Grown up Office Space
Transcript:
Jack Butala: Jack and Jill here.
Jill DeWit: Hi.
Jack Butala: Welcome to the Jack Jill Show. Entertaining real estate investment talk. I'm Jack Butala.
Jill DeWit: And I'm Jill DeWit, broadcasting from sunny southern California.
Jack Butala: Today, Jill and I talk about grown-up office space. Is there such a thing? We'll find out.
Jill DeWit: How we got here is ridiculous. That is the only thing ...
Jack Butala: We got here is ridiculous?
Jill DeWit: No, no. Not how we got here, physically, or at this, but I'm just saying how we got to our most recent version of grown-up office space is ridiculous, and I'm going to leave it at that. I have an even voice. I don't rant like this, but man, I even put it on social media. I was ticked off. I don't usually do that.
Jack Butala: I love it when you get upset.
Jill DeWit: I've got that out of my system now, so now we can have the show. Thank you, Jack.
Jack Butala: Before we get into Jill's rant, Jill's controlled rants ...
Jill DeWit: I'm good now.
Jack Butala: I will make it a funny rant. I always do.
Jill DeWit: Thank you.
Jack Butala: Comedic relief. Let's take a question, posted by one of our members on the JackJill.com online community. It's free.
Jill DeWit: Angela asks, "I'm looking at a mailer in Arizona. Still on the practice phase of buying cheap desert land. Trying to go into more detail about pricing lands that look like they have more potential near attractive features. How would I go about evaluating a piece of land that is near other houses? What about near a mobile home lot with no trailer on it? I know a person would get more for this land closer to all the utilities. Also, if I go up in elevation, would people pay more? Closer to a main road or an interesting tourist attraction, for instance, close to a national forest? Do I look for similar properties on LandWatch and use our basic formula to decide what to offer? I'm afraid if I just blast a set number we'll get nothing back because my new area I'm sending mail looks to be a bit more diverse. Any ideas? In advance, thanks. Angela."
Jack Butala: Excellent question, Angela. That's the reason that I chose to include it. You're overthinking this. With houses, you need to spend a week pricing a mailer, exactly how you're doing it and thinking it. If you were asking about houses anywhere, really, you would not be overthinking this, but with rural vacant land, no one lives on it, it's a long-gone thought in their head. In fact, it's just more of a pain in the butt. All they need is an offer from you for 500, 1,000, 1,200, some number.
Am I saying you can offer $10 and get a response? Not at all, and I am a little bit oversimplifying, but the difference between a tiny little property next to two mobile homes in northern Arizona and a 40-acre property in the mind of its owner who lives in Massachusetts and really it was the deceased mom's and now the daughter has it, there is no difference and the price doesn't matter. I say shotgun approach with the specific product type. I'm not guessing. I've done it both ways and you do not want to criss-cross pricing on desert property like this.
Jill DeWit: It seems like part of it is that it means she's going to go ... Taken a step backwards and going a little bit the wrong direction. If you're looking for property, like a specific property instead of like what you just said, Jack, just go for it. Now, once you have these ...