3 Rules of Real Estate Age Old Truth
Jack Butala: 3 Rules of Real Estate Age Old Truth. 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:
Jack Butala for Land Academy. Welcome to our Cash Flow from Land Show. In this episode Jill and I talk about the three rules of real estate. The age old truth. It's as old as dirt. Great show today Jill. Let's take a question first, though, posted by one of our members on successplant.com, our free online community.
Jill DeWit:
Okay. Brandon wrote, "I'm just about done with my first deal. I was really nervous it wouldn't sell. It was 4.64 acres, fifteen hundred in after back taxes. I didn't have great access, so I just doubled my money and posted it on Craigslist and Postlets, so that puts it all over. The buyer wanted title insurance, so I had been not so patiently waiting for it to close for a few weeks now. In the last few weeks I updated my price on Zillow and Craigslist just to see (wink wink). My phone has been blowing up. I could have easily made probably three times as much if I hadn't been so worried about not selling. Already working on my new list in the area to get properties that I skipped over. I've got a ton of buyers now. Like I said, you can't be greedy." That was his title. "Followed Jack's advice, doubled my money." Isn't that funny? I love that.
Jack Butala:
That's just a picture perfect beautiful story. What do you usually do, Jill? We double it, and then that's it, and then collect buyers. Really, what the take away from this, I think, is leave it up there until the deal is closed. That's not hurting anything. It's technically "under contract", so I don't think there's anything wrong with leaving it up there for as long as you possibly can. Every real estate agent on the planet keeps the real estate sign in the ground as long as they can, even after the deal's done.
Jill DeWit:
I think Brandon pointed out another good point, also, which is don't be greedy. I doubled my money, get out. It's easy to say, "I should have hung out for more. I did that wrong." We've laughed about that in some of our weekly member calls. One guy said, "I did it all wrong," and then we all did the math together and he made 90% profit. We're like, "Oh, really? That's doing it all wrong."
Jack Butala:
I remember that. That's recent.
Jill DeWit:
We all had to reel him back in and go, "Think about this now," and he's like, "Yeah, you're right." Get in, get out, you're doing great. I think you did everything right.
Jack Butala:
I do too. That's what Success Plant's for. Half of it's motivation and half of it's getting stuff answered. He didn't even really have a question in that, but he just said, hey, keep it posted. He did the textbook thing that we say. If you're collecting buyers in one area, work one area, and just keep nailing it. Keep doing deal, after deal, after deal and then start up another one. Start up another area, I mean.
Jill DeWit:
I love it.
Jack Butala:
If you have a question or you want to be on the show call 800-725-8816. Today's topic, one of my favorites, actually, the three rules of real estate; the age old truth. When I was very young I had a boss/mentor, and he said, I think everyone's heard this phrase for their first time in their lives, what are the three rules of real estate? It's location, location, location. We talked about this yesterday a little bit, but the topic for today is very different. It's very, very important, like we talked about yesterday, to stay on track, to keep the acquisition machine flowing. Even if somebody says, "I got this great hotel over here. You should take a look at it, I know you're a real estate investor." As tempting as it is,