Land Acquisitions: Just Send Offers to Owners (CFFL 409)
Recording Location: LAT (i.e. 33.838781) (LONG i.e. -118.391261)
Jack Butala: Jack Butala with Jill Dewit.
Jill DeWit: Greetings.
Jack Butala: Welcome to our show today. This episode, Jill and I talk about land acquisitions. Just send offers to owners for goodness sake.
Jill DeWit: Exactly.
Jack Butala: Before Jill gets a little bit angry.
Jill DeWit: What the heck, oh about the topic.
Jack Butala: A little bit angry about this topic.
Jill DeWit: Where are you going?
Jack Butala: Everybody loves when you get angry.
Jill DeWit: What did you do?
Jack Butala: Let's take a question posted by one of our members on the landacademy.com online community, it's free.
Jill DeWit: Okay.
Jack Butala: Before we do that, let's look at Jill's shoes today.
Jill DeWit: Oh gosh, you like these shoes?
Jack Butala: Here's what I love about these shoes Jill.
Jill DeWit: All right.
Jack Butala: They are perfectly you because only you a female, would show up to a photo shoot in these shoes.
Jill DeWit: These are Doc Martins by the way. Who knew they still ... the make some cool different Docs.
Jack Butala: Best girl ever.
Jill DeWit: Thank you I appreciate that.
Jack Butala: You're a welcome addition to the boring world of land investing.
Jill DeWit: I can still wear Doc Martins, it's okay. All right so here is the question, Michelle wrote, just completed another terms deal on Ebay. The parcel was bought for $750 all in. The terms were $6500. Sold it on Ebay, 30 day auction for the down payment and then continue with the terms.
Jack Butala: Excellent.
Jill DeWit: The auction ended with the winner had the highest down payment, the bid was $2025 which already paid for the acquisition and then some. Congratulations.
Jack Butala: So the down payment was three times the purchase price.
Jill DeWit: Exactly and then they still had more money to catch up. The buyer did not want to do terms and asked me invoice him for the entire $6500. Sweet, that's what he wrote.
Jack Butala: That's 700%.
Jill DeWit: That's, thank you.
Jack Butala: 700% return.
Jill DeWit: What the heck. You know, I got to tell you I'm so happy to hear that there's so Ebay stuff still happening.
Jack Butala: Yeah me too.
Jill DeWit: Because we always keep it in our list of places to post property but it's not the ... I don't think of it as the number one place like we used to but it's so nice to see it's still working.
Jack Butala: Let's just say real conservatively that he made five grand, he made more but it's $5000. He put $5000 in his pocket after he has lunch while he was doing the deal and the whole thing.
Jill DeWit: All this costs and mailer fees and all of that.
Jack Butala: Let's say he did one of those a month, that's $60,000.
Jill DeWit: Not bad.
Jack Butala: Anybody can do one deal a month.
Jill DeWit: Exactly.
Jack Butala: You could do everything one,