10,000 Hours (CFFL 522)
Transcript:
Jack Butala: Jack Butala with Jill DeWit.
Jill DeWit: Hey there.
Jack Butala: Welcome to our show today. In this episode Jill and I talk about 10,000 hours of experience to become an expert in anything and this is no exception. It's about five years full-time. 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.
Jill DeWit: Okay. This is interesting, because this is a question that was asked by a guy. His login credentials are ShamGod and one of our members, Kevin, replied to this, I think a newer member here. I'm going to read this reply and then we're going to comment. It's got some good stuff. You'll figure out what the questions are in this reply. It says, "ShamGod, I have one who is slow to pay and usually, who's a buyer, and usually calls with excuses why she can't pay on the first. Somehow she always gets it paid before the late penalty kicks in. Others have questions that they should have asked before buying, but they didn't think of it until about three months into the payments. Like, 'Is the property marked,' or, 'Can I do blank on this property?'
Mostly just odd questions that keep me on the phone too long. My first mailer was to a county with really remote desert properties. They have almost zero attributes, so they sell slowly. No problem, I can wait. My second mailer was priced wrong and I only bought two properties. One of which I had to return to the seller because she didn't know which property she was selling." That's hilarious, who had these?
Jack Butala: This happens, yeah.
Jill DeWit: "I'm in the middle of the third mailer now and I have a great response from owners who want to sell. I'm buying up a lot of land. The stuff I have for sale is moving slowly, but there's a good reason. My properties are far from a major population center and that affects sales. However, the properties were bought cheap and have some great features, so I know they will have to sell at the price I list them for. I get better at this with each mailer. You will too."
Jack Butala: This is perfect.
Jill DeWit: It is.
Jack Butala: This is perfect for this topic today.
Jill DeWit: Oh, it's true, it is.
Jack Butala: Every mailer, and that's true with us. I mean, now, I mean, our strike percentages are crazy. They're crazy positive. The yield on the mailer that we get now is fantastic. We've just, we've been through it all and I'm not hiding anything. I share every single experience that I possibly can with everybody.
Jill DeWit: Good and bad.
Jack Butala: There's no replacement for hands on experience.
Jill DeWit: Right.
Jack Butala: It's just, it's that way with-
Jill DeWit: What's it called? Saddle time.
Jack Butala: Saddle time. Right. Yeah, saddle time. I used to causally race motorcycles and that's what we used to call it, man. The more saddle time you can get, especially with a new bike or a different model bike, the better you're going to be.
Jill DeWit: Exactly. Do you want to comment more on the- That was just so good I just wanted to share it.
Jack Butala: No, it's great.
Jill DeWit: Let's dive into the show.
Jack Butala: It's great. I mean there are people that... there are people that come to us, to land investors, from all walks. You know, some people are literally this is their 30th...