Business
Learn More About House Academy Here House Wholesaling Explained (HA 1279) Transcript: Steven Butala:Steve and Jill here. Jill DeWit:Hi. Steven Butala:Welcome to The House Academy Show, entertaining real estate investment talk. I'm Steven Jack Butala- Jill DeWit:That's a mouthful, and I'm Jill DeWit, broadcasting from sunny Southern California. Steven Butala:Today, Jill and I talk about wholesaling houses explained. Jill DeWit:That's a lot [crosstalk 00:00:20]- Steven Butala:Wow. Jill DeWit:That was a lot. Steven Butala:This seems like such a basic topic. Like, "Yeah, yeah, yeah, you wholesale a house. You buy it for cheap, you sell it for more. Get out of there. Go do it again." Jill DeWit:Do you think you use this term when you describe yourself anymore because I thought- Steven Butala:No, heck no! Jill DeWit:Yeah, isn't it funny? I used to say it, it used to mean something. And it used to mean something good. And you know what, there's always one bad one that ruins it for the rest of us! Jill DeWit:I'm just kidding. But people have got confused by what wholesaling is, and then some people are, I think, not doing it right and now we have to describe what we do a different way and let them run with that. Steven Butala:There's a lot of meat in these deals and because of that, there's a lot of people who have no shame and no real respect for real estate or money and the process and have come in and really- Steven Butala:They haven't even put a dent in the industry, but they just get a lot of notary because they're not doing it responsibly, so- Steven Butala:Here's a prelude to the rest of the show. What we really are, are acquisition experts for people who own a lot of property. Whether they're landlords or house flippers or whatever. So if you walk into an big company that's real estate driven, like a McDonald's or a banks with bank branches, they have buildings. Or a home-builder, they have buildings full of an acquisitions staff that help them buy an expense property that fits their acquisition criteria. And I cut my teeth in that corporate environment and now we do it for ourselves. Steven Butala:So what the show really should be called is "How to Set Up an Outsourced Acquisition Department for Landlords." But if we call it that, you will be the only person who's listening to this show. Jill DeWit:Could you imagine! That would be awesome! "Hey you gotta check out this show!" "What's it called?" "It's great! Little hard to find, because if you misspell one of the words, and there's a lot of them, you'll never find it." Steven Butala:So then I went to a podcast national event onetime, and we had a show like that. And everybody's like looking cross-eyed at us. Jill DeWit:Like what Steven Butala:Why are you, why do you call it that? What the heck are you talking about! You lost me at the third word. You lost me at acquisitions. Jill DeWit:That's my favorite! Steven Butala:Before we get into the topic, lets take a question posted by one of our members on the houseacademy.com online community...it's free. Jill DeWit:Jeff asks, "I just flipped a property in Kansas City and I made twelve thousand dollars. I know I left a bunch of money on the table. How do you deal with this?" Jill DeWit:Move on. Steven Butala:You know...I'll tell you what. Jill DeWit:Well you surely can't call back and say "Hey, oops, by the way..." Steven Butala:Well I think what he's saying is "You guys", meaning Jill and I, "what you teach or what you explain on how you do it is to make 10 or 15 or 20 grand on the thing and just keep moving." Jill DeWit:Yeah. Steven Butala:And that's right. So how do I deal with leaving money on the table? Because Jill and I leave money on the table on every single deal. And land deals too. That's part of the business model. Jill DeWit:Yeah. Steven Butala:You need your buyers to just beat your door down Jill DeWit:And now they will. Steven Butala:And yeah! Jill DeWit:Congratulations! That fire won't-