Why Paying for Top Quality Data is Crucial? (JD 004)
Why Paying for Top Quality Data is Crucial? (JD 004)
Transcript:
Jill DeWit: Welcome to episode four, and happy Halloween. This show is about getting started in real estate by flipping the easiest type of property. That’s land. Today is about why paying for top-quality data is crucial. And, by the way, I have a special Halloween treat coming at the end, so stay tuned.
Jill DeWit: The purpose of this weekly live show is to answer questions about getting started in flipping land and moving on to bigger transactions and other types of real estate. I’m Jill DeWit, co-founder of Land Academy, and together with my partners, Steve and Jack Butala, we have completed close to 16,101 transactions of all types of property. We all know there’s money to be made in real estate. And most people are doing it wrong. I am here every Wednesday at two o’clock Pacific time to help you connect the spots, I mean dots.
Jill DeWit: Now I’m going to talk a little bit about why paying for top-quality data is so crucial in our land flipping efforts. And then in about 15 minutes, I’m going open up and answer all your questions. We’re all here to do this right, and that means we want to buy and sell properties quickly and efficiently and target the right ones, not the problem ones. So how do we do this? We use only the best data possible, and in a minute I’ll share one of our sources, but first I’m going to talk about the data.
Jill DeWit: So, what does that mean, the best data possible? Well, that means it’s the most up-to-date property detail and ownership information available. I love when I get to talk to someone who has experienced collecting data the hard way, because I know I can help them. The hard way involves contacting a specific county, usually picking up the phone and calling them, trying to get in touch with the right person, explaining all the criteria of everything that you need and fingers crossed, that they wrote it all down and they understood what you’re looking for.
Jill DeWit: Paying them, waiting days, sometimes weeks, for [inaudible 00:02:46]. Then, spending a few more days, sometimes weeks, poring over this information to try to make sense of all. Or maybe you have a virtual assistant, a VA, and wait from them for days and weeks to try to make sense of it all and get it into a usable format, then they get it back to you, and now you can finally scrub it and price it.
Jill DeWit: Boy, I know all of this because we did it the hard way, and now we can save you. When I share my source of data, when I’m talking to people who’ve done it the hard way and, how easy it is for me now to sign on on a Sunday afternoon and spend a few hours on, what took days and weeks to accomplish the hard way. Everyone is thrilled, and I’m gonna show you a little bit of it in a minute here. So, it’s so easy for me to prove how spending money on great data up front saves you so much more time and money and energy in the end.
Jill DeWit: Now, there’s good data and there’s bad data. So, how do you tell the difference? Well, good data is current and accurate, have high nationwide coverage, it’s extremely detailed, to supply all of your specific criteria, whatever it is, and it’s delivered in the same CSV download every single time. Imagine that, right?
Jill DeWit: So, I’m gonna get into a little more detail about it now. Current and accurate. So let me show you a little bit about our data right now, and I’m gonna show you how I can tell how current and accurate it is. So, watch this.
Jill DeWit: Here is example of one of the data sources that we use. So, this is our, we use CoreLogics primarily for land and I’ll tell you more in a minute. RealQuest Pro, as you can see, here’s just kind of a screenshot of what it looks like when I’m pulling up some data. I have selected California, Los Angeles, and right over here on the top, I’m gonna kind of put it in blue there for everybody. Look how current this is. Today is Halloween, right, 10/31. This was last updated 10/26. Pretty darn amazing. This is what I’m talking about. That’s the accuracy of what you want to deal with. This company too, just so you know, happens to have between 99, actually in all of our sources we use, we get between 99 and 100% coverage of all the counties. Unbelievable.
Jill DeWit: I mentioned extreme detail. I want to show you a little bit, too. Let me go down and just kind of give you an idea. I’m gonna click in here on the non-filter list. Non-filter field list. In my data…so I’m gonna show you just how detailed I can get. This is amazing. Let me show you. I mean if you’re doing houses, you can get into different specifics on the houses. For us, I’m using things like, am I gonna do census track pricing? I need improvement percent, I need land use. Look at all the stuff. I want to get into mixtures, mortgage for things, loan amount, loan to value. This just gives you a really good idea of what’s in here. So, property tax, when that was recorded, sale dates, sales price. It’s pretty amazing, a level of what we have.
Jill DeWit: So, that’s just an idea of what I’m talking about. How current and accurate, the coverage, how detailed, and then the beauty of it is, with that supplier, it’s delivered the same time, every time. A same column sign up, which is beautiful. It’s such a time saver, if I’m doing, maybe multi counties at a time, or, gosh I just don’t have to relearn a new county every time I go and download some data. I don’t have to start over again and, understand, their columns, and their formatting. So, that’s good data.
Jill DeWit: So what’s the opposite? Well, bad data, right? Well bad data is hard to work with, right? Darn near impossible to sort, it [inaudible 00:07:31] missing necessary information. It can be too cheap, it can be too expensive. I’ve seen both versions of bad data, and I think it’s bad if it comes from and unreliable source. I’m not buying it from anybody but a company who’s been around a long time, and we have a history with them, and I know it’s good.
Jill DeWit: Okay, so where do you get this great data? Well I kind of showed you a little bit. Our data, the primary source that we use for land transactions, is CoreLogics RealQuest Pro. I love ’em. It’s not a plug, by the way. It’s just who we use. It’s the best. As you could see, it’s accurate, detailed, has everything that I need.
Jill DeWit: When I download that data, I have 363 columns of property, ownership, and mortgage detail. They often have a direct feed from the county, so I know that it is fast and up-to-date. I have the most current info. Is it expensive? Okay, now we’re talking about where to get this great data. Is it expensive? Can be. That’s why you want to be part of a group and get it at a reduced rate, and that’s kind of what we do. We became licensed providers of the top three providers, just so we can get our members a break on this data. So, I know that we can get it to them at the best rate possible. Why? Because you need access to the professional level tools, along with support, and to know how to use this stuff, in order to be successful. So no matter what, wherever you get your data, spend some money, do it right, and make sure it’s great. It’s much better to spend that money up front on top quality data.
Jill DeWit: So now I want to go ahead and open it up for Q and A, so please type in your questions, and, happy to answer them. Let’s see here.
Jill DeWit: Thank you Patrycja, I see the…I have to say hello, hi, in Chicago, you look amazing. Thank you very much. Happy Halloween. Great. Oh, this is awesome. Thank you, nice hair. Thank you very much. I think it’s Daian, I’m gonna guess. Thank you so much. So fire away. I know this is a big topic, data. I know a lot of us get…you know, a lot of us get hung up on this, and we’ll get you there, and that’s why I do this show. I wanna help you, kind of ease you in. Talk about data, know what’s the best, and then, you wanna get deeper into data and scrubbing and stuff. We’ll do that in another show. Let me know. So…
Jill DeWit: Alright, I have Unica, I think, asks, “What are options deals? Is that something you recommend for beginners?” Awesome question. Okay. I usually use an option deal when I either, don’t have enough money to complete the transaction, or I’m not really happy about the price.
Jill DeWit: So, an option deal is, I’m not paying cash for something, I’m making an agreement with the seller that I’m going to option the property and maybe buy it, potentially buy it, in a set amount of days. And we sign a quick one page piece of paper where he agrees that, okay, for 90 days, Jill, you have the option to buy my property at this price. And, then he’s gonna do nothing. That’s his agreement with me, and I say great, thank you, I’ll get back to you.
Jill DeWit: So now I have 90 days where I’m gonna go and I’m gonna try and sell that property. Why am I doing this? Because, like I said, I may not have enough. Maybe my acquisition funds were all spent for the month. This is still a pretty good deal and the guy is kinda hot and I don’t think I can push him off and have him wait, so I’m gonna tell him, let’s do an option, I’ll see what I can do. I don’t have to give him money right now. I’ve put it on my website. That’s giving me the…him signing that agreement lets me put it on my website, let me market with my other properties, see if I can sell it. And then if I do, then I call him up and say, are we still good? And then I close the deal. So then the person buys it, I immediately…they buy it from me, I immediately buy it from him. I cash in the middle.
Jill DeWit: Do I recommend this to someone starting out? No I don’t. I’d say hold off. Pay cash. So, it’s just [inaudible 00:12:15] when you’re new and starting out. The other thing I mentioned was, if I don’t agree on the price, I’m not real thrilled about the price. So, maybe it’s something that I love it for $5,000, ’cause I think I can sell it for $11,000, but this seller really wants $9,000. You know what? I still think I can sell it for 11. I don’t want to plop down a lot of money. I don’t want to plop down nine if I’m not real sure how it’s gonna go, so I might do an option agreement and say, alright, I’ll option it for 9, I’m gonna go try to sell it for 12. If it happens, great. Or 11, whatever it is, great, then I’ll follow through. If it doesn’t happen, it’s okay. I didn’t spend the money. So, excellent question.
Jill DeWit: Mary says, “What parameters do you normally request for vacant land data?” Awesome. There’s a long list. This is a great… I think Mary might be new in our group, if I’m remembering correctly. Mary, you can let me know here in a minute, but, it’s called Chapter five. There are a few. You’re looking for… I’ll just kind of name some of the big ones. You’re gonna look for rural vacant land. You might get into recreational. You might look at zoning, depending on what you’re looking for. You’re going to, your parameters are going to be a certain size. Maybe you’re targeting the five acre properties, so that’s a parameter you’re going to fill in. You might even cap the assessed value. I don’t care about the assessed value, but when I’m pulling data, I might… maybe I’m gonna make offers, under $10,000. So, I’m gonna cap the assessed value at $50,000 or $75,000, something like that. So, I don’t download million dollar properties, ’cause I know I have no intention of nailing them. So, that’s just an example, too.
Jill DeWit: And when you get into the program, for anybody watching, that’s a great question, Mary. Very smart. This is a level of detail and a perfect example of how brainy our group is, and how specific we are, and why we do so well. I mean, we are really thinking ahead. We’re not just blasting a county, and just kind of guessing and doing this haphazardly. We are real strategic, because you know what? Mail costs money, and data costs money, and my time costs money. And I really want to zero in with good offers for the right people, and just make it easy. And once you get in there and you learn this, it’ll be a piece of cake. You’ll… I just talked to one of our members the other day, Justin [inaudible 00:15:01]. He was saying, “Gosh, I’ve got it down to, I think under two hours for, kind of picking a county and sorting it.” He says, “I think I have another two hours, then I go to sleep. I wake up the next morning, look at it, make sure it still looks good, then I still like my pricing and my numbers, then I push the button to offers to owners, and let the mail rip.” So, thank you.
Jill DeWit: Let’s see. So, this is, I think this might be my team answering this, so what land use types do you use for rural vacant land? [inaudible 00:15:38] a question answering a question with a question? I am not sure.
Jill DeWit: Oh, hey Daian, this’ an awesome question, “What does due diligence entail?” Excellent. I wanna make sure that the, when the person calls me back, now I’m doing my due diligence, they receive my offer, they call me back. I even make sure that A, I’m talking to the right person, he is the owner and the seller, so he can make the decision. I wanna make sure everybody involved in the transaction, by the way, ’cause usually my second thing is, if husband and wife are on there, I wanna make sure their alive and able to sign. There’s six people, I wanna make sure they’re all on the same page, because if any one of them are not interested in selling, it’s not gonna happen. I’m gonna stop right there. I confirm the size, I confirm the price, make sure it’s what I wanna spend. I look at taxes. I wanna know what the tax situation is. I wanna look at homeowners association, HOA, or a property owners association, a POA. I wanna check all that stuff. So, just everything I need to know, I’m gonna check all that ahead of time, and that’s part of my due diligence to know that.
Jill DeWit: I wanna buy the property, and the other thing, don’t forget, are those four A’s. We talked about that, I think it was last week. I’ll hit those again. So the four A’s when you’re looking at property are…four A’s are access, affordability… so access, can I get there? Is there a road, even a dirt road, I’m good with right now. Affordability, I want legal access too, though, by the way. Affordability, I wanna make sure it’s priced right. Acreage, usually when you’re starting out with rural vacant land, the bigger the better. Infill lots, a whole different ballgame, but acreage is good. And then an attribute, that’s the other one. Has it got pretty trees? Is it on a lake? What special, unique quality does it have? So, good question.
Jill DeWit: Mary Crawford asks, “What is the price for non-members versus members for this CoreLogic data?” Excellent question. The last was between two hundred and, I’m gonna say, between $230 and $275. I’m gonna say it was even higher because we always get the nationwide coverage, per user, for CoreLogic access, period. So, excellent question. We have it down to, for $250, we have, our members not only get CoreLogic, they get TitlePro247, they have access to us with our weekly member calls. They have discounts to things like 20% off at PATLive. They have free deeds [inaudible 00:18:40]. They have our free access to our company ParcelFact, for mapping and finding things. So, we added it up the last time… if I was going rogue and added it all up, it would be well over a $1,000. I’m gonna say closer to $1,500 a month to get all the tools and things we do for 250 a month. So, excellent question.
Jill DeWit: Remle asks, “What support is available for new members after joining?” Bring it. There’s a lot. First of all, there is a special members-only area in the back of our online community, landinvestors.com. So, back in there is a bunch of hidden conversations with real numbers, more in-depth going on, and Steven and I in there with you, answering your questions. Number 2, you have access to our deal board. A lot of things going on there. You need help with funding? Lot of little private things that our group, our members are doing together.
Jill DeWit: We also have a free, well, it’s included, but our members also get, every week, Thursday afternoon at three o’clock Pacific time, we have a member call. They are all recorded, too. And those are awesome. And it’s Steven and I, every week, every Thursday, right there on a webinar, where everybody just gets an hour with us, sometimes more. We go over often. Ask away, any questions.
Jill DeWit: Then we also have consulting opportunities. We just started a few months ago doing live events, so people can really just, gosh, sit down with us and talk about things, so, we offer a lot. And that, because we’ve learned that. You know, it’s one thing to know all the nuances and everything, but there’s a lot to this and being able to ask questions and [inaudible 00:20:33] from us right here, and not just somebody who works for me kind of thing, it’s important, and so we make that available to you. Good question.
Jill DeWit: Whoa. Cheryl asks, we just met on this too today, Cheryl, “What can we expect from Land Academy 2.0? Okay, so Land Academy 2.0, we were originally targeting today. I will be honest, and it’s pushed back right about three weeks now, so bear with me. Every time we do this, there’s a reason for it, Cheryl, and I promise it’s because it’s gonna be better. So, it’s gonna be awesome. And 3.0, or 2.0, excuse me, is the next step. It’s a culmination of everything that we learned in 1.0. 1.0 is still valid, so what it is, it’s a few extra things on 1.0 that we’ve learned now with, how many hundreds of members later, to help you ramp up a little faster. It’s things that are easier now, too, by the way, because when we did 1.0, gosh, we didn’t have all the tools and the resources and things that we have now today. So, it talks about that, and makes sure that you know how to use those tools, and then also, InfoLots. And that’s the biggest things, ’cause so many of our members are ramping up fast, and they are ready to go to bigger dollar amounts, bigger transactions, so it talks about that, and then also some things about growing a business. Selling, and getting that bigger. So, excellent question.
Jill DeWit: Alright. This is a big one here, so I’ll read it, then I’ll hide it here. Alright, so, Autumn asks [inaudible 00:22:09] still see me, “Hi Jill, for a residential SFR transaction, I am usually able to turn a wholesale contract around in one to three hours to an end buyer,” yup, “because they feel safe with rehabs.” Excellent. “Any time I tried to assign land, it drags on and on because end buyers in Washington deal with a lot of ECA issues.” Oh I can help with this. “Usually it takes 30 to 60 days for them to decide if they want to buy it from me. Thought?” Absolutely. We are just about, this is perfect, Autumn. I know what you’re talking about, and here’s what we’re doing, for ourselves, too. Doing InfoLots, we need to know ahead of time, if it’s buildable, where the utilities are, and details like that, related to those building purposes.
Jill DeWit: We are just about to introduce, ’cause we’re using it ourselves, we’re gonna make it available to our members. It’s gonna be, it’s info… shoot. I’m trying to think of the name, my team [inaudible 00:23:13]. It’s info report, that’s inforeport.com, is a website that we are introducing right now, that’s gonna solve this for you. So, when you find the property now, you will be able to pay for an info report, and it’s like a nine page, detailed report that tells you where all the utilities are, buildable, [inaudible 00:23:35]. Maybe I can’t remember [inaudible 00:23:38] information. It’s basically everything a builder needs to move ahead on that, and that’s probably what’s holding you up. And we’ve found that, too. So, this is gonna solve it, and the best thing is, it’s gonna be priced so well that you’ll want to do it ahead of time, ’cause you won’t want to buy a property unless you know for sure, what you can really do with it, unless it’s really inexpensive. So, if you’re gonna pop down a bit of money, you want to know that stuff ahead of time, so, excellent question.
Jill DeWit: That’s good. And I love, Autumn, by the way, what you’re doing is what we do. The reason you flip an SFR so fast, the same we do, ’cause you have a buyers list, and you’ve been dealing with them so long. You already know what they like, and that’s the way we do it, and that’s what everybody else should be doing it. And that’s also what we’re teaching in 2.0, get that buyers list, like Autumn has, ahead of time, ’cause you just, it’s so great to know that, you’ll know when you see this property, you know this area, you already have three builders that are scrambling for more properties and it sells so fast. It’s just kind of like, you put it out there and, hey it’s kind of first come first serve, and it’s a great place to be and that’s what Autumn does with SFR’s, so that’s awesome.
Jill DeWit: Alright, let’s see. Alright, Redjie asks, “I don’t understand how to get started with the first property deal. If you send out many mailers in multiple counties and more than a couple people respond, what happens if you only want to start with one property? I thought once they send the response back it means they want to buy it.” So here’s what I do. Okay, I’d like you to have enough money to buy a handful, and do more than one at the same time. Get that five going or ten going. Get those out of the way. And when we get all of these offers back and I say start with one county, don’t try to learn four counties at the same time. When you’re learning, start with one county right now and make it simple. Do the same property size, maybe do five acres in XYZ county in Texas. Maybe you know the area a little bit, and you’ve checked and know it’s an easy county to work with, let’s start there.
Jill DeWit: So, you get your offers out, and they all come back, and this is where you want to send a bunch of mail at the same time as well. You don’t want, you want to look at them all at the same time. So, let’s say you send your offers out, two weeks pass, now you’ve got ten people that have either called you or sent back your offers. I want you to line them all up and do your due diligence. I want you to put them in there and put the best one on top. Like, owned by one guy, he’s alive, there’s no HOA, and taxes are current, and he’s ready to go. He’s at the top. Next one, well, I need to think about this, ’cause the taxes are behind, or something like that. Line them all up like that. Pick the top ones.
Jill DeWit: Also, when you’re talking to these people, and you get their response back, ask them, how fast do you need to close, ’cause that’s gonna make the difference. That might push somebody to the top, like, wow, this guy is really hot, he’s so excited, he even said he’ll take less than my offer price ’cause he wants to get rid of it. Well guess what? Now he goes to the top. So you can have those conversations with people, too. And I’ve done that. I’ve said, alright, how fast are you and some people might say, “You know what, I can do it in the next 60 days, can we do that?” And I’ll say great and I’ll slot them in. And as quickly as I can get that money together, I’m gonna run and buy it before they change their mind. But that’s awesome.
Jill DeWit: Let’s see here. Teddy asks, “Any advice in regards to setting up my data? Thank you in advance.” Setting up my data. Well, yes. If you’re brand, brand, brand new, Teddy… Well, you know what, this is a good question, too, ’cause there’s one way if you guys wanna to ask this that I haven’t shared. We have our full service data available via Offers2Owners. If you wanna not think about the membership yet, or just kind of, just see what’s available, kind of run some numbers, maybe get some offers out there, just kind of basically test it without diving in and getting our program or committing to anything, you could actually go to Offers2Owners and do full service, and it’s 99 cents for data and mail, all in.
Jill DeWit: My team will take your request, like, okay, I want all the five acre properties in this county and this is the criteria I want. They’ll pull it for you, send it to you, for you to kind of learn and play with and work with and get your columns in line, and now they’ll walk you through, getting it ready to merge with the mailer and then you get it in the mail. And it’s like I said, 99 cents, per ownership, and that’s data, and mail, and the personal service. It’s a great place to start, so that’s a great question, Teddy, that.
Jill DeWit: Whoa, Ann asks, “How long does it take to learn all of this and get your first deal done?” I’d say 30 days, Ann, if you’re conservative, is a good number. I have people that’ve gone bananas and gosh, spent, it’s kind of funny they got our program and they were so excited, and I get these emails saying, “Thanks a lot, Jill, I was up til 2 AM watching you guys. I can’t wait” kind of thing. Like, alright, that’s awesome, so, they’re, next thing you know, they’re putting… they just are going for it. So you could go for it and then a week or two, have people calling you back or you could even still taking your time, watch the program on one weekend, spend the next weekend getting ready, spend the third weekend picking your county, and getting the mail out. The next weekend, here come the offers, and then you’re buying it, and by gosh, by your month, you’ve already bought something and it’s in your name and hopefully, like we teach you, is as you’re buying it, you’re prepping it to sell. So, you could be, you could sign it on one day, and buy it on one day, and sell it the next day. That totally happens, so great question.
Jill DeWit: Moment here, I have to go… let’s see here. So Jenny asks, “How strongly do you recommend getting a virtual assistant?” Yeah, Jenny, if you… I think it’s great. I would get one right away for a lot of the little stuff, especially if you have a full time job. I don’t use a VA, a virtual assistant, for answering the phones, things like that, but for doing due diligence. Say you have a phone, either you’re answering the phone or you have a phone service taking your inbound calls from sellers, then, and putting it in a spreadsheet for you. Gosh, you could have your VA go fill in all the items for you. I would have them take a look at the property taxes for you, they could confirm ownership for you, they could put GPS coordinates in there for you so when you sit down, maybe it’s Sunday afternoon and you get time now to look at these and figure out which ones you want to buy and call back and act on and then they could’ve done the work for you, so, I think it’s great, so, it’s not urgent, but it’s always good to have and start training them.
Jill DeWit: And the best way, I’ll tell you a tip too, Jenny, is what we have learned, is we make short videos for them. So it’s hard sometimes to tell ’em exactly, you know it’s hard to give them a checklist and say go do it, but if you make a video, with you showing, here’s the website, here I’m logging in, here’s what I want you to look for, and do it on all these 50 properties, and just send it over, they’ll do that. And you’ll wake up the next morning and it’d be done. So, excellent question.
Jill DeWit: Mary asks, “You’ve talked previously about not sending lenders, or sending letters,” excuse me, “to a saturated market. Approximately how many properties in a certain acreage, that you find for sale, would be too many in a market, and also, if you find only a few for sale on some of the websites, how few would you discourage you from sending letters to a certain county?” You know, I get more concerned with a lot of available property. I don’t really want to be one of a thousand, but I want to be one of five, is really it, and there’s no real set number, but maybe, I’d look at it like a percentage. I’d say less than maybe five percent.
Jill DeWit: I know my partner Steven, he’s the best one to answer this, so I think, Mary, if you’re in my group, it’s a perfect question directly for Steven on our weekly member call, but my thoughts are, if it’s under three percent of the properties in that county, and you can look at this without downloading all the data, by the way. You can go ahead and see just how many properties exist and then see how many are for sale. So if it’s a low number like that, love it. And if it’s a high number, I don’t wanna, it’s, I don’t wanna mess with that.
Jill DeWit: Let’s see. Let’s see, oh, Autumn said, “AKA, hesitant on the ability to exit the land deal as quickly as SFR transactions.” Autumn, I hear ya, and I gotta tell ya, there’s a reason why we are, I don’t know how many properties along, and our members, a lot of them are doing bigger deals faster and better than we are, and I don’t worry about it at all. And, but it’s valid. I would talk to them. Go look at all the properties and it’s not even every property is in there, by the way. I’d say maybe a fourth of the properties that our members have, maybe less, are posted in landpin.com, our selling site. That gives you an idea of what’s out there and what these guys are flipping and how fast they’re doing it. So, I’d go look, and then talk to them. Go into our online community. it’s free. Ask them. So, but I understand.
Jill DeWit: And it’s just one of those things, too, Autumn. That was the mindset that I had to get past. Even properties that I thought were kind of funky and way out there, I would say to myself, who would want that, and then every time I do that, I’m eating my words. Just ’cause I don’t like it doesn’t mean they don’t like it. And the number of people who are, gosh, thinking about land and, leaving the rat race, and tiny houses, and wanna build their dream thing. It’s better than when I started ten years ago. It keeps getting better, so it’s awesome. Good question, though.
Jill DeWit: Let’s see. Mary asks… I’m gonna keep going, everyone. These are awesome questions so while you have some good questions, I’m gonna keep going here. Mary asks, “Even if you use the TitlePro membership”, yup, “to search the ownership of a property, would you still need to spend the extra money to pull title and get title insurance? Do you have any discounts and tools for this too?” Okay, so, usually our sweet spot, Mary, is $5,000. I gotta have enough money in it to justify spending for title insurance. So, even if it’s a really great deal but it’s not a lot of money, and I’m concerned in some reason, then I just wouldn’t do the deal.
Jill DeWit: So, say there’s an ownership issue, and I’m not sure where to find this guy. I can, I’m only… by the time if I do title insurance, I’m only gonna make a thousand dollars on the transaction, then I would pass on the transaction. It’s too easy to send out more mail and get more good deals and that’s what we do all the time. I don’t even think about it, I’d just move on. So, it’s gotta be above the $5,000, and I’m looking at it. If you’re new, I would, and then make sure I have enough in the spread to justify paying for it, so, excellent question.
Jill DeWit: Let’s see. Thank you, I get some… thank you Redjie, “some great knowledge from Jill.” Thank you very much.
Jill DeWit: Alright, Autumn asks… alright Autumn, we gotta talk after this. If you’re not in our group, you need to be in our group. You are asking all the right questions. You are clearly, you get this and I love it. And I love that you’ve done, it’s so great, Autumn, too, is since you’ve done SFR’s, which are some of the harder transactions. I mean let’s be honest. When you get involved with a house and what you’re… and there’s wonder sometimes involved, and all the things that can go wrong with that, and you, and I have a lot of people in our group that started with properties, ’cause they thought land wasn’t sexy, we joked about that a couple weeks ago. So, they started with this and they said what a mess, and they’d come over here and they’re like, “This is the greatest thing ever.” I have so many, and they’ve also said, “I’ve never lost money on a land deal.” I have many members who have said that, that have lost money on a house deal, so this is great. And also, too, what you’ll learn here will help your flipping effort, your house buying effort, too, ’cause you’ll look at it a whole different way now and you’ll get better at your data and you’ll get better at getting in and finding the right sellers that you want. So, that’s what we do.
Jill DeWit: So it says, “Jill, follow-up question. Once you have your land buyers list, just starting out, how quickly should you expect to be able to resell or assign the land once you publish it online?” First thing, I’m not trying to assign it. I wanna pay cash. I wanna flip it fast. And you know what, Autumn? Here’s how I do it. I’m buying properties for, let’s just say it’s $2,000. I’m selling it for $4,000 ’cause every other property online is priced eight, nine, ten, or above. Then it’s easy and it’s fast and your issues will go away. And that’s what we do. So, I mean think about it with a house. What if we have a house that, I’m in California, so, median, let’s just say Torrance, California, average might be $800,000. Man, if $800,000, if I pick up a rocking’ deal that’s in the $600,000 range, you think I’m gonna have any trouble flipping it really fast? Nope. I’m gonna have people breaking down my door, so.
Jill DeWit: Do you, and Autumn also says, “Do you have a live land for sale website” I do, “that we can preview and see how you advertise online, or is that top secret? Thanks.” It is not top secret. Go to the land pin, P, I, N, dot com. And that is, first of all, all of our members are collaborating and that’s a tool that we give to them to use to market, drive traffic to their website, as a group, and sell property.
Jill DeWit: And then also, if you want to look at mine, go to landstay.com. The only thing I have to tell you, Autumn, is so many of my properties, the way we’re doing it now, they don’t hit my website, and that’s the goal here too. That’s my preferred method. When I get things in, I have a buyers list that I just kind of, blast out a quick email, that’s pretty much state, county, APN, sales price. They’re professionals. That’s all they need. They go look it up and they send me back an email saying, “I’ll take those three and that one there” kinda thing. And that’s what we do. So, great question. So they don’t hit my site.
Jill DeWit: You’re welcome, Ann. I’m glad to help. Ann said, “Thanks, Jill, some great advice.”
Jill DeWit: Thank you. This was so nice. I am so happy to be here and answer your questions.
Jill DeWit: Thank you. Thank you Cheryl. Thank you Mary.
Jill DeWit: Alright, Ben. Ben asks, “Does a signed blind offer letter work as a contract for closing with a title company, or do I need to have a specific signed contract to send to the title company?” Nope. It doesn’t. So, the purchase agreement that, when we send out… we looked at that last week. I showed you the cover page and then the second page was the purchase agreement. So that signed purchase agreement has the offer price in there and the property information, with a spot for the seller to sign it and date it and get it back to you. They can fax it, take a picture of it, email it to you, mail it to you, whatever. That is all you need to go forward and just hand it to your escrow agent. You don’t even that much, but that works perfect just to open escrow. So, excellent question.
Jill DeWit: You’re welcome, Autumn.
Jill DeWit: Alright, well this has been wonderful. So, thank you everyone. I wanna wrap up and say, please be sure any follow-up questions or things you wanna hear about or talk about, myself and my team. Please leave them in the comments area below, and as I promised, tonight, here’s what we’re doing. Through tonight [inaudible 00:41:50]. It’s Halloween. Yay. We are now taking $800 off. So if you’re thinking about it, kinda on the fence. You need that little extra push. You wanna get in, whatever. It’s $800 off through tonight, if you put in the coupon code, GHOST. So, I just go to landacademy.com, click on the Join Here, and then it’ll take you right through to the checkout page. You put in GHOST, and put in your information, and then by the way, too, the minute you checkout, you are right into the system, and you are right there where you have the program, all online, you can start watching that minute. Your data access to RealQuest Pro and TitlePro247 is immediate. When you log in, you’re gonna get those right on your dashboard. You’ll have your login information and then all the rest will start popping in, so you could start playing with it tonight, while you’re handing out candy.
Jill DeWit: So, thank you. I am Jill DeWit. Thank you for joining me today. I’m here to help you get started. That’s the hardest part.
If you enjoyed this on Facebook Live, please check out all of our latest episodes here or on Youtube. If you like it, give it a thumbs up and subscribe to our channel. My staff and I read each and every comment, so please let us know what you would like to see in future shows.
If you have any questions or comments, please feel free to email me directly at steven@BuWit.com.
The BuWit Family of Companies include:
I would like to think it’s entertaining and informative and in the end profitable.
And finally, don’t forget to subscribe to the show on iTunes.
