Essential Real Estate Investor Tools (JJ 593)
Essential Real Estate Investor Tools
Transcript:
Jack Butala: Jack and Jill here.
Jill DeWit: Hi.
Jack Butala: Welcome to the Jack Jill Show, I’m Jack Butala.
Jill DeWit: And I am Jill DeWit. Broadcasting this week from sunny Southern California where everyone seems to have an Emmy on their mantle. Have you noticed that?
Jack Butala: Oh my gosh, you’re right. Or some kind of award.
Jill DeWit: It’s so funny.
Jack Butala: Everyone’s got award here.
Jill DeWit: Oh, and I was blown away the other day. We were … Jack and I were looking at some office space, very close to our home. And it’s in an interesting environment where you have lots of different sizes of office space. And it looked like … We were sitting on this … We were up on a deck, overlooking the ocean view, because of course this office space happens to have an ocean view, and beautiful deck, it’s just gorgeous.
And I look behind me and it’s clearly someone’s private office. And I can kinda see over above the line where the windows are kinda clouded, they have a shelf.
Jack Butala: You see a silhouette.
Jill DeWit: And it was not one Emmy, or Oscar, or Grammy, but like 10.
Jack Butala: It was like thirty. Yeah.
Jill DeWit: Or more. I’m like, it was just rows of them. I’m like, “Whose office is that?”
Jack Butala: So, I didn’t realize it but … I didn’t realize it until we got … Spent a lot of time here that there’s video and audio production companies that win all kinds of awards. It’s not the ones that you see on Saturday night on these award show, but they’re given by their peers. Issued by their peers.
And so, every time you see a piece of audio, or a piece of video, I mean. You know, in that television or movie format, or sports and stuff … There’s a huge production company behind it.
It’s a lot of work.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: Like a ton of work. And people get awards for that.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: It’s cool.
Jill DeWit: Exactly.
Jack Butala: We all sit here around and think about actors, and directors, and stuff, but there’s so much other stuff going on.
Jill DeWit: That’s really what I was talking about. Actors and directors, because there’s a lot of that too.
Jack Butala: You know what I noticed about that office?
Jill DeWit: Huh?
Jack Butala: I noticed about that office is that, the lights are turned off and everything was locked.
Jill DeWit: Nobody was there.
Jack Butala: Yeah.
Jill DeWit: Just a place to store their stuff.
Jack Butala: I had a … I was an auditor a long time ago. You know, not a tax auditor, but an accounting auditor. And we used to go into these huge manufacturing buildings, and facilities in the Midwest, and audit their financial statements, and the owner was never there. There’s always, like, you know, picture an industrial building that’s a mess. Right?
And then there’s a little office over there, it’s all decorated, his wife’s decorated his … And he’s never there.
Jill DeWit: I want a company just like that.
Jack Butala: I do too. That’s what I mean. It’s like, you know what? As if to say, “You know, I uh, I got something better to do today.”
Jill DeWit: Yeah, you guys got this. Right?
Jack Butala: You guys figure it out.
Jill DeWit: Wow. How do you get that?
Jack Butala: Just an empty office sitting, with a bunch of papers on it.
Jill DeWit: Right.
Jack Butala: Two weeks of mail unopened.
Jill DeWit: Exactly. Because it’s just not worth his time.
Jack Butala: Back then, you know, there was an older woman that probably was just really running the company.
Jill DeWit: Right.
Jack Butala: Which just started out as his quote, unquote secretary, which you can’t say anymore.
Jill DeWit: Right.
Jack Butala: Assistant.
Jill DeWit: Right.
Jack Butala: She’s probably ordering everything, and making decisions, and probably selling … She’s probably running the whole thing.
Jill DeWit: Well, how many times has that has … I love those stories, by the way. We all know … We’ve read stories along those lines, where they started as a secretary, back in the day, and they are now the CEO.
Jack Butala: The CEO of Coca-Cola started in the mail room.
Jill DeWit: I love it. Thank you.
Jack Butala: He did not speak english when he got the job.
Jill DeWit: Seriously?
Jack Butala: Yeah. He’s the CEO of Coca-Cola.
Jill DeWit: Thank you. That’s what I’m talking about.
Jack Butala: Which I think makes a lot of sense, for the record, because actual Coca-Cola, itself, America’s not the largest customer.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: The rest of the world drinks [crosstalk 00:03:40].
Jill DeWit: Is it South America?
Jack Butala: Yeah.
Jill DeWit: That’s what I would think.
Jack Butala: I mean, I don’t know exactly what the numbers rank like, but you know …
Jill DeWit: I would say South America.
Jack Butala: People out of this country drink a lot.
Jill DeWit: Like Brazil. And those countries.
Jack Butala: Right.
Jill DeWit: I would think. So, very cool.
Jack Butala: Where’s my Emmy, Jill?
Jill DeWit: Oh, it’s coming.
Jack Butala: I don’t want an Emmy. I have no interest in an award. I have no interest in ever going to an award ceremony. You’re looking at me like I’m nuts.
Jill DeWit: It’s okay.
Jack Butala: You don’t want an award?
Jill DeWit: No, I don’t need an award.
Jack Butala: Yeah you do.
Jill DeWit: No, I really don’t. I don’t need an award. I don’t want an award. Thank you though, I appreciate that.
Jack Butala: You crack me up. She just kicked me under the table.
Jill DeWit: I don’t. I’m totally being serious. That’s not my thing. No, you know what I want? I want to know that I help people.
Jack Butala: That’s what I want.
Jill DeWit: And that’s what we’re doing.
Jack Butala: That’s what I want.
Jill DeWit: All I want is what I get. And I want more of it, which is, “Oh my gosh, you changed my life, thank you.” That’s it. That’s what I want.
Jack Butala: Jill and I got a gift basket recently.
Jill DeWit: Yeah.
Jack Butala: That we have … It’s …
Jill DeWit: We have some pictures of it.
Jack Butala: It’s on our kitchen counter.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: It’s a piece of art. You know, it’s unopened.
Jill DeWit: I know, I don’t even want to touch it.
Jack Butala: I don’t want to open it either.
Jill DeWit: I know, it’s perfect. We’re gonna … We need to … I’m gonna take some pictures of it, and we gotta celebrate that, because they put a lot of thought into that.
The ribbon even has …
Jack Butala: Who sent that to us?
Jill DeWit: [Merit 00:04:55].
Jack Butala: That’s it.
Jill DeWit: Yeah.
Jack Butala: Hey, thank you. Seriously.
Jill DeWit: Mm-hmm (affirmative). Thank you, [Merit 00:05:00] and family.
Jack Butala: That was a really nice gesture.
Jill DeWit: That was awesome.
Jack Butala: They have a note that was with it was, “You know, you guys are changing our life, and changing people’s lives.” Jill and I, I’m gonna brag for a second.
Along the lines of helping people. Probably once, maybe twice a week, we get a heartfelt, usually from a member, sometimes it’s somebody that came over from somebody else’s group. Just thanking us.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: That’s why I do this.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: I don’t care about Emmys or Grammys, or any of that crap.
Jill DeWit: Mm-hmm (affirmative). I agree.
Jack Butala: I love when people send us emails and say, “Thanks, you guys are the real deal. This isn’t a bunch of malarkey, guru crap. You give some good advice and, but you’re kinda idiots. But, I can see through all the idiocy, because there is some good advice in there.”
Jill DeWit: Exactly.
Jack Butala: Those are my favorite kind of emails.
Jill DeWit: My favorite are, “I just told my wife to quit her day job.”
Jack Butala: Yeah.
Jill DeWit: “And my family can breathe right now. And I don’t have to think about the mortgage, because now I have this stuff coming in.”
Jack Butala: Yeah. That’s great. [crosstalk 00:05:54].
Jill DeWit: Even if nobody’s quitting their day jobs, just knowing that man, I’m on track now to actually pay for my kids college. You know? Or something like that. That’s way better than an award.
Jack Butala: I’m gonna get all weepy if we keep talking about this.
Jill DeWit: Thank you, Jack.
Jack Butala: Entertaining real estate investment.
Jill DeWit: And maybe some inspirational, tear-felt moments, too.
Jack Butala: Today Jill and I talk about the essential real estate investor tools that you might need, and probably some stuff you should just forget about.
Before we get into that, let’s take a question posted by one of our members on the Jack Jill dot com online community. It’s free.
Jill DeWit: Okay. So, this is a string of posts that looks like started with a question, and we have a bunch of different people commenting here. So, it’s really cute. So, I’m gonna read one, Jack. And you read some with me, okay? Please?
Jack Butala: Yes.
Jill DeWit: Okay. So, I’m gonna read for what the person. It’s B. Walden. So, B. Walden asks, “I’m about to do a deal on a property worth 20 to 40 thousand dollars, and I’m wondering if I should wait for TitleMind, or use a local title company.”
Jack Butala: [inaudible 00:07:08] says, “Since TitleMind is going live this Monday, I would wait.”
Jill DeWit: So, B. Walden then shares, “I couldn’t wait. I’m getting the property for 1,000 dollars plus …”
Jack Butala: This is my kind of guy.
Jill DeWit: This is so good.
Jack Butala: I can’t wait [crosstalk 00:07:23].
Jill DeWit: “Plus paying off 3,000 dollars in liens. Recent comps have it valued between 40 and 55 thousand dollars, and it was just assessed for over 40 thousand dollars. My only problem is the title company is freaking out over the fact …” Like they have a word in this. “That the sales price is only a thousand dollars and are treating the deal like someone is committing a crime.”
Jack Butala: Yeah.
Jill DeWit: “Ha ha ha. Can’t wait for TitleMind already.”
Jack Butala: Yep. And [Milan Pipe 00:07:50] said at the end here, “I would close the deal on your own. Why bother with the title company? They kill the deals and they let … By letting you, the seller, wait forever. Seller might change their mind while title closes and the deal takes one to three months.”
Amen to all three of you.
Jill DeWit: Mm-hmm (affirmative). That’s true.
Jack Butala: Here’s the thing. Title companies in these rural little areas get real personal, and they get possessive of their real estate. And they don’t, you know, I’ve had deals swiped out right from under us, where the title agent or their title’s brother-in-law goes and closes a deal.
So, I have to go with [Milan 00:08:24] on this, I think that you should go in, buy the property. Tell the seller that you’re actually gonna buy the property and do the deed yourself.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: Then, I would … And tell the seller that it’s not over yet. We are gonna get title insurance, we’re gonna have to go through escrow slash title, maybe a week later.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: So, what you’re risking then is the fact that there may be a serious cloud in the title, which you know, we all risk that, but again 15,000 deals later, we haven’t had this problem ever. So, knocking on wood.
Jill DeWit: Right.
Jack Butala: But, this is a run to the bank situation. I actually would, I would pay the 1,000 dollars and worry about the liens later.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: Completely control the property. Go ahead, Jill.
Jill DeWit: For me this is one of the reasons that we’re creating TitleMind. One reason is what title companies charge is robbery, frankly. It’s ridiculous.
The other thing is, they do, well, not only do they kill deals, I think they probably kill deals on accident. And then sometimes they kill deals on purpose, and that’s just wrong too.
There’s so many things that just don’t sit well with me.
Jack Butala: Yeah, and here’s why …
Jill DeWit: And why we want to do this on our own.
Jack Butala: Completely right, Jill.
Jill DeWit: Yeah.
Jack Butala: And here’s the whole … I’m gonna make this in 60 seconds, the history of escrow title.
Long time ago, you had to close a real estate deal with an attorney. And the attorney, like when there were horses and carriages. And the attorney had knew all the people in town. And so, that’s how it got recorded at the county and the whole thing.
It was a total ruse, because anyone can do it. And could do it even back then. Somebody in California got the bright idea that this is silly, and it’s too expensive. We’re gonna start this thing called escrow with title insurance with insurance companies, title insurance companies started escrow.
Which was a fantastic, rogue, thinking-out-of-the-box idea. What’s happened since then is everybody got complacent.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: And everybody got really greedy, and now they’re charging too much. These are insurance companies we’re talking about, by the way.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: So, it’s time for a change.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: It’s time for a revolution. And that’s what TitleMind is.
Jill DeWit: It’s like, you know, when you said that, Jack. I pictured you riding into the town on a horse.
Jack Butala: What color is the horse?
Jill DeWit: With … Uh, it’s a black horse.
Jack Butala: It’s black?
Jill DeWit: It’s a black horse.
Jack Butala: Good for you.
Jill DeWit: But, yeah you can’t wear a white hat. I can’t see you in a white hat. But the sentiment is there, even though you’re cool. You know? You’re not the Lone Ranger riding in.
Jack Butala: Yeah.
Jill DeWit: But you had, it’s the same sentiment. There’s a new sheriff in town. That’s what I just saw, and it was you on horseback.
Jack Butala: You know if you go to our website jack jill dot com, right at the top it says, “Changing the way real estate gets done.” That’s what this is.
Jill DeWit: Well, you know that logo, that image? I’m looking at it right now on your computer of the cowboy in the thing? Oh, that’s hilarious.
Jack Butala: You like that?
Jill DeWit: There is a new sheriff in town. This should be our new … That should be part of our thing. TitleMind, there’s a new sheriff in town.
Jack Butala: Okay, so that’s the good news. Good thinking.
Jill DeWit: It’s so to go with that.
Jack Butala: Here’s the bad news, we are having a heck of a time staffing TitleMinds. We gotta push the open date back. So …
Jill DeWit: It’s true.
Jack Butala: We’ll get it done.
Jill DeWit: It’s true.
Jack Butala: You know, we had to delay the Offers2Owners. I have to say, by the way, Offers2Owners, as a business for us, has just put us over the top.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: Both by helping people, by sending us gift-basket level help. And you know, it’s profitable. So …
Jill DeWit: Well, it’s providing a solution. This is what I’m doing right now, personally.
Jack Butala: That’s what TitleMind does. You’re right.
Jill DeWit: Yeah. Well …
Jack Butala: An unfilled need is providing that.
Jill DeWit: Well, right now, it’s happening with Offers2Owners. Not to plug Offers2Owners, I’m just saying it’s awesome. There’s so many people out in the real estate community that are not necessarily in … Do exactly what we do, but they do need the data.
And so, we’re able to pull real specific lists and things for them. Where, that if you called the county, it would take you, you know, weeks to get this stuff. And we can just pull it and have it to you in an hour. How cool is that?
Jack Butala: Yeah. It’s truly amazing.
Jill DeWit: So, thank you. I’m happy.
Jack Butala: If you have a question, or you’d like to hear the answer on this show to your question, post it on jack jill dot com.
Today’s topic, the essential real estate tools that you need. And maybe some non-essential ones too. It’s not what you think, Jill. This show. It’s not, “Oh, you need access to the data.” You do need access to the data. And everybody knows how to do that.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: If you don’t, that’s … If you don’t know how to access data, the best way to do it is to snoop around the internet for a while. Check out the price RealQuest if you can, and the whole thing.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: And then come on over to us and we’ll sell it to you for a way less …
Jill DeWit: Hook you up.
Jack Butala: Like, at literally one tenth of what it would actually cost you, if you went in and got it yourself.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: That’s not what I’m here to talk about those type of tools. We all know that you need a computer, and a compliance boss, and the whole thing.
I’m talking about an attitude.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: The tools that you need to really succeed at this, or anything else. You have to come at it with an attitude like, “No matter what happens, no matter what obstacle throws its face up, you’re gonna get through it.”
Jill DeWit: That was my first thought that popped into my head also. You have to say, “I’m going to make this work, period.”
Jack Butala: Yeah.
Jill DeWit: “And I’m not gonna take no for an answer. Whatever it is, whatever problem comes up, I’m solving it.”
Jack Butala: Take my word for it, the first mailer you do is probably not gonna work the way you want it to. Something’s gonna happen, no matter how much education you have. No matter how much you go on Land Investors or anywhere else that you get education. To try to hedge off what happens. Until you actually do it, it’s, you know, you don’t know what you’re going to face until you really get in there.
Just like marriage.
Jill DeWit: Before you said that, I was going in different … I was gonna have a very valuable comment, which is just like any job. I mean, what do you think training’s for? And I mean, I can’t think of any venture that you would go into and it’s gonna be perfect.
You know you’re gonna make mistakes. There’s always a learning curve no matter what you’re doing. Why did people think this is different? Why should you think this is different?
Did you think this is different, Jack?
Jack Butala: Did I think this whole land investing slash real-estate investment thing was gonna be different?
Jill DeWit: Why do you? Well, okay, here’s the bigger question. Why do some people start down this path and expect it to be perfect? Is it them? Is it their innate thinking or did we … I don’t know, you know what I’m …
Jack Butala: Yeah, so it’s … I used to think it was generational, it’s not.
Jill DeWit: Okay.
Jack Butala: I know cross-generational people that get up in the morning. This is, I know people, my dad’s like this. Truth be told.
He believes everything should just go well. Everything.
Jill DeWit: Harsh at start.
Jack Butala: And somebody told me to told him-
Jill DeWit: Everything should be perfect. Traffic should just part as I’m driving.
Jack Butala: Well, I think it all comes from … It all starts in school. In grade school. You know, we’re all judged on … You should get A’s. You should get good marks, you should get 100 on a test, not 90.
And that’s ridiculous.
Jill DeWit: Right.
Jack Butala: You know, math came really easy to me. So, I always got good marks in math. But not so much in some other stuff. So, you know … And they get ridiculed for it, and all kinds of stuff happens. And that’s just not what education is. Education is trying something and falling down, and trying again. And falling down, and trying again.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: And falling down, and then becoming actually relatively good at it. And at the same time, checking to see if you like it.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: You might not like it. You know? I love the social studies slash math …
Jill DeWit: Right.
Jack Butala: And writing. But, there’s other stuff I can’t … About education, I can’t stand it.
Jill DeWit: Mm-hmm (affirmative). That’s exactly right.
Jack Butala: It’s about problem solving, and sticking to it, and things like that. So, none of that involves …
Jill DeWit: Isn’t that funny?
Jack Butala: Doing it perfectly the first time out.
Jill DeWit: Right. You do make mistakes.
Jack Butala: That said, I do think this younger generation, and I don’t think it’s millennial-specific, I just think young people in general, no matter the generation have less patience, and they just expect stuff to happen well.
Jill DeWit: Maybe that’s it. Okay.
Jack Butala: In the way it should go.
Jill DeWit: The less patience, I understand.
Jack Butala: There’s … You know, this is, we’re in a computer … Like it or not, this is … We are in computers for … This is it.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: And probably 20, 30, 40 years from now, it’s not gonna be the little notebook device with a keyboard and stuff on it, it’s probably gonna look very different. However, that’s what it is now. It’s a keyboard and there’s typing.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: And there’s a lot of reading. And you’re gonna spend, if you’re any good at this at all, you’re gonna spend eight to 10 hours on a computer looking at data, and using data, and understanding what a mail merge is and all of that.
And it’s nobody’s fault. If that’s not for you …
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: I get it. I’m serious, if you’re a people sales person, don’t want to really dig into any of this stuff. That, I totally get it.
Jill DeWit: Right. Someone’s gonna write an algorithm for this someday. We all know that’s coming.
Jack Butala: That’s right.
Jill DeWit: It’s gonna be very interesting. I hope it’s you, Jack.
Jack Butala: We’ll be gone.
Jill DeWit: Oh, it’s gonna be after that?
Jack Butala: Yeah.
Jill DeWit: Okay. Could you imagine? To really have an algorithm that is … To see a downturn coming, and be able to know when it’s gonna be, so you can A, plan your life. You know, personally. And then B, think about acquisitions, professionally.
Wow.
Jack Butala: Absolutely, so think about how long … Where the stock market is now. Vast majority of its trading is high-velocity trading by computers.
Jill DeWit: Yep.
Jack Butala: Based on the performance of a stock, and what it’s done in an algorithm.
Jill DeWit: Right.
Jack Butala: You know, like the weather that day. Or what’s gone on in South Africa that day, for the sake of argument. Or so … You know, companies like Zillow and Trulia, and anywhere you see a house value on a computer, like RedFin, that’s an algorithm.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: So, theoretically you could use that algorithm, and drop it by 20 percent in most cases, or some number. You could write an algorithm on top of that algorithm that [inaudible 00:18:34] price the thing for you.
Jill DeWit: Brilliant.
Jack Butala: But, this is the crap I sit around and think about.
Jill DeWit: That’s brilliant. I’m …
Jack Butala: And try not to involve you in. Respectfully.
Jill DeWit: [crosstalk 00:18:42], but you know what? Dude, this makes you want to kiss you. This is good stuff.
Jack Butala: What?
Jill DeWit: Yeah.
Jack Butala: I didn’t know that.
Jill DeWit: It’s making me all warm inside.
Jack Butala: I thought that buying you flowers, and taking you out on a boat and stuff is … That’s what … I would rather do that.
Jill DeWit: They both are good. It’s great.
So, what other … I’m trying to think. Confidence.
Jack Butala: Yeah. Go ahead. That’s your area now. You can’t teach that.
Jill DeWit: An essential real estate investor tool. You know, you just brought up a good point. Thank you, Jack. An essential real estate investor tool is confidence. And sometimes if you act like you know what you’re doing, you sound like you know what you’re doing, but you’re kinda winging it, that’s okay. That’s a good thing.
Jack Butala: As a short-term fix of getting yourself out of a … This is just my opinion.
Jill DeWit: Okay.
Jack Butala: I’ve heard you say this before.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: Actually for years. And I believe that there’s a huge value to that.
Jill DeWit: Mm-hmm (affirmative). But yeah, short-term, not long-term.
Jack Butala: But I think that you better cut it out real quick.
Jill DeWit: No.
Jack Butala: Because, you better then get yourself out of that environment, and then go find out the answer, because …
Jill DeWit: We’re saying the same thing.
Jack Butala: Okay.
Jill DeWit: Yeah, I only mean that … Well, here’s what I’m saying, say you’re brand new and you’re a brand new investor, and you’re talking to a lot of sellers. And you’re not sure you sound good.
You know, put … You know, create a nice script. Get comfortable with it, practice it. You know? Get your tone down so you do sound confident and knowledgeable. And you know what? After 10 of those phone calls, you are confident and knowledgeable. That’s really what my point is.
But, when you’re starting out, maybe you’re not that confident. Maybe you’re not so sure. What?
Jack Butala: It’s funny that you say that, because really recently, like I don’t know, six months ago. I was doing something that had to do with … It was either this show, I think it was actually a piece of real estate. No, I was buying a piece of real estate.
And it all just hit me like a ton of bricks. Like, “I actually know what I’m doing.”
Jill DeWit: Oh.
Jack Butala: I just had this feeling, like … I just heard what came out of my mouth.
Jill DeWit: Wow. Was that me?
Jack Butala: And I’m like, “You know what?”
Jill DeWit: Wow, that guy’s smart.
Jack Butala: We really are buying like a ton of property in this one area. There’s no way that even really seasoned real estate professionals in this micro area …
Jill DeWit: That’s funny.
Jack Butala: That know building-by-building, they know that they’re not looking at this the way that we do.
Jill DeWit: Yeah.
Jack Butala: Which is from a data set.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: And pricing it properly. It’s all emotional, social relationship crap.
Jill DeWit: Yeah.
Jack Butala: That they were all … I’m talking about real estate agents.
Jill DeWit: Mm-hmm (affirmative). You know Jack, I’ve actually had that same thought about you too. Wow, he really is … Know what he’s talking about. At least he sounds like he does. I’m just kidding.
Jack Butala: How many years ago was that?
Jill DeWit: Oh, every day.
Jack Butala: Oh, come on.
Jill DeWit: I’m just kidding.
Jack Butala: You’re being nice to me.
Jill DeWit: So, but … So, that’s good. Well, I’m trying to think. I love your thinking. Were you? As always, when you … Whoever writes the topics, it’s funny how the other person … We see it so differently.
Jack Butala: Right.
Jill DeWit: So, when you wrote this topic, I really looked at the tangible tools, not the internal, or inspirational. It’s, you know, on my side of the sheet. But, the kind of person you are tools.
Jack Butala: Yeah.
Jill DeWit: And that’s what you need. Trying to think, as a successful investor.
Jack Butala: This could apply to anything. If you want to be a lawyer, and you’re in law school, you’re gonna have this conversation with yourself. Sometimes it’s subconscious, sometimes it’s not.
I want to be a lawyer who’s gonna prosecute people who are racist, let’s say. Or, I want to be a lawyer who’s at the top of a corporate law firm. I want to make partner, and I want to take the firm over.
So, when you’re having these kinds of conversations with yourself, I want to quit my job. I am so sick of this job, but I can’t because I have a mortgage payment and 1,300 kids. But, I’m gonna get up at one o’clock in the morning every morning, until I can turn a bunch of deals.
That’s a true story.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: We had a person on the show. On our Thursday call, like, three or four weeks ago. That was it.
So, you have to have … You want to talk about an essential investor tool, that’s it. You have to have that conversation with yourself.
Jill DeWit: And then you have to be able to dissect it. To take it a step further, you work it backwards.
Jack Butala: Yeah.
Jill DeWit: And that was a conversation, like, “All right, so you want to be at this level? Let’s see how long it’s gonna take you to get there.” And that’s where you jump in with your spreadsheets, which I think are fantastic. And that’s how you explain it.
Like, “Okay, you want to be turning this many deals, um, a year. Okay, then that equates to this many deals a month. And that equates to this many deals, uh, a week. And you have to, each deal has to yield this amount of money.”
Jack Butala: Yeah.
Jill DeWit: And by working it backwards like that, that’s how you get there. It’s the same conversation I have with our kids. You know, when they say, “I want to be, um, maybe …” We have one that wants to be an architect.
Jack Butala: Mm-hmm (affirmative).
Jill DeWit: So, my thought is, “All right. Well, we need to get you with an architect. Number one.”
Jack Butala: Yep.
Jill DeWit: I want you to spend some time with them, see what they do on a whole day, and really make sure this is what you want to do.
Jack Butala: Mm-hmm (affirmative).
Jill DeWit: Because, you might … He’s kind of social. And I don’t know how much social goes on with architects. Maybe they spend a lot of time, you know, by themselves in closed doors, with a ruler. You know, or now it’s CAD.
Jack Butala: And a needle in their arm.
Jill DeWit: Right. Something. And so, he needs to first get a feel for that. And then, my number one thing is, talk to the architect and work it backwards. Let the architect tell you how best to get here, because every person, every professional person can tell you, “This was the good stuff, this is the bad stuff. You know, let me save you some time. Don’t go to this school. I wish I would’ve done it this way.”
And, a lot of … I’ve talked to a lot of young people that they didn’t even think to ask those questions. I’m like, “You gotta, I mean, come on.”
Jack Butala: What was really important to you when you were …
Jill DeWit: Don’t be silly.
Jack Butala: Did you have some version of this conversation with yourself?
Jill DeWit: You know …
Jack Butala: Or did you have a hope chest, and just want to get married?
Jill DeWit: No, I never had a hope chest.
Jack Butala: You don’t strike me as the hope chest kind of girl.
Jill DeWit: No. I never cut out pictures of wedding gowns, and saved my grandmother’s quilt for my children someday. Never did any of that.
Jack Butala: That’s one of the reasons I adore you.
Jill DeWit: No. I just wanted … You know what my number one goal, growing up, was? Just wanting to travel.
Jack Butala: Yeah.
Jill DeWit: My parents did a really good job of getting us out there. And I love adventure, and for me, that was travel. And I just loved going places, and seeing people in other countries, and meeting them, and learning things. And getting on an airplane for me was a blast. That’s what started the whole flying thing for me, too.
Jack Butala: Mm-hmm (affirmative).
Jill DeWit: I love … The butterflies in your stomach at take off and landing are the best thing on the planet for me.
Jack Butala: That’s great.
Jill DeWit: I love it. I know you break out a cold sweat, maybe. Or other people might break out a cold sweat. But, for me, I’m like, “That’s exciting time.”
Jack Butala: I love turbulence too.
Jill DeWit: Oh, I don’t.
Jack Butala: Honestly, I do. I just like, I don’t know, I just like getting knocked around.
Jill DeWit: It is kinda fun, it’s like a rollercoaster feeling. So … That’s really good.
Jack Butala: I mean, the conversation I had with myself, and it’s the same one. It’s been … It’s the same one since I was four, is I want to be loaded.
Jill DeWit: Oh, so not necessarily what kind of occupation, you just wanted that …
Jack Butala: Like, I knew I didn’t want to be a drug dealer.
Jill DeWit: Well, let me … I would like to … As a woman, I would like to ask you as a man. When you say loaded, I bet you have an exact dollar amount in your head.
Jack Butala: I do.
Jill DeWit: Thank you.
Jack Butala: I have a dollar amount.
Jill DeWit: Okay.
Jack Butala: We long have passed it.
Jill DeWit: Oh. Well, that’s … Really, seriously?
Jack Butala: Mm-hmm (affirmative).
Jill DeWit: Even with today’s inflation rates? Like …
Jack Butala: Yep.
Jill DeWit: Oh. Well, that’s good to know.
Jack Butala: That’s what this Land Academy business is all about.
Jill DeWit: Oh.
Jack Butala: That’s what this Jack Jill thing is, because we’ve long passed all of that.
Jill DeWit: That’s great.
Jack Butala: This is now, you know …
Jill DeWit: What a great place to be.
Jack Butala: Helping people. Yeah.
Jill DeWit: Wow. That’s really awesome. Good. Thank you, Jack.
Jack Butala: Now, I just want to … Now, you know, we’re gonna institutionalize the whole thing.
Jill DeWit: Well, you know what’s nice about it now? When you reached whatever your milestone is, when you can then be in the position where we are, now you’re like, you have no fear, because there’s … If it doesn’t work out, my livelihood and my … Nothing is dependent on it.
I can make crazy … Take crazy risks, if you will. Let’s try this Land Academy thing. Let’s see if we can help people. Oh my gosh, we can.
Jack Butala: Right.
Jill DeWit: Yay. And if it didn’t work out, we would say, “Okay, well we tried. That was cool.”
Jack Butala: Let’s see if 10 people listen to this show. Oh, if 10 people like it, then maybe 20.
Jill DeWit: Maybe. Well, that’s another one. That’s a good one. Let’s do a podcast show. And I’m like, “We want to do what?”
Jack Butala: Mm-hmm (affirmative).
Jill DeWit: And then here we are. And if it didn’t work out, it’s not like I was needing it. It was just like a cool thing to let’s try this.
Jack Butala: I got a cool-ass gift basket.
Jill DeWit: Yeah.
Jack Butala: Let’s see if we can get another one.
Jill DeWit: Yeah. We helped this many people do these deals, let’s see if we can make them do bigger deals. And help more people. How cool is that?
Jack Butala: Well, you’ve done it again. You’ve wasted another half-hour listening to Jack and Jill show. Join us tomorrow, where we discuss why bigger deals require less money. It’s ironic but true.
Jill DeWit: And answer Rob’s question about our two-page letter format.
Jack Butala: You are not alone in your real estate ambition. Hilarious Jill.
Jill DeWit: Thank you.
Jack Butala: You are hilarious. You’re being super nice today. What’s going on?
Jill DeWit: Thank you. Well, you know what? I woke up with a feeling.
Jack Butala: What kind of feeling was that?
Jill DeWit: And that feeling is today is gonna be a great day. I’m totally being sarcastic.
Jack Butala: Okay Tony Robbins.
Jill DeWit: Yeah right. This was a good show. I like it when you pick shows. Well, I think that’s a new format. Is the new format gonna be more …
Jack Butala: I don’t know if we’re pulling this new format off.
Jill DeWit: Jill centric than like inspirational centric? Because we’re stuffing a lot of information in there, because that’s just who we are. We always provide good content based on our experience. But now, maybe we’re just getting to talk about it more in a different way, and I like it.
Jack Butala: Here’s what I thought about, before we changed the format. There’s a basic information that has to go on when you buy and sell real estate. And it changes once in a while, and everybody needs to be notified of that. And there’s different ways to look at things, but it’s basic.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: Like accounting. Or, you know, even a better analogy is geography. Right? Once you memorize all the countries in South America, in general, they’re not gonna change. There might be some stuff, and different ways to look at it, and maybe it’s population shift, and some stuff happens.
Maybe their GDP changes. Each country. But in general, it’s the same. Well, that’s what this is, it’s the same. I’ll tell you where, after doing this for two years, Land Academy specifically, for two years. What I’m seeing people need is not how to utilize data.
Once they get past that …
Jill DeWit: It’s true.
Jack Butala: Past the data piece, and they’re, “Now, I’ve got a running start.”
Jill DeWit: Right.
Jack Butala: What they need is confidence. The stuff we’re talking about.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: They need to stay on track.
Jill DeWit: It’s true.
Jack Butala: You know, they need motivation.
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: Life gets in the way, man. If you’re married with kids, there’s all kinds of crap that goes on every day that just keeps flying at you.
Jill DeWit: You know what I’m gonna end it with? Hashtag stay motivated.
Jack Butala: Oh yeah, that’s your whole thing, isn’t it?
Jill DeWit: Gee, thank you.
Jack Butala: Your women’s group thing.
Jill DeWit: I love it. Hey, share the fun by subscribing on iTunes, or wherever you’re listening. And hey, while you’re there, please rate us.
Jack Butala: We are Jack and Jill.
Jill DeWit: We are Jack and Jill.
Jack Butala: Information …
Jill DeWit: And inspiration …
Jack Butala: To buy undervalued property.
If you enjoyed the podcast, please review it in iTunes . Reviews are incredibly important for rankings on iTunes. My staff and I read each and every one.
If you have any questions or comments, please feel free to email me directly at jack@LandAcademy.com.
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.
