Pros and Cons of Leveraging Time vs Money (LA 1466)
Transcript:
Steven Butala:Steve and Jill here.
Jill DeWit:Hello.
Steven Butala:Welcome to the Land Academy show, entertaining land investment talk. I'm Steven Jack Butala.
Jill DeWit:And I'm Jill DeWit, broadcasting from sizzling Scottsdale, Arizona.
Steven Butala:Today, Jill and I talk about the pros and cons of leveraging your time versus money. 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 if you're already a member, join us on Discord. Seriously, join us on Discord.
Jill DeWit:Okay. In case you can't tell, he's got a little bit of a thing for this Discord. It's a little unhealthy. There's no money involved. It takes a lot of time on his part. Just kidding. You love it.
Steven Butala:Really Clubhouse?
Jill DeWit:I was waiting for that. We each have our new favorites. Isn't that hilarious? I'm like, "All right, you represent us on Discord. You just have a blast. Let me know if there's anything interesting. And I'll take the Clubhouse thing and that's fun." So, it's perfect.
Steven Butala:It's funny you bring up unhealthy because somebody said, and it turned into this huge thing. Somebody said, "I listen to X while I'm scrubbing data." And it just became a whole thing, and it unraveled about what people listen to and all their unhealthy weird habits about how they crunch data to get it ready for a mailer and when they do it and where they do it in their house. I listen to the band Tool extremely loud when no one else is around while I'm scrubbing data. And everyone's like, "You think that's weird, then," fill in the blank.
Jill DeWit:That's hilarious.
Steven Butala:It became this thing, like we are not healthy, normal people.
Jill DeWit:That's true.
Steven Butala:We're all these weird data people that are ... That's what I love about discord. And no one's afraid of that. We're all serious geeks, is what it is.
Jill DeWit:Yeah. It's a support group. That's it. If you're struggling to find friends because you are weird too, you can find them in Discord and you can all just have a great time together. Mom, I have friends. Leave me alone.
Steven Butala:Yeah. You know what it is? It's like this age, this is our video game.
Jill DeWit:It is. Yeah.
Steven Butala:The kids get on the line and-
Jill DeWit:So they're playing with the thing and then the talking. This is your version of you're doing that while you're scrubbing data.
Steven Butala:It's great.
Jill DeWit:Oh, this is hilarious. The grown-up version of gaming with your friends. All right. Back to the question. Daniel wrote, "I'm in negotiations with a seller for a $1 million acquisition price for a bulk purchase of multiple properties. I need help pricing from a local realtor, but I'm hesitant to give them all the information since I do not yet have a signed purchase agreement. Is this something you'd be cautious with?" Yeah, I would. Totally.
Steven Butala:Whatever you say, I'm going to agree with you on this.
Jill DeWit:Get a signed purchase agreement. There's no reason-
Steven Butala:Jill has a, and correctly so, has a peeve about not signed purchase agreements. You're not doing anything wrong in any way here, Daniel. It's a good question. Jill likes signed purchase agreements.
Jill DeWit:Well, for two reasons. Here's reason number one. So Daniel, you're going to sleep better. I would even take it so far if you're really worried, take the signed purchase agreement, give it to an escrow agent and say, "Give me an escrow number. And even though we can all change our minds, I just want to have a number that it's started the process," because that's good faith moving forward.
Steven Butala:This is extremely important, what she's saying, in my opinion.
Jill DeWit:And as far as an agent's involved, you're in escrow. It's like a hands-off kind of thing. Even though all you have is a number and nobody's done anything,