence. And I’ve done many videos about that, they’re on YouTube and stuff, and they’re recorded. From doing it, and getting down to five minutes. You should start at 15 minutes, get it down to five per property. Because you got to blow through these. You can do it.
Steven Butala:
Today’s Jack Thursday. And I’m going to talk about all it takes is one deal. This is why you’re listening. So I already kind of said it at the beginning. You take these transactions deal, by deal, by deal, by deal. And what I found out in doing a lot of real estate deals in the beginning. First commercial real estate deals where I represented other people, second as VP of acquisitions in different types of organizations.
And what I found out is what I like and what I don’t like. And you really should pay attention to that. It’s not going to happen overnight, but pay attention to which parts you like and don’t like. For the most of the people, you’ve already been through this. So that’s why you joined Land Academy, because you can’t stand certain stuff. Like you don’t want to represent people anymore, you want to represent yourself. Or you don’t want to work at a W2 job anymore, you want to work for yourself.
So all those things naturally progress into, for me, it did, doing that one deal, getting that one deal done. I’ll never forget my first land deal, never. Bought for eight sold for 16. 80 acres in Northern Arizona. And the whole thing, cash in cash out. And then that was it. It was that one deal that pushed me over the edge, and I rearranged my life literally to do more deals.
Jill K DeWit:
That’s funny you think about, so you think you remember that first deal. I remember certain deals along the way. And then as more time goes on, I forget about them. But there is always a deal in my head then I go, “That was great.” Or, “That was awful.” Fill in the blank. It shouldn’t have taken that long, worked out okay.
Steven Butala:
You have an awful deal?
Jill K DeWit:
What’s that?
Steven Butala:
Do you have an awful deal? Do you think back, and, “That was a worst real estate deal ever.”
Jill K DeWit:
Yeah.
Steven Butala:
Really?
Jill K DeWit:
Oh, I got one.
Steven Butala:
Let’s hear it.
Jill K DeWit:
Well, it was a deal funding deal with a person that used to be in our group. His initials are M R. And he knew it. He overpaid for the property. I funded it, I trusted him. And then he pretty much threw me the keys and said, “Sorry. Oops, my bad.” And so I pretty much, I sold it for like a $1,000 more than we bought it. It was something stupid. I’m like, “You know what? I don’t really care, now it’s your problem.”
Steven Butala:
That guy had a personality disorder anyway.
Jill K DeWit:
There’s that. And it took forever.
Steven Butala:
Boy, we’ve learned a lot since then.
Jill K DeWit:
Oh my God.
Steven Butala:
It took like two years to sell that.
Jill K DeWit:
Oh my God, it was stupid. But it was hilarious. I was fine. So it doesn’t matter. But the point is, I think of deal… You know what? I think of one deal at a time, but then I can flip a switch and look at this deal. Flip a switch, look at that deal. Flip a switch. And I have a lot of them going on right now, and I love it. That’s my favorite.
Steven Butala:
I got to hand it to you, Jill. Not a lot of people in your gender can separate things the way that you can separate things.
Jill K DeWit:
Thank you.
Steven Butala:
You can separate real estate deals, you can separate stuff that goes on between you and I, you can separate work, you can separate social stuff. You’re very good at that.
Jill K DeWit:
Thank you.
Steven Butala:
I think it’s a pilot thing. Like a-
Jill K DeWit:
Maybe. Oh, yeah, because you can’t panic. When things going on, you cannot panic. You have to put your checklist.
Steven Butala:
You can turn emotion off, like nobody I’ve ever seen, which I have a lot of respect for that
Jill K DeWit:
Sometimes it makes you mad.
Steven Butala:
And you can turn it off. You can turn it on too.
Jill K DeWit:
That’s true. That’s really good. Thank you. This is good. I love it. And I love the way you said this, and that’s what you should be thinking of. Just think of what’s in front of you right now.
Steven Butala:
That’s right.
Jill K DeWit:
Don’t be worrying, don’t celebrate too much about the one that just happened. I’m happy with that. Keep moving forward. And don’t stress about what’s around the corner, because it’s going to be fine.
Steven Butala:
And don’t do this, don’t say, “Wow, that’s never going to happen again. I made $80,000 on that deal. I guess I just fell backwards into that real lucky.”
Jill K DeWit:
Exactly. Just my only home run.
Steven Butala:
That’s going to happen again next week, if you just keep sending the mail out, answering the phone and just doing the basics.
Jill K DeWit:
Yep. Exactly. Just try to repeat it. I haven’t said in a while, but that used to be a thing. And I think I’ve emailed that out too, is like, if you can do one, you can do 10.
Steven Butala:
I saw that recently.
Jill K DeWit:
If you can do 10, you can do a 100.
Steven Butala:
I saw that email.
Jill K DeWit:
Yeah. That was an oops. I don’t know who did that. It just went out.
Steven Butala:
Oh yeah?
Jill K DeWit:
Yeah. It’s kind of funny.
Steven Butala:
Don’t talk about, “Great. We did…” Jill and I, we haven’t talked about this in a while. We’ve done 16,000 real estate deals.
Jill K DeWit:
Yeah.
Steven Butala:
You just got to concentrate on the one deal that is right in front of you. And then making sure that the processes that you’re putting together… Every deal should get easier, not harder. And that’s because you have the processes as you’re going, even in our career, even at this point in our career, we’re still like changing our table around and improving it and adding and subtracting stuff. So you always have to improve. And where you don’t succeed, just forget it. Just laugh about it. That failing is part of this.
Jill K DeWit:
Yep. You’ve got this. Happy you could join us today. Five days a week, you can find us here on the Land Academy Show.
Steven Butala:
Tomorrow’s Jill Friday. And she is going to talk about how to confidently make land decisions with limited information. You are not alone in your real estate ambition. When do you ever have all the information you need to make a decision? Never.
Jill K DeWit:
Nope. Sometimes you don’t even find out some things until on the sell side. You bought it. You went through Escrow, everything’s great. You have a buyer, they’re buying it. You’re going through Escrow selling it and something comes up. You’re like, “How did this slip through the cracks?” It wasn’t even you, it got by everybody. So we’ll talk about that tomorrow.
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Steven Butala:
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Jill K DeWit:
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Steven Butala:
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