45 Days from Today to First Deal Completion
Jack Butala: 45 Days from Today to First Deal Completion. 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: Jack Butala with Jill DeWit.
Jill: Hey, there.
Jack: Welcome to our show. In this episode, Jill and I talk about 45 days from today to your first deal completion. Awesome show. Jill is answering 20 people's questions, actually.
Jill: Mm-hmm (affirmative).
Jack: Hey, before we get to it, let's take a question posted by one of our members on Land Academy's online community.
Jill: Awesome. Nathan asks this question. "Is it better to focus on higher acreage properties out West or the higher value per acre properties more often found two to three hours outside metropolitan areas in the East?"
Jack: Excellent question, Nathan. What we talk about in the program is acreage out West does really well and in what I call our vacation properties like, let's say, in Northern Michigan or in Florida, vacation destinations, regional vacation destination properties that you can usually buy pretty inexpensively, so it depends on your personality. Acreage properties out West are great cash flips and sometimes really good terms properties. Vacation properties though are awesome terms properties. You can drive right up to it, vacation on it, maybe eventually build a house on it. Real easy to sell on the internet. There's people constantly looking for a weekend getaway. I think the answer is both. I just did a deal review call last Wednesday with a brand new member, who is buying 14 properties in a rust belt state. All in different areas, but they're all basically on lakes.
Jill: What's the size?
Jack: They're tiny.
Jill: Ah.
Jack: They're drive right up, infill lots, among cabins and stuff, right up on the water. He's not paying more than $1000 per lot.
Jill: That's fantastic.
Jack: The comps are anywhere from ... We looked them all up together, right on the deal review. They comps are $20,000. He's like, "you know, I'm just going to stick to the program and double my money." He said, "I'm going to buy them for $1000 and sell them for $2000."
Jill: Fly off the shelf.
Jack: I said, "dude."
Jill: Yeah, hold on a moment.
Jack: Yeah.
Jill: If the comps are 20, maybe if you could go for 5.
Jack: That's what I said. I said, "sell them for 5, it's just as fast."
Jill: Exactly.
Jack: He said, "really?" I said, "yeah. We don't want to get greedy, but selling a $20000 property for 5 grand, making 4 on it, that's our business model. You don't need to do it for just 2."
Jill: Exactly.
Jack: Or I said, "do it on a couple. Maybe if you want to double it on everything else, that's fine. Do it on a couple."
Jill: You need to prove it to your wife. Do that. Seriously. I've had guys that did that. "Ugh, I had to sell it real quick just to show my wife I could double my money, but I know I could have made more." It's kind of funny.
Jack: He said during the call, he said, "I scheduled this call with you because this is too good to be true." Quote unquote. "and I want to know if I'm missing something."
Jill: Aw, that's nice.
Jack: "What kind of due diligence do I have to do to make sure this is real?" I said, "no, you're not doing anything wrong. You're doing everything right."
Jill: Yeah. You should be running to the bank.
Jack: Yeah.
Jill: And that's exactly what he's doing.
Jack: That's what I said.
Jill: Yeah. And then you know you're doing right. Don't change your mind, gotta get this.
Jack: But I have to tell this story, too. This guy, one of the people that he's buying these properties from is a guy in his 80s. He has 150 of these things. He's been collecting these properties his whole life.