How Market Data Removes Risk in Real Estate Acquisitions (LI 702)

How Market Data Removes Risk in Real Estate Acquisitions (LI 702)  Transcript: Steven Butala:                   Steve and Jill here. Jill DeWit:                            Hello. Steven Butala:                   Welcome to The Land Investors Show, entertaining land investment talk. I'm Steven Jack Butala. Jill DeWit:                            I'm Jill DeWit, broadcasting from sunny southern California. Steven Butala:                   Today, Jill and I talk about how market data removes the risk from real estate acquisitions. It's one of my favorite topics. As you may or may not know, this is Data Week here at the Land Investors Show. Jill DeWit:                            I'm sorry. I love the Data Week. I'm going to walk in and make sure everybody around knows, "Data Week. Data Week. Data Week." Every week is Data Week, Jack. Why is this week different? Steven Butala:                   We just talk about it a lot more, which makes me really happy this week. But, you're right. Our whole life is packed full of data. Jill DeWit:                            Everything we do is data. Steven Butala:                   That's why these are easy- Jill DeWit:                            You stand in a grocery store, and you ... You know what? Let me share this about you, will you please? Steven Butala:                   Oh, no. Jill DeWit:                            You stand in the grocery store and analyze the costs of meat prices based on comps, and if we should buy the meat there. Steven Butala:                   It has a price per unit, like per ounce or per pound, or however they have it in there. Jill DeWit:                            We were at the gas station, and you were telling me what gas to put in my car and where to go, based on data. Steven Butala:                   Until recently, I thought everybody did that. Jill DeWit:                            No, they don't. Steven Butala:                   Every once in a while there's a guy in a grocery store, and he's doing the same thing. We look at each other and kind of laugh, like, "Yep. You have the same problem." Jill DeWit:                            Yep. Know what the good news is? There's a few places like Costco Jewelry, that it already passes your test. That's really good. Steven Butala:                   That's true. Jill DeWit:                            The other day, I said, "Meet me at the jewelry counter." Steven Butala:                   You don't buy jewelry for a price unit, you buy it all on emotion. Jill DeWit:                            Yeah, but it's a good price there, though. Steven Butala:                   You know why I don't feel bad about that? Jill DeWit:                            You were happy with that. Steven Butala:                   I don't feel bad about that at all. I don't even look at the price if there's something that you want when it comes to jewelry, because everything else in my life, it's already locked down. Jill DeWit:                            Oh, thank you. Steven Butala:                   Splurging on that, and it makes you happy, the dividends pay huge. Jill DeWit:                            Thank you. Can we please go shopping after the show? Steven Butala:                   We'll see how the show goes. Jill DeWit:                            Okay. Steven Butala:                   Before we get in to the topic today, let's take a question posted by one of our members on TheLandInvestors.com online community. It's free. Jill DeWit:                            Okay. Neil asks, "How does one tactfully back out of signed return offers on properties you do not wish to buy? Should I call them speak ..." This is so good. "Call them speaking in a foreign language and hope they hang up? Send them a Starbucks gift card?" Steven Butala:                   Starbucks card. I would not do that.