When to Walk into the Bank
Transcript:
Jack Butala: Jack and Jill here.
Jill DeWit: Hey.
Jack Butala: Welcome to the Jack and Jill Show, entertaining real estate investment advice. I'm Jack Butala.
Jill DeWit: And I'm Jill DeWit, broadcasting from sunny Southern California.
Jack Butala: Today, Jill and I talk about when it's appropriate and when it's not to walk into the bank.
Jill DeWit: Preferably not armed. Preferably? Just kidding. I'm just joking.
Jack Butala: That would be great if we could just rob banks.
Jill DeWit: Remember that show. I loved it. The Jumpers. Was it Jumpers? Was it a show?
Jack Butala: Yeah, it was called Jumper.
Jill DeWit: Thank you.
Jack Butala: It was a movie.
Jill DeWit: He could jump ... That's what he would do. He would jump into the bank, fill his backpack, and leave.
Jack Butala: Yeah.
Jill DeWit: I want to do that.
Jack Butala: He could do it from here to France and then back.
Jill DeWit: Exactly. I love it. They couldn't do it in different time periods, though, right? It was like still current day.
Jack Butala: There's a lot of different variations, though, but the one that I find most interesting is there is a limit. You can only jump to a place that you've already been. I think that limits it, limits the writer in a good way. You actually have to have a story.
Jill DeWit: Very interesting.
Jack Butala: He had to fly to France. Like he took this girl to France and Italy. It was all under the guise of doing recon. He didn't tell her.
Jill DeWit: Okay. I remember a little bit about that. That was fun.
Jack Butala: Really good movie. I've seen it a couple of times now.
Jill DeWit: Has nothing to do with our topic today, but ...
Jack Butala: Before we talk about absolutely nothing that can help you ...
Jill DeWit: That's right.
Jack Butala: ... let's take a question posted by one of our members on the jackjill.com online community. It's free.
Jill DeWit: Because this is good information.
Jack Butala: This right here is [crosstalk 00:01:32].
Jill DeWit: This will help you. Okay. Roscoe P. asks ... Is that really their name?
Jack Butala: Yeah.
Jill DeWit: Okay. Roscoe P. says, "Hi all. I'm relatively new, but I have a couple of questions. I sent my first mailer and bought five properties off of it." This is great.
Jack Butala: Good stuff.
Jill DeWit: Can I share all this stuff?
Jack Butala: I would leave the county name out.
Jill DeWit: Okay. "2.5 acres in blank county, Arizona. I purchased them for $525 each. I sold one for $2,000 cash, but I have not have luck selling the other four. I've had them online for about three months, Craigslist and LandWatch." I hope he has some other places, too.
Jack Butala: Me, too.
Jill DeWit: "The lowest price comps on LandWatch are $1,100. I have mine at $1,100 cash or $1,500 on terms with $99 down and $99 a month for 15 months. It's a low terms deal, but I still turn $500 in acquisition into $1,500 in a little over a year."