Power of Debt Free (CFFL 557)
Transcript:
Jack Butala: Jack and Jill here.
Jill DeWit: Hey there.
Jack Butala: Welcome to the show today. In this episode, as promised Jill and I will talk about the power of being debt free. Before we get into it ...
Jill DeWit: It's like the heavens open up. This is so awesome.
Jack Butala: Man, I want to hear what she's going to say about this too. Before we do it let's take a question, posted by one of our members on the Landinvestors.com online community. It's free.
Jill DeWit: Okay. Joshua asks, hey guys I'm working on my second mailer but this time around I'd like to get more detailed about my pricing. Nice. I know Jack mentions he still buy, he still prices by the square foot. I'm curious as to the sources used to find land that is sold. I've just been using Postlets.com, Redfin for the county it covers and their contract pieces on Land Watch and Lands of America.
Jack Butala: Uh-huh (affirmative).
Jill DeWit: I was planning to mostly consider what sold numbers were, find the average and then make offers based on those. I'm also thinking about how to break counties down into individual cities and points, because obviously some parts of the county, the counties are priced higher than others. I was going to just do separate spread sheets if the amounts were way off than other cities in the county.
Jack Butala: That's okay. We have a member who does that. Very successfully I might add.
Jill DeWit: Uh-huh (affirmative). I'm thinking, and this is where it gets more fun, some counties I will have to use Agent Pro, since they aren't find, or Title Pro, which we have that he has, since they aren't found on personal fact, seems to get a little pricey compared to personal fact and he suggested packages for Title Pro.
Jack Butala: Yeah, Title Pro. This is, I mean, Jill this is a testament to the intelligent members we have.
Jill DeWit: Yeah.
Jack Butala: This is an incredibly ...
Jill DeWit: Totally.
Jack Butala: Intelligent question.
Jill DeWit: It is.
Jack Butala: I mean, this is like masters degree possible PHD level stuff.
Jill DeWit: Uh-huh (affirmative).
Jack Butala: Price up, as you know.
Jill DeWit: On a second mailer by the way, he's already thinking about these things. This is awesome.
Jack Butala: As you know, pricing is so important. So, let me super clarify. I only every use pricing per square foot for better or for worse, for houses. I never use it for commercial property. I only use cap rate analysis for commercial property and for land I use price for acre or price per actual lot, like in the case of movie star ranches. Price per square foot is only for houses. So, it sounds like you're buying land. Right, Jill? I think he's buying land.
Jill DeWit: Uh-huh (affirmative). Totally.
Jack Butala: There's two ways to, and you're dead on about, you're a hundred percent right about you look in any given county there's some places it's really pricey, there's some places it isn't. Out west it has to do with altitude and trees and stuff. Back east it has to do with what's developed and what's not. So, what you want to do is separate that out and there's a few ways you can do that. You can separate it through a spread sheets scenario, through APN's scheme as I call them.
Like, if the APN scheme in the county is 103-33-333,