Transcript: 

Steven Jack Butala:
I’m Steven Jack Butala.

Jill K DeWit:
And I’m Jill DeWit, and this is the Land Academy Show.

Steven Jack Butala:
This is episode number 1,941, and today we are talking in depth about why re-mailing land offers is so effective. And then also, I’ll give a little talk on commercial real estate 101. Both of these things were highly suggested this week-

Jill K DeWit:
Really?

Steven Jack Butala:
… in our Discord Channel. Yeah. That’s where they came from.

Jill K DeWit:
Well, I understand the re-mailing land offers.

Steven Jack Butala:
I don’t make this stuff up. I just take direction from our members. Sit next to you.

Jill K DeWit:
Are you sure? I’m not sure because there’s sometimes topics creep in there that are like, dad says, “You need to know this.” They may not be-

Steven Jack Butala:
That’s why I asked you. That’s why-

Jill K DeWit:
They may not be requested, but maybe they’re required.

Steven Jack Butala:
We moderate each other. We’re supposed to moderate each other.

Jill K DeWit:
Yeah. I understand.

Steven Jack Butala:
How effective is that?

Jill K DeWit:
It doesn’t go very well sometimes. That’s so true. I’m curious about, I like that commercial real estate 101. Is it because people are making mistakes, or they’re just assuming things incorrectly?

Steven Jack Butala:
No, nobody’s doing anything wrong. They’re asking questions, which they should. You’ll see what the question prompted this. The question’s actually in here in a few minutes, but it’s like, what the hell’s commercial real estate and why is it different and how should it be treated? And more specifically-

Jill K DeWit:
Is it good? Is it bad?

Steven Jack Butala:
How can I talk about it and not sound like a ding dong? That’s what I’m going to… By the time we’re done with my little spiel here, you won’t sound like a ding dong.

Jill K DeWit:
You’ll learn some new words, so you too can sound like you know what you’re doing.

Steven Jack Butala:
Is that what you do, Jill?

Jill K DeWit:
Drop 10 cap.

Steven Jack Butala:
That’s good. Keep going.

Jill K DeWit:
Just make up.

Steven Jack Butala:
10 cap.

Jill K DeWit:
Just make up anything cap. Well, it’s a 32 cap.

Steven Jack Butala:
Yeah, they would kick you out for that.

Jill K DeWit:
Could you-

Steven Jack Butala:
You know what? If you could analyze a girl as a capitalization rate, Jill’s a 32 cap.

Jill K DeWit:
Thank you. Versus some of my friends, which are five caps or-

Steven Jack Butala:
Or three and a half cap. Yeah. If you know commercial wheel estate it, and you’re listening to this, you know what a three cap girl looks like.

Jill K DeWit:
True.

Steven Jack Butala:
And forget about how she looks.

Jill K DeWit:
Exactly.

Steven Jack Butala:
It’s just how she’s talks to you.

Jill K DeWit:
What do you do with a three cap girl?

Steven Jack Butala:
You walk away.

Jill K DeWit:
See already right there. Aren’t you glad you’re listening? You can sound like a professional.

Steven Jack Butala:
It’s just not gender specific. There’s three plenty of three cap guys out there too.

Jill K DeWit:
I dated some three cap guys.

Steven Jack Butala:
Yeah. And I’ve heard about her three cap guys, and all I wonder is why stay? Why stick around for that three cap stuff.

Jill K DeWit:
Yep. Thank you.

Steven Jack Butala:
Hey, I hope you’re also enjoying this new 2023 weekly show. Each week we answer questions from the Land Academy Discord Forum, review land acquisitions from our weekly Thursday member webinar and take a deep dive into these two land related topic. Its topics that have been requested in Discord. Let’s take a question posted by one of our members on the Land Academy Discord online community. If you want to sneak peek at what actually happens in our Discord Channel, because you’re not a member yet, please go to landinvestors.com or landacademy.com and check it out and read only format. It’s free.

Jill K DeWit:
Yuri wrote, “What do you change on your letter template when re-mailing an area? I don’t want sellers to think, I just copied and pasted the same letter I sent them before.”

Steven Jack Butala:
This sparked. I included this in the sub podcast episode, because it sparked maybe 25 comments on Discord. All of them, every single one without exception were glaringly positive reasons why-

Jill K DeWit:
But they all you need-

Steven Jack Butala:
… why you should resend mail.

Jill K DeWit:
I’m curious, what were some of the things that people said?

Steven Jack Butala:
Well, and what’s what else is interesting too is that there are people in there that have been in our group for a very long time that-

Jill K DeWit:
Like years?

Steven Jack Butala:
For years, like Bay, who have done made this work for themselves times 10. They’ve both have quit their jobs, and they’re both working at it. And they’ve done 100s and 100s and 100s of deals, and they sparked in and said, and I’m paraphrasing, if you want to go read it, you can on Discord. They popped in and said, “This is the reason we’re so successful is because we re-mail.”

Jill K DeWit:
That’s good.

Steven Jack Butala:
You know what? This is actually the topic, so we could go and go into it. First topic is why re-mailing land offers is so successful. I guess we’re in the topic.

Jill K DeWit:
We are.

Steven Jack Butala:
We’re going to fool our post-production people.

Jill K DeWit:
It’s all good.

Steven Jack Butala:
They’ll figure it out.

Jill K DeWit:
All good.

Steven Jack Butala:
Let’s think about this for a second. I have long said that buying and selling land, the way that we do it, which is sending blind offers out, is a lot like insider trading on Wall Street, except you don’t go to prison for it. You take all this real information. You’re utilizing market information and purchased and sales information and all the things that goes on in a potential market where you’re going to send mail, and you make a decision about how to price a mailer, at what numbers that you send out offers to people. And potentially buy property because they’re willing to sell it to you for way less than market value. That’s the definition of insider information. You have all this information that not everybody has, because they’re not smart enough to go out there and get it. And you’re making a decision and then you’re essentially buying a stock that’s worth $100 a share for $22 a share. And so it’s an amazing business model.
Now, multiply that times three because you already sent the mailer out. You sent a mailer out for five to 10 acre properties in a certain place for let’s say $15,000 or whatever the numbers end up being. You get a mild response. Maybe you buy a couple of properties, maybe you buy five properties, and you find out what’s going on in the market because you’re talking to all these sellers. Some properties you buy, some you don’t. Now you have even more insider information, information that no one else has or no one else is really paying attention to, because you’re smarter.

Jill K DeWit:
About that one little area.

Steven Jack Butala:
You think to yourself. Well, what if I sent another mailer out, not just for five to 10 acre properties, but from two to five acre properties or maybe 10 to 20 acre properties, because I know how it’s valued now. I know how people are basically going to respond to my pricing. Maybe I’m going to lower it, maybe I’m going to increase it based on the response that I got. And I’m pretty confident, more confident that I would be as if I went in blind like I did on the last mailer. I went in blind, and I can better predict now the outcome. And then the third time and the fourth time you do it, now you’ve got yourself a market.

Jill K DeWit:
A quick question. Are you talking, I was assuming re-mailing what we’re talking about is the same exact property size to drum up more deals.

Steven Jack Butala:
Well, I’m getting to that, Jill.

Jill K DeWit:
Sorry. And then I have some follow up questions, but we’ll get there.

Steven Jack Butala:
This is the first part of the dad’s speech.

Jill K DeWit:
Great. I’ll be over here. Let me know.

Steven Jack Butala:
And Jill’s dead on. What’s even better is sending out the same mailer-

Jill K DeWit:
There we go.

Steven Jack Butala:
… with a price correction that you believe will increase the number of properties that you buy.It almost always works.

Jill K DeWit:
You know what’s funny and sometimes it might be lower and sometimes it might be higher depending on what you find out. I want to add one thing too. Another plus in this whole thing is the reason you’re doing this is because you had a positive result in this area. If it didn’t or something was going on, maybe it’s somewhere in let’s say a state out west, and they’re having water issues. And you’re like, “I don’t even want to play with that.” But maybe it’s somewhere in a great area. You found out like a nugget. They’re like, “I didn’t know all this was going on here. I want more property here. I didn’t know it was going to fly off the shelves like this too. I want more property here.”
But another bonus is you already know the county. You already know how they roll. You’ve already got a title person there that you’ve been working with too. You’ve got all these systems in place, which I think are an added bonus that when you call your Susie at ABC Title back on, “Hey, I know we did three last month. I got five more coming at you.” We’re going to do the same thing. It’s so much more efficient. You understand each other. It’s so great.

Steven Jack Butala:
You also can gauge because you posted all the property from first round the on the sell side, what their reaction is. It’s very often still that Jill and I sell property I think too inexpensively. What that allows and what that tells me in my next mailer is that, you know what? I can afford to send out the same mailer, maybe price a little higher, because I don’t think we charge enough on the sell side, so it gives me a lower little more… This is an acquisition person’s dream. What do you mean I can pay more? If I can pay that much more, I can buy probably 10, 15 more properties in the same mailer. It’s all this information that you’re collecting on the first round mailer and Jill’s dead right. You’ve got a crew set up now, and you have pricing information down. You’re not going in blind anymore. That’s the true definition of experience.

Jill K DeWit:
Well, this is one of the reasons too, that if you’re doing this full-time or you have the luxury that you could answer your phone and you’re not doing a nine to five job or you just can’t do anything outside of your day job. If you can answer some of these incoming calls, at least the first wave, this is when you’re going to learn this stuff, and this is why this is really valuable and this is why I still do it now and then today when we send out a brand new area. I’m like, “I’m going to take the first wave of calls.” I need to gauge what’s going on, gauge how our pricing is, get some inside information like you’re talking about. What if it’s agriculture or something, who knows? And everybody says, “Well, because of X, Y, Z that’s coming into the valley. This is why I think it’s worth,” fill in the blank. I didn’t know about X, Y, Z coming into the valley, and now I know.

Steven Jack Butala:
Here’s another huge benefit. Jill’s obviously on the sell side and the people side of this.

Jill K DeWit:
On the buy side.

Steven Jack Butala:
I’m on the data part, and so I don’t have to redo a mailer. I’m sitting there staring at a mailer that I spent a bunch of time and money on, spent money on data and time-

Jill K DeWit:
It does save.

Steven Jack Butala:
… putting this whole thing together. All I got to do is adjust the price? [inaudible 00:10:56] I already spent all that time testing for reason at the end of the mailer last time. Those are the same. I’m just going to change the percentages up or down. That’s a five-minute mailer. That’s the total of a show, and you’re going in saying it needs to be 5% more. And then you resubmit it to 020, and now you’re done. Talk about working for two hours a day.

Jill K DeWit:
Do you know what?

Steven Jack Butala:
Now, you’re not working at all.

Jill K DeWit:
This is a good thing too. There’s a lot of people that come in Landing Camp. “We know you’re hitting it into our head. Send more mail, send more mail, send more mail. But I’m so busy I didn’t have time.” That would be a good thing for someone to hold on a moment. I know you’re busy. You don’t have a lot of time. I know we have Concierge Plus, but they could go back to an old mailer that did really well. Go back to the well basically and regurgitate one once in a while to get more deals in an area that they already know. That’d be a good way to keep them on track too. I think that’d be great.

Steven Jack Butala:
If you sent out a mailer, a 10,000 unit mailer at 20%. I’m making gross generalizations. At 20% of you determined retail value, and you bought three properties. How many people do you think got your offer stared at it for a minute and didn’t tell our spouse this time, but they’re like, “You know what, we’re never going to use that land.”

Jill K DeWit:
Didn’t tell our-

Steven Jack Butala:
But they never picked up the phone.

Jill K DeWit:
Didn’t tell our spouse. What?

Steven Jack Butala:
Yeah, I’m not going to tell him yet, because I don’t want to break the bad news. But his dream of putting a cabin on that property is over.

Jill K DeWit:
He’s 93. He wanted to build it himself.

Steven Jack Butala:
Maybe he’s not 93, maybe he’s 56, and he is just an ass. And you don’t think he deserves a cabin.

Jill K DeWit:
There we go.

Steven Jack Butala:
For whatever reason, you didn’t let him know about the letter.

Jill K DeWit:
Where do you come up with this stuff?

Steven Jack Butala:
I don’t know.
We’ve been talking about buying and selling land for what? Almost 15 years now in a format like this, and we got to make it funny. We’ve literally talked about everything you could possibly talk about.

Jill K DeWit:
I’m going to pause for a second. I have yet to call our friends and ad say this, but I’ll never forget when you first started this podcast. And I ended up being your permanent guest here, co-host slash guest, whatever you want to call it. Our friends would all go, “What the heck are you guys going to talk about? Do you have that much to talk about?” It’s so funny. And at the time, “Oh sure.” And then later on I’m going, “No, that is kind of nuts.” And here we still are. I should call up and go, “We’re still doing it.”

Steven Jack Butala:
It’s really a show about Jill and I failing at being in a relationship.

Jill K DeWit:
That’s true.

Steven Jack Butala:
That’s what the show’s about.

Jill K DeWit:
True. That’s it. That’s why you’re here. Don’t let this happen to you.

Steven Jack Butala:
You send this 10 unit mailer out. If you buy three or four or five properties, how many people do you think thought about calling you, but didn’t. And now they get another letter from you that says maybe you changed the letter a little bit. That’s the real question. How do you change it if you’re going to send it out again? That’s the question before this that led to this topic, and I would say you used the information from the first mailer and you changed just a couple sentences in the offer that says, “Hey, I’m reaching out to you again because I sent a letter to you a couple months ago, and we re-looked at your property. And now we want to offer this.” If it’s lower, that that may not work as well. If it’s higher, and you could say that right here, “This is a new revised offer. We realize your property’s worth a little bit more money.” How many more people are going to sit down and say, “Wait a minute.”

Jill K DeWit:
That would be really cool.

Steven Jack Butala:
If you’ve ever watched a football game, you see the first Pepsi commercial in the first quarter.

Jill K DeWit:
True.

Steven Jack Butala:
And then the second quarter, there’s three Pepsi commercials and to the point where you’re sick of it.

Jill K DeWit:
No. You’re thirsty.

Steven Jack Butala:
Yeah. Or you’re going to buy a Pepsi to shut them up.

Jill K DeWit:
It does look good. I keep staring at that.

Steven Jack Butala:
Repetition in marketing and advertising works, and that’s what this is. We have a guy, he’s a career path alumni guy. I haven’t heard from him in a while, but he’s famous for coming on to our advanced career path calls every month and saying, “I’ve only ever sent out one mailer, and I send it out every month. I change a price a little bit, and I buy a couple properties and that’s my whole… That’s what I do.”
And that works.

Jill K DeWit:
For him.

Steven Jack Butala:
A guy in our advanced group when we had that a lot of years ago, that’s only ever sent mail out to one huge subdivision in Texas his entire career, and he made a career out of that. re-mailing an area after you get to know it really, really, really well is super, super effective, and you’re gaining confidence every time. First time you buy five, the next time you buy three, the next time you buy eight, the next time you buy four. After a while, you’re changing your thinking about it. You just roll it in, you roll it into your… I’m not saying never mail another place again, because you always have to try new stuff, but now how much confidence do you have that what’s going to happen on a mailer? Maybe the next time it’s only one. It’s still no work.

Jill K DeWit:
It’s so nice. Even when the calls start coming in on a single mailer. You’re new to the area. After five or six phone calls, you know the area. You’re starting to learn the APN schemes, you’re looking them up. You’re starting to know, “All right, I realize on this side of the train tracks is this, and on that side of the train tracks is that. If I can get closer in, this is where, and this is where it’s kind of deserty and this is why it commands this price.” It’s really nice. So this is-

Steven Jack Butala:
East side of the free… Yeah. Go ahead.

Jill K DeWit:
Keeps going on and gets, just gets better.

Steven Jack Butala:
East side of the freeway’s worth this. The west side’s worth this. There are places in Arizona that they’ve been groundwater had, they’ve sunk, and there’s tons of property for sale there. And we just don’t send mail there anymore, because we know. We sent mail. We did a huge mailer in West Virginia one time, and Jill found out very quickly.

Jill K DeWit:
It was hilarious.

Steven Jack Butala:
I spent a lot of time on this.

Jill K DeWit:
It was a bummer.

Steven Jack Butala:
She walked in my office and said, “Yes, so this is not going to work.”

Jill K DeWit:
I just told everybody to stop taking calls when they have a Virginia property, wish them well.

Steven Jack Butala:
West Virginia.

Jill K DeWit:
West Virginia, excuse me. Wish them well, because undivided interest was rampant.

Steven Jack Butala:
In West Virginia for whatever reason, quite some time ago, they assigned APNs to owners, not real estate. And so one property-

Jill K DeWit:
These poor owners didn’t even know it.

Steven Jack Butala:
One property could have four APNs. And so as you know, we send mail out to APNs. We buy APNs.

Jill K DeWit:
That was funny.

Steven Jack Butala:
You don’t ever want to buy 25% ownership in a property.

Jill K DeWit:
Exactly.

Steven Jack Butala:
Ever.

Jill K DeWit:
That was good.

Steven Jack Butala:
Hey, let’s take a look at one of our favorite land acquisitions from our weekly Thursday member webinar.

Jill K DeWit:
Hey, you know what’s coming up next month?

Steven Jack Butala:
No.

Jill K DeWit:
Land Academy Ladies. Coming in March, 2023. I’m proud to say this is the only female land investor group that exists. How cool is that? It’s for members or partners of members. Sorry, you need to be a lady to join in. Wigs are not going to count, and I know people that would do that, but I am so excited. It’s starting up in March this year, 2023. If you are a Land Academy member, keep an eye out for an email. It may have gone out, but if not, or if you have any questions, of course, reach out to support@landacademy.com. Or if you’re not Land Academy member, and you’re like, “All right, this sings to me.” Send a note to support@landacademy.com, and we will get you more information.

Steven Jack Butala:
Don’t forget about offers to owners. Jill and I have a full-blown commercial printing company, whether you’re a member or not, that you can use to get offers out to for houses or land or any type of real estate.

Jill K DeWit:
Anything.

Steven Jack Butala:
Yeah, it’s getting more and more and more popular.
Let’s take another question posted by one of our members on the Land Academy Discord online community. Again, if you want to sneak peek at our Discord channel, go out to landinvestors.com or landacademy.com. Dig your way through those sites, and you’ll be pleasantly surprised. It’s in real time how we all communicate with each other.

Jill K DeWit:
Charlie wrote, Who’s the land Academy of commercial real estate? I need to do some reading slash podcasting.” Listening, I’m sure. “I can’t even carry on a conversation with a commercial agent. It’s embarrassing. Or is there some commercial stuff in Land Academy that I’ve missed?”
I like this.

Steven Jack Butala:
Oddly enough, I’ll answer this question in today’s second topic.

Jill K DeWit:
Cool.

Steven Jack Butala:
It’s amazing how that happened.

Jill K DeWit:
Thank you.

Steven Jack Butala:
Today’s second topic is commercial real estate 101.
Back in the early 90s, right when I got out of school, out of college, I had a very brief job as an accountant. I mean for like four months, a small accounting firm’s tax practice, which made me vomit every morning. I had a talk with myself and said, “I’m going into real estate, because every one of our tax customers was in real estate.” And I was looking at their tax returns going, “These people are crazy wealthy.” But I always knew I wanted to go into real estate anyway. My dad did very well in commercial real estate, so I went down the path to become a commercial real estate agent and took the test, passed that, this is in Michigan, Detroit, Michigan in one of the worst recessions they’ve ever experienced. My timing couldn’t have been worse. And so I did, and it was full commission, and I ate a lot of ramen noodles for a year and learned all kinds of stuff about commercial real estate and why creating value in commercial real estate is so effective.
And I’m going to give a basic talk today about just understanding commercial real estate, but keep in mind there’s things that you can do with commercial real estate when you buy them or develop them that create an amazing amount of equity very, very quickly that you could never, ever accomplish buy and selling houses or anything that really has to do with residential real estate. Unless you’re building huge master plan subdivisions, which is very unrealistic for an individual person. For us, Jill and I, to go out and do a master plan community it’s possible, but not very realistic without becoming partners with people that are really involved in that. Owning it, buying and improving a strip mall is very realistic. And so that’s where it comes into play for us, because we’re all entrepreneurs sitting in some home office somewhere, for lack of a better description self employed. We want in. Here’s the deal with commercial real estate. It all comes down to how it’s valued. Just bear with me for a second. When I say that, I mean, Jill, bear with me for a second.

Jill K DeWit:
Could you tell? Could you see?

Steven Jack Butala:
Yeah.

Jill K DeWit:
Could you see-

Steven Jack Butala:
The back of your eyelids? Yes.

Jill K DeWit:
Yes. Could you see, no. What’s going on with, you could see the mental shift, which is she’s shopping in her head right now.

Steven Jack Butala:
What were you shopping for?

Jill K DeWit:
I don’t know anything. Not commercial real estate.

Steven Jack Butala:
Jill, you’re a 32 cap. Just sit there and look pretty.

Jill K DeWit:
Thank you. I got to go on today. We’re leaving town this weekend. Okay.

Steven Jack Butala:
Really, really quickly. We all know houses. When we think of real estate, the vast majority of us think of houses. The house we grew up in, how much of our money our parents made on these houses, houses, houses, houses.

Jill K DeWit:
It’s true.

Steven Jack Butala:
HG freaking TV’s got a whole-

Jill K DeWit:
Oh gosh.

Steven Jack Butala:
… channel that runs 24 hours a day about window treatments and buying a house and selling it and improving it and making money. All of that, all of it is 90% emotion. Does the house look pretty? I walk into it. I want to buy it. How much is it? I don’t care. I want it. But the house next door is falling down. I know. How much is that? I don’t care. I’m not buying it. The scary thing is that those two houses, one that’s been completely done, and the one that is fallen down, or maybe it’s original. Maybe it’s 1962 original with avocado stove and we just walked through a house like that.

Jill K DeWit:
Yes.

Steven Jack Butala:
And we walked through because Jill bought a painting off of Offer Up. We walked into this house. There’s this deceased guy who’s lived there by himself. All original. Million eight they got for the house. The fully renovated one right down the street is 2.1. That’s not a big variance for a pile of crap house and a brand new and turn on your favorite song and open a bottle of whiskey house.
That never happens in commercial real estate. Never. Why? Because commercial real estate is valued on capitalization rates in general, which means how much money is it bringing in will dictate the value of the property. Nobody walks into a warehouse and says, “It’s really dirty in here, and I don’t think I’m going to buy it.” Long before you walk into a warehouse to see if you’re going to buy it, you look at what the tenant’s paying, whether the history of the payments, the vacancy rate, the occupancy rate, the structure of the lease, and you value it in a capitalization rate format. The capitalization rate, the strict definition is you take the net operating income, the amount of rent that you’re getting, and you divide it by the purchase price. Right now, seven caps are real popular, because interest rates are a little higher, and interest rates affect net operating income.
I don’t want to get too deeply into this environment, but just know how much money’s coming in dramatically and directly dictates the property. After you get into due diligence period and re-look at the deal, especially things old apartment buildings that are falling down. The condition of the actual property might come into play, might. A brand new property’s going to be probably have a lower cap rate, because it’s going to cost less to run it versus an older one. But again, that’s reflected in the cap rate, so you don’t have to really worry about emotion, which makes commercial real estate, in my opinion, extremely attractive. Because everybody’s valuing it with the same mindset. How much money is it making or losing? We just looked at an investment townhouse in an area in Old town Scottsdale, and this townhouse has bright red kitchen-

Jill K DeWit:
Cabinets.

Steven Jack Butala:
… cabinets.

Jill K DeWit:
Shiny cabinets.

Steven Jack Butala:
And it’s a great price and a cap rate works and the whole thing. And Jill’s like, “Nope.”

Jill K DeWit:
I said, “Put in an offer.” Would I live there? No. It’s not for me. But you know?

Steven Jack Butala:
This is very on the screen with the camera on a nice way of saying, “I’m very available.”

Jill K DeWit:
Did I?

Steven Jack Butala:
No, yeah. [inaudible 00:26:01]

Jill K DeWit:
I said, “Put in an offer.”

Steven Jack Butala:
… property.

Jill K DeWit:
I did. I don’t care.

Steven Jack Butala:
The question is to me, I could care less about what it looks like on the inside. Is somebody going to release it?

Jill K DeWit:
Not for me.

Steven Jack Butala:
The balance sheet in that area, the amount is going up no matter what, but is somebody going to pay to live there? And I think the answer is yes, because it’s in such good… Doesn’t matter. That’s what you want to remember about commercial real estate. How is it valued? What does that have to do with land? I thought this was Land Academy. Nothing. The value of the land needs to be much less than the value of the cap rate. That’s the amount of income that that property is generating at times. Specifically in Southern California, the value of the land becomes more than the actual rent that the property can generate. You see this in trailer parks all the time.

Jill K DeWit:
Isn’t it amazing., but yeah.

Steven Jack Butala:
And so what happens then? That’s when all the yellow iron comes out and you can theoretically, the new owner would realize that and theoretically apply for a zoning change.

Jill K DeWit:
What’s the yellow iron?

Steven Jack Butala:
Caterpillar. Crush it all.

Jill K DeWit:
Got it.

Steven Jack Butala:
Crush it on to little pieces and…

Jill K DeWit:
Change it up.

Steven Jack Butala:
Put it in a landfill and create a new condo complex or a mixed use building.

Jill K DeWit:
This used to be a residential area, not anymore kind of thing.

Steven Jack Butala:
Exactly. We see that all over-

Jill K DeWit:
Office building, office building, office building, little house, gas station, da da da da, restaurant. You’re like, “It’s coming.”

Steven Jack Butala:
Speaking of that, office building, office building, gas station, the other thing about commercial real estate is the vast majority of it is the use that you can use a piece of property for has been dictated and it’s over and that’s it. It’s going to be used at heavy industrial or light industrial or multi-tenant, multi… There’s all kinds of subtypes of multi-tenant buildings, like apartments obviously and trailer parks. Those are multi-tenant buildings. It could be a mall, which is retail.
It’s all about that valuation. And if you go on at LoopNet or Crexi or any of the sites that list commercial real estate property for sale, the stuff that’s going to pop up first is vacant property. And if you want to talk about creating value and getting wealthy, you can buy with partners commercial real estate, if you know how to operate a piece of property and fill up vacancy rates, which no one, I’m here to tell you in commercial real estate knows how to do. Commercial real estate is packed full of people sitting around in an airplane hangar smoking a cigar, wondering who they’re going to hire to fill up their building.

Jill K DeWit:
Isn’t that funny? The only thing I think they think about is raising the rent.

Steven Jack Butala:
Yeah, that’s right.

Jill K DeWit:
That’s the lazy way.

Steven Jack Butala:
That’s right.

Jill K DeWit:
All they think of doing is raising them. “Great, I’m just going to raise the rent $100 a month or whatever it is.” This is dumb.

Steven Jack Butala:
In Southern California right now, or it used to be before Covid, very popular for institutional buyers to go in and buy a piece of property, buy an existing apartment building, buy everybody out of their leases, kick them out, renovate all the units, allow pets because the former manager-

Jill K DeWit:
This is smart.

Steven Jack Butala:
… former manager didn’t allow pets. Now you’ve got a whole new rental pool, increase the rate and sell it as soon as it’s all leased up. Who leases it up? A commercial management company, the person sitting around in an airplane hangar smoking that cigar could care less about how that actually property gets managed. And they’re not wrong. They don’t need to be. My point in saying this is if you’re young and really tenacious and you think you can lease up a trailer park or lease up a building, you’re going to become a multimillionaire very quickly. That’s how you create equity in commercial real estate. From a land perspective, which is really why we’re listening to this. You’re probably not listening anymore anyway.

Jill K DeWit:
I stopped.

Steven Jack Butala:
If you go through an industrial park and this happens every Thursday on calls or most Thursdays, somebody responds to a letter that we’ve all sent out that says, “Yeah, I have this property and it’s the last property in this industrial park, and I’m happy to sell it to you for less than it’s worth. Because we’ve done what we needed to do.” And so there’s a huge play for us, but it has to be in line with that capitalization rate. And how do you find out other capitalization rates for buildings that are all around there? You don’t. You have to know the area. Commercial real estate, there’s a lot of moving parts, a lot more moving parts.

Jill K DeWit:
Well, that’s the value of our commercial real estate broker that’s local to the area. I have had dealt with some good ones, not good ones and some really good ones.

Steven Jack Butala:
Good news is that people in commercial real estate are wealthy, and so when you do get a piece of land that you know think is way less valued than what you can sell it for, finding a local community of commercial real estate owners and setting up a tiny little database is bring me two hours away from that and then sending out a neighbor letter saying, “I know you own this building over here, and I’ve got this piece of dirt over here that I think is way undervalued for what it is.” They’re very likely to respond to that. I would drop what I was doing and saying, “What do you mean it’s 30,000 or $80,000? I just paid 6.2 million for this distribution center.” Yeah. I’m going to take a look at your deal.

Jill K DeWit:
This is brilliant. Thank you very much.

Steven Jack Butala:
And then my last point is zoning, and then triple net. I want to talk about triple net in a second, for a second. I’m trying to hold Jill’s attention. It’s very hard. Jill talks in sound bites.

Jill K DeWit:
Thanks.

Steven Jack Butala:
Zoning is all master planned these days. There’s this concept, and again, it’s probably comes from our parents’ time. You can buy a piece of property and rezone it and make a fortune. Rezoning property is all but impossible this day and age. You can realistically rezone a trailer park for condos. Everybody loves that. All the people on the city board are going to sign off on that, but you’re not going to rezone a trailer park to heavy industrial. Nobody wants heavy industrial or retail where it’s causing a lot of traffic and all kinds of stuff. Please put rezoning as a possibility just out of your head. There are whole shows on YouTube. We’ve had guests over the years on our podcast. We’ve had business partners gone. Not a single time has anything ever gotten rezoned. It’s all talking, and if you do get a rezone through, it’s going to take years and 100s and 100s of 1000s of dollars of legal fees.
It’s already all master planned. That’s what a civil engineer does. Long before the thing gets developed, they go in and plan it all out and say, “Here’s the industrial stuff. Here’s the retail. Here’s where all the houses go. Here’s where the apartments go, and here’s a bunch of parks.” And that’s it. It’s not going to vary very much from that.
The exception is this. This is a anecdotal fun little fact. Any place of worship, you can put it anywhere, and you don’t have to ask. You can put a church on the lot next door to your house. Isn’t that crazy?

Jill K DeWit:
I know.

Steven Jack Butala:
That’s why if you drive around a community, and it’s like, “What the hell’s a church doing there?” And I say, “What the hell?” Intentionally.

Jill K DeWit:
Yeah. Like that one-

Steven Jack Butala:
That’s because there’s no zone requirements.

Jill K DeWit:
… we saw last night behind a bank, next to this big grocery store, we have this weird church. Yep. There you go.

Steven Jack Butala:
Churches are the one place you could potentially rezone something, because it doesn’t have any zoning anyway. And so that’s when the city planner’s going to look at that and say, “Anything but a church should be better there.”

Jill K DeWit:
Right.

Steven Jack Butala:
Lastly, let’s talk about triple net property, because it’s so prevalent and you’ve driven by it 14 times already today and maybe not known it. All fast food restaurants, all bank branches, all freestanding buildings are triple net leased. Meaning, let’s use McDonald’s as an example. McDonald’s is a tenant and the definition of the three nets is rent of course. That’s net number one. Utilities, that’s net number two. This is a double net lease now, and a triple net is everything else. Insurance, maintenance and taxes, everything. If you own a McDonald’s, the building, not the franchise, your tenant is a franchisee of McDonald’s, and they’re responsible for 100% of the costs of operating that building, including the taxes. You just get a check.

Jill K DeWit:
Isn’t that nice?

Steven Jack Butala:
What’s the cap rate on that? It’s really low, because there’s no risk. And a lot of times those commercial leases are cross-collateralized or corporate guarantees. If the tenant fails, if that franchisee fails, because he’s eating too many hamburgers, then McDonald’s is going to pay the rent. And this is a huge, and this is also rent escalations built in. See?

Jill K DeWit:
Excuse me.

Steven Jack Butala:
There’s built in rent escalations. After a few years of owning that, you sell it on a cap rate, make some money.

Jill K DeWit:
I’m allergic to bad business things.

Steven Jack Butala:
Plow it back into something else. Every dollar general you see in all these small towns are all tripping that leases. There’s a cult surrounded by guys that go in the back room and trade their trip on that lease properties. No risk, but you don’t really make any money. We made it, Jill.
Let’s take a look at another one of our favorite land acquisitions from our weekly Thursday member webinar.
Did you just yawn?

Jill K DeWit:
No, did I?

Steven Jack Butala:
My god, you just yawned.

Jill K DeWit:
No, I was saying that was fascinating.

Steven Jack Butala:
A lot of times you say, “Wow, that really is interesting.” Not this time.

Jill K DeWit:
No. Yeah. Not this time. You know those classes you just have to get through to get your degree or get your whatever your diploma?

Steven Jack Butala:
Yeah, that’s all of them.

Jill K DeWit:
Well, some I find interesting, some I have to sit through this. I know there’s some nuggets in there. Just kidding. It’s all good.

Steven Jack Butala:
Jill, you have something inspirational to share?

Jill K DeWit:
You know what’s interesting? I wanted to talk about the rest of my note. Will you pull up my little, I’m so sorry. My little note that I sent you, because it had a little follow up nugget in there about my thing today. Okay, so I wanted to talk about-

Steven Jack Butala:
You know what? Before you answer, I put a little question in here that somebody put it in Discord that prompted, that I think just ties right into this.

Jill K DeWit:
I’ll read the question, and then I’ll give you my little thing.

Steven Jack Butala:
Yeah.

Jill K DeWit:
Okay, so that was nice. We have a third question today. Chris wrote, “I had my first phone call from my first mailer about 20 minutes ago. I was tied up with my day, and I wasn’t able to pick up, but she did leave a voicemail. She said she was interested in selling her property, but she wanted to know the details of the process. I’ve been through the program a couple times, and I listened to almost all the podcasts, but this is my first phone call, and I don’t want to sound clueless. Any guidance on how to navigate the conversation?” Well this is a two-parter. I’m going to give the answer, and then I’m going to talk a little bit more about it.
The direct answer, Chris, is go on landacademy or landinvestors.com. Either place, and get my inbound seller call checklist, print that out, use it, write on it. That’s the easiest way you’re going to sound like a pro. All the questions, the things that you need to ask are right there. Ask about the property, ask all the information. State, county, APN. Did my offer price, did that work for you? What do you know about the area? Are you current on your taxes? Fill in the blank. There’s all kinds of things on there so you know you’ll sound great. That’s a short answer.
The longer answer is, well how do you just get the confidence, and why do you, Jill have so much confidence talking to sellers and talking to buyers? And the answer is because I believe we have the same goals and this is proof right here. This person called back, you want to buy, they want to sell. Check. How do you not feel good about that? I know we both want the same thing out of this phone call. Now, all I have to do is make sure we’re on the same page, which is do I still want the property? And do they want to sell it to me at my price? It’s not hard to very quickly like this example, get to that solution, and you know that you’re working through it together.
You just keep asking each other questions. Your questions are all about the property. Their questions are all about the process. Just keep going until you guys don’t have any questions. And then that at the end this is going to happen. Great. And they know the steps. You hang up. You got the price you wanted. They’re going to follow through with the steps. They hang up knowing that they’re going to get the price they wanted, and they know what’s going to happen next.
What’s interesting is what you need to watch for is the minute it’s not going that way. I know how to, and here I’ll give you some examples here. Figure out the minute you’re not on the same page and easily it’s going to be you don’t like the property, or it’s not going to happen because there’s some legal reasons. Maybe there’s a probate issue, or you guys don’t agree on the price. What you need to do is when you figure that out, quickly end it, because it’s not going to go anywhere. You’re not going to talk them into it. It’s not even worth it.

Steven Jack Butala:
You can’t go wrong asking questions. Think about first date. You got to get the other person’s talking about themselves. Last thing you want to do… There’s this misconception, and I had it in the beginning of my real estate career where you’re sitting there trying to impress the person who owns a property to see if they want to sell. That’s not what they want at all.

Jill K DeWit:
No.

Steven Jack Butala:
Just ask them questions. How long have you owned it? Did you inherit it? Did you guys use it? Was there ever structure on it? Just the list of questions that Jill has on the website.

Jill K DeWit:
Yeah. You know what’s interesting? Some people believe that they have to control the conversation by talking too much and just railroading people.

Steven Jack Butala:
That’s that man bad date>

Jill K DeWit:
And really having a real strong person has the most control of our conversation when they’re just asking questions and getting all the information they need out of them. That’s the secret I think. And after a few of those, Chris, it doesn’t need to be much. I bet you after between five and 10 phone calls, you’re going to get so much confidence and be so ready and secure talking to these sellers and knowing the area. You just have to pick up the phone.
Here’s my last little piece. I always assume that the reason they’re reaching out to me and calling me is because they do want to sell, and there’s one little thing they’re not sure about. Exactly like this example, she liked you. She looked you up. You passed your test. She liked the price. They’re there. She just needed to know how it works.
How great is this is the greatest conversation ever, and all you need to do is say, “Well, now I open escrow, and here’s what’s going to happen. I’m going to make those calls. I do need your content information, and I’m going to make those calls and next thing you know you’ll get a call from the title person, and they’ll walk you through. If you have a copy of the deed, if they need that. Any follow up stuff like that, bank information, they’ll need to know that.”
And just make it simple. The best thing you can do too is don’t overwhelm them. Don’t give them too much information. That’s part of they think you need to control the conversation by just dumping on them. Don’t explain exactly what a title agent does, and why you pick this person. They don’t flipping care. You need to make this real easy and simple and comfortable and befriend them and make sure they know too. Remind them we’re on the same page here. Look, that’s the end thing. “I want you to know as we end this phone call that I’m buying it. You’re selling it. If you have any questions at all, you call me. We’re going to get this deal done. I am your resource here and whatever you don’t understand, I’ll walk you through it, or we’ll figure it out together.” How’s that? Who would want that?

Steven Jack Butala:
The chances are nine times out of 10, and this is hard for me to understand when I started, you are smarter about real estate than the person you’re going to talk to.

Jill K DeWit:
You [inaudible 00:43:38].

Steven Jack Butala:
Not about that piece of dirt. They know a lot about that piece of dirt, and that’s why-

Jill K DeWit:
Maybe.

Steven Jack Butala:
… one of your jobs is to really… Well, if you do it right, you’re going to ask them so many questions about the actual piece of land that by the time you’re done asking the questions, they just don’t have any more answers. Does it have access? Have you ever used it? Why are you selling? They’ll tell you big, long, personal stories about all that stuff and just all you have to do is listen.

Jill K DeWit:
Ask.

Steven Jack Butala:
Just listen to what they say.

Jill K DeWit:
Exactly.

Steven Jack Butala:
You know more about how to close a deal. If you’ve never closed a deal, I’m sure you know more about how to close a deal then the vast majority of the people you’ll talk to.

Jill K DeWit:
If you have watched Land Academy 3.0 one time, I can guarantee you that very first phone call, you know more than they do.

Steven Jack Butala:
Yeah.

Jill K DeWit:
How is that? That doesn’t make you feel good. Okay, got it. Just you know more than you think you do. How’s that?

Steven Jack Butala:
Yeah.

Jill K DeWit:
Jack, how about you? Do you have something information or some nuggets you want to share with us today?

Steven Jack Butala:
I do.

Jill K DeWit:
Other than the awesome, amazing, riveting commercial real estate 101-

Steven Jack Butala:
Why do you think that?

Jill K DeWit:
… chat we got.

Steven Jack Butala:
Why do you think that that was so boring for you? I mean really why? And I’m not criticizing you. I don’t care.

Jill K DeWit:
It’s like sitting through a history class.

Steven Jack Butala:
Just never going to use it?

Jill K DeWit:
No. I will use it.

Steven Jack Butala:
You’re the person who’s done 10,000 transactions. That cursory knowledge of the commercial real estate 101 is not going to benefit you in any way?

Jill K DeWit:
Know what it is? I’ll tell you why. I don’t get excited about it. I get way more excited about what’s possible with this hunting property that has these beautiful peaks, and it backs up to this and this BLM land. I get excited about that.

Steven Jack Butala:
Why is that? This taps into my topic.

Jill K DeWit:
Just my personal preference, and that’s it.

Steven Jack Butala:
No., Dig deeper. Why do you care about BLM land behind your LA property or where the things located or just honestly why? Versus an apartment building that’s got a 12 cap?

Jill K DeWit:
Isn’t that funny?

Steven Jack Butala:
I really want to know.

Jill K DeWit:
I just like-

Steven Jack Butala:
And everybody else does.

Jill K DeWit:
… endless land and blue skies. It’s my personal preference.

Steven Jack Butala:
Because you’re a land lover.

Jill K DeWit:
I am.

Steven Jack Butala:
And so am I.

Jill K DeWit:
Right. But you know what’s funny about that?

Steven Jack Butala:
I’m not apartment building lover.

Jill K DeWit:
But here’s what I learned. You can never poo poo the other people. You have to understand that just because it’s not your cup of tea, it’s somebody else’s cup of tea. Can I buy a strip mall and sell a strip mall all day long? Absolutely. I’ll make it seem exciting. Did you know that used to be a Blockbuster and now it’s a-

Steven Jack Butala:
How was that exciting?

Jill K DeWit:
I don’t know. I’ll make sure it sounds exciting.

Steven Jack Butala:
Do you know what I always wanted to do?

Jill K DeWit:
It used to be a Blockbuster, and now it’s a McDonald’s. How great is that? Don’t you want to own this whole strip mall, or here’s what’s possible on this piece of dirt to make it a strip mall.

Steven Jack Butala:
Jill and I did a lot of traveling last summer around the country in an RV, and we’re going to do the same thing this summer. And every single small town’s got that used to be a Pizza Hut. And I want to do a coffee table book of what people have done. Because it’s such a-

Jill K DeWit:
And now it’s a dentist office.

Steven Jack Butala:
Yeah. It’s so obvious that building-

Jill K DeWit:
Was a Pizza Hut.

Steven Jack Butala:
… a shape.

Jill K DeWit:
Exactly. Spires. I was a Spires at one time.

Steven Jack Butala:
Same thing with homestead houses. Every small town’s got that’s the homestead house. Where they homesteaded all this land and it got redivided.

Jill K DeWit:
Isn’t that funny? We should have a thing about that. Okay, well let’s do a couple real quick. Think about a memorable icon building shape that you know the minute you see it, what it was. Mine is Wiener Schnitzel.

Steven Jack Butala:
Oh geez.

Jill K DeWit:
With the red roof and the thing. If you roll up on that, you’re like, “Yeah, that might be a post office now.” Or a post office outlet. Mailboxes Etcetera, whatever. But that used to be a Wiener Schnitzel.

Steven Jack Butala:
Yet another difference. Yet another difference between Jill and I, because I’m going to shoot a little higher here and say Transamerica building in San Francisco.

Jill K DeWit:
Well, what is it now?

Steven Jack Butala:
The Transamerica building.

Jill K DeWit:
Well, no. I want one that used to be something that became something. Can you think of-

Steven Jack Butala:
South Pizza Hut for me.

Jill K DeWit:
Okay. There you go.

Steven Jack Butala:
We don’t have Wiener Schnitzel in Detroit. Unique buildings we had were-

Jill K DeWit:
Well, White Castle.

Steven Jack Butala:
White Castle.

Jill K DeWit:
There you go. Well, you know what a White Castle looks like. If you try to redo a White Castle into a nail salon, you’re going to know that used to be a White Castle.

Steven Jack Butala:
Because you can have three customers at a time. Please form a line.

Jill K DeWit:
Are they all small?

Steven Jack Butala:
Yeah.

Jill K DeWit:
I didn’t…

Steven Jack Butala:
The same thing with the Sonic.

Jill K DeWit:
Well, the only White Castle I was in was here in Arizona.

Steven Jack Butala:
The Sonic you can’t even go in there.

Jill K DeWit:
A Sonic…

Steven Jack Butala:
A useless piece of real estate.

Jill K DeWit:
That may look like a drive-through insurance place, but that used to be Sonic.

Steven Jack Butala:
Maybe you can get your nails done in your car.

Jill K DeWit:
There you go. I would like that.

Steven Jack Butala:
It’s not crazy.

Jill K DeWit:
If I can just sit on my own seat and just kind of pivot. That’s not bad. And drink a malt at the same time. Okay.

Steven Jack Butala:
Used to be a Pizza Hut. That’s the name of the book.

Jill K DeWit:
All right, so please tell us what you have for us to share.

Steven Jack Butala:
It’s occurred to me recently that I think many people before they start clicking around and providing their credit card number should ask themself this question in detail. In fact, spend a lot of time on it, not just a few minutes. Should I be a Land Academy member? Am I set up to be a land investor?

Jill K DeWit:
Wow. I did not see this coming.

Steven Jack Butala:
I know you didn’t, and I bet you don’t like it.

Jill K DeWit:
I’m a little worried where it’s going to go. It sounds like, do all my friends say I’m high maintenance?

Steven Jack Butala:
Well, I think you should ask yourself that too. I think you should ask yourself that when you’re 12 years old.

Jill K DeWit:
Do I not have any friends? Am I only here, because I have no friends? I’m just kidding.

Steven Jack Butala:
I really think that all of us, along the lines of what Jill’s saying-

Jill K DeWit:
It’s like-

Steven Jack Butala:
… Once in a while-

Jill K DeWit:
… Jack’s [inaudible 00:49:34].

Steven Jack Butala:
… or often than not, need to look around and look in the mirror most importantly and say, “Is this where I should be or not?” Because Land Academy is not going to solve any personality problems that you have.

Jill K DeWit:
Or get you a date, or look good on your dating profile file.

Steven Jack Butala:
If you don’t follow directions and have never followed directions, then Land Academy might not be for you. If you’ve owned a company very successfully in the past and-

Jill K DeWit:
Know how to work through some things.

Steven Jack Butala:
… and understand that rolling with the punches is part of it, you might be a-

Jill K DeWit:
You’re good fit.

Steven Jack Butala:
… Land Academy member.
If you’re impatient and you’re not what I call a linear thinker, go to A to B to C to D, not from A to D. If you’re a linear thinker, it’s very logical that you’d be good at this. If you hate spreadsheets and you hate math, this might not be for you. And I’m really serious about that. For whatever reason, and I don’t know why, we’ve had a lot of people sign up recently from between around Christmastime and through January, and there’s some people that probably should not have signed up if they gave it more than five minutes thought. I know this is the reverse of Jill’s effort in life.

Jill K DeWit:
Yes. You’re undoing everything that I work hard on. Just kidding.

Steven Jack Butala:
Look, this is a great way to get wealthy. We sure did. And I don’t mean Land Academy. I mean buying and selling land.

Jill K DeWit:
It’s true though.

Steven Jack Butala:
It’s a great way to do it. It happens to be great for Jill’s personality and for my personality and us together.

Jill K DeWit:
It’s true. There are plenty things that I would suck at. We’ve been watching Billions. Here’s a good example, and I’m watching Billions going, I couldn’t do it.

Steven Jack Butala:
Me too.

Jill K DeWit:
I couldn’t do it. I don’t have the stomach for it, and I wouldn’t go into it knowing that even though I don’t have the stomach for it, I’m going to expect this person to teach me and show me the way. I would never do that. You’re going to make me a good trader. No. You got to make you a good traitor. I can’t do that. I can show you the steps and give you the stuff, but I can’t make you a great trader.

Steven Jack Butala:
For whatever reason, Jill and I have the same personality trait. When something goes wrong, the first thing we do is look straight at each other and say, “Why did we screw this up?” I don’t blame somebody else.

Jill K DeWit:
True.

Steven Jack Butala:
I don’t blame anyone else except myself. And I spend about 13 seconds or less thinking about it, and then we change it. We fix it. We roll with it and get it back on track. Whatever it is. It happens all the time in real estate deals. People change their mind. You send out a bad mailer once in a while. I sent an overpriced mailer out, and then we adjust.

Jill K DeWit:
Fix it. So what?

Steven Jack Butala:
I don’t blame her for anything. She doesn’t blame me for anything. I certainly don’t blame DataTree.
Or anything like that. And so you have to think about, really, truly think about if this, because all that stuff’s going to happen to you. I’m telling you. We talk about all the positive stuff on this show all the time and in our Thursday call, but the fact is this is a lot of work. There’s a lot of work, especially if you’re brand new to real estate or brand new to owning a company. There’s a bunch of moving parts. And if you’re easily frustrated by things like that and you just want it right now, this is not for you. And I’m being really honest.

Jill K DeWit:
Thank you.

Steven Jack Butala:
Why waste money and feel bad about yourself, because you can’t figure it out? We’ve had several people recently that just can’t figure this out, and I feel bad. And it’s not that they’re not smart, that’s not it at all. I just don’t think that they’re willing to spend the time or don’t have the time or the resources to really get into it so that they can get out the other side with a bunch of dough.

Jill K DeWit:
Right. I get it. Having said that, I want to say that-

Steven Jack Butala:
Now, I’m afraid.

Jill K DeWit:
No. I’m just kidding. But you know there’s exceptions to everything. But you do need to have that conversation with yourself. You’re like, “I know I stink at Excel. I know I’m not good at this, but you know what? I’m going to learn how to.” There’s always people that impress us and surprise us. I’m like, “I’m not sure this is going to work.” And they’re going to say, “Well, I spent the last four weekends learning Excel, and now I’m a pro.”

Steven Jack Butala:
Exactly, Jill.

Jill K DeWit:
“Out of my way.” You can do it if you really want it that bad. I’ve seen it.

Steven Jack Butala:
Boy, if you have that level of confidence and you believe in yourself and you can overcome things or learn new things very easily, geez, you’re going to smash this then. You’re going to do great at this. It’s all attitude. It’s having a negative attitude and expecting somebody else to do something for you when-

Jill K DeWit:
That’s the problem.

Steven Jack Butala:
… that’s a tough thing to get over.

Jill K DeWit:
Exactly.

Steven Jack Butala:
Join us next week for another interesting episode. You’re not alone in your real estate Ambition.
We’re Jack and Jill.

Jill K DeWit:
We’re Jack and Jill.

Steven Jack Butala:
Information…

Jill K DeWit:
And inspiration…

Steven Jack Butala:
… to buy undervalued property.