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Jack Thursday - What is Your Financial End? (LA 1891)

Jack Thursday – What is Your Financial End? (LA 1891)

WP Jack Thursday What is Your Financial End LA 1891

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Steven Jack Butala:
Jack and Jill here.

Jill K DeWit:
Hello.

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 what is your financial end. As I said yesterday, you really need to have one. There’s a few reasons and I’ll get into it here in just a second. Before we get into it, let’s take a question posted by one of our members on the land investors.com online community. It’s free and please don’t forget to subscribe on the Land Academy YouTube channel. Comment on the shows you like. It helps us develop better content.

Jill K DeWit:
Sid Roped, I just watched the YouTube Land Academy episode 1540. Wow. Where Jack and Jill discussed buying land with a mobile home on it. This is good. Thank you for that reference, Sid. Is there a way to pull data tree parcels that are zoned for mobile homes?

Steven Jack Butala:
Yes.

Jill K DeWit:
There are a lot of those in my rural area and I’m too old for driving for dollars. Thank goodness. Don’t do that Sid.

Steven Jack Butala:
You’re too smart too.

Jill K DeWit:
Some used to teach. Yeah, you are too smart for driving for dollars. Totally agree. Not to mention, what are you going to drive for dollars for? Because in my world you reach out to every single mobile homeowner. So what’s to drive?

Steven Jack Butala:
If you go into data tree and you look at land use, and it’s not all counties, but most counties will have mobile home.

Jill K DeWit:
Designation.

Steven Jack Butala:
If that assessor, in the account in the county that you’re interested in, cares about use delineation and not all of them do. The more rural the county, the less they care for a lot of reasons because the property, the values are more similar. In an urban area, the property values are very different. It’s a wide range of value. If you get mobile home and you click on it and you can test very quickly whether or not that uses it, because you can see the numbers change the total count. The vast majority of the counties that I’ve ever worked in, care about use and they say it, so you can find it that way. The other way is to look at zoning. Some counties have a very specific zoning. It’s a lot more rare than the way I just described earlier. So check for use. Yes. And then rip away, mess around with the data. And Jill and I send out mobile home mailers regularly. Buy mobile homes. The worst condition they are, the better. And we buy them real cheap and sell them for more.

Jill K DeWit:
Not in parks.

Steven Jack Butala:
Yeah. There’s two types of mobile home real estate deals. Mobile homes in mobile home parks, those have no… We’re land people, unless you buy the whole park, and that’s a whole different deal. You’re just going to end up buying the actual mobile home, which isn’t real property, it’s personal property. It’s like buying a car. We’re not car academy. It’s Land Academy. Second type, which is what we care about.
Is a mobile home that’s on its own apn. It’s on its own piece of real estate. And that can be extremely profitable. There are people in our group, that’s all they do. Today’s Jack Thursday, what’s your financial end? There’s a couple reasons that you need to have a financial end. One, if you write down what you want in life and talk about it to yourself or to your loved one, as much as they can handle it, you’re going to get it. You’re infinitely more likely to achieve your goals if you write them down or think about them all the time. And the more specific you are about it, the greater likelihood that it’s going to happen. And within a timeframe. I’m going to plug $10 million here. Go ahead Jill.

Jill K DeWit:
We led off, in career path with, this is one of our questions.

Steven Jack Butala:
This is why we’re doing this episode, actually.

Jill K DeWit:
This is really, really important to talk about and think about and dream it up. Don’t make it fluffy. And I’d rather you make it a crazy big number than a fluffy small number, by the way, if I had to go between the two, but I’d say try to make it realistic and then double it.

Steven Jack Butala:
If you don’t have a number yet, I would like you to consider $10 million. Here’s why. If you already have $10 million in cash, let’s say, or equity or whatever, then you’re not listening to the show because you don’t care about money anymore.

Jill K DeWit:
Maybe you do?

Steven Jack Butala:
At $10 million, you can get a mutual fund or CD this day and age or whatever at four to 5%. Four to 5% of $10 million cash yields four or $500,000 a year before taxes. Divide that by twelve and it’s thirty or forty or $50,000 a month, before taxes. If you can’t live on that, you have a huge problem.

Jill K DeWit:
We got to talk.

Steven Jack Butala:
You’re taking yourself too seriously, because there’s nothing to spend money on.

Jill K DeWit:
What if you and your spouse…

Steven Jack Butala:
for $50,000 a month.

Jill K DeWit:
I would like to ask some questions, please sir.

Steven Jack Butala:
This is the Jack Show.

Jill K DeWit:
It is the Jack Show and I’m the guest and I get to enter. Well, I’m not the guest, I can get, I’d like to ask some questions, please. I’m the audience, hello, Jill here from Phoenix, Scottsdale area. What if you and your spouse differ on your financial?

Steven Jack Butala:
Get a different spouse.

Jill K DeWit:
Okay. Hi. We’ve been married fifty years and we differ. I want to retire twenty years ago. He says he’s going to die working. What do I do?

Steven Jack Butala:
He should die working and you can retire. I mean that’s a whole different show. That’s a marital thing.

Jill K DeWit:
But if you and your spouse differ, do you think you could sit down and work it out?

Steven Jack Butala:
I don’t know Jill, maybe you should talk about it on Jill Friday.

Jill K DeWit:
Or my therapist? I was worried you would say that.

Steven Jack Butala:
I think in most cases, there’s one money person that leads the band in relationships or families. And in our case, honestly that was me. It’s not anymore, because we’re kind of done. We just had this conversation before we recorded this. We are done, financially. Way done. Years done. And Jill just wants to keep doing this.

Jill K DeWit:
I used to say a long time ago, I was done at that last house, fill in the blank. That was like five or years ago or something. And he’s like, no, no. And then now the tables have totally changed.

Steven Jack Butala:
It’s completely reversed.

Jill K DeWit:
He’s like, we don’t have to work this hard anymore. I’m like, Oh no, I got a lot more in me. That’s what happens. I got a second wind.

Steven Jack Butala:
I know. What is that?

Jill K DeWit:
I don’t know. But I’m excited. Well you know what, you know what I told you today, you’ll find out more at some point. There’s a new project that we’re working on.

Steven Jack Butala:
A new startup yet again.

Jill K DeWit:
And it’s something that just comes easy to us and I’m like, and the planet’s not doing it, so we have to do it.

Steven Jack Butala:
I understand.

Jill K DeWit:
So that’s why.

Steven Jack Butala:
To what end though, to what financial end because…

Jill K DeWit:
That’s what makes it fun.

Steven Jack Butala:
Maybe it’s not, like there’s no reason, financially, to do this at all.

Jill K DeWit:
That’s why it’s fun. I can’t lose, you know what I mean? It’s going to be great. I can just go for it and if I do half as well as I think I do, yay, this is awesome. Or if it doesn’t work out, I go, huh, that was fun.

Steven Jack Butala:
By the way, $10 million is about three hundred fifty real estate deals, give or take. I don’t know the exact numbers, but I worked it out, if you buy for forty, sell for eighty, which is very, very, very accomplish able. You’re three hundred deals away. Three hundred fifty, I think, three hundred sixty.

Jill K DeWit:
That’d be fun.

Steven Jack Butala:
Just call it four hundred, because it’s after tax and all that. That’s not that many.

Jill K DeWit:
Could you imagine? Think about your life and I would have that countdown ticker on my phone. I’m now at three seventy five. I’m now at three twenty.

Steven Jack Butala:
Well there’s fifty, let’s call it fifty weeks in the year. So if you do two deals a week, which is really not hard. And especially with land funding and all the help that you get here.

Jill K DeWit:
You do it in four years.

Steven Jack Butala:
Yeah, exactly. And then I’ll tell you the first, if your first year, you do one a week, then the second year, you do two, then the second year, you do three. You get there fast.

Jill K DeWit:
Now you’re doing it in three years.

Steven Jack Butala:
And if it becomes a thing where now you’ve got a full-time employee because you’re doing it even faster, you’re not going to stop at $10 million. It would be silly because you’re only working a couple hours a day.

Jill K DeWit:
Yep. Welcome to our world. Happy to join us today, five days a week, you can find us here on the Land Academy Show.

Steven Jack Butala:
Tomorrow’s Jill Friday and she’s going to talk about how to turn angry landowners into actual sellers. You are not alone in your real estate ambition.

Jill K DeWit:
Maybe it should be Angry Partners into in willing participants?

Steven Jack Butala:
How to tame your angry business partner.

Jill K DeWit:
Yep, exactly. There’s a show. Step one, pick your battles.

Steven Jack Butala:
How do I identify your business partner, if your business partner has a personality disorder? That’s a show.

Jill K DeWit:
That’s a show. I could talk a lot about that.

Steven Jack Butala:
Or which personality disorder does your business partner have?

Jill K DeWit:
That’s awesome. I love it. Okay, so we talked about everything this week, but parcel fact, we haven’t talked about parcel fact. Hey, thank you for tuning in. By the way, if you are like us and most of the properties that you’re looking at don’t have a street address like 123 Main Street. Because why? Because you’re doing land. So check out parcelfact.com. All you need is State county apn and you’d be shocked and amazed. And there’s a day pass there too. It’s like five bucks. So go get the day pass, check out parcel fact. I promise you’ll be hooked. It’s how I do my due diligence in three to five minutes. It’s awesome.

Steven Jack Butala:
We are Jack and Jill, information and inspiration to buy under valued property… Under viled property…

 

Thanks for listening, and finally, don’t forget to subscribe to the show on Apple Podcasts.

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