Jill Friday – Top Five Millionaire Habits (LA 1822)
Jill Friday – Top Five Millionaire Habits (LA 1822)
Transcript:
Steven Butala:
Steve 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 from sunny Southern California.
Steven Butala:
Today is Jill Friday. She’s going to talk about her top five millionaire habits. I am just as eager to listen to this as you are. We haven’t talked about it at all. Before getting into it-
Jill K DeWit:
I know you’re going to have some good stuff to add and share and stuff.
Steven 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 I hope you know by now, well, you probably don’t know this, but back in the day, it was impossible to find land on a map, on the internet without a mailing address, we solved that by putting all 150 million plus properties and all their associated information, like ownership and everything else in a database. So you can look it up by APN and it’s called neighborscoop.com. Check it out, neighborscoop.com.
Jill K DeWit:
Or parcelfact.com, because the two will be one soon.
Steven Butala:
Soon.
Jill K DeWit:
So now you know. So Greg wrote, “I was wondering if there’s a process to follow when self-closing on a sale, I bought with title insurance and then I closed with title company, but the buyer wanted a quick transaction. But if the buyer wants a quick transaction, would there be any potential issues of doing a self close as there are no real estate agents involved in the transaction? And how do you usually go about collecting the payment, wire transfer from bank to bank, and so on?” So Greg is obviously not a member because-
Steven Butala:
Greg’s a member, he’s just a brand new.
Jill K DeWit:
Sorry. I apologize, Greg. So you have this set your fingertips inside the education, but just in case, I’ll cover it right now anyway. That’s totally fine, here’s the deal, you bought with title insurance, you went through a title company and now you own it, now you have a buyer who’s really anxious to start using it. They’re going to only need title insurance if they’re going to build on it, that’s really it, it’s really personal preference. Let me say this, you can absolutely buy and sell property by yourselves, like you buy and sell a car on Craigslist without an agent, without a title company, and without title insurance. This used to be my main way of doing things anyways.
Steven Butala:
That’s right. This is our business model for decades.
Jill K DeWit:
I would buy with title insurance and I would sell to them and say, “No, here’s the title insurance policy, you have it, so you know everything’s cool up until the day I own it. And now you’re buying it for me, and it’s two weeks later, nothing’s happened.” So they would feel great. I’m like, “If you want to go through Escrow, we can, if you don’t, we don’t have to.” “No, why would I do that? You’re right, it saves us each money, saves about $1,200 on the deal, so this is great.” If they were going to build on it or they were going to do something to the property that might involve a lender, then they’re going to need title insurance down the road. They can still get title insurance, by the way down the road. It doesn’t have to be done at that time.
And then how do I go about doing it? You know how we talk about DeedPerfect in making our own deeds, you can make your own deed and have it notarized it to you. You’re the only one that needs to sign it, because you’re the owner. And you could either send it into recording, do an online recording is the easiest, by the way, for the seller or for the buyer, or you could send the deed to the buyer with all the instructions. I like to arm them with what they need to do, where to mail it, how much the check needs to be, and so on, mail it into the county and get it recorded and they could do it themselves. And the last thing is about payment. That’s all personal preference. Have I done bank wire for payments? Yes, and that’s actually one of my first choices. I like that. I don’t need to run it through a credit card system and pay credit card fees, if they’re comfortable with this.
Steven Butala:
We all could go buy a car with a Stick Shift right now. But most of us don’t do that. We don’t advocate, Jill and I, at all anymore, buying and selling property without an Escrow agent. We advocate buying and selling it without a real estate agent day in and day out. And so this is one of those unfortunate things about the system that the National Association of Realtors has created for us. This perception that they’re required. They’re not required at all. If you bought the property with title insurance, just go sell it with title insurance, post it on a fixed price MLS or whatever.
Jill K DeWit:
But the guys don’t want to wait that long.
Steven Butala:
I think you should ask yourself some questions about that. Why-
Jill K DeWit:
Why are you-
Steven Butala:
…Because I think it would be better to buy it with title insurance.
Jill K DeWit:
Excuse me while we have a family discussion-
Steven Butala:
I think you should ask yourself, what’s your business model. I can tell you ours. We send out a bunch of mail, people respond to the mail that we send, they say, “Yes, I do want to buy the [inaudible 00:05:15] I sell the property to you.” We call an Escrow agent, the Escrow agent closes the deal for us, we own the property. We go find a real estate agent, a very specialized one in that area that handles land only, to resell the property for us, and we wipe our hands of it. And I really put this question in here because I want to make this point. You’re going to save about five days by doing it this way, and you’re going to cause all kinds of problems years down the road without buying it with title insurance. And this big lengthy freaking discussion that Jill just created, you don’t have to go through any of that. It’s another natural way to outsource and get you on to doing the next deal.
Jill K DeWit:
This is Jill Friday and I’m going to politely disagree. Greg, do what you want to do, and I’m sure by now, 18 people in discord have said, “Yes, go check out chapter eight.”
Steven Butala:
Yes, I think it is in chapter eight.
Jill K DeWit:
Something like that and go to the original one, because, remember The Land Academy 3.0 is updated version. So if you go to Land Academy 1.0, then you’ll have more detail in there. So the 2022 version is Land Academy 3.0. I don’t think you’re doing anything wrong. And like I said, I would just make sure how the guy’s going to use it, because here’s the deal-
Steven Butala:
This is your day.
Jill K DeWit:
It’s just Friday Greg, I got you here. So if it’s not agricultural, you can’t build on it, it’s 20 acres, the only use that’s ever going to be is pitch a tent and hunt on it, then we don’t need that stinking title insurance. So I would do what you’re doing, and I would totally, like I said, accept a bank wire, and I’d send the deed to him and say, “Have a great day, thank you very much.” And then again too, tell him where to mail it in, and I would put in a little, “Hey, by the way, if anything changes, who knows it’s something, whatever, you do decide to build something, you need something with the title insurance, you can go back and get title insurance, it’s fine, you could do that.” Thank you. I’ve tickled my throat.
Steven Butala:
I’ll cover for Jill here. Can you do it? Yes, we did it tens of thousands of times, Jill and I combined in our professional lives. Today’s Jill Friday, she’s going to talk about her top five millionaire habits. This is the meat of the show.
Jill K DeWit:
I was waiting for you to go ahead, you could jump in on that. All right, so here we go. Here are my top five, not in any particular order. Number one, again, I want to say too, I really sat down and thought about what changes I’ve made in my life in the last 10 or so years that have helped me get to this financial situation, and by the way, being in a happier spot too, and just in life. So number one, surround yourself with millionaires. I’m sure you’ve heard that, but it really is true. Career path is a great example. It’s so fun to hear people, we all talked in the beginning of career path about where you are, how many deals you’ve done, a little bit about your background, where you are financially, where you want to be.
And it’s awesome hearing people, I’m sitting in a room with a guy making how much money, just 3 million, and you want to make 7 million now? Dream it up. And you are automatically pulled up. It’s inspiring and you’re going to learn so much by hanging out with these people. You’ll pick up some of their habits, you’ll you understand how they think a little bit. So there’s so much value there by doing that, versus, think about it, what if you’re just surrounding yourself with people that don’t have a job and they sit on the couch all day, eating Cheetos and playing games, you’re going to get good at eating Cheetos and playing games. That’s not what I want to do.
Steven Butala:
That’s my Friday, by the way.
Jill K DeWit:
That’s your regular Friday? No, there’s a version of that, it’s exactly what this is and Jack doesn’t have pants on right now, just saying.
Steven Butala:
That’s absolutely true.
Jill K DeWit:
He does not have pants on. So we’re recording on a little over our schedule right now and he’s like, “Well, if we’re going to record today, I’m just going to be like I am today.”
Steven Butala:
We are leaving our VRBO early, because we’re onto another adventure before we actually go back home, so not going to wear pants for that.
Jill K DeWit:
I know. So then number two, again, this is my list, you’re like, “Jill, we’ve all heard that one.” Well, hold on a moment. This is Jill Friday, by the way, my list. Large purchases like cars and houses must be planned, deliberate and affordable.
Steven Butala:
That’s good.
Jill K DeWit:
So you don’t second guess yourself or lose sleep. I need you to make sure that you are making the very best decision. I know a lot of people, especially right now are like, “Interest rates are going up, let’s hurry up and buy the biggest house we can afford, oh my gosh let’s do all that.” Nope. Nope. Nope. I want it planned, deliberate, and affordable. It’s got to fit in your budget right now today. So what if you can afford much more in six months and you knew you that was coming? Great. That’s gravy. You’re just going to pay it off that much faster. You’re going to sleep so well. And that’s my goal.
Number three, Manage your day and stick to it. This is hard for some people I know. We have some new employees on our staff right now, and I’m getting them all on the air table and getting them all hooked up there and I’m like, “I need to see your week, I need to see your month, I need to see your day, I need to see you putting things on there, even if it’s a daily task, or it’s three times, a week or every other week, or even once a month, I need to see it on there.” And in doing that, I’m training them so that they can relax. You don’t have to run around, and you’re not going to forget something, but be you can relax.
It’s so nice for Jack. And I, a day like today, I have 10 things on my calendar, not kidding, but they’re little things sometimes, it’s things to bring up at a meeting, things to cover, calls to make, people to call back, fill in the blank. I can get that all done in two or three hours. Right now I’m working more than I normally do, and it’s three hours a day.
Steven Butala:
That makes me so happy, I can’t tell you.
Jill K DeWit:
Outside of the recording, and that’s more than that. But by managing my day and sticking to it, and doing all the silly little things on my list, when I come up for air at noon, one o’clock, three o’clock, whatever it is for you, you’re done, you feel good, and you’re moving in the right direction. How Jack and I see calendars a little bit different, but it’s the same… Are you showing me that for a reason?
Steven Butala:
No. I’m just doing something else.
Jill K DeWit:
Sorry.
Steven Butala:
I checked out for a while.
Jill K DeWit:
That’s nice. I stay all involved on Monday through Thursday and on Friday he sits here without pants on and he’s done. Cheetos, him goofing off and playing games, there we go.
Steven Butala:
Cheetos.
Jill K DeWit:
The thing about managing your day and sticking to it. So it’s not even just the little tasks, I know right now I have to plan for career path. It’s in October everyone, but I have 16 steps that I need before October, and I’m not going to come up for air in September, go, “What do I got to do now?” No, right now as we’re recording it’s July, as it’s airing this is the first week in August. I’ve already sat down on my calendar, thought about what we’re going to do, thought about the emails, thought about the campaign, thought about how we’re going to roll it out, thought about the special I’m going to offer to the prior career path members that want to come back. I have it scheduled out, and now I don’t have to think about it.
I know on Tuesday at two o’clock, whatever it is that’s going to pop up, I need to write these emails. Done. I can do all that. And I don’t have to worry about it.
Steven Butala:
It takes the stress out of it.
Jill K DeWit:
And I do this too, I do put my workout on my calendar. You know I thought about this today. By the way, it took me four months. I am four months into F45 now, and now it’s fun for me, for the first month, like everything, it’s like, “Oh gosh, this is hard, let’s just push it to tomorrow.” And you keep pushing it to tomorrow, so after 30 days you’re like, “Now I don’t look like an idiot, I understand what we’re doing here.” And then two and three, you’re still finding your groove, and you’re getting better at it. Now I’m ending month four, and now I’m like “That’s fun…”
Steven Butala:
That’s so impressive Jill, I’m so proud of you.
Jill K DeWit:
Thank you. Now I’m like, “I’m actually having fun with it.” We’re going to be traveling a little bit as we make our way back to Arizona, we’re going to hit some other stops, and I’m having to look up, where can I pop in and do an F45, because I don’t know if I could go that long. So it’s awesome. But I put my workouts on my calendar too. Four, learn to say No. This was really hard for me. I like to say yes to everything, everything he wants to go do, everything he wants to-
Steven Butala:
It’s just no to me not no… They don’t have to just learn to say no-
Jill K DeWit:
No. Learn to everybody.
Steven Butala:
…Learn to say no to Jack.
Jill K DeWit:
No, but even for you, it started with you. I had a hard time saying no to you. “Hey, will you be done at one o’clock?” And then you know what happens, I would say “Yes.” And then I don’t get stuff done, or I’m not ready at one o’clock and you’re not happy with me. Both are bad. I have to learn to say, no. This is still a really hard thing for me, so don’t worry if it still takes you time, you have to work at it. Learning to say no for me is making sure I’m not talked into a venture, a deal-
Steven Butala:
Yes, me too.
Jill K DeWit:
…Or even an event. That’s not right for me. Jill, you want to go out tomorrow night?” Seriously. Not kidding. “No, I don’t want to go, I have too much going on right now. I can’t go.” And I’m happy with it. I choose to stay in. I choose to do stuff. It’s going to be fine. So just make sure that it’s right for you and you’re doing it for the right reasons. Now my number five… See how these are all my own personal things?
Steven Butala:
I think it’s great.
Jill K DeWit:
Thank you. My number five is-
Steven Butala:
It’s Jill Friday.
Jill K DeWit:
It is Jill Friday. You have this too, you’re good at this, and I think you’re getting even better at this, by the way, women are already good at this, which is trusting our gut. So trust your gut about everything. “That doesn’t sound right. That doesn’t seem right. That cost too much. Why are they asking me to do this?” Fill in the blank. Just trust your gut on all kinds of things, especially financial things. All right. Happy you could join us today. Five days a week, you can find us here on The Land Academy show.
Steven Butala:
Join us next week for another interesting episode, you are not alone in your real estate ambition.
Jill K DeWit:
Cool. So you good? Good week?
Steven Butala:
Yes. Great week.
Jill K DeWit:
You going to wear pants next time?
Steven Butala:
Yes.
Jill K DeWit:
I actually like this, I tell you, truth time. Maybe on Jill Friday I’m going to say No pants. Maybe we both don’t wear pants.
Steven Butala:
That’d be funny. I don’t know what-
Jill K DeWit:
What?
Steven Butala:
Enough with the pants.
Jill K DeWit:
Okay, sorry. It’s obviously not a norm around here, I think it’s so funny because that’s not how we roll. It’s good. Hey again, thank you for tuning in and we hope you find our content valuable and we really do appreciate support. So make sure you’re giving us some love maybe, on Google, maybe on Help Scout, that’s hilarious, maybe on YouTube, anywhere in social media. We love it, and we appreciate it, and we read your notes. So send them our way. If you don’t get something, send it to support@atlanticacademy.com, we’ll get back to you.
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We are we’re Jack and Jill. Information-
Jill K DeWit:
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