Jill Friday – Best Investors Know their Limits (LA 1493)
Jill Friday – Best Investors Know their Limits (LA 1493)
Transcript:
Steven J Butala:
Steve and Jill here.
Jill K DeWit:
Happy Friday.
Steven J Butala:
Welcome to the Land Academy Show, entertaining land investment talk. I’m Steven Jack Butala.
Jill K DeWit:
And I’m Jill Dewitt broadcasting from sweet Scottsdale Arizona.
Steven J Butala:
Today, it’s Jill Friday. And she talks about the best investors. Know their limits.
Jill K DeWit:
Yes.
Steven J Butala:
And my head’s a little smaller because Jill-
Jill K DeWit:
Informed you of your limits?
Steven J Butala:
I mean physically smaller in front of this camera because she backed me up. So we’re a little bit more equal. She said, “You know, they’ve been meaning to tell you your heads a little bit big because you’re sitting too far forward”, which prompted as you can imagine quite the conversation.
Jill K DeWit:
That’s great. I thought you were going to say I put… Like, let’s talk about your limits, babe.
Steven J Butala:
Oh we’re going to talk about that in a minute.
Jill K DeWit:
Okay good.
Steven J Butala:
And your limits.
Jill K DeWit:
Oh great. Thanks.
Steven J Butala:
Before we get into it, let’s take a question posted by one of our members on the landinvestors.com online community. It’s free. And if you’re already a member, join us on discord.
Jill K DeWit:
Okay. This is cute. So Luke, our infamous Luke Smith wrote, “Have you guys ever been pooed on by a barn owl? I went to get pictures of some land today that is covered in junk and try and figure how much it costs and clean it up and sell it. Looking into this slide sling blade”
Steven J Butala:
“Sling blade looking tool shed built on telephone poles, the owl came right at me when I was in the doorway, dumped white goo all over my hat”
Jill K DeWit:
The hat.
Steven J Butala:
“Front side of my shirt, backside, as well as my shorts leg and shoe. It got my dog, some of my dog also in the same second. Amazing load of crap right there. By the way…” This is a perfect Luke Smith format.
Jill K DeWit:
Yeah.
Steven J Butala:
“Got a commercial retail vacant lot under contract today, 54,000. By-side 135,000 south side, on land tank. Another land tank deal closes today. Buy for 55 south through title at 122.”
Steven J Butala:
Even owl poop doesn’t stop Luke from making money.
Jill K DeWit:
Not the good hat, not his favorite hat.
Steven J Butala:
A lot of people had some stuff to say, this is on discord.
Jill K DeWit:
Yeah.
Steven J Butala:
A lot of people had owl stories. So it turns out, I didn’t know this until all this came out on discord that owls are strategic about who they poop on-
Jill K DeWit:
Oh, for real?
Steven J Butala:
And territorial and why. Yeah. Especially when there’s dogs, they don’t want the dogs around.
Jill K DeWit:
So, it wasn’t a coincidence that he flew by and happened to release at that moment.
Steven J Butala:
Nope. Not at all. It was a full blown-
Jill K DeWit:
Attack.
Steven J Butala:
Dive bomb, fighter jet dive bomb.
Jill K DeWit:
All right. Noted. Yet another reason to not go out and look at your property. I’m poo free today.
Steven J Butala:
Yeah, me too. And he would’ve made numbers anyway. True. He likes the drama.
Jill K DeWit:
He does.
Steven J Butala:
And he likes to report the drama to us.
Jill K DeWit:
Yes. That’s funny.
Steven J Butala:
Today’s topic is Jill Friday. Best investors know their limits. This is the meat of the show.
Jill K DeWit:
Nice. Okay. So this came from, I was thinking about some of our discussions in career path. So career path is, This is our first time ever running it this year. It’s a small elite group of 15 people that we do now once a quarter and take you from wherever you are right now to wherever you want to be personally. How’s that?
Jill K DeWit:
So, one of the things we talked about, because there’s some really awesome people in there. And I was just sitting back and thinking about how well everyone in this group kind of knows to ask for help. So, let me give you my…I have three points to make here about how and why the best investors know their limits and what you should do to be like them.
Steven J Butala:
This is fascinating for me, Jill, and I’m not being satirical at all because, before you jump into it, I know how to buy and sell real estate. Everybody, really, If you follow the steps in the program, it’s not, you can buy some real estate and be very, very, very wealthy. Specifically land and some other specific types. And it’s not a tremendous amount of work and doesn’t take a tremendous amount of money, how we set it all up. But, I believe that people’s limits are not technical limits. Like I don’t know Excel or I can’t get organized. Go ahead.
Jill K DeWit:
Okay. Well, number one, actually, number one, ties to where you were going with this. They don’t get ahead of yourself. So it happens. I get it. You’re excited. You want to get there fast. You want to buy that whatever, you want to retire, you want to leave your company.
Jill K DeWit:
So the number one thing these guys do, and they learned to catch themselves and we do it too. You can’t get ahead of yourself. You can’t get, don’t get your head too big. And I don’t mean physically on camera. I mean, don’t get too big like, hey, I got this. You don’t, you need to chill out and go through the motions and be methodical.
Jill K DeWit:
Number two, understanding what you’re bad at.
Steven J Butala:
That’s great. I love that.
Jill K DeWit:
Yeah. So the best investors, that’s one of the things they do. They know their limits. They know what they’re bad at. Take some time. I suck at deeds. I suck at paperwork. I suck at numbers. I suck at spreadsheets. It could be I suck at talking on the phone. I suck at hiring. I suck at paying bills. I suck at a calendar. Whatever it is you need to know and understand.
Steven J Butala:
I suck at all those things, except two. What do you suck at?
Jill K DeWit:
One’s a calendar, you hate the way I do my calendar and my stuff. What else that… you hate how I get lost into a project. Sometimes I know, but.
Steven J Butala:
Oh, not me. What do you think you suck at? Forget about me.
Jill K DeWit:
What do I suck at? Well right now hiring.
Steven J Butala:
No, honestly, let’s talk about this.
Jill K DeWit:
Okay.
Steven J Butala:
You are amazing on the phone.
Jill K DeWit:
I know I’m good at that.
Steven J Butala:
You’re the most and the most talented sales person I’ve ever met in my entire life. And I don’t mean like sales in a auto dealership.
Jill K DeWit:
I suck it, I suck at-
Steven J Butala:
You’re fantastic at relationships.
Jill K DeWit:
Thank you. I suck. I get too far down rabbit holes sometimes. And I suck at that. I spend too much time on things. I get emotional about things.
Steven J Butala:
I think you need some help with time management. And I think that the choices in a priority list, if you have five things to do, I wonder if there could be better choices about which one’s the most important.
Jill K DeWit:
If there’s a list of five things to do to make it something really great, I’ll add five more and make it 10. And then I know it’s spectacular and it’s not really necessary. And you’re correct. So that’s the perfectionist in me that comes out on, I don’t know why.
Steven J Butala:
This doesn’t have to be about what you suck at it. You could ask me.
Jill K DeWit:
Oh, okay. What do you, what were the two things that you don’t suck at?
Steven J Butala:
Data and putting those types of things together and in place and staying organized. Those two things I really, really excel at. And I think that I’m actually relatively good at delivering a message most of the time, not all the time, delivering in a message in a format where I’m reaching people from where they’re coming. They’re brand new. You don’t talk about how to price them Miller, ADB to CBT, [crosstalk 00:08:03].
Jill K DeWit:
That’s great babe, but what do you suck at?
Steven J Butala:
Everything else. That’s where I was at. Everything else.
Jill K DeWit:
Give me one.
Steven J Butala:
I’ll tell you what I suck at. My fatal flaw’s the flaw that could bring all of this come crashing down on our heads, is this. I dramatically lack focus on follow-through projects. So there’s probably 10 products, some of them land academy, some of them not in the hopper that I know would be great. People would respond to it well, sellers would respond to it well.
Steven J Butala:
And so instead of taking one of those 10, all 10 of them just kind of linger there instead of saying screw these nine. Steve Jobs said “The real success in life is choosing what not to work on.”
Jill K DeWit:
That’s good. I believe that. Okay. So, that was number two.
Jill K DeWit:
And then number three is, and this is what prompted this whole conversation for me was, because these guys in career path are asking for help. So you need to get over it and ask for help on those areas that you suck at. For example, I can’t get organized. Deals come in and I drop everything and I’m a scatterbrain looking at all these deals. How can I get organized?
Jill K DeWit:
All right, let’s talk about that. And that it could just be something as simple as that, not even like hiring help or getting a new program, but maybe it involves that too. Maybe you need a new software system or new calendar system or something. Maybe you need to get a little alarm clock on your desk that goes off for certain times or use your alarms on your phone or your alarms on your computer or use your watch, whatever it is and until you are good, you follow through with that.
Jill K DeWit:
And basically like some of these guys are asking for help are things like, honestly, they’re big things, which is really kind of cool. Like I need to get out of my comfort zone and go for bigger deals. I need to get out of my comfort zone and who do I hire first? I know I need help.
Jill K DeWit:
So we talked about, you need to sit back where, what are the areas are you struggling with? Is it answering the phones? Is it doing the paperwork? Is it doing this, doing that? And I’ve gave some of my first choices and who I think they would be and how to hire, and then you have to go and you kind of got to do it. You just kind of go out there and do it. What do you want to add?
Steven J Butala:
Know what I see as, it’s not a trend, as a there’s 15 people in career path and every single one of them is taking complete and entire responsibility for their own success.
Jill K DeWit:
Beautiful.
Steven J Butala:
They’re not afraid of banging their heads against the wall. They’re not afraid of asking stupid questions. They’re not afraid of taking the last session we did, I think was altogether with office hours, four hours. And it probably could have gone to five, but we had something scheduled. And so that’s a very, very… We talked about what we suck at for awhile here today.
Steven J Butala:
If you take responsibility for your own success and you stand there and look around at all the tools that you can gather and the information that you can get and what you actually need to do from an education standpoint and a time management standpoint, and to learn and hiring and all the big pieces of this puzzle, you’re going to kill it. You’re going to make millions and millions of dollars if that’s what you want to do.
Steven J Butala:
So, I see new people giving up long before they ever give it really a serious chance because they’re not taking personal responsibility for getting a mailer out, let’s say, or finding what’s really wrong or where the bottleneck is in their existing deal flow or whatever it, wherever they are in their career, they’re not getting up in the morning and saying, “I got to solve this today.”
Jill K DeWit:
That’s perfect. I love that. Thank you for that. And thank you for being here and happy you could join us today. Monday through Friday, you can find us right here on the Land Academy Show.
Steven J Butala:
Join us next week for another interesting episode, you are not alone in your real estate ambition. I like Jill Friday.
Jill K DeWit:
Thank you. I appreciate that.
Steven J Butala:
It was super good, love. I think it’s so important. I had this person say to me one time, I don’t know where I was, this was years and years ago, and I was talking to somebody and we were just joking back and forth. Jill and I are famous for making fun of ourselves and not taking ourselves too seriously, and really celebrating our failures and downplaying our successes. And, this is a long, long time ago and there is a group of people that were sitting there saying, “Do you have any idea? How’s the self-deprecating you are?”
Jill K DeWit:
Oh really? They said that?
Steven J Butala:
You really need to see somebody. You’re down in the dumps. You must be depressed when you, how can you talk about yourself like that? That’s not healthy. And these people are all sitting up straight with perfect hair cuts and they’re all dressed nice. And they’re just in love with themselves. To which I just, I was with some other people that we were just crying laughing. It was in a drinking environment and it’s so funny to see people take themselves too seriously.
Jill K DeWit:
I missed that whole conversation. Thank you for saving me for that. Oh my gosh. Hey, thanks for tuning in. We hope you find our content valuable and we really do appreciate your support. If you haven’t already, please get on over to our YouTube channel, hit the subscribe button, and please comment on the shows that you love. We are Steve and Jill.
Steven J Butala:
Information.
Jill K DeWit:
And inspiration.
Steven J Butala:
To buy undervalued property.
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