This is episode number 2069. Jill and I are talking about the mindset needed to create wealth in any business. In fact, all week we’re going to talk about the secret recipe for success in land investing you’re your land investment business specifically. I’ll tell you what’s going on. We’re in the middle of Career Path 10. Jill and I are instructing it. It’s the same thing over and over again. I see very similar personality traits, business habits, attitudes, and questions. Career Path is packed full of people that had a very ton of success in land investment just like Jill ad I have. We’re going to share with you all week in different forms.

Here’s the topic. On Monday, we already mentioned, we’re going to talk about the mindset needed to create wealth. On Tuesday, we’ll talk about the five talents you need to create any business. They’re very different, five separate talents. It shocks me that anybody can be an entrepreneur. In the end, that’s what we’ll talk about on Tuesday, is you need some help. On Wednesday, we’ll talk about real life examples. Those people in career path this time and in the past, what’s similar about them. Talk about Jill and why she’s successful.

We’re going to have some fun with this. By the way, Jill doesn’t know about these topics usually before she even sits down. She’s learning as you are. I can’t wait to see some of her reactions and have her input on this. On Thursday, we’ll talk about five questions you should be asking yourself before you attempt to create wealth. It’s not for everybody like welding is not for everybody, but some people know how to do it.

Land Academy Member Question

Finally, on Friday, it’s a question that we’ve answered over the years a lot. Why Jill and I survived and thrived during this many years together in land investment. Each day on the show, we answer a question from our Land Academy member Discord forum and we take a deep dive into a land-related topic by your request.

Sane and Tara wrote, “I wonder if I’m going crazy to do this deal and want some insight. We always go through title and escrow, but a unique situation came a way and I want to do it, but maybe I’m crazy. It’s two flat acres with a decrepit but lived-in mobile home near X place in North Carolina. It’s right off the highway with homes and farms around it. Two sales ago, the property was bought at a tax auction then it was sold to the current owner.

They were able to secure alone for the property at that time and I’ve seen the lean and pay off paperwork. The property is for free and clear and because of the messy title, I’d like to buy this without escrow or title insurance. It would be our first time doing this. I’ve got the property under contract for $5,000.

Raw land is going for about $15,000 an acre in the area but because of the previous tax auction purchase, I’m not sure it’s insurable though which brings the value down. I’m not sure how much. Realtors have not been helpful in the property. Unfortunately, what are your thoughts? I did speak to a lawyer and he was thinking to close. He would need to go through acquire title proceedings.” For $5,000, hell yes. What’s to think about? I like the attorney where he just to make sure to try to make it as professional as possible for your buyer.

I’m going to break this. This is a great question. It sounds like a great deal and I’m already saying yes, you should do it. Let’s break down the issues here. Number one, when properties go to a tax auction, they are considered uninsurable from a title insurance standpoint in general. In the last probably 8 to 10 years, there’s companies that have come up specializing and title insurance back tax property.

When properties go to a tax auction, they are considered uninsurable from a title insurance standpoint. Share on X

That’s the good news. Here’s what’s weird. It was too sales ago and somebody, the person before you, the owner now leant against the property. I’ve never heard of a lender in my life lending against property without title insurance. My guess is maybe there is some title insurance. All that said and you’re going to figure that all out. What’s the worst thing that can happen here? You buy a property for $5,000.

The land’s worth maybe $25,000 to $30,000.

It’s worth a lot more than that. Let’s just say $50,000. Buy for $5,000 and sell for $50,000 is the Land Academy model. Realtor’s aren’t interested in this. It’s a $5,000 purchase. There’s no money in it. This is a very astute and fantastic deal. I would continue to use a lawyer. I would close the deal. Have the lawyer close the deal for you without title insurance and then look at your options. The worst thing that’s going to happen, some crazy weird thing. I highly doubt this. Jill and I have done thousands and thousands of title insurance lists deals without any single incident. I’m not going undo it. That’s not our norm now, but we have done that in the past out steam ahead on this and figure out what to do later.

That’s exactly what I said in the beginning. A lot condensed. We’re on the same page.

Wealth Mindset You Need

If you’re experiencing less discussion with your wife, congratulations because I’ve been experiencing that all week and I’m enjoying it. It’s Steve show and it’s almost always the Jill show. We are talking about the mindset or I am talking about the mindset needed to create wealth in your land investment business. Before we talk about the mindset, I want you to sit back and think about this for a second.

You have a certain amount of wealth. If you’re like me in your early twenties, it’s negative. It’s a negative number. I was worth negative $30,000 at one point in my life. A long time ago. Long before I met Jill. All of us or most of us experience this at some point by making not smart credit card decisions and upside down loans and things., especially when you’re young. You don’t fully understand it. Wealth is something you create for yourself, theoretically. You have a number on your head of what you’re worth.

It’s like a financial aura. Is yours red? Is yours black? Do you know what I’m talking about? It’s like, you have blue aura. You have a whatever aura. It’s pretty. It’s great. This is good. If yours is red, it’s not necessarily happy place.

If you’re going to work every day, you got a little bit of debt. Maybe a car payment. You’re living in an apartment. Buying a house and living there for a few years, if you do it correctly, you’re going to be worth in five years, a little bit more money than you are now. Maybe you pay off a credit card because you’re going to work every day. All that’s positive. As long as it’s going in the right direction, you’re doing okay.

Three Ways To Create Wealth

If you want to create some serious wealth like we talked about here by buying and selling land or whatever else that you want to do. There’s a few ways you can do it. Wealth, in general is created in only one of three ways that I know of. Number one, you inherit it. Good luck there. That’s just pure luck. I’ve said this in the past.

Your parents like you. There’s a lot of things that could go wrong there. You could be in the well or out of the well. Ask me how I know.

When stuff’s pure luck like gambling or certain types of gambling. It just doesn’t count. I’ve said that gotten a lot of trouble in the past saying this to people who have inherited money and I’m like, “That doesn’t count.” That doesn’t make them happy. Number two, you can steal it. You can go out and steal a bunch of stuff and you’re wealth has magically increased. I don’t think that counts. Number three, earn it, which is what we’re talking about.

You can buy a piece of land for $20,000. Sell it for $80,000 and now you’re wealth is a $60,000 more than it was a month ago. That’s what the show is about. What’s the mindset needed to make that happen, buy for $30,000 and sell for $60,000? Number one, you have to have some version, in my opinion, of just share well.

This is good, by the way. You put some thought into this. These are like Jill discussions, so I do like it too. It’s not all math and technical. I’m able to follow along.

I’m glad you’re enjoying co-hosting the show.

Thank you. I’m just here. I’ll be here if you need anything.

Creating Wealth For Yourself

When I say shared well, I mean stuff like I don’t know where my next meal is going to come from. I’ll tell you the story. When I was an investment banking, we are all in cubes. Not real cubes. They were just half cubes because a guy, they don’t own the company. His name was Mike. He believed that we all should be working together and doing deals together. It’s not like my deal and his deal and all of that. It worked out well for all of us. On the buy side, we worked together. On the south side, we worked together. There was a wall in the middle of the office.

We were all representing, on my side, the companies that are buying small companies, private equity, and things like that. Incidentally, this is where I met Mark Badowski. We worked there together. He worked on the other side. Some kid came to all of us on that on the buyers of upside and said, “I just bought an escalade and it doesn’t fit in my garage.” We all said, “Where do you live?” “I live right down the block here,” and this is the third block of wherever.

All of us looked at each other and said, “How much is that?” It was the best place in the City in Phoenix. Its led down this path of me saying at this sentence, “Dude, you, at your age should be paying $300 a month living in a filthy, ten person man. No one’s cleaned in ten years house, where everybody’s chipping in $300 to pay for rent and all of that. You should not be enjoying your life. Certainly, you shouldn’t.” He was a lot younger than me. Everybody agreed with me, except him.

I don’t know what he’s doing with his life, but that’s your share well. We were all of the same mindset in that company. That all comes later when you’re wealthy and that’s it. Which leads me to my next point. Whatever you do to create wealth for yourself, need to make serious sense to you and so much sense to you that when someone says, “How do how to buy and sell land, Steve?” I don’t. I don’t know. I never thought about it. I fell backwards into it. If you ask a surgeon, “Why did you become a surgeon?” They’re going to say, “What kind of questions is that?” It’s a good one anyway. Why are you so good on the phone, Jill? Do you even know?

It comes naturally.

What comes naturally is the real answer. I’m not saying this so you can assess yourself and say, “I’m not going to buy and sell on then.” I’m not saying that, but whatever you choose to create wealth for yourself needs to be a natural thing. I don’t know how many versions of that. There’s infinite versions of that. This is my number three now, you need to believe in yourself to the point of absurdity. We’ve all met kids in their twenties.

In my recollection and experience, that mostly men, not women, who are so full of themselves. They have this unhealthy unrealistic opinion of themselves and what’s going to happen in their life. To a certain degree, that’s a ridiculously annoying. If you’re going to date the guy, it’s got to be outrageously annoying. To create some wealth and to go through life and not know that you’re an idiot and have that blind confidence is helpful. I don’t know how that translates to women. I’ll let Jill figure it out.

Thanks. It’s just confidence. There’s such a thing. There’s quiet confidence.

I think later in life.

You think so?

You have all kinds of quiet confidence. I bet you didn’t then.

I don’t know. It’s a good question.

You need to catch yourself visualizing your success. Catch yourself in the middle of your terrible W-2 job or whatever you’re doing in life to pay the bills. Catch yourself daydreaming. That’s a good sign. I don’t mean daydreaming to have $20 billion of wealth. What I mean what the next step is. What would it be like to not have a mortgage and just own that house that I’m in?

What would it be like to have a king size bed?

Jill and I are coming off of a six months in an RV with a queen size bed. We could do a whole show on that.

What would it be like to not to have to check the water level before you’re going to load the laundry? I could go on and on. Those are the things I daydream about.

Freezing temperatures we’re dealing with. I dream about, this is good. Do you know what I’d like to do for a week? Is not think about utilities. Not to think about what if the power goes out in the middle of the night and it’s 18 degrees.

It freezes.

What is a water burst look like? These are the things I daydream about. Let’s visualize.

What if we go to start rig and it doesn’t start? All those things. That’s what I daydream about. This is good.

We’re on the edge of no point of no return with weather in Northern Montana. We’re both looking at each other agreeing. Maybe it’s time to skate.

Not because of the sweet town or the weather. It’s just our situation. We’re going to figure this out.

Finally, I believe this is the key to huge component of success that no one talks about. You need to think of yourself as if you were on the spectrum. Hopefully, you’re not and God bless the people who are. You need to have no emotion and you need to go about creating wealth for yourself within the limits of the law and within the limits of ethics.

In your tight community, you don’t want to walk on your friends.

Here’s an example of what happens with us every day. “This property is worth $22,500 to me. I know you want $40,000 dollars for it and I know I sent you a letter for $32,000. I looked at all. It’s worth $22,500. Please let me know.” That’s it. You don’t love it any more than that or hate it any more than that. It’s what you do. You pick up the phone and call the next person back who called you back and probably screamed at you or whatever else and say, “This property is worth $15,800 and that’s just how it is. I’m happy to close on Thursday.”

People will talk about this a little bit later in the week but I see people time after time who are very successful specifically in career path. Very successful that have this mentality. I don’t know what the correct way to call it is, but Tony Robbins makes a big deal out of this point. He says, “If you have no emotion, you’ve already setting yourself up to be incredibly successful.” Not in your marriage. That’s not going to work but in business and creating wealth.

Let me circle back before Jill jumps in. You have a certain amount of wealth. In our household, we call it, how does that affect our balance sheet. We say that too much around here. That’s my fault. You have a net worth. It’s going to change. You have complete control over visualizing what that looks like and the week after that, a year, two years, and ten years and finally, retirement.

Thank you.

That’s the whole topic, Jill. Do you have anything to say?

It was perfect. It was great.

You do a lot of coaching mostly with women. I think you intended to do that with women, but what do you think their mindset is? Are there ones that have a good mindset?

It ties to everything you said here. I don’t have anything to change and I certainly don’t disagree with anything. I think you did a good job. Let’s go to number five. Your number five is, think about business as usual. Think about your business and move on. No, I love it. You did a great job.

Think about business as usual. Just think about your business and move on. Share on X

Join us tomorrow. It’s Tuesday, the five talents you need to create your wealth in land investment specifically. You are not alone in your real estate ambition. We are Jack and Jill. Information.

And inspiration.

To buy undervalued property.