What Would You Do with Limitless Capital (LA 1576)
Transcript:
Steven Butala:
Steve and Jill here.
Jill DeWit:
Howdy.
Steven 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 pretty Scottsdale, Arizona.
Steven Butala:
Today, Jill and I talk about what would you do with limitless capital? I love this topic. I love talking about money.
Jill DeWit:
Oh, man the shopping I could do.
Steven Butala:
See? That's where it starts.
Jill DeWit:
Oh, oh, that's not what you meant? Oh, shoot.
Steven Butala:
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 Land Academy member, please join us on Discord.
Jill DeWit:
That's an honest mistake. I just kidding. Marianne wrote sometimes it's a blessing to have a full-time job that's a bit of a game delay in getting back to sellers. I was slammed at work and three callbacks stacked up from the same area. The pattern was a flag, and I was able to do some digging.
Steven Butala:
Red flag.
Jill DeWit:
Red flag. Okay. The subdivision originally sold 5 and 10 acre parcels that the county only allowed buildable at 20 acres. Interesting. It left a bunch of people unable to build their retirement homes and stuck with desert land in this state. My offers were based too high. My offers were too high based on this for purely recreational land, and I didn't even want them at all. I think if I had called the first seller back right away, I would have taken the deal. If anyone is into this sort of thing, please direct message me, perhaps one woman's trash, dot, dot, dot. That's good. So how do we learn to get better at finding and understanding legal descriptions and zoning codes? That's a part of this question, too?
Steven Butala:
Yeah. And so what she's getting at here is-
Jill DeWit:
Because she missed something and she might not have, I think.
Steven Butala:
What she's getting at here, this is my opinion, is chill out. Just chill out. Let your mailer do the work. These mailers do a ton of work for you. They don't just find sellers for you, which is amazing in its own right. They also tell you, hey, if there's 25 people responding to you immediately and signing your offers in one little area, that-
Jill DeWit:
There could be a problem.
Steven Butala:
It might be priced too high. And that's okay because you can go in and reduce prices and review it and whatnot. You have complete control over what properties you buy, entirely and completely. So let the mail do its job and chill out a little bit. Let them come back and choose the best one. It's like dating. Choose the best one.
Jill DeWit:
I was waiting. I'm like let him go. Let it go. He'll hang himself. It's fine. I don't need to get it on this.
Steven Butala:
And she says, how do we-
Jill DeWit:
Well, can I comment on this?
Steven Butala:
Oh, sure of course. Of course.
Jill DeWit:
I want to comment, too, that I love it. She quickly figured out on her own... People, this happens often. The first one comes back. We're scrambling to try to make it because it might be my only one. No, it won't. Hold on everyone. And the best thing I could say, too, is I'm glad you let hours and/or a day go by. I like to let a bunch of them come in. I want to review 10 deals at once, and I want you to review 10 deals at once. So then I know you're going to pick the best one. Don't try to make every deal, especially the first two or three, work because as she uncovered, there could be some problems. And I don't want you to try to see something that's not there. That happens. Now, on to the second part.
Steven Butala:
How do we learn to get better at finding and understanding legal descriptions and zoning codes? Google, YouTube, and Land Academy Discord. This was off of Discord, and this is a perfect place to start. And I didn't put it in this context,