Fewer Details, More Mindset

Transcript: 

Jack Butala:                       Jack Butala with Jill DeWitt.

Jill DeWitt:                         Good day.

Jack Butala:                       Welcome to our show today. In this episode, Jill and I talk about how fewer details, and more big picture mindset, is going to get you where you need to be. Before we get into it though, let’s take a question posted by one of members on the LandInvestors.Com, online community. It’s free.

Jill DeWitt:                         This question ties in perfectly to what I’m talking about today. Pete asked, “The vesting deed reads, “Lazy KV Estates, block gg, lot 4C, $250.” On the investor’s website they have it written, for the legal description as, Lazy KV Estates, filing number three, block gg, lot 4C, containing 3.5 acres, rec number…You guys get the picture, FKA, frequently known as lots four, five, six.”

Jack Butala:                       Fascinating stuff.

Jill DeWitt:                         “Any advice on which one I should use? Thanks in advance for any help that can be offered. It’s my first deal,” key there. “So I’m a little nervous about making a mistake.”

Jack Butala:                       All right. You get a free pass, Pete, cuz it’s your first deal.

Jill DeWitt:                         Right. So number one; don’t get hung up on details. Number two; the vesting deed, to me, looks wrong because the $250. We never have dollar amounts on properties, what we paid. Jack, I know, is going to explain more on that so, do you want to jump in here first?

Jack Butala:                       Go ahead.

Jill DeWitt:                         All right.

Jack Butala:                       Let’s answer the question; which one should we use.

Jill DeWitt:                         The assessors website legal description.

Jack Butala:                       I disagree. I love when we disagree about some of this stuff.

Jill DeWitt:                         Really?

Jack Butala:                       Yeah.

Jill DeWitt:                         I’m not gonna put that 250 bucks on there.

Jack Butala:                       Here’s why. We all know, Jill’s right, by the way. Jill’s right. The assessor’s database has a correct legal description, but the recorder, if they review it at all, is really gonna have a lot to say about the legal description not matching the vesting deed. So the answer is this. Jill and I are both right. Call the recorder, and ask them.

Jill DeWitt:                         Make sure.

Jack Butala:                       The right way to do it is the actual legal description from the database. But there could be some confusion depending on how the recorder feels about it.

Jill DeWitt:                         The bottom line is Pete, whoever did that vesting deed, clearly did it wrong.

Jack Butala:                       That’s right. That’s exactly right.

Jill DeWitt:                         That’s where the confusion started. Whoever did the deed, obviously it’s like they made up some of their own information, and why they added the money on there is weird. You never do that. I have never in my life seen a vesting deed, or a deed of any kind, that has a dollar amount in a legal description. That’s not what that’s for too. The legal description is to describe where the property is. That’s really what it is. It’s a technical term, and sometimes legal descriptions will be like this; they’ll have a size in there. They will have a subdivision name, and a lot, and that information, and sometimes they go way back to meets and bounds. Or they’ll even go to; beginning at this tree on this hill, if you really want to go way back. That used to be how they described them in some situations; 40 paces to this rock, to this corner, to that.

Jack Butala:                       In Texas, it’s all based on where the railroad tracks are agrily. It’s not a meets and bounds state. Here’s the thing man, as an entrepreneur, which all of you are, and Jill and I are, this kind of crap is offensive. I’m gonna be real straight.

Jill DeWitt:                         It’s offensive?

Jack Butala:                       Yeah, it offends me.

Jill DeWitt:                         Why?

Jack Butala:                       Because, who cares? You can pay two or three hundred dollars for a real estate deal, for a title agent to complete this whole thing.

Jill DeWitt:                         Right.

Jack Butala:                       Or you can use one of the resources in the LandInvestor’s collection, that we provide for you. Pete’s new and, like I said, he gets a free pass, but these kinds of questions are not what this is for. It’s not what success plan is for. These are tiny little detail oriented questions about… But we’re happy to answer.

Jill DeWitt:                         I get it.

Jack Butala:                       But we should be talking about how to increase deal flow. Really this is what this show is about.

Jill DeWitt:                         But everybody was new once. Everybody needs to know one time, and having said that, this is information that we provide, which is, you should be copying the grantor exactly how it was, even if it’s spelled wrong.

Jack Butala:                       Copy the vesting.

Jill DeWitt:                         In this situation, though, I’m with you, but pick up the phone. Seriously, that’s the best thing. Go to the source, pick up the phone, and say, “Hey recorder, xyz county, this person clearly did something wrong, because what the assessor has, and what’s on the deed are two different things. What would you like me to put so it’s gonna go through smoothly, and not gonna get rejected, and everybody’s clear.”

Jack Butala:                       The last sentence of Pete’s question, “It’s my first deal so I’m a little nervous about making a mistake.” This is the mindset that’s in the title of this episode. I want you to go into these deals with the fact that you are gonna make a mistake.

Jill DeWitt:                         Yeah.

Jack Butala:                       And accept it long before you even make the mistakes because you’re gonna make the mistake. I’m gonna tell you a real short story. I’ve said it before on this show. I’m gonna make it brief. Jill and I were at a dinner party about several months ago, and one of our good friends, their teenage daughter was there and she’s about to drive. I asked her if she’s got a car yet, and she said, “I’m gonna use my mom’s car, my parent’s old car.” I said, “Good, cuz then you don’t have to wreck a new car.” She looked at me, horrified. I said, “You are gonna get in a pretty serious accident.” Statistically that’s what 16 year old drivers do. She just was horrified. Almost in tears. I said, “It’s gonna happen, so make it count, and make sure you don’t get hurt.”

So I want you to go into these real estate deals with the same, you are gonna screw some stuff up. Hopefully, you’re not gonna lose a lot of money, but nobody does stuff perfectly the first time. That’s the mindset you have to have.

Jill DeWitt:                         Oh yeah. You know what? That’s a good point too. So, you know what? You make a mistake. They send it back with a sticky note. Boy we’ve all been there. Big deal. I like that. Don’t get hung up on it. Expect to get it returned. You know what else? You’re gonna fill out the check wrong one time. You’re gonna forget to do the fee for this. That’s okay. They’re gonna send it back with a nice sticky note telling you what to do. What I would say to hedge this off is, put your phone number in there. So when you send these in, make sure they can call you, because nine times out of ten, there’s a lot of really good recorders out there, and if your phone number’s in there with a nice note saying, hey if there’s anything I missed, call me, I’ll fix it. They’ll pick up the phone and call you, and they’ll say, hey I need a check for an extra two dollars. You’re off by two dollars. Instead of sending it all back, I’ll put it on the side of my desk, you send me a check for two bucks, and then we’ll go through just fine. You’re gonna go, oh my goodness, thank you.

Jack Butala:                       That’s the mindset that the show is really about. If you have a question, or you want to be on the show, reach out to either one of us on LandInvestors.Com. Today’s topic; fewer details, more mindset. This is the meat of the show. Jill came up with this title.

Jill DeWitt:                         I did. I see people getting hung up on details. Just like this question; don’t sweat the small stuff. I know it’s silly, and we’ve heard it a thousand times, but it’s very true. Be prepared for those little mistakes. Don’t get bogged down in the details. That’s my thing. If you sit and pour over every one transaction, and go over every single detail, and spend three days on every transaction, you’re getting one deal done a week, and that’s not what you should be doing. You need to think big picture, and what the mindset is; just be ready. Do everything you can. Be smart about stuff. Be efficient about it, and fix little mistakes.

Jack Butala:                       If you’re not entirely and thoroughly embarrassed about the first three real estate deals that you do, the first website you launch, maybe the first girl that you marry. If you’re not completely embarrassed-

Jill DeWitt:                         Jack! Jack, Jack, Jack! I have something to say about that, go ahead.

Jack Butala:                       …and look at yourself in the mirror and hang your head, and say, man. Then you’re not trying hard enough.

Jill DeWitt:                         I just read something today about, I think it’s Greg Allman, Allman Brothers, who was married to Cher for a brief period, who just passed on recently? He had quoted saying that he finally found love in his seventh wife. I’m not kidding. I didn’t realize the guy was-

Jack Butala:                       He said that out loud?

Jill DeWitt:                         Yeah, it was a quote in this magazine I was just reading, and I’m like, what kind of guy was married-

Jack Butala:                       What kind of magazine were you reading?

Jill DeWitt:                         You know what kind of magazine I was reading. I was in the doctor’s office. I’m like, he was married seven times.

Jack Butala:                       I’m not going to the doctor’s office with a textbook.

Jill DeWitt:                         I thought that was so funny. So speaking of fewer details, more mindset; just keep getting married til you get it right.

Jack Butala:                       And then it killed him.

Jill DeWitt:                         Maybe. Oh my goodness.

Jack Butala:                       Maybe the sixth wives before that-

Jill DeWitt:                         No. He was married to Cher. It’s hilarious.

Jack Butala:                       All kidding aside, don’t worry about the details. Ask the questions and choose the right venue for the right questions, so vesting deeds and stuff. Title agents are some of the most hard working, overlooked, un-respected, group of people I’ve ever seen. And underpaid, by the way. They know everything. If you call them, it’s not like a real estate agent. Real estate agents are diametrically the opposite; they’re grossly overpaid, and pretty much don’t do anything for their money. They just try to look good.

Jill DeWitt:                         Literally.

Jack Butala:                       And speak well, literally.

Jill DeWitt:                         And drive nice cars.

Jack Butala:                       Yeah, that they can’t afford usually. My little sister’s a very successful real estate agent, and I said this to her, like a year ago, I said, “What’s the deal with?”

Jill DeWitt:                         She doesn’t drive a fancy car.

Jack Butala:                       She’s like, “Look, here’s the thing with real estate agents; they either fail, or they make so much money they don’t know what to do with it.” She’s in the latter, but she said for some reason there’s just nothing in the middle.

Jill DeWitt:                         That’s so funny.

Jack Butala:                       Anyway, my point is; don’t worry about doing this stuff perfectly. Or even doing it right. Just get through it. Get through the first few deals, and make sure that you’re learning. That your mind is open, and not closed.

Jill DeWitt:                         You just said what I was going to say. That’s it.

Jack Butala:                       Oh go ahead.

Jill DeWitt:                         No, no. It’s perfect. I see so many people that, a deal comes along, and they’re all excited, and they get in their way. Sometimes people create their own problems with their own details. I’m like, why are we even talking about this? So what? Do your best guess, and move on. Now, this does not mean you get a free pass to half ass do what you should be doing.

Jack Butala:                       Free pass to half ass. I’m writing this down. That’s the name of a show.

Jill DeWitt:                         The way Jack, no just kidding. Jack’s whatever philosophy. Oh you are writing this down. That’s right. So this is not a free pass to just like, hey I gave it 50% effort. No, that’s not the right thing. But don’t go 150%. The person that’s signing the deed, don’t ask for ID, birth certificate, passport, you know what I mean? Some people can do that. Are you married? Are you sure? Were you once married? Are you sure they’re not involved? That kind of detail. That’s maybe not the best example, but I see people doing a version of that, and getting in their own way. That is my whole point here, is you know what you’re doing. You know what it is. I think people get nervous. I think that’s really where it comes from. They’re like, I don’t know if I’m doing it right. I don’t know if I’m doing it right. I’m nervous. You know what? You’re gonna be just fine. If you make a mistake, we’ll recover. We’re right here. We’re gonna catch you. You’re not gonna fall that far and you’re gonna be fine.

Jack Butala:                       You’re probably not doing it right. So what? I learned this from Jill, by the way. I was all uptight like this before I met her. Yeah, you’re not gonna do it right. So what? Nobody’s judging you. At least you’re doing it.

Jill DeWitt:                         Exactly.

Jack Butala:                       It’s way better than not doing it.

Jill DeWitt:                         You know what? I like it. When you make these mistakes, especially if it’s a big one, hey, do it right man!

Jack Butala:                       Oh make it count.

Jill DeWitt:                         Yeah. Oh boy. Hey you know what? You’ll only do that once. Have I made some mistakes? I’m like, well I remembered that one. I’m not doing that again. That’s okay, and you move on.

Jack Butala:                       Here’s a mistake you do not want to make. All kidding aside here. Price. You do not want to overpay for a piece of real estate, which is why we say; on the first several deals that you’re gonna do, you need to be running to the bank, because you can’t believe the seller’s so crazy for you, so cheap. So that is a mistake that everybody takes very seriously, and you do not want to make it, even on your first deal. Especially on your first deal.

Jill DeWitt:                         You know what though? I’m sure people have made that mistake.

Jack Butala:                       Don’t let it stop you.

Jill DeWitt:                         Do more deals. I have talked to people, this is a good point that you brought up, I’ve talked to people, or just found us, they called me kind of asking advice and kind of figuring what we’re all about. We’re talking to someone going, I can’t sell this property, how do you guys sell property so easy? So I was digging deeper and asking questions. Well the guy did overpay. He didn’t know anything about us. He thought it was a good deal. He had no idea even how to check it, and did overpay, and then, he’s advertising it in one place. I’m like, that’s why it’s not selling. You overpaid, and you put it on CraigsList, and you think someone’s gonna find it, and want it? No. At this point, you gotta cut your losses, and move on.

Jack Butala:                       Right.

Jill DeWitt:                         You might have to take a hit on that one, but now you know. And it’s good he is in our world, in our community, and how he’s with it. Now he recovered, and now, ten deals later, who cares about that one?

Jack Butala:                       Who cares?

Jill DeWitt:                         Exactly.

Jack Butala:                       Ten girls later, who cares about the first one?

Jill DeWitt:                         Jack, why does it always come back to girls?

Jack Butala:                       I don’t know.

Jill DeWitt:                         Geez.

Jack Butala:                       Ten cars later. Who cares.

Jill DeWitt:                         Thank you. Ten helmets later. Oh my gosh.

Jack Butala:                       Helmets?

Jill DeWitt:                         Oh I was just thinking about that today. I’m getting the car, and I’m like, I wonder how many helmets Jack has bought in the last two years? Probably almost ten. Cuz I looked at your motorcycle, and I’m like, oh look at that helmet, I wonder-

Jack Butala:                       That’s the right helmet.

Jill DeWitt:                         Mm-hmm (affirmative).

Jack Butala:                       Sometimes you have to go through a few.

Jill DeWitt:                         Yes you do. That’s funny. You don’t go through shoes, you go through helmets, and women.

Jack Butala:                       Yeah, how many shoes, how many shoes have you gone through?

Jill DeWitt:                         Well you know what? That was going to be my argument, now that we’re talking about it. I’m like, you know what? Next time you look at me about my shoes, I’m gonna say, “Helmets.” And you’re gonna go, “Nevermind.”

Jack Butala:                       Yup. No. Actually, for a girl, you don’t have that many pairs of shoes.

Jill DeWitt:                         No. Cuz now were really close to the beach so half of my shoes are sandals and flip flops.

Jack Butala:                       My God, Jill, we went this event earlier this week, and I put a pair of shoes on for the first time in two weeks.

Jill DeWitt:                         That’s right. Your kid number three even said, “what are those on your feet?”

Jack Butala:                       I know. We must be doing something right if we only wear, I don’t have any shoes on right now.

Jill DeWitt:                         Exactly. Neither do I.

Jack Butala:                       Awesome. If you have a question, oh I can’t read, see? I made a mistake, and I don’t care.

Jill DeWitt:                         That’s okay.

Jack Butala:                       Join us in another episode where Jack and Jill discuss how to use information, that’s me.

Jill DeWitt:                         And inspiration, and I’ll save you, that’s me.

Jack Butala:                       You get just about anything you want.

Jill DeWitt:                         We use it everyday to buy property for half of what it’s worth, and sell it immediately.

Jack Butala:                       You are not alone in your real estate ambition.

Jill DeWitt:                         Okay, Jack. That’s show number 482, and it’s still not memorized?

Jack Butala:                       No, it’s not.

Jill DeWitt:                         Just gotta ask.

Jack Butala:                       Well, cuz I formed a habit of reading a script because we do other things besides this podcast, believe it or not.

Jill DeWitt:                         Oh.

Jack Butala:                       Want to hear a secret about me?

Jill DeWitt:                         I do.

Jack Butala:                       I was really hung up about doing stuff properly, and perfectly in my younger years. I think a lot of young people are.

Jill DeWitt:                         Really?

Jack Butala:                       I think you learn that in school.

Jill DeWitt:                         Really?

Jack Butala:                       Yeah, it’s like everybody judges you on your grades, and they expect them to be perfect, and it’s silly. That’s not the way the world is. Best thing you can do is fail one time after another, and learn to just not take it personally, and just get through it, get to the thing that makes sense. Eventually you’re gonna find the Utopia of whatever you’re looking for.

Jill DeWitt:                         I get it, you’re right. There was a time in my life where I was kind of a perfectionist, I’ll admit it. Then I went the other direction, and I’m like, ehh, whatever. Then you kind of recover, and you find your groove. You’re like, okay you know what? I’m gonna do my best, but I’m not gonna get hung up about it, and beat myself up if I make a mistake.

Jack Butala:                       Is that where you are now?

Jill DeWitt:                         Yes, it is.

Jack Butala:                       Me too.

Jill DeWitt:                         Thanks.

Jack Butala:                       You look pretty.

Jill DeWitt:                         Thank you.

Jack Butala:                       Information and inspiration to buy undervalued property.

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