How to Overcome buying Land You Never Visit (LA 1750)
Transcript:
Steven Jack Butala:
Jack and Jill here.
Jill K DeWit:
Hi.
Steven Jack Butala:
Welcome to the Land Academy Show, entertaining real estate investment talk. I'm Steven Jack Butala-
Jill K DeWit:
And I'm Jill DeWit, broadcasting from the Valley of the Sun.
Steven Jack Butala:
Today, Jill and I talk about how to overcome buying land that you've never seen in person. I'm going to start with a little anecdote, if it's okay with you.
Jill K DeWit:
Sure.
Steven Jack Butala:
Jill and I are car people, and we're always looking for some car that's been in our soul forever, this is how I like to describe it, separately. This not something that we ever had or developed together. I think since we were little kids, we're car people.
Jill K DeWit:
Yes.
Steven Jack Butala:
And so, as you know, like anything online, these are rare cars. When they come up and they're the color you want, and they we have the engine you want and all that stuff, you got to make a decision quick. And it's never my first choice to buy a car, especially without seeing it. So recently, I bought an old Corvette that's been on my list for quite some time, and I took delivery on it, and I had this thought, if I saw this car in person, I would've paid to twice as much as I actually paid.
Steven Jack Butala:
Patted myself on the back, but when in reality, I didn't do anything. It was just luck. Jill had the same experience with the Supra car recently when we took delivery on it. I tried to find a scratch on that car, and whoever owned that just babied it. So, the opposite is true with an old Volkswagen bus I bought. I did go to see that, luckily, and we ended up buying it for half of what the person was asking because it was just too banged up. And so the same applies to land. I can tell you that every single piece of land that I have ever gone to see, I would've paid more for.
Jill K DeWit:
Mm-hmm (affirmative). Yep. I understand.
Steven Jack Butala:
I don't want to steal your thunder. I don't know what you're going to talk... This is Jill's show today.
Jill K DeWit:
I've got-
Steven Jack Butala:
I want to hear this too.
Jill K DeWit:
We'll talk about that.
Steven Jack Butala:
Before we get into it, let's take a question posted by one of our members on the landinvestors.com online community. It's free, and I got to tell you, last year, a ton of Land Academy members came to Jill and I, needing extra help getting their blind offer campaigns in the mail. Getting the mail out is a tough thing for some people, and I get it. It was tough for me the first few times I did it, too. So I took a look at how we were personally sending mail out, with our key employees, and who does the stuff for me personally in our mailers, and we decided to create a product called Concierge Data Plus. It's a year later, and hundreds of members are using it. Go to the offers2owners, the number two, owners.com, click on Concierge Data, and see if it's for you.
Jill K DeWit:
Ross wrote, "I just sold a property for $49,000 that was in a flood plain, and I made $30,800 on it after commissions and fees. Nearly didn't buy it because of the flood plain, and ended up price dropping the original offer down $20,000, to a purchase price of $12,500, and was willing to walk away if the seller didn't like this offer."
Steven Jack Butala:
I love this.
Jill K DeWit:
"Only after that did I contact a land agent that I have a great relationship with on the ground in that area, and they said the area was hotter than I thought, and that the flood plain would lower the sale price, but it would still sell fast, regardless. Didn't even know what I had, and that blind confidence allowed for the biggest price drop I've accomplished to date".
Steven Jack Butala:
On the buy side.
Jill K DeWit:
On the buy side, the purchase price. Yep. "Got lucky with that one. Full price offer within days of listing it, watch out for the hidden gems.