Jill Friday - Reverse Bucket List (LA 1787)
Transcript:
Steven Jack Butala:
Steve and Jill here.
Jill K DeWit:
Happy Friday.
Steven Jack Butala:
Welcome to the Land Academy Show, entertaining land 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's Jill Friday and she's going to talk about her concept of a reverse bucket list.
Jill K DeWit:
Yep.
Steven Jack Butala:
Before we get into it though. Oh...
Jill K DeWit:
It's okay. No, go.
Steven Jack Butala:
Tell us what a reverse bucket list is.
Jill K DeWit:
No, we'll just save it. I'll dive right in.
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, back in the day, it was impossible to find real estate on the internet without a mailing address.
Jill K DeWit:
It still is impossible.
Steven Jack Butala:
It's very difficult now.
Jill K DeWit:
But we solved it.
Steven Jack Butala:
We developed a tool called NeighborScoop.com, where all you do is you put in... It's custom for how we need to find real estate and the facts that we need to know in less than 15 seconds to decide whether or not we're going to maybe take a crack at buying it. It's called NeighborScoop.com, and all you got to do is type in state, county, and the assessor's parcel number and it pops right up.
Jill K DeWit:
Yep. Love it.
Steven Jack Butala:
I was materially personally involved in developing that site and I'm pretty proud of it.
Jill K DeWit:
I love it. Luke wrote, "Hey, all. I have a few properties that a seller has told me they're willing to sell. Trouble is I'm having a hard time deciding what I think they will retail for. I find the comps to be sporadic."
Steven Jack Butala:
Yep.
Jill K DeWit:
"$170,000 for a half acre on this side of the road, $50,000 for 15 acres one mile west. You get the picture. Comps are not painting a clear view. What do you suggest I do in this case? I feel bad calling a realtor when I don't even have a signed contract. Even if I did have a signed deal, it would not likely be a solid price. It would need to be renegotiated. How can I get a better sense of what it's worth? And do I try and kill the deal?"
Steven Jack Butala:
No. No, you don't try to kill it.
Jill K DeWit:
Wait. Hold on one moment. Let me explain the try to kill the deal thing. Trying to kill the deal is trying to get the deal, but at a price that's so great you will buy it and feel great about it because you can't lose, so I understand with that.
Steven Jack Butala:
Jill came up with concept. Jill personally came up with this concept quite some time ago. She calls it, trying to kill your own deal.
Jill K DeWit:
Yep.
Steven Jack Butala:
What she means is you're trying to get it for such a stupidly low price. First of all, you don't like the piece of property that much.
Jill K DeWit:
Right. Right.
Steven Jack Butala:
And so you sent an offer for 30,000. They said, "I'll take 35." You look up the deal. It's like, you know what? This is probably worth 5,000 bucks.
Jill K DeWit:
Right.
Steven Jack Butala:
I'm going to try to kill my own deal.
Jill K DeWit:
You're going to come in with a number.
Steven Jack Butala:
I'm going to go back in.
Jill K DeWit:
That's just so crazy low that... All right, everything about it's fine. It's just the price. That's the one thing that's doing it. And then maybe this, but you know what? If I can get it for five or eight, then I know it'll solve all those issues and I cannot lose. That's trying to kill your own deal. You come back and go, "Look, I don't mean to insult you. I know I said 30. You said 35." I looked it up and I'm like, "I hate to tell you this, but because of this, this and this, it's not even worth that. It's not even worth my original 30. Hey, the best I can do is eight. If that works for you, great.
