Painful Truth About Land Investing (CFFL 550)
Transcript:
Jack: Jack Butala with Jill DeWit.
Jill: Hi.
Jack: Welcome to the show today. In this episode Jill and I talk about the painful truth about land investing.
Jill: That was a long pause.
Jack: I just do that to freak you out.
Jill: Painful truth.
Jack: Before we get into it, let's take a question posted by one of our members on landinvestors.com online community. It's free and hopefully we can confuse Jill more too.
Jill: I could have got a cup of coffee at that pause. That was long. Alright Joshua asks, "In the course Jack speaks about only mailing to an owner one time, even if they own more than one property on my list. When mailing such to such an individual, does anyone change the wording and only let them know if you are interested in any of their properties? If you are still only mailing to one of the properties, will you take extra time to research which property you would be most interested in?" This is a good question.
Jack: This is a great question.
Jill: "And put that AP in and pricing in your offer? Or do you just go with the first property on the list when doing the data scrub? I think about sending one total offer to the individual or possibly one offer per different lot acreage." Okay that's the end of the question, I know what I would say.
Jack: Go ahead Jill.
Jill: So, well here's how I would cover that. For me, it's about time and efficiency. I'm not going to do any research on the properties until I know if they're even in my ballpark range. So I'm going to bother and do that. I am going to probably just pick the first one honestly and scrub the rest of them because here's why. When and if the person reaches back out to me, one of my questions I always ask is, "Is there anything else that you have?" That covers it right there. And they're going to go, "Well as a matter of fact." Like this just happened to one of our members Luke. He's like a guys got 600 acres, it was that kind of thing. Luke sent him a letter about one, and found about 600 more acres. Now they're doing a bigger deal and they're going to do all this great stuff.
And that's it, that's how you do it. Luke didn't and I don't ahead of time pick the prettiest one, and I really want this one. So I'm only sending in an offer for this one. But I'll still ask about the rest of them. I don't do that much ahead of time. And two, because what if you're sending out 6,000 letters, because some of our people are at one time. Are you really going to go through and spend that much time. Just get them in the mail. Price them right, get them in the mail. What?
Jack: You're cracking me up.
Jill: I am. And then see who's serious and then look at it. Jack ...
Jack: That's great advice Jill and now I'm going to tell you actually what happens in our company.
Jill: Oh no. Oh no here it goes. That's all pretty Jill skipping along the top way. That's really not at all what we do. Jill is now so far removed. Just kidding.
Jack: If you'd like to know what goes on in our house.
Jill: Oh gosh.
Jack: And in our company, check out the show Darma and Greg. It's on during the 80's or 90's, 80's right?
Jill: I think it might've been 90's too, because I think they tried to do ...
Jack: They live in California, she's a total hippy and her husband Greg is the corporate attorney and he just looks at her constantly going, what?
Jill: She wants ice cream for d...