Real Estates Highest and Best Use.  Sometimes its Land (CFFL 0193)

Real Estates Highest and Best Use.  Sometimes its Land Jack Butala: Real Estates Highest and Best Use.  Sometimes its Land. Every Single month we give away a property for free. It's super simple to qualify. Two simple steps. Leave us your feedback for this podcast on iTunes and number two, get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening. Jack Butala: Hey, Jack Butala for Land Academy. Welcome to our Cash Flow From Land show. We show you how to buy property for half of what it's worth and resell it the very next day. Great information and instruction from Jack, that's me. Jill DeWit: And inspiration from Jill, that's me. Jack Butala: In this episode, Jill and I talk about real estate highest and best use. Hey sometimes, it's actually land, so great show today. Before we start, here's some funny stuff that happened to us recently. Jill, I can't believe the apartment deal you just cut in Los Angeles for us. It's half a block from the ocean. Jill DeWit: I know. Jack Butala: I just think this is how you roll. Tell us about it. Tell us ... How did you do this? It's half price. Jill DeWit: It's called the inside, inside tract. Jack Butala: We're all about half price here in our world here, but Jill makes no exception ... Just tell us about the deal. Jill DeWit: Vacation deals, housing deals, dream it up. That's what's so funny. I can't wait for the world to see where we're going with this. You and I are consistently proving you can have any, almost anything you want for half price if you just reach out to enough people. Jack Butala: Just work the system. Jill DeWit: I know. This one was a little bit of that and a little of having the inside track. My best friend happens to live right by there, so that worked out great. Jack Butala: My first gut when we started to do this apartment thing ... We're going to go back and forth for a lot of reasons from Scottsdale to really it's called South Bay, right? Jill DeWit: Mm-hmm (affirmative). Jack Butala: My first gut was like, "How can I get some stuff in the mail to all the people who own ..." You can't ... I've been saying this forever. It's not database driven. If it was database driven, it would have been fine. Jill DeWit: Right. Well, remember we talked about that. It was like, "Okay, if the average price around here is one-point-two, okay, do I send offers for eight hundred thousand dollars and see what comes back? I'll close tomorrow." Jack Butala: We have members doing that. I mean, to buy a place would be easy. Jill DeWit: Right, exactly. Jack Butala: You could get it for pretty close to half ... If your sample is large enough. Jill DeWit: Exactly. Jack Butala: For rent, I mean, you can't. You just can't. It's not database driven. What do I mean by that? You can't get a good list of people who have stuff for rent because there's guest houses. That community is very unique. It's not just send a letter to all the apartment buildings. Jill DeWit: That's true. You have to isolate like I did with the vacation thing that time ... That we were right on the beach, on the strand. Yeah ... I isolated the group and did a little more work. I narrowed it down to ten ... I got one. Jack Butala: Three bedrooms, second floor ... Jill DeWit: Two stories. Jack Butala: Two stories, tiny little community. I don't know if it has- Jill DeWit: Big old loft. Jack Butala: Ten units. It's got caged underground parking and storage. Jill DeWit: Yeah. Jack Butala: Yeah, a three bedroom ... Effectively, three bedrooms. Jill DeWit: Exactly. Huge, high ceilings ... Jack Butala: I'm not going to tell you what the rent is because everybody's ... Let me tell you this. It's close to what half of market rent is for a like kind, for that square footage.