Tools that Make Us So Successful
Jack Butala: Tools that Make Us So Successful. 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: Jack Butala here for Land Academy. Welcome to our Cash Flow from Land Show. In this episode, Jill and I talk about the tools that make us so successful. Jill, I love this topic. It's like answering twenty questions in one. Before we get to it. Let's take a question from a caller as always.
Jill DeWit: Sure. Randy from Montana called in and asked, "How low of a price can you really offer for land?"
Jack Butala: That's a good question. You seem to have no bottom on what you will pay for real estate.
Jill DeWit: I won't go below a dollar. I'm just kidding.
Jack Butala: I don't know. I always think there's a fine line between absurdity and reality. No matter how low we send out mailers, and we've been doing this for what? Fifteen years, fifteen plus years, almost sixteen thousand transactions, no matter what we seem to send out, with houses and with land, people just sign them and send them back, and we do deals. I used to think that rock bottom was about a hundred dollars an acre, or maybe five or six hundred dollars for maybe a smaller lot, like a quarter acre. These are, not in urban areas, but in fairly rural areas. Anymore man, I just tell you, it's more about catching them at the right time and circumstance than it is about the money. Back me up here. The vast majority of the people that we end up doing deals with, it's not really about the price at all. It's just about checking it off their list.
Jill DeWit: It is. It's all ... It's a sliding scale too, depending on the property, depending where it is. If you really go ... Our success plant members, they have it down. They know how to look for similar properties, and what they should be buying it at, based on what things are selling. It really is kind of a ... It's a variable depending on the property and depending on where it is. If it's a quarter acre lot in Southern California versus a quarter acre lot in New Mexico, it's all different.
Jack Butala: That's the right way to answer that question. Well said.
Jill DeWit: Thank you.
Jack Butala: It has to do with a delicate balance between the stuff that's for sale in the area, the stuff that's sold in the area, and then you've got to start subtracting from there. I try to, we try to offer less than forty percent of what property has sold for, or is selling there right now. That's usually our mark. There's a lot of other ways that we teach. It's all in our Cash Flow for Land program. There's a lot of other ways to value property. Our students, our members are actually coming up with some great ways to value property.
Jill DeWit: They're good. They're good.
Jack Butala: We kind of specialize out West, but we have tons of East Coast members that are coming up with ways to value property based on SS value, and a lot of different things.
Jill DeWit: They're also looking at a lot of lake front properties.
Jack Butala: Ocean.
Jill DeWit: Nice areas where you've got to up your price because it's worth that much more.
Jack Butala: Here's an example. I just had a talk with a guy who, he's from Florida, but he lives in the northeastern part of the country, I think New Jersey right now. Very successful guy, and he bought our program, and he's a pro member, and he has a subdivision all picked out in Florida,