How Much Money You Can Really Make per Year (LA 718)

How Much Money You Can Really Make per Year (LA 718) Transcript: Steven Butala:                   Steve and Jill here. Jill DeWit:                            Good day. Steven Butala:                   Welcome to the Land Academy show. Entertaining land and 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 much money can you really make per year buy and selling land. Jill DeWit:                            You can make as much as you want or as little as you let happen. Steven Butala:                   Here's the spoiler alert. I'll tell you the difference between land and just about every other real estate type or niche that I know of, including commercial real estate. All the other types, flipping houses, buying and selling mobile homes, or even skyscrapers and stuff at that way high end, is very consistent. You know what you're gonna buy it for within reason, and you know what you're gonna sell it for. Rarely do you come across an opportunity where you can just knock it out of the park, where you buy a piece of property for 20, 30, $50,000 and sell it for half a million. You think it's gonna be worth 80 or 90, and you find out, you get in there, it's worth way more.                                                 There's something about vacant land, because it's the primary residence for a seller, they're tired of getting the tax bill. They're never gonna use it. They just don't care. Jill DeWit:                            It's true. Steven Butala:                   That's what it all boils down to. A fantastic opportunity for people like us. Jill DeWit:                            You know what's interesting though? When you started to talk, you said just about talking about real estate, I know of no other business that has the same consistent or more than consistent return on investment, but that's nothing you have to still work at it. I think people think that, oh, I'm gonna do nothing like that guy. Steven Butala:                   Right. Jill DeWit:                            They don't know what that guy put into it to get to that point. Steven Butala:                   Right. Jill DeWit:                            You really do have to work at this, so when we talk about how much money you can really make it in a year, don't just think you're gonna buy one and sit back and watch it happen and just, your balance is just gonna do it. You gotta work at this. Steven Butala:                   Right. We'll get into it. It takes a certain personality, and I'll tell you what it doesn't. If you like HGTV, HGTV show flips and interior design, this is absolutely not for you.                                                 Before we get into it, let's take a question posted by one of our members on the landacademy.com online community. It's free. Jill DeWit:                            Okay. Rod asks, "Hi. I am selling a cheap property. The buyer enlisted a buyer's agent and title insurance. I'm receiving requests for disclosures and seller's information from both the agency and the title company. I cannot answer 99% of the disclosure questions with a yes or no question, nor do I care to certify it." Steven Butala:                   Exactly. Jill DeWit:                            "Is all this typical?" Steven Butala:                   Yes. Jill DeWit:                            "I feel ethically bound to the buyer, but honestly, I wish I would've declined from the agent from the beginning. Can I or should I still back out?" Well, actually you can. Steven Butala:                   What would you do, Jill? I know what I would do. I bet it's the same. Jill DeWit:                            Yeah, I actually probably would say, "You know what? This is not how I do things.