How to Flip Property in 45 Days w Jill DeWit (JD 008)
How to Flip Property in 45 Days w Jill DeWit (JD 008)
Transcript:
Jill DeWitt: Hi, welcome to my Episode 8. This is awesome. Thank you, I’m glad you’re here with me. I’m having so much fun doing this show. This is about getting started in real estate by flipping the easiest type of property, land. Today I’m going to talk about how to complete your first deal in 45 days. We originally covered this topic, for those of you diehards who keep track, in podcast number 313. I looked this up. It aired back in October, 2016. Later, I wrote out this plan, basically, in a series of articles for our newsletter. It was so popular, people still remember it, that my team gets requests for copies of my article. So I thought I would share it here to day, and then I’m going to revamp it for a blog on our site, probably one day next week.
I am Jill DeWitt, cofounder of Land Academy. Together with my partner, Steven Jack Butala, we have completed over 16,000 transactions of many property types, not just land. We all know there’s money to be made in real estate, and most people are doing it wrong. So that is why I created this weekly live show. I am here every Wednesday at 2:00 PM Pacific time to help you connect the dots to start flipping land so you can move onto bigger transactions and other types of real estate. So today is all about getting your first deal done in 45 days. So after I cover the steps, I’m going to open this up to answer your questions, so feel free to start popping them into the comment area at any time.
One advantage of being a land or property investor is the luxury of making your own schedule. That means one can work around a full-time career while you’re getting started and still enjoy family time. That’s how most of us start. That’s why I am sharing this realistic timeline to show you how it’s done.
So here’s what you would do. Imagine you work your full-time job, you only have four hours to devote, let’s just say on a Sunday afternoon. So what do you do week one? You sit down, you spend that time picking a county. So week one, pick a county to send offers. Part of what we share in Land Academy 1.0 is Steven’s strategy on how to select a county. There are three main factors that go into zeroing in on an area that would be a perfect place to send offers that get a good response.
The three factors are one, using population density maps and census maps to look for inexpensive land. I’m going to give you a little tip. We got tired of trying to track this information down, so I’m going to show you where I get this information, where we get it from and all of our members, right now. We get it here, County Wise. This is our free website that Steven created. So remember I talked about population density maps and census maps.
Let’s just say you’re going to mail Oklahoma. You go to County Wise, you click on Oklahoma. Look what I’ve got here, by the way, all this county information. Steven put weeks into getting this all compiled and created on this site to help you. So let’s just show you. I’m going to pick a county in here. Let’s just say I’m going to go right in the Oklahoma County, Oklahoma. Why not start there? It takes me the the county. There’s just so much information. But what I really wanted to show is actually right here, we have back tax lists and census data that I talked about. Look at this. Here’s my census data I can zero on, here’s my population density maps.
So I’m not going to go into great detail now about how to use those, that’s in the program, but I just want to tell you that’s something that goes into picking a county. So when you’re spending your four hours on a Sunday, this is some of the research that you’re doing.
Another thing that you’re going to do is you’re going to sit down and compare the total number of properties against those that have associated back taxes. Again, that’s actually found free also on that same site, on County Wise. It was there when I showed the lists of all the counties and the information. One of those were numbers that showed the back tax properties. I’m not picking back tax properties to send offers to, but I’m using that as a gauge when picking a county.
The third thing is reviewing online sales venues for inexpensive land markets. By the way, I want to point out there are 3,142 counties and county equivalents in the United States, tons of area to buy and sell countless properties without tripping on anyone who’s using a secret county list. You will know what to look for, you know what you’re going to create your own list. Once you know what to look for, this can all be done in three to four hours on a Sunday afternoon. That’s it, week one, that’s all you did.
So now fast forward a week later, week two of my 45 day process here. What am I doing? Week two is about downloading and scrubbing data to send it to the printer for mailing. So this week is about getting this data into a sheet, and turning it into a mailer, and having it priced, and getting into offers in owners’ hands. Again, you could do this in three to four hours on a weekend because of the access now that you have to the pro-tools, like direct assess your data that we can provide. So we’re licenses providers of the top three bigees, and that’s something that we share with you to make this easy.
Here’s what you don’t want to do. You don’t want to spend days or weeks dealing with a county and then with a VA to get your data ready. You want to sit down, you want to plug in the criteria, and you want to download the data for the exact properties that you want to mail. Like size, you want to hit on zoning and land use, any criteria that you’re trying to isolate there. Because you’re going to put that into a sheet, get it into a mailer, you’re going to price it, and you’re going to price it in bulk. Then you’re going to send it to offers to owners, by the way, because they’re going to do the mail merge for you, they’re going to do the printing for you, and they’re going to mail it. You don’t have to be a pro at Excel to do this. We help you with that.
Another nice thing is our data that … we use our primary data for land is Corelogic’s RealQuest Pro. It comes in the same format every time regardless of the county. That’s crucial. If anybody who’s done multiple counties and been through this process, you know it’s important to have it delivered the same way, and you don’t have to relearn the process every time for a new county. Also, you can easily do a multi-county mailer at the same time. It’s super easy.
By the way, I have inside information. O2O, Offers 2 Owners, our printing company, is price matching for our standard two page mailer. So check out the website if that’s something you’re doing, and contact Omar at Offers 2 Owners.
So that’s week two. That’s all you did. You downloaded the data, you got it ready, you sent it to Offers 2 Owner, they did the mailers for you, and it went out in the mail.
So now you’re on week three. That was, again, just a couple hours on a Sunday afternoon, because you’re working a full-time job. You’re just ramping up here. So now you’re on week three. So what happens? The week three’s about reviewing returned offers and returning calls. So your letters are now in the mail, and now the recipients are beginning to take action.
So some property owners may be quickly signing and returning your offers via the mail, and some are calling or they’re emailing you back. What are the typical responses? Well, let’s be honest. Some owners are, we’ll just say, less than thrilled by the offer or they simply do not want to sell. Yes, they may leave nutty voice messages, and that’s okay. It’s nothing to get hung up on. Yes, some owners are just not sure yet and so you know what they’re going to do? They’re going to save your letter, your offer, for a rainy day. We have personal experience sellers tracking us down years later when they’re ready to sell. Often, it’s the kids who now inherited the property and they are thrilled to find our letter and know that we’re still here. Then the third response is boy, they’re just ready to do the deal. You hit them at the right time, and they’re like, “Heck yeah. How fast can we do this?”
So your goal for week three as these are coming in is you’re going to spend three to four hours of due diligence and pick the best property or properties, depending on your budget, to purchase. Now how do they line up against Steven’s Four As? Remember those are Access, Acreage, Affordability, and Attribute. Everyone, as you’re doing your due diligence, one of things, too, is where do they stand on their taxes? You’ve got to factor that in. Is everyone alive and able to sign? So that’s week three.
All of this is getting … you get this all ready to go, because the next week is all about pulling the trigger and buying the properties. So that covers weeks one through three of my 45 day process. You have it all done in just a few hours on a weekend. So I want to recap those again. Week one is just sitting down, spending time just really getting into it and picking a county to send offers. That’s it. Week two is now you got that all figured out, now you’re going to go in and download the data, scrub the data, send it to the printer, get them in the mail. Again, all done on that quick afternoon. Then third week, now you’re sitting down reviewing your returned offers and your returned phone calls.
So it’s kind of a lot, so I decided to break this up into two shows. So today is weeks one through three, and I hate to do this to you, but I’m going to hold you off for next week when we cover weeks four through six. So now I want to go ahead an I want to open it up to your questions. So please ask away here.
Hang on a moment here, I’m trying to make it view. Let me show Jake here. I have a, “Howdy.” Let’s see if it shows up there. There we go. Hi, Jake, nice to see you. You know what, Jake? I love that you’re so active and vocal on not only this show, but all of our member calls and you ask really good questions. By the way, feel free to share on here too, Jake. If you want to throw in here any comments about how while you’re doing your transactions that you’re completing or something just to keep everyone posted, this would be a great area. So feel free to share that information.
Alright, let’s see. I have people watching waiting for some good questions. I’m trying to think. What should I share here today? 2.0 is out there, so just to give everybody … you know, I’ll give you some heads up right now, something that’s on my mind. We’re going to have a blowout end of year celebration now that 1.0 and 2.0 are out there and available and done. Then I’m probably going to close up membership at the end of December, after one big last thing, because usually typically the beginning of the year is we kind of re-look at our programs, re-look at the pricing, and get ready to roll out some new stuff. Steven and I are going to be rolling out Land Academy Lite in January, so we are reviewing closing up enrollment at January 1 til we revamp everything and come out with Land Academy Lite later on in January. So just a heads up, keep your eyes out. Don’t let that stop you now, because if you contact my team … if you’re really serious about this, you contact my team, we’re going to make it happen, by the way. So they have some good specials and things that they can always help you out with too, anyway. So thank you.
This is kind of a weird, quiet day. I’m looking for some questions here. I’m trying to think what else I can share with you. Let’s see. I’m going to show a couple thing which is really kind of interesting in County Wise really quick here. I’m going to show that. There we go.
So County Wise, the time and the energy that went into this is amazing, by the way. I can’t believe how much effort and data is collected. I was talking to you about … I’m going to go back to the top here. When you’re picking a county, what you’re looking for … so one of the things is, see this back tax list? Yeah, I’m not looking for back tax lists, but I’m looking at counties … I’m going to make it bigger here. I’m going to help everybody out.
By the way, what we do here, we’re trying to take the guess work out of this, trying to make this so you know going in it you’re not just throwing a dart at a dartboard and picking a county and, “Let’s see how it goes.” No way. We spent too much time and too much energy into this ourselves. This has been our business, you know, Steven primarily, since the 90s. Then I came along later on. I mean, we’ve been doing this full-time for years. We don’t want to guess. There is no secret county list. There’s things that you look for and you know what to do so you’re not guessing. You know you’re going to get a good response.
So one of the things I wanted to show you here is the number of parcels, there’s a direct relationship to the number of parcels that are in a county and are in a back tax situation when you’re sending out offers. You don’t want too high, you don’t want too low. There’s a mix. But what I want to show you here is in this Oklahoma County, this list of counties I should say, it shows you the number of parcels. So when you get into our program … Jake, this is perfect for you. I know you’re way past that video, but this is where you would have looked when you were looking for like, “Okay, now I’m picking a county. Where do I look at the relationship from my maps and my due diligence as I’m thinking about it?” I want to see how many back tax properties are in this county.
Here’s where I look. Then we all have access. I now want to compare that to the number of parcels in the county as a whole. We do that in RealQuest Pro, our Corelogic’s project that we have. We’re licensed providers of that and we share that with everybody, so that kind of gives you an insight to that.
Alright, so I’m looking for … Oh, here we go. I’ve got some questions popping in. Let’s see here. Sorry about that.
Dennis asks, “Do you avoid mailing to Northern state counties during the colder months of the year?” No, but I will tell you this. That’s a great question, Dennis. No, it might be a good reason to hit them up at this time of year. They may have a mental block thinking that … Oh, pause please. (silence)
Sorry about that, little technical difficulty in our end. So thank you for being patient. Okay, Dennis, great question. Dennis asked, “Do you avoid mailing to Northern state counties during the colder months of the year?” No, I don’t. But what’s interesting is they might be on the mindset that it’s harder to sell and might be more excited to get your offer, so I don’t. Then I’m paying cash for it anyway, so I’m not worried if it takes a few months to sell. What I would recommend, though, is try to get photos right before it snows or wait until the snow goes away, get some blue sky photos. You don’t really want a lot of photos with snow on the ground, because that, traditionally, can turn people off a little bit. They may not want to buy their piece of property in a wintry tundra. It’s probably their vacation thing. So that’s the only tip I would give on that. Excellent question.
Thank you, Molly. Molly asks, “Do you change your mailing schedule around the holidays?” I do not change my mailing schedule, slash however, I’m aware of it. Even today, I have to say I didn’t know coming in today that there was no mail due to former President Bush’s funeral services today. So just be aware of that. There’s sometimes little hiccups like that that affect your mail getting out, but it doesn’t change a thing. You kind of [inaudible 00:19:42] and be ready.
Here we go. Ben asks …Hi, Ben. “I sent my first 1500 record mailer 2 weeks ago. How long should I expect until the bulk of responses come in?” One thing I would definitely recommend, and we do this as well, put a secret mailer to you in every one of your units. Send one to yourself. So that when you get it, you know it’s hitting. That’s how you know. Then you can start planning, be ready. So usually, two to three weeks it’s going to start hitting. You want to be consistent, because once you start that mail going … say you’re sending out mail regularly every week or every two weeks, whatever it is, you know the only lag time is just that first wave, because once that first wave hits, now it’s just going to be ongoing. Like I said, throw one into you and then you’ll know. “Oh, here comes that mailer,” because you tagged it a different way and then you know that’s who’s getting hit, that county’s getting their mail right now. Awesome question.
Per asks, “Do you ever buy land way outside a major MSA (more than 2 hours away), and if so, what is your criteria?” Yup, absolutely do. You know what, I do the same … What am I trying to say? Our same Four As, basically. Does it have Access? Is it large Acreage? It may not be right near an MSA, but there may be some other fantastic Attribute. Maybe it’s near the most popular Colorado hunting country or some fabulous Florida lake or something like that. There’s an Attribute that might steer people or get people interested in that area. So I’m not afraid of that two hour drive. Starting out, I would make it easy on myself and stick with that criteria, but moving on, I wouldn’t be afraid of it.
What happens too is usually as you start the process and people are calling you back and they say, “Hey yeah, you called me on this property. I’m happy to sell it,” one of your questions always should be, “By the way, what else do you have?” They might throw something like, “Oh well, I didn’t think you’d be interested, but gosh I have these four parcels over here. Do you want them?” Yeah, look them up. You might want them. you probably do want them. Roll it into your purchase, and that’s often how we get going in other areas and you learn about them. So great question.
Thank you. I have a passed on question here that Veronica sent in. “Any ideas on Direct Mail Marketing working in Canada (the Alberta area)?” You know, we do. It’s where we can get the data. We do … I’m trying to think if we covered that a little bit in 1.0. I’m waiting for … Steven’s probably going to weigh in on this. I think we did cover a little bit on that in 1.0, because we can get some assessor data in parts of Canada. Have we bought and sold property in Canada? Heck yeah. So if I get my hands on the data, I would do it in a heartbeat. Some of them we’ve even bought with structures. I remember we did some on the way east coast of Canada. It was gorgeous island property, if you will, with a cabin on it. Boy, those went fast. So yes.
Stacey asks, “Do you recommend completing some vacant land deals prior to working on infill lots?” You know, I do. Well, I shouldn’t say that. You know, it’s personal preference. For a lot of folks, it’s easier to start rural vacant land and kind of learning the ropes, but there’s so many things about infill lots that are easier for starters. You’re not completing it yourself. Usually these are higher dollar amounts and you’re going through escrow, so they’re doing the due diligence and completing that part of it for you. So you know what? I’m actually now I’m not sure, Stacey. I’m changing my thinking about it here. Because some people dive in and they have bigger budgets and they jump right in. I would recommend watching 1.0 and understanding and knowing the whole process and then doing 2.0, which is all about infill lots, and then start sending out mail. Awesome.
Hi, Harry. Harry C. says, “Thank you for the help with getting me started, Jill. I just finished my first mailer, any specific questions I should ask the callers apart from the usual stuff? Thank you!” Thank you. This came through, so from Harry. Use that checklist. If you don’t have that checklist, reach out to my team for that checklist at support@landacademy.com. What I’m talking about is my checklist, which we should put it somewhere, too, by the way. Maybe I’ll put it in the blog or something on Land Academy.
I have a checklist. When the callers call you back and they’re responding to your letter, I want you to get all the information needed about the county. “Hey, are you current on your taxes? Are you the seller? Is everybody alive able to sign? What do you know about the property?” One of the key things, too, is, “Do you have anything else?” So those are the main things along with their email, their name, their address, their phone number.
It’s funny, especially when you’re starting, we’re often kind of nervous when these calls come in and you’re like, “I want to sound like I know what I’m doing, but oh my gosh, I don’t want to forget something.” So even for my staff, I have them print that out and have it out on their desk so they can answer the call and just kind of literally fill out the checklist, have all the information right there, and then they transpose that into a spreadsheet, and then it gets pushed to Steve and for review and acquisition and approval and that. So good question.
Lisa has a good one. “Hi, Jill. Please bear with me. I had my question typed up, but my computer locked up on me.” I understand, Lisa. “So I’m trying to do this from my phone. I have a question about the RYG test on the computer, on the number of mailers, Steve says to mail out per month.” Got it. “He said 2600 mailers per month. Does that mean you download all the possible lots that are in that zip code after spot checking each one? Because after spot checking, I found that a majority of the lots are unusable or a ditch or somehow not ideal. Can you clarify if he means 2600 and I hope for a good one to come back? Or pull enough data, spot check down to 2600 good lots? I’m having trouble finding enough good markets to wind up with 2600, much less every month.” That is an excellent question. Lisa, it’s part two.
You want to … because here’s why. When you’re sending out offers on rural vacant land, you need about 1500 to go out, not start with 1500 and send out 900. You want to get it down to 1500 that you’ve spot checked. You send out those offers to yield 2-3 land deals. During infill lots or houses, you want that down … like Lisa’s shooting for 2600. You want to get that up towards 3000 that goes out, because that’s going to lend you 1-2 house deals. Then infill lots is going to be … if you’re just targeting those, you’re going to be kind of in the middle there.
So you want to … the more mail that goes out, Lisa, the better. The more that goes out at one time, the better. I know sometimes it might feel overwhelming because your phone’s ringing off the hook keeping up with these, but trust me, that’s where you want to be. You want to have so many people calling you back that you can sit down and gosh, you’re overwhelmed. You put them all in a spreadsheet, and you have 20 or 30 now that they want to sell to you. That gives you so much now to go back and review and get serious about. Then just pick the best ones. That’s where you want to be.
Spending the money, getting the data is [inaudible 00:28:47] part. So don’t worry about that. Spend away on the data. It doesn’t matter. It’s 10 cents a record, who cares? It’s worth it in the end. You’re going to use that data, because there’s a lot of things that you could do with that data, like buyers lists out of that data. There’s a lot of valuable information in there. Then you want to get picky when it comes to getting the mail out. So now you’re getting serious about the offers that you’re sending and you’re spot checking and making sure you got good batches, that’s exactly what you should be doing, Lisa. You’re doing it right.
And then [inaudible 00:29:21] picky is now buying the property, obviously. That’s why I want you to have so many to choose from. When you line up 20 properties, there’s going to be a few that quickly rise to the top that you’re going to go, “Oh my gosh, I’ve got to run to the bank here. I don’t want this guy to change his mind,” because I’m comparing that one to these 20. I see he likes my offer at this price, “Holy cow.” You know, that’s what you want. Great, great question.
Alright. This is kind of a quiet day. I hope I didn’t overwhelm you all. I hope that’s not what’s going on. So thank you very much. I’m so happy that you are here and asked away. Please feel free to add in more questions later on if you missed the window or you’re driving. Whoops, I have another one. Thank you.
Just got in here. Joshua asks, “If this was your first deal, what price range would you look to offer and what type of area? I am sure you covered this, but I joined late. Thank you!” No problem. Okay, my first deal. Let me think about this. What price range would I offer and what type of area? Well, there’s a couple things. Number one, the area to pick that we talked … This is good. That’s one of the things you’re going to do first. You’re going to pick a county, spend time picking a county. There’s things that we go into. The top three things here, I’m going to scroll back here for you, Joshua, and just kind of give you the highlights.
We covered this in detail in 1.0, Land Academy 1.0, but to pick an area, things that you’re going to look for are you’re going to use population density maps and census maps and you’re going to learn Steven’s strategy and how to use that to look for areas for inexpensive land. You’re going to also look for the number of properties that are available, and you’re going to compare that to the number or properties that are in a back tax situation. Not the properties, but how many are? There’s a direct ratio to the whole properties in a county and the number of properties that in a back tax situation. That’s part of the process when you’re picking a county that you know you’re going to get a good response. The third one is you’re going to review several online land selling sites looking at the prices to make sure it matches your criteria and look to be in inexpensive areas to buy and sell land.
As far as your budget, dream it up? I have people that come to me … a lot of people, it seems like they have a $10,000 sweet spot. If you’re coming to me with $10,000 to invest just for the property part, I would buy ten $1,000 properties. Just do those. Your goal is to buy them for $1,000, they’re worth $3,000 or $4,000. I want you to sell them for $2,000, because that way I know you’re going to sell them fast and get out. By the time you’re done with that, you have made $10,000 by the way, and you did it fast. Now you got your feet wet. You worked a lot of the kinks out.
What if one of those ten, oh you did it wrong and you sold it for $1,400. So what? You made your money on all the other ones. It’s fine. You still made money. So that’s okay. It’s funny, too. We joke about that on our weekly member calls. When people pipe in they say, “Oh my gosh, I did it wrong. I bought it for $1,000 and I only [inaudible 00:33:09] really.” You only made $400. I think you’re okay. “How are the other ones?” “Well, those were great. That one I sold for $2,600 and that one for $3,000.” I’m like, “Okay, wait a minute. You’re looking at this wrong. You did great.” So that’s what I would recommend.
Some people come in with $100,000 to play with, and I’m still going to tell you the same thing. Please don’t sink it all in one property, especially if you’re starting out. I want you to put it in multiple properties and get your feet wet, and then start making some different decisions after you have a handle on it. Excellent question.
This is great. I have another one, Lisa. This is so good. Thank you, Lisa. I envision you on your cell phone, hopefully pulled over, frantically typing these in. This is good. Lisa asks, “May I ask one more question,” of course, “about the RYG test?” So let me just give a little insight, too. So the RYG test is what we share in Land Academy 2.0. It’s using data that we can extract from online sources, real estate sites, and plug it in such as the properties in a county, days on market, how the price point, when the properties are posted for sale, at what percentage do they sell at the price they’re listed at. There’s all kinds of factors that go into it. That’s what we use to red, yellow, and green light a county to send offers for infill lots or houses. This is what Lisa’s referring to.
Her question is … so I’m going to peek at this real quick again. “If the days on market are good (so less than 30 days) and the parcels on the market to all is green or yellow, but the column of list …” Lisa’s clearly a member. The other thing I want to share you is Steven created a whole series of spreadsheets that we share in our program with detailed instructions where to go, where to copy the data, plug it into the spreadsheet, and it automatically populates all this data. All the formulas are in there that Steven created. This is what Lisa’s referring. This is worth its weight in gold, by the way, in 2.0. It’s phenomenal. It takes, like I said, the guesswork out. That’s why Lisa’s able to ask these questions. “Okay, I know the days on market, check. I know that, check.” That’s why she’s got a … it’s a cheat sheet is really what it is. It’s awesome.
Okay, so Lisa’s saying it looks good on the days on market, that column, but, “the list to sold is higher,” maybe it’s yellow or red, “does that disqualify the zip code entirely if the other two look good? If so, why? Thanks for your help, Jill. I love your new show.” Thank you, Lisa. I’m so glad to hear that.
To make it easier on yourself, Lisa, it’s too easy to move to another area. I would with two greens and a yellow. If I got a red in there, I’m not so excited. Remember, red, yellow, and green, Steven shares his comfort level, but you’re going to pick … you might massage it to your comfort level. You might make your comfort level even more critical of Steven’s, because then you know. You’re like, “Pft, I can’t go wrong,” kind of thing. It’s really preference, but again, there’s a reason why we want to hit … like I said, there’s a reason why there’s a red. If I’ve got a county or if I’ve got an area that green for everything but days on market. It’s red days on market, their days on market are six months. I wouldn’t want to mail that area. It doesn’t really make sense to me. That’s a, “Why?” Like I said, it’s too easy to move on. Again, you know what you’re doing. This stuff that you’re extracting, Lisa, and you’re plugging into the spreadsheet is free to you right now. So you could spend a whole weekend playing with this. Something is going to pop up, and you’re going to go, “What?” You’ll know and then your letters will go out that next day probably. So you’re doing it right.
Jake asks, “Tell me more about multi-county mailers. I’ll be sending out four counties to get get enough numbers for a viable mailer. Do I send out four separate mailers at the same time, or combine them into the same mail merge?” Again, it’s kind of whatever’s easiest for you, but I want them to go out at the same time. So in a perfect world, if you … because your template letter is the same and you have your data that you send to offers to owner to do the mail merge for you. I would ideally have them on one spreadsheet. You just know the first 800, because that’s one county and they’re all that size. When you’re running your formula down the page and you’re auto pricing, how you know how to do, have that chunk. Then you have like a line there and your next row, price them that, that next county. Then the third batch and then the fourth batch, because you have four.
Then you’ve got them all priced, you kind of eyeball them, make sure you’re good. Take out your lines so it’s all one spreadsheet, and then send it to Offers 2 Owners. They’re not going to notice that it’s different counties and different areas. They don’t need to know that. Then you’re getting them out at the same time, so they’ll hit, and you can field all the calls at the same time. So good question.
You are welcome, Joshua. Thank you. And I think with Lisa, I might be guessing correctly, thank you. Love it.
Hi, Teddy. “Love, love, love your show. Thank you for taking the time to do this. Looking forward to my call with you next week. How fast was the quickest closing process you have ever seen? Thank you!” You know, hours. That’s what we’re striving for here, Teddy. Excellent question. This is something that you can do and many of us are doing right now, especially with properties that we’re buying for a couple thousand dollars. Buying properties for $800 and selling it for $2,000, once you just get into our world, our members are doing it all the time. We crack up, because like I just posted it yesterday, and they wake up the next morning and someone checked out, because there’s a sweet spot there. Under about even $15,000, there’s a lot of people that if you post your property correctly, you buy it right, it’s priced correctly, it’s posted correctly, and it is put out there correctly, like on all the right sites, everything that we teach you and show you to do, there’s no reason why you’re not going to wake up tomorrow and go, “Well, that was fast. Shucks, I didn’t even mail in the first deed to get it recorded yet. I guess I’m mailing in two deeds today, because someone already bought it.” So that’s how it can go. It can be hours. We’ll get you there.
Let’s see here. Jake asks, “Is there a quick way to get days on market numbers in any market?” Yes. That’s in 2.0. download, if you’ve not dug into that too far, Jake, jump ahead and download … I can’t remember what chapter it’s in. Download the section that covers where extracting that data and plugging that in in Steven’s spreadsheet that you have in 2.0. You can just sit and play with it. I’m trying to remember, there’s one of two sites. I can’t remember if it’s Realtor or Redfin where we extract that data and it’s right there. Knock yourself out.
You are welcome, Lisa. Thank you very much, I really appreciate your questions.
Skylar asks, “Jill, I just mailed outside my city and most are wanting full market price.” They start out that way. “1 acre is going for $20,000. I offered $5-7,000, no takers. Any suggestion?” Yeah, absolutely. Sit, wait, hang in there. It’s going to happen. If you did everything that we taught you to do, that’s part of the first wave of calls that you get in. I talked about that a little bit on the show today. Week three, the calls and the responses start coming in, and often the first wave are two things. One is, “Yeah well, I’m only going to sell it for X million dollars,” because they don’t really want to sell. They’re hanging out for retail. Or two, again they don’t want to sell, and they’re calling to tell you you’re nuts. “Please don’t call me. Remove me from your list,” and that’s when you say, “Okay, fine. Sorry about it. No problem,” and move on, no big deal.
But the next wave is going to be … by the way, you know you did it right when you start getting those calls that they’re kind of mad at you. If everybody calls you back … how about this? This is how you know you did it wrong, too. When everyone calls you back, they love your offers and they want to sell it at exactly the price you offered, that’s what you don’t want. That means, “Uh-oh, I made have offered too much, because every single person is calling me back. I might have goofed.” But when you start getting the calls that come in, they’re like, “You’re nuts,” and they’re mad at you, that’s not a bad thing.
Sit tight, because you said you just mailed it, wait a few more days. Let some of those people start calling you back, because right now they just got it, they’re looking at it, they’re thinking about it. Their wife is probably saying, “Sweetheart, you need to call this guy tomorrow. I’m sick of this right now. I just paid the taxes again on it last month. I want to sell this. End of year is coming, I could sure use the Christmas money,” whatever it is. So sit tight. Great question. So that’s my suggestion, hang out.
Abby, I just remember Abby. Thank you very much. Abby asks, “Hey Jill, can you please talk about seller financing in states where non-judicial foreclosure is the norm, like Florida? How do you handle buyers who stop making payments in those states?” Okay, so we’re talking about states where I have non-judicial foreclosure. Let me back up and tell you something, Abby. I’m going to be totally honest. I’m not doing seller financing a whole lot. One of the reasons why is I don’t want to get into all this. I don’t like going to foreclosure, I don’t like having to record deeds or land contracts and chase people and undo things. Some of our members do and they’re happy with that. It’s so much work. I’d rather sell it for cash.
So I’m happy to answer this question. It’s going to get lengthy. I know you know where to find me. So I’m going to defer that, and when I have Steven, too, because he’s even better at answering that than I am. So I’m going to defer that to when we have Steven, and we will cover it.
But I’m just going to say let’s think about cash. On any of the states that where there’s a lot of hoops to jump through, and we all know … or if you don’t, you’ll quickly learn. Most states are really, really easy. For cash, it’s a no brainer. Seller financing, there are states you have to think about. A lot of this too, by the way, you can find in our online community at landinvestors.com, because there’s been lots of discussions about the right ways and the wrong ways to do this in many of our states, too. So it’s an excellent question, and I’m happy to talk about it when I have more time. So thank you.
You are very welcome, Skylar. Thank you. Alright. Thank you very much. We went over. I’m happy to do it. So I hope you all enjoyed this with me again today again. So next week is going to be week nine, and I will recap weeks one through three a little bit for anyone that kind of tuned in late on how to get one deal done in 45 days. Next week, I’ll cover the back end, which are weeks four, five, and six. I’m happy to answer more questions if you want to pop them in after the show.
Please be sure and get our free eBook, you can find it on landacademy.com. I am Jill DeWitt from Land Academy. I am 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.
