Good Bad Ugly of Land Investment
Jack Butala: Good Bad Ugly of Land Investment. Leave us your feedback for this podcast on iTunes and get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening.
Jack Butala: Jack Butala with Jill DeWitt.
Jill DeWit: Hi.
Jack Butala: Welcome to our show today. In this episode, Jill and I talk about the good, the bad, and the ugly of land investment. I might have been watching too many Westerns lately. Before we get into it Jill, let's take a question posted by one of our members on landacademy.com, online community. It's free!
Jill DeWit: Okay. This name I always have a hard time with it. It's [Calill 00:00:27], I think. [Calill 00:00:30] asked "On the mailers, do you ever re-mail to those that did not respond? Like do you mail them two or more times to those prospects? Is it a waste of money?"
This is a good question, because I see this in other types of real estate where some people hit perspective sellers with multiple offers or actually, they just do postcards. So what are your thoughts on this, Jack?
Jack Butala: Yeah, so this comes a lot, especially with house investors for some reason. And I think the origin of it is mailing people who have property, who have back taxes that are associated with it, or it's a foreclosure situation, or there's some kind of ... You know. If you listen to this show at all, you know that we don't do that. We mail just about everybody. If they don't have a mortgage on their property, that's the trigger for us. And by doing so, we get the people who are maybe in foreclosure, and we get the people who have back taxes, but we mail everybody. So, our companies have never done a follow up mailer. So that directly answers your question. But that's not to say it doesn't work. I've heard of people doing it, where you send out an offer, the way that we suggest, that contains all the things that we suggest. The purchase price, and a bunch of other stuff, and then send out a postcard maybe two weeks later that says, "Hey I just wanted to make sure you got my letter, because we really are serious about buying a property at that price, and I've heard good things."
I guess if we buy one more property, we'll try it. That's the answer. If we buy one more property because of that follow up mailer, you're going to way more than pay for the actual cost, and expense, and time and all that of doing it. So I've been thinking about that. I'm glad this question came up. I've been thinking about changing up slightly what we do, or trying a few new things based on the fact that it's whatever, 2016 now, so I'm glad this came up.
Jill DeWit: Almost 17.
Jack Butala: Yeah, I mean yeah. Exactly, so.
Jill DeWit: 2017 is around the corner.
Jack Butala: Yeah, it's always good to try new stuff.
Jill DeWit: And I agree with you, I like it. If you're going to do something like this, I like your idea Jack. Change it up a little bit, don't send the same thing, you know? Just hit them with the same thing twice. Make it a little bit, Hey, just to follow up, I am serious, and you know, let me know. So that's good.
Jack Butala: I guess what I'm saying is all the other rules still apply. The printer that we're using now, which is a new one, all of us in the group are using a new printer called LetterStream, at a huge deep discount. They make it so easy to do the mail merge, and so mechanical, and so that you can just keep track of the mail that you've sent, and you can take out duplicates. There's a ton of reasons why, now more than ever, sending up a follow up postcard offer might make sense, so we will try it, and obviously talk about it in the show.
Jill DeWit: Yeah.
Jack Butala: Hey, if you have a question, or if you want to be on our show, reach out to either one of us on LandAcademy.com. Today's topic, this is the meat of the show by the way. The good, the bad, and the ugly of land investment. And Jill asked me right before the show,