Land Academy Members Overall Deal Quality is Now Amazing (LA 1486)

Land Academy Members Overall Deal Quality is Now Amazing (LA 1486) Transcript: Steve Butala:Steve and Jill here. Jill K DeWit:Howdy. Steve Butala:Welcome to the Land Academy Show, entertaining land investing talk. I'm Steven Jack Butala. Jill K DeWit:And I'm Jill Dewitt broadcasting from sunny Scottsdale, Arizona. What was the long pause there for? Steve Butala:I forgot my line. Jill K DeWit:Wow. Steve Butala:I've said it 1,485 times. Jill K DeWit:1486, okay. Sorry. Steve Butala:Today Jill and I talk about how the Land Academy members, their overall deal quality is now amazing. Yesterday, we talked about at the end of the show, every Thursday, Jill and I have a member call. It's a webinar. It began a lot of years ago. We're on episode, I mean, it's thousands of hours now. Jill K DeWit:Every week. Steve Butala:Every Thursday. And it began as a continuing education product a lot of years ago where I would just sit and talk. Jill K DeWit:Answer questions. Just answer your questions about things, rant here and there. Steve Butala:And it evolved over the years into us giving our opinions about members deals, whether they should buy it property or how much they should sell it. Or just a general question forum. Jill K DeWit:We have the Land Investors online community, which we're going to talk about here in a second. And I'm going to read a question from there, which is great to write things in, but sometimes you need to see things. It became a, you know, especially visual became, you know what, here I'll show you what I do kind of thing. And then it evolved into the call and the what are you want to call it? It's a tool that it is today. The resource. Sometimes it's more entertainment, entertainment and information. Entertainment first I think. And then information second. Steve Butala:And Jill and I treat the deals as if they were our own. So we would look it up, do the due diligence, check the floodplain, check the pricing, as if it was our own deals. Jill K DeWit:Yeah. It's every Thursday. I love it. And it's funny because now it's a thing, I know people are just, I'm sure there's people that may or not be doing as aggressively doing deals, but they're on every Thursday call because it's just so funny. And we can share things because it's not edited like iTunes and Spotify. Steve Butala:It's not necessarily rated Google like this show is. Jill K DeWit:And all the places that you get this show, so we can kind of really cut loose and be silly and have fun. It's hilarious. And there's interaction. Steve Butala:It's very real. Before we get into it, let's take a question posted by one of our members on the landinvestors.com online community. It's free. If you're already a member, join us in real time on Discord. Jill K DeWit:Greg wrote, and this is going to be a little bit lengthy, I'll let you know now. "So the way I look at pricing is you can't make everyone happy with the same pricing at X dollars per acre. This is because the values of the properties in any sample, regardless of the size will vary. So let's assume a normal distribution. You can one, set your price based on the lowest junk you can find on the web. And most of the calls you get back will be from owners of the lowest priced junk in that sample and perhaps a diamond. Downside is you self-select to the junkers and lose out on the larger number of nicer properties in the higher value in that sample." Steve Butala:Before you go on to number two, he's dead right, Greg and this is why I chose your question. And this is how we used to do it. This is how in the early nineties, before we had all this information, before there was a Zillow or Trulia or realtor.com or any type of real comparison value online mechanism that you can get real time like you can now, that's what we used to do. Jill K DeWit:Thank you. Steve Butala:Did I wreck your rhythm? Jill K DeWit:No, it's okay. "Number two, set your price based on the mean value in that sample,