Jack’s Career Path Alumni Advice (LA 1854)

Transcript:

Steven Butala:
Steve and Jill here.

Jill DeWit:
Hello.

Steven 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 the Valley of the Beer.

Steven Butala:
Oh yeah. Milwaukee’s close.

Jill DeWit:
Yeah.

Steven Butala:
Didn’t think about that.

Jill DeWit:
Oh, exactly.

Steven Butala:
We’re going to test that tonight.

Jill DeWit:
Oh yeah, we had something night. What was the Amber? The Shocks?

Steven Butala:
Yeah. What was that?

Jill DeWit:
I can’t remember the name of that Amber Beer, but it was delicious. There’s a… I’m going to cycle through a few of them tonight too.

Steven Butala:
Yeah,

Jill DeWit:
I’m going to get to know.

Steven Butala:
We’ll give you a report.

Jill DeWit:
The good. All I keep hearing is good Wisconsin Beer. I know about the other good stuff you have.

Steven Butala:
Yeah.

Jill DeWit:
So cool.

Steven Butala:
Today Jill and I talk about, well, I’m going to talk about Jack’s career path alumni advice, because I was asked to.

Jill DeWit:
Oh, by whom?

Steven Butala:
By somebody. Well, on the first Tuesday of every month.

Jill DeWit:
Oh.

Steven Butala:
We have a career path alumni.

Jill DeWit:
Oh yeah.

Steven Butala:
It’s somebody this time asking-

Jill DeWit:
The call.

Steven Butala:
… Hey, what’s the advice you’d give us?

Jill DeWit:
What’s your top thing? And that was good and I’m glad you’re bringing that up. So…

Steven Butala:
Before we get into it, let’s take a question posted by one of our members on the online investorscommunity@landinvestors.com. It’s free. And I want to tell you about Concierge Data. Last year, several people came to us and said, “We don’t like doing mailers. We just want to be on the phone and do deals. We’re deal makers help us.” So we developed a product based on how we send our own mail out called Concierge Data. If you go to offers to owners.com, that’s our mailing company and ask about career, about Concierge Data, they will tell you exactly how we will do your mailer for you and take it right to the bitter end with the exception of pricing it. We’ll do the whole thing for you. It works. Tons and tons of people use it. It got so overused a couple months ago, we had to shut it down, but it’s back.

Jill DeWit:
Sure.

Steven Butala:
We had to restaff it and we hired a bunch of people and it’s working out great now.

Jill DeWit:
Yep. It got bogged down. We fixed it. All right. Aaron wrote. Okay, equity planner type question. Maybe Jack has an idea about this. How many properties would you need to have on the market at any given time to have a very high chance of closing that month? I’ve reached out many of you, and of course everyone will feel differently based on what areas they target, et cetera. But what do you think? Do I need 10 properties on the market at that time to be confident? You’ll see some income in a month. Maybe you feel like you need 20 or just five. Any thoughts?

Steven Butala:
So this is a sales funnel question and the only way that you can ever quantify a number like this two days ago we did. This is all subjective. Some people need to have 40 properties in the pipeline to feel great. Some people need 10. Some people don’t think about it and they still do a lot of deals. So it becomes a sales funnel scenario at the top of the funnel. Our is the largest number. You send out 10,000 thousand mailers, you’re going to get 90, a hundred, 200 phone calls back. You’re going to get 10, 20, 30 viable transactions. And depending on who you are, you’re going to choose from those transactions how many deals to do. And I can tell you, if you do the exact same thing over and over and over again, you’re going to get a different result. It’s just how it is. So this is very, very, very subjective and I can’t give a number.
I can tell you what I think and I would love for you to tell us what you think. I like having 10, at least 10 properties on the market. Some of which are properties that are priced at or over retail that we just know we’re going to sell. Because the attributes are so great and it takes a year to sell them. And we make hundreds of thousands of dollars. We have several properties like that because of where we are in our lives. Some property we just price and listed two properties today that are grossly underpriced in my opinion, just because we kind of want to get rid of them.

Jill DeWit:
My turn.

Steven Butala:
Yeah.

Jill DeWit:
This is a hundred percent I think based on what’s happening in that area, days on the market current and how well you priced it, period. If you want to do one a month, you can do one a month. I’d have a couple at least five in there. But if you priced them, if you have five good properties, right with all six A’s you bought them. You bought them well. You priced them very competitively. Not retail, not too cheap. They’re in there and you are in really good areas and you’re reaching the right people. You’re going to sell, You are going to sell two or three a month and you won’t have to think about it. That’s my answer.

Steven Butala:
That’s good. I haven’t talked about it in a while, but I have a bucket three concept. Bucket one is exactly what Jill described. Buy for 10 or 20, sell for 40, 50. You know it’s worth 90. It sells that day. That’s bucket one. Bucket two is I’m going to sell, buy this property. I’m going to list it for a little bit more than I think maybe retail and I’m going to hang out and wait. Bucket three property is, I’m buying this property, I’m subdividing it. It’s going to take a couple years when I’m going to make a few million dollars. And so I think you should always have, and not just bucket three is subdividing you. You’re doing something to it for some type of long haul result.

Jill DeWit:
Right.

Steven Butala:
So a good healthy mix wherever you are in your career, for the longest time we only ever did bucket one property. So it’s up to you. Subjective.
Today’s topic, my career path alumni advice. Bless you.

Jill DeWit:
Thank you.

Steven Butala:
This to [inaudible 00:05:28] to the show. Somebody asked me on the last career path alumni call.

Jill DeWit:
This is cool.

Steven Butala:
All right. All right Jack, just give us some advice. So big picture advice to really start blowing it out. The person that was asking those questions already doing incredibly well. He and his wife. They just wanted some advice and I gave it. And then other people in the-

Jill DeWit:
I like this.

Steven Butala:
… In the group said… Gave us all their opinions too, which is really invaluable.

Jill DeWit:
Before you launch into the answers, can I just say, I like this. It was really well thought out and put together. It was like, all right, I heard it was towards the end of the conversation, we’d already been talking for an hour and a half and it was like. They needed one more nugget. Jack. Just come back to big picture stuff here. What’s your high level advice that you think I should do to really hit this home? And you’re like, All right, I’ll tell you right now. And you just, it’s like you sat back and rolled up your sleeves and it came right out like natural.

Steven Butala:
Yeah.

Jill DeWit:
It was really good. So will you please share.

Steven Butala:
Number one, create a subgroup of people that you identify with in Discord. Or if you’re in a career path, create a group where you all get together on at three o’clock in the morning on Wednesday or whatever works for everybody and talk about stuff. I still have a lot of friends from high school and college where we’ve done professional things in the past and we still keep up and we have. So that’s a natural progression to being in an education group and all getting to kind of know each other. And the vast majority of the people that are in the group you don’t really identify with, but there’s two or three or four people and you end up doing deals together. So I found out about this last career path that this four or five people, they’re all doing deals together. They talk and so-

Jill DeWit:
Yeah, they have their own little, their own get togethers and stuff. I’m like, this is brilliant.

Steven Butala:
… Right. Number two, look for partners with different skills. If Jill and I were both great at doing mailers, this wouldn’t work. She loves doing the sales part. I love doing the mailer part. I handle the education, She handles the real estate and it seems to work out really well. She’s got her employees, I have my employees, we have our own money. That just seems to work out. But if we are all the same, I don’t think it would work.

Jill DeWit:
No.

Steven Butala:
I know it wouldn’t.

Jill DeWit:
No, you’re right. This is good.

Steven Butala:
So look for partners that if you don’t have a lot tons and tons of extra money, look for a partner with a ton of money. Because I can tell you right now, we’re the partners with a lot of money and we’re not that interested in doing our own real estate deals as much as we are partnering with somebody who continues to do all the work .

Jill DeWit:
And it’s the perfect fit for those people. They’re like, Jill, good because I don’t need you. I calling me every day.

Steven Butala:
Yeah.

Jill DeWit:
I got this. I just need you to give me the money. Done.

Steven Butala:
I can’t express this enough. Number three, you have to send out at least 10,000 pieces of mail, maybe 20. Twenty’s good. And you need to be really careful about it. Where you send it. You need to spend a tremendous amount of time trolling for places that… Look at the past mailers that you sent out. If you had real good experience between five and 10 acres in a one area, then go back there and mail out one to five acres or 10 to 20 acres or mail out mobile homes. Get real creative with, But you got to get that mail out or this doesn’t work. It’s like if you own a convenience store that, and it said, we’re open 24*7 and you’re only open eight hours a day, you’re going to make one third of the money or whatever the number you just have to that. I.
T’s the equivalent of opening the store doors. They have to be open for you to make money. And then the third thing is try to hit new markets. If you’re into that, we don’t do that so much anymore because we have so much experience about where we’re comfortable and we have teams built there of real estate agents. But if you’re new, you need to find new markets. And the way to do that is troll and send out mail.

Jill DeWit:
I’m still open to new markets. Are you?

Steven Butala:
I’m totally open to new markets.

Jill DeWit:
Yeah.

Steven Butala:
In fact, we inadvertently are involved in new markets all the time because it’s deal funding.

Jill DeWit:
So it may not be like, That’s not my passion every month to go sit there and do it. It just happens now.

Steven Butala:
Yeah.

Jill DeWit:
You get enough momentum, things just start happening automatically, which is beautiful. Thank you so much.

Steven Butala:
Sure.

Jill DeWit:
Happy to join us today. Five years a week. You can find us here on the Land Academy Show.

Steven Butala:
Tomorrow. The episode on the Land Academy show. Well, it’s Jack Thursday. As if this wasn’t. I’m going to talk about a how all the decisions you make, they all add up. You are not alone in your real estate ambition. Heard that in a movie released recently and it just smacked me in the face.

Jill DeWit:
What’s that?

Steven Butala:
All the decisions you make add up.

Jill DeWit:
Oh yeah. I wholeheartedly believe that-

Steven Butala:
Craft beer.

Jill DeWit:
… Sometimes good, sometimes bad, right?

Steven Butala:
Craft beer here we come.

Jill DeWit:
Craft beer.

Steven Butala:
Yeah.

Jill DeWit:
Craft beer. [inaudible 00:10:14] Oh, okay. Got it. I’m seeing Kraft the cheese company. I’m like, there’s a Kraft cheese beer.

Steven Butala:
Oh my god.

Jill DeWit:
I got all excited for a second.

Steven Butala:
Oh geez. How bad would that be?

Jill DeWit:
Wait a minute. We put beer in the cheese, but we don’t put cheese in the beer. Why is that?

Steven Butala:
Let’s test it.

Jill DeWit:
Okay. Thank you for tuning in. Hey, we would love to connect with you on Clubhouse in case you did not know we are commonly there. Let me think about this week. I can’t remember what the day is today, but.

Steven Butala:
This is an off week.

Jill DeWit:
Okay. God, this is an off week. Okay. Typically on the first and third Thursdays of every month at one o’clock Pacific Time. No noon Pacific Time. Thank you. How do you think about that? You can find us on Clubhouse.You know what, whatever I say. Go on Clubhouse, do the Land investing Club.

Steven Butala:
Yeah.

Jill DeWit:
Follow that. Follow me. And you’ll see the schedule right there. How is that? And you won’t go wrong. And if you join and follow those, you’ll be notified when we go live so you won’t miss it also.

Steven Butala:
We are Jack and Jill.

Jill DeWit:
We are Jack and Jill.

Steven Butala:
Information

Jill DeWit:
Inspiration.

Steven Butala:
So buy undervalued property.

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