This is the Rest of Your Life
Jack Butala: This is the Rest of Your Life. Every Single month we give away a property for free. It's super simple to qualify. Two simple steps. Leave us your feedback for this podcast on iTunes and number two, get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening.
Jack Butala:
Steven, Jack Butala for Land Academy. Welcome to our Cash Flow From Land Show. We buy property for half of what it's worth, and resell it the next day. Free information from Jack, that's me ...
Jill DeWit:
... and inspiration from Jill, that's me.
Jack Butala:
In this episode, Jill and I talk about the rest of your life. It's the first day of the rest of your life. It's a cliché but it's true. Jill, great show today. Before we start, let's take a question posted by one of our members on successplan.com, our free, online community.
Jill DeWit:
Okay. Michelle from Phoenix, nice, wrote in and asked, "I'm starting out in Phoenix and interested in doing a rehab/flip. This will be the first one I have not lived in myself. I have general questions about buying from the standard MLS listings versus auctions. Any advice?"
Jack Butala:
Boy did she come to the right place on this, Jill.
Jill DeWit:
Totally.
Jack Butala:
You want to answer this?
Jill DeWit:
No.
Jack Butala:
Oh Michelle. You can buy stuff out of the MLS effectively, sometimes. You don't really know how it's going to go until you get in there. You can go to auctions and take your chances. I've done both. We still do some version of both, but here, if you want to make sure that you're going to succeed, submit a bunch of written offers somewhere that you've decided where this is going to work.
You're looking in a specific neighborhood with MLS listings anyway. You're only going to consider properties at an auction that are going to kind of fit your little geographic model anyway. Why not identify a couple of neighborhoods, maybe 3, send everybody an offer in the mail? It's so simple, incredibly inexpensive.
The person who really was dying to sell you their property that day, they're going to sign it and send it back to you. That's my answer. How's that?
Jill DeWit:
I love it. You know what I think is really interesting, just a little side note, is that people don't realize that you can do this and you can drill it down to be so specific so you know you're really only doing ... You want 3 bedroom, 2 bath, this size, blah, blah, blah. You can drill it down to that. It's not like you're ... It's like you're throwing out a really wide net.
I want everybody just to know that you could be real specific so you're not wasting anybody's time.
Jack Butala:
You are ensuring your success because in an extremely rare occasion, it's never happened to me, but it might have happened to somebody where you don't get any offers back. People get real concerned about that. We teach all our members to do this. I don't think it's ever happened. If it has happened to somebody, I'd love to hear about it. We hear all the good stuff all the time.
You're ensuring your success. If you're running through the MLS or an auction, you're constantly asking yourself, "This could work at this price." What you want to do is send these offers out in the mail where the prices, you're absolutely sure it's going to work. If all the houses are selling in that area for 120 grand, send out offers for 75 or 80.
What you're saying to yourself now is, "Who in their right mind, if their property's worth 120 grand, is going to sign an offer for $80,000 and get the deal done that week?" Who, Jill?
Jill DeWit:
A lot of people.
Jack Butala:
A lot of people. A lot of people would rather just get the money now and get out of there because there's something going on in their life. It's not about the house at all. It's about the circumstance of the owner.