How to Scale Up After 10 Deals (LA 713)
Transcript:
Steven Butala: Steven, Jill here.
Jill DeWit: Hello.
Steven Butala: Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.
Jill DeWit: And I am Jill DeWitt, broadcasting from sunny southern California.
Steven Butala: Today, Jill and I talk about how to scale up your land operation, after those crucial first 10 deals. This topic ... I have to tell you, I'm a little biased.
Jill DeWit: Really?
Steven Butala: I love, people who have made it [inaudible 00:00:28] to this point.
Jill DeWit: Oh, oh, yeah.
Steven Butala: There's no more whining, there's no more, “oh, my god, how do I do it”. What happens, all their hurdles and the hard stuff's done. Now you're staring in the mirror saying, “you know what, I didn't know this could work”.
Jill DeWit: Right. I have 10 examples showing that I did it.
Steven Butala: And then you start doing some math, saying all you really even need to do is just 10; if I make 10 grand a transaction and I do one transaction a month, I'm going to make $120,000 this year. You're staring at yourself in the mirror; that's a good moment.
Jill DeWit: Yeah, exactly.
Steven Butala: And then, if I can do one deal a month, I can do two, and now I'm making a quarter of a million bucks a year, now I don't need a job.
Jill DeWit: Ding ding.
Steven Butala: That's how it starts. I love this point. This is the excitement and the whole scaling it up, what do I have to do, just tell me what to do.
Jill DeWit: Yep, love it.
Steven Butala: Before we get into it (we really just did), let's take a question posted by one of our members on landacademy.com online community. It's free.
Jill DeWit: Alright, Jeff asks, “Hello all, I have a question about sending offers. If you send 1500 offers and someone with some land sends a signed one back in, are you not obligated to buy the land? Has anyone ever cried foul, or more than cried, in times where you go back and decide not to purchase? Thanks, Jeff".
Steven Butala: Go ahead, Jill. We're going to say the same thing.
Jill DeWit: Totally. One of the things that we do-
Steven Butala: It's a good question, by the way.
Jill DeWit: It's a great question. And you know what, Jeff, the answer is, anybody can back out at any time, and it happens not just with land. Even with houses, you could be in escrow and you know -
Steven Butala: It could happen at the altar.
Jill DeWit: It could happen at the altar!
Steven Butala: You know, it turns out [crosstalk 00:02:13] that I just don't want to get married.
Jill DeWit: And you know what, all that happens is how much do you want to pursue and make that person, I mean, do you want to chase that person and bring legal recourse or attempt to bring legal recourse to them? No, because then it's going to cost you both money, and that's really not the answer. Let me just simplify and make it really easy though, what we do, because it doesn't usually get to that point, obviously.
With land, one of the things that we have on our mailer is, at the bottom, there's like five or six conditions there that we have put, that this is contingent upon the taxes being current or in a whatever situation, up to us, by the way, and it's dependent on it meeting our acquisition...