Land Investors Review by Seth Williams of ReTipster (CFFL 424)
Jack Butala: Jack Butala with Jill DeWit.
Jill DeWit: Hi!
Jack Butala: Welcome to our show today. In this episode, Jill and I talk about the land investors review by Seth Williams from RETipster.com. Thank you, thank you, thank you, Seth, sort of. Before we get into it, let's take a question posted by one of our members on the landinvevstors.com online community, it's free.
Jill DeWit: It is a thank you, it is.
Jack Butala: You know, Seth, I love his reviews. We'll get to it in a second though.
Jill DeWit: Okay, cool. All right, I love this, you have a question here for me to read and then you have somebody already chimed in an answer, so I have an answer here too. Michael asked, "When buying land, how do you automate getting a check to your seller? It's such a headache to go to the bank and get a check." One of our people chimed in-
Jack Butala: Amen, by the way, Michael. I could not agree more.
Jill DeWit: It is a pain.
Jack Butala: It's a huge topic by the way. When you start doing deals, it's a huge pain. Go ahead.
Jill DeWit: Mm-hmm (affirmative). Gene answers, "I'll add this. A mentor of mine once said, I don't get off the couch for less than 1000 dollars. I adopted that a few years back to I don't get out of my pajamas," I love it, "I can't say it always works out that way, but I've been fortunate enough to build a business and a number of systems within it which ensures I don't have to deal with people unless I'm signing a check or cashing it." I love it. "This all sounds pretentious, I know, but if you start to adapt this mentality, you'd be surprised how much sooner you get to the kind of paydays that afford this pretension, but I sympathize. The knucklehead stuff like run to the bank, get a check, run to the post office, stand in line, mail the check, it's not worth the time of the business owner. My two cents, dot, dot, dot." Okay, that's beautiful. Gene's right and I love it. I love his mentality. This is going to be worth it, and obviously it is. I think Gene's telling him get over it.
Jack Butala: What he's saying is do it for awhile and then systematize it, and that's what I read out of it. That's my advice too. We still to this day do it that way. We send somebody to the bank, and again this is in the success plan, I copied and pasted it right out of there, and then there's six or seven other people that chime in and say, "Yeah, this is a pain." There's some people who are creatively dealing with it by, somebody even said in there when the notary gets to the guys house, instead of handing a cashier's check, they make a wire transfer right there, either a wire transfer or a PayPal send. It hits the bank account and then they sign everything. It's like in a movie, you know?
Jill DeWit: Mm-hmm (affirmative).
Jack Butala: I think that's nuts because there's a lot of ways, here's the thing with a cashier's check. I know it's old school and I know it's a pain, those are all true, but it's as good as cash, but it's not cash, so no one can steal it. It has to go to the recipient that owns the real estate and once it's handed over, that's the only person that can ... You know, with cash, anybody can take it.
Jill DeWit: Right.
Jack Butala: There's still a few old school things that the internet hasn't figured out, or you can use an [inaudible 03:16] company. That's the way to avoid it. In the end, I wanted to include this in the show today because there's a few things you just have to kick old school. Not very many, but a few.