Reframing Your Money Making Mindset (LA 1401)
Transcript:
Jack Butala:
Steve and Jill here.
Jill DeWit:
Howdy.
Jack Butala:
Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.
Jill DeWit:
And I'm Jill DeWitt. Broadcasting from sunny Southern California.
Jack Butala:
Today, Jill and I talk about reframing your money making mindset. I think everybody's got a preexisting condition about money, like a healthcare pre-existing condition. And some people can get out of that if they make some changes in their life, eat better, exercise, whatever. You can change that mindset and go on and-
Jill DeWit:
Like learn to save money.
Jack Butala:
Yeah. I mean, that's part of this. Not really, but okay. That's why I want to hear your perception though. 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.
Jill DeWit:
For the record, I didn't learn to save money until I was an adult. Way into being an adult. I would save up whatever money I had and then blow it all on a fun concert weekend and then start saving up again to do it over and over and over again.
Jack Butala:
I'm going to honestly argue I think you're supposed to live your childhood.
Jill DeWit:
Yeah. My account would go from $600 to $20 and like whatever. And where I sat at the concert was just a direct relationship to how much money was in my account. I can afford these tickets. I can't afford those two goods.
Jack Butala:
I think you're supposed to do stupid stuff when you're a teenager like that. That's what you're supposed to do.
Jill DeWit:
Sure. And by the way as a girl, even though I could only afford those tickets, don't think I didn't end up down front.
Jack Butala:
I don't even want to know how you got down there.
Jill DeWit:
Okay. Joys of being a girl. Okay. Thomas wrote, "I'm buying a property right now. And my title company sent a 14 page for sale by owner document for me and the seller to complete. A fellow investor asked why I'm doing that. And he's never done one before through a title company. Is the title companie pushing off their work on me to do? I'm already a month into this deal possibly. And I just want some progress. It's a large well-known company, so I just assume this is normal and that they know what they're doing, but now I'm not sure."
Jack Butala:
May I?
Jill DeWit:
Please.
Jack Butala:
What they're asking you to do is sign a purchase agreement that's non real estate agent driven. And so the purchase agreement that we use for all of our deals and everybody in Land Academy uses is a single page. I want to buy it. You want to sell it? Here's the price. Here's the timeframe. There's a few conditions in here. If I change my mind or you changed my mind before it closes, the deal's off. So why that document needs to be 14 pages Thomas baffles me as much as you. The reason is it's not the baffling part. There's a bunch of lawyers got involved with the national association realtors and made this complicated for everybody. And it's been accumulating since the fifties in this country and the contracts Jill and I are doing a large deal right now through a realtor, which is unusual for us. A few of them actually, but one in particular, on a very urban area, there's a document after document after document to sign, and it gets worse and worse and worse as time goes on. Our way's better. Our Land Academy way is the best way to do this.
Jill DeWit:
Here's usually what happens Thomas. Betty, 20 years ago, learned to do this somewhere. It's usually how it goes, right? And then she'll never change the way she does it. Nevermind, the person sitting at the desk over for her at the same office doesn't require that document. Betty might. There's a little things like that that just happened because that's the way they learned them. So here's what I do. So what do you do? You could either say, "I'm not doing that." And they might say,