Jack Thursday–Land Academy Members with Personality Disorders (LA 1557) - a podcast by Steven Butala & Jill DeWit

Jack Thursday - Land Academy Members with Personality Disorders (LA 1557)
Transcript:Steven Butala:
Steve and Jill here.Jill DeWit:
Hi.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 Phoenix, Arizona.

Steven Butala:Today's Jack Thursday. And I'm going to talk about Land Academy members with personality disorders.

Jill DeWit:Put your helmet on.

Steven Butala:Why would you ever talk about Land Academy members with disorders when 99.8% of all Land Academy members past and present are awesome. Because it's Jack Thursday, that's why.

Jill DeWit:Because he wants to.

Steven Butala:And some people need to be discussed and disgusted.

Jill DeWit:Oh no.

Steven Butala:Before we get into it let's take a question posted by one of our members on a landinvestors.com online community, it's free. And if you're already a member and you don't have a personality disorder, join us on Discord.

Jill DeWit:Here we go. It's already starting.

Jill DeWit:All right, Kevin wrote, this might be a rant on open contracts.

Steven Butala:Options.

Jill DeWit:Ops. Excuse me. Let me start over."This might be a rant on option contracts. I talked to a man about five acres in a county in the Midwest. My offer was $10,681. And he said he received a higher offer from someone who wanted a 90 day close. I told him that the person making an offer sounds like they want to do an option contract. He said that sounds about right. He did not want to deal with this person and is willing to take my offer that is $3,000 less. This option contract person is pushing deals our way. I just talked to the seller yesterday and he had another deal with the same scenario."His offer was, a member, excuse me.

Jill DeWit:"He talked to a member yesterday and he had to deal with the same scenario. His offer was less, but the seller did not understand the need for 90 day close and was put off. The seller would rather deal with the member, this other member, even though his offer is lower, same situation again. There's a time and a place for an option contract."Steven Butala:
Is there?Jill DeWit:"But it's probably a poor choice for the initial offer, whoever's doing this is pushing deals my way, so thank you."That's totally true. So can I say real quick, here's an option. We would use to suggest this in the past and use this in the past when I was flat out out of money, when all these great deals are coming my way, I spent all my acquisition funds, I didn't have more money to take it down another deal. And I'd say,"Look, here's the story, I can't afford to buy it right now, but can I have 90 days?"And I'll kind of pull it together and what I might do and I would be honest with this too, is just go out and try to market it and sell it on my own, or sell it on your behalf kind of thing. And I'll give you the money that we agree upon. And they're like,"Sure, that's fine. As long as I get my eight grand, I don't really care how you do it. And 90 days is fine for you to try to go get me my eight grand."Jill DeWit:
Okay. So I'd have them sign this option contract, which gives me a skin in the game, equitable title so I can go out and kind of market it as my own. And here it is, this is my new property on Land Stay and try to sell it. And if I, maybe I sold it for 12, maybe I sold it for 14, whatever it was, I could then go afford to buy it from him for eight and do it all really fast. That's the thing.

Jill DeWit:Some people, and this is before, this is what I really would run out of money. And, or I would also suggest is like, maybe it was a really good deal, but I wasn't a hundred percent sure on the price. So I'd say,"Maybe I'll do an option. See if I can get what I think I'm going to get, then I'll pull the trigger and make it happen kind of thing."Jill DeWit:
So what it has sadly turned into,

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