Add houses to Your Land Business
Transcript:
Jack Butala: Jack, Jill here.
Jill DeWit: Hi.
Jack Butala: Welcome to the Jack and Jill show. It's here where we provide entertaining real estate investment advice. I'm Jack Butala.
Jill DeWit: I'm Jill DeWit, broadcasting this week, still from sunny southern California.
Jack Butala: Today, Jill and I talk about why it's really a good idea to add houses to your flipping land portfolio business. What's the real harm in having multiple income sources anyway?
Jill DeWit: No, no. It just makes it accounting thing. It's too hard to track.
Jack Butala: We want one income source. It's good enough for me, sir, thank you.
Jill DeWit: [cross talk 00:00:37] have something running in the background? No, no, no. That just gets confusing. Then, I've got to get my tax guy. We've got to talk that much longer. That's not good. Then, we have to have multiple checking accounts. Well, that could be a pain.
Jack Butala: I interviewed somebody a really long time ago in the beginning of the show, at the beginning of when we started podcasting. It was even before you were actually my co-host. He said, "I have 114 revenue sources."
Jill DeWit: Wow!
Jack Butala: My jaw. I had to pick my jaw up off the desk and I said, "What do you mean?" He said, "Well, I have ..." This is where we're kind of getting into the show, actually, but he said, "I have 42 rental houses. I have an apartment building. I just wrote my 13th book and the first one is still making money." On-and-on.
It got me thinking. I'm like, "Geez, this guy never sleeps." I respect that. That's what I mean by, add another thing to your business.
Jill DeWit: I like that. I was going to say, I thought one was going to be Coke. I have 92 peanut machines, spread out across the valley. Remember those? You put a quarter in?
Jack Butala: Yeah, a vending machine route. Those are still big business.
Jill DeWit: I could have a hundred of those and I can also say I've got a hundred different lines of revenue and I just have a hundred different machines.
Jack Butala: You would say that.
Jill DeWit: I would.
Jack Butala: I would say that's one line of business.
Jill DeWit: I want to do that. I want to do that at a party. I have 105 different lines of business. A hundred of them are peanut machines.
Jack Butala: Jill saves her best stuff for parties.
Jill DeWit: Spread out throughout southern California.
Jack Butala: You're standing around with a cocktail in your hand with Jill, you learn stuff.
Jill DeWit: Oh, no.
Jack Butala: I learn the most about Jill in that environment.
Jill DeWit: Oh, no.
Jack Butala: If you listened to our show yesterday, that's when she turns her personality on. Before we get into the real meat of the show here, let's take a question posted by one of our members on the jackjill.com online community. It's free.
Jill DeWit: Ryan P. asks, "Hi all. I have six acres just south of Austin, off 183, 1 mile from downtown. I got the property through a blind offer mailer."
Jack Butala: That's what we do here.
Jill DeWit: Yep. "I offered $12,000 for six acres and they accepted."
Jack Butala: Hold on. $12,000 for six acres, one mile south of Austin.