Jack Thursday–What Jack Looks at When Doing Deals (LA 1522) - a podcast by Steven Butala & Jill DeWit

Jack Thursday - What Jack Looks at When Doing Deals (LA 1522)
Transcript:Jack Butala:
Steve and Jill here.Jill DeWit:
Hey.Jack Butala:
Welcome to the Land Academy Show, entertaining land investment talk, we hope. I'm Steven Jack Butala.

Jill DeWit:And I'm Jill DeWit, broadcasting from perfect Paradise Valley, Arizona.

Jack Butala:Today is Jack Thursday and it's called What Jack Looks At When Doing Deals. I will tell you what I look at, what I look like while I'm looking at deals.

Jill DeWit:I'll tell you what you look like.

Jack Butala:How I feel about it.

Jill DeWit:Oh yeah.

Jack Butala:What makes me livid.

Jill DeWit:Oh yeah.

Jack Butala:What makes me happy.

Jill DeWit:What gets to me.

Jack Butala:What makes me jump up and down.

Jill DeWit:Yeah.

Jack Butala:I'll tell it all.

Jill DeWit:I love it.

Jack Butala:For better or for worse.

Jill DeWit:Uh-oh.

Jack Butala:You decide if you want to listen to the rest of the show.

Jill DeWit:That's right. For those of you who love a Jack Rand, this is for you.

Jack Butala:Oh yeah. 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. If you're already a Land Academy member, join us on Discord.

Jill DeWit:Aaron wrote,"In the meeting, I was asked to share some results. This is not a done deal by any means, but here's what I have to share. My second mailer is starting to hit out of state owners first. First response via email, I offered $4,000. The owner wants to get at least what they paid for it in the 1980s, which is $12,000. Both brokers I talked to today said the market has gone mad and they think they'll sell it in 30 days for $30,000 to $40,000. I have to dig into comps tonight and decide if I believe them."Love that."I would love to hear how others are doing $4,000 and would have been about right on a lot with no trees in this area?"That was a little confusing there.

Jack Butala:A little encrypted.

Jill DeWit:But big picture is-

Jack Butala:He's buying for 12, selling for 35.

Jill DeWit:Well, right now he's offering four. The guy said he wants 12. So I have two things that I'd like to say first, please. Number one is, sometimes they're right. In this situation, if the guy just wants to go to his 12 out and you can confirm you're going to get $30,000 to $40,000 out of it, and then we'd have to discuss it and you're comfortable with that, I would do it.

Jack Butala:So would I.

Jill DeWit:My second comment is sometimes it's not right. I have had people that paid 12,000 for property years ago in the'80s, because of this mall or this airport or this freeway was going to come in and it was going to be, yay, the greatest thing, and then didn't pan out. So they have paid 12,000 for it and now it's worth two. I've had that. And they know that and I've had to remind them. They're like,"Yeah, I knew when I bought it that it was because of X, and that military base never happened."So there we go. I know. And so you have to explain that to them. So sometimes I just want you to know that just because they pay 12 in the'80s doesn't mean it's always worth money today. Go ahead.

Jack Butala:I couldn't have said it better. I mean, I would've said-

Jill DeWit:Oh, you would have said it better.

Jack Butala:No, I mean, this is a great topic. Tomorrow's topic, by the way, is how Jill looks at deals. It's Jack Thursday, it's about me, not about Jill.

Jill DeWit:Oh my gosh.

Jack Butala:And believe me, this doesn't happen often

Jill DeWit:We should do this. We're going to make Thursday all about Jack all day long.

Jack Butala:I sit next to Jill. That's what Land Academy should be.

Jill DeWit:The guy next to Jill.

Jack Butala:John F. Kennedy used to say,"I am Jackie Kennedy's husband."Jill DeWit:
There we go. Thank you, babe. That's awesome. So what are your comments?

Jack Butala:Today's topic?

Jill DeWit:You have no other comments?

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