Land Investing – The Truth (CFFL 358)

Land Investing - The Truth Jack Butala: Land Investing - The Truth. Leave us your feedback for this podcast on iTunes and get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening. Jack Butala: Jack Butala with Jill DeWit. Jill DeWit: That was a long pause there in the middle of my name. Hello! Jack Butala: You ever want to make Jill upset, put two Ts at the end of her name. Jill DeWit: Oh my gosh! Jack Butala: Why does that make you so mad, by the way? Jill DeWit: It's just so silly. I'm so tired of saying, "DeWit, one T." "DeWit, one T." Jack Butala: Welcome to our show. In this episode, Jill and I talk about land investing and the truth, the real transparent truth. Jill DeWit: What! Jack Butala: Yep. We're going to tell you everything great about it and everything that sucks. There's way more positive stuff than negative for us, anyway. For instance, if you are afraid of computers, this is not the profession for you. We'll cover that in a second. Before we go though, let's take a question posted by one of our members, on the landacademy.com online community. It's free. Jill DeWit: This is interesting. As I look down at my question, it says it's a question from, "Jack Butala, owner." Jack Butala: I re-wrote the question. I deleted a question by a pro member, because I am sick of diaper changes. I'm sick of it. Jill DeWit: I got it. Jack Butala: I'm sick of deleting questions and legal questions. Let's talk about the stuff that really makes you successful. Jill DeWit: Thank you. Jack Butala: The little decisions that you make. Jill DeWit: Jack, I appreciate that. Here's Jack's. It may not be a question ... It's a question/Let's see here. "How can I up my game and get surgical specific about offer amounts in a chosen county?" Jack Butala: Let me rephrase the question because maybe that's a little bit of a strange sentence because I wrote it in anger. Jill DeWit: Thank you. There we go. That's the truth. Jack Butala: Picture a map of a county in your mind, maybe the county you live in. Then, picture the zip code boundaries everywhere. There's, obviously, more than one zip code in the county. In general, the value of property is probably different per zip code, right? Jill DeWit: Mm-hmm (affirmative). Jack Butala: The end schemes work exactly the same way. Most counties have what's called an "index map" or an "APN map." Different parts of the country call it different things. In the southwest here, in California and Arizona, they call it "index map." The first three or four letters of the APN, and they're all different throughout the county, just like zip codes, just like the back numbers of a zip code are different. There's different values. When you scrub the data and get real serious about it, you can get really surgically specific about who you send offers to and the amounts that you send. When you run numbers like we do, you can make an offer per property. If you have 1,000 lines in a spreadsheet, you can literally and should make different amounts to every single person, every owner, that's getting an offer. Jill DeWit: At what point in my game, I'm going to ask a follow-up question, please. I'm six months in, Jack. At what point am I ready for this yet? How many deals do I need to have under my belt before I start getting this detailed? Jack Butala: Your rule's what? Ten? Jill DeWit: Ten. Ten. Jack Butala: Bought and sold. Jill DeWit: For me, ten bought and sold. Now, you kind of understand what's going on. Jack Butala: Yeah, and I think maybe on the third, or fourth, or fifth 1,500 unit plus mailer that you do, you really should start to experiment with some of the stuff. I know it works for us. There's certain types of assets I don't want to buy. There's lots of types of assets that's some of our members, they specialize in stuff that we don't want to buy. It's all personal preference. Jill DeWit: It's true. You don't have to get this detailed too.