House Flips are the Next Logical Step (LA 989)
Transcript:
Steven Butala: Steve and Jill here.
Jill DeWit: Happy Memorial Day.
Steven Butala: Welcome to the Land Academy show, entertaining land investment talk. I'm Steven Jack Butala.
Jill DeWit: And I'm Jill DeWitt broadcasting from sunny Southern California.
Steven Butala: Today Jill and I talk about how house flips are the next logical step.
Jill DeWit: They are. Some people are just ... they took our concepts, started to apply it to other property types, which is great and figure it out and that is the way it should be, right?
Steven Butala: Do you think house flips are easier or harder?
Jill DeWit: Over all, completing the transaction, easier.
Steven Butala: That's what I think.
Jill DeWit: When agents get involved, harder.
Steven Butala: I don't know I'm trying to make a good analogy and a good example. It's like when you do a bunch of land deals, land deals are great. House deals are just a such of wealth ... Well that's the title. A logical stop. I think they're so much easier for a lot of reasons, but you've got to do them right. Just like everything else.
Jill DeWit: Exactly.
Steven Butala: Before we get into though. Let's take a question posted by one of our members. On a landinvestors.com online community. It's free and I should say this. We also have a House Academy by the time this airs. A House Academy forum.
Jill DeWit: We do.
Steven Butala: And we're about to launch a new House Academy show.
Jill DeWit: We do. True. All right. Alex says, "Morning everyone. Mailed three different counties in my first mailer and it did not go so well. Hudspeth county, Texas is probably the worst county to deal with. They don't even have the properties recorded on a map. I've had a ton of people call and mail back purchase agreements for less than $100 per acre, but I can't find any info on any of them.
Jill DeWit: One guy texted me pictures of his deed and plot information, but the coordinates are in relation to the other plots in the same subdivision. No one knows where the subdivisions are. I asked county how they figured out what the taxes for the parcels are if they don't know where they are? And they said, "We have no idea. LOL." If they could get those properties all recorded, some on there could make a killing.
Jill DeWit: I got nothing but hate calls from another county, but I think it was my fault on the pricing. The third county, I've gotten calls back, but people want way too much. I'm four grand in the whole, but I think of it as a pricey education. I know I'll make something happen on the next mailer and hope I do. Anyone else get whacked on their first time out?"
Jill DeWit: I watched you and there were like several responses.
Steven Butala: There are probably at least ten responses to this in the forum from some more senior members.
Jill DeWit: Yeah.
Steven Butala: I'm about to give my response too.
Jill DeWit: It's kind of funny.
Steven Butala: Go ahead, Jill.
Jill DeWit: One of our members in particular wrote this. He said ... and it was Kevin. Kevin said, "Hey Alex, it's too early to shut the door on these counties."
Steven Butala: Exactly.
Jill DeWit: "You're getting their early responders, the most motivated and desperate sellers. Just wait."
Steven Butala: Exactly.