Buying Land with Emotion is a Fast Track to Failure (LA 1341)

Buying Land with Emotion is a Fast Track to Failure (LA 1341) Transcript: Steven Butala: Steve and Jill here. Jill DeWit: Hello. Steven Butala: Welcome to the Land Academy Show, Entertaining Land Investment Talk. I'm Steven Jack Butala. Jill DeWit: And I'm Jill DeWit, broadcasting from sunny Southern California. Steven Butala: Today, jill and I talk about buying land with emotion and how it's a fast track to failure. Jill and I talked about this a little bit on Monday, but we're going to bring it home now. If you can't, cannot be emotional about this. So, you can't see something in these deals, that's not there, just because you want to be successful financially. Jill DeWit: Or because the seller tells you there's something great there. Steven Butala: You've got to look at the facts, just the cold facts. And then, even when you doubt it, you need to reprice it so that it... We'll get into the details in a minute here, but if you have any doubts, you need to reprice it so all your doubts are gone. And if you're finding that you're not looking at enough deals, you're choosing these deals that you're questioning, you just got to send out more mail. There's a real easy fix for all this stuff. Jill DeWit: That's true. Steven Butala: In a minute here, I'll tell you. I would say, the reason we're doing this show. We've done this topic a few times. I'll tell you, I was a victim of this in the beginning. I hated where I worked so much, and wanted a side gig to become a permanent... I wanted to be a permanent real estate investor that I funded. That was my childhood dream, honestly. And it worked. And so I was seeing things that weren't there. I wanted to do these deals and get the thing launched so bad, that I made some mistakes. Jill DeWit: I didn't know that. Thank you for sharing that. Steven Butala: So I'll talk about it. Before we get into it though, let's take a question posted by one of our members on the landinvestors.com online community. It's free. Jill DeWit: Do you know what just happened there for a second, I was going to say, though? It sounds like truth time. Remember? Steven Butala: Yeah, it was truth time. Jill DeWit: It was cute. About a week and a half ago, I did a Live on Facebook. It was a good one too. It was a case study about a couple of deals and doing level one due diligence. Anyway, it was cute. Somebody put in the remarks, whatever I said, she was like, "Truth time." I was like, "Yep. That's what that was." So we'll cover truth time again in a minute here. All right, so a different... This isn't you, is it? Steven Butala: No. Jill DeWit: Okay. A different Steven wrote this question. "I have one phone number- Steven Butala: If I wrote a faux question, the name would be like- Jill DeWit: Burt? Steven Butala: Yeah. Earnest. Jill DeWit: Okay. Terminator. Let's see. "I have one phone number that I use for my offer letters for all areas that I mail. And the area code is obviously not local to people receiving the letter. What is your opinion on having a local phone number for each area you mail, that all ring to one main number one called? My only concern with that strategy is the phone number will not match my mailing address, which I like to keep the same forever. Thanks." Okay, wait. I have to think about this. So it's not... I have one phone number and it's not local, but he... Steven Butala: You live in California, you're mailing Missouri. Jill DeWit: Right. Steven Butala: You got to have a California address. You're going to go get a Missouri phone number. They don't match. Jill DeWit: He's going to keep the same Missouri phone number and the California address forever? T. Steven Butala: hat's what he's asking. Jill DeWit: Oh, I don't necessarily like that. Steven Butala: Well, what do you do? Jill DeWit: Okay, here's what I do. Forever, we had an Arizona address and a Scottsdale address and a Scottsdale phone number and we still have them. That's still the main stuff/however,