Business
Jack Thursday - Work Life Money Balance (LA 1602) Transcript: Steven J Butala: Steve and Jill here. Jill K DeWit: Hi. Steven J Butala: Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala. Jill K DeWit: And I'm Jill DeWit, broadcasting from the Valley of the Sun. Steven J Butala: Today's Jack Thursday, and I'm going to talk about work, life and money balance. Jill K DeWit: That is so celebrate your life of you. Steven J Butala: Is it? Jill K DeWit: Yes. I noticed you have one of my [Deepak 00:00:27] books on your bookshelf. Steven J Butala: I'm sure that was collected from you. Jill K DeWit: That makes me happy. Yes, it is. And if you look inside, it might be signed because I think it was Metahuman. That's right. Steven J Butala: Actually, that's a recent one. Jill K DeWit: I went to the, yeah, I went to the ... It was in Manhattan Beach. I went to the, no, it was [inaudible 00:00:47]. I don't remember what it was, but a bunch of us went to hear him speak at a high school campus. And it was, yeah, it was [inaudible 00:00:55]. It was really cool. And I got the book there and got to see him. It was neat. Steven J Butala: Did you meet him? Jill K DeWit: Well not, I mean, didn't like shake his hand, but I mean, I guess. Steven J Butala: I'm a big Deepak fan. I think a lot of that, well, over the years it changes genes. Sometimes it's new age. Sometimes it's self-help. But I think he's the real deal. Jill K DeWit: Oh, yeah. He's awesome. Steven J Butala: I think there's three or four people in that space that are really worth listening to and write well and are very smart. Jill K DeWit: He's awesome. Someday I'm going to go to one of his retreats. I've been thinking about it. So, yeah. Steven J 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 don't forget to subscribe on the Land Academy YouTube channel and comment on the shows that you like. Jill K DeWit: Ty wrote, "Does anyone use the last sold dollar amount or praised dollar amount versus offer when scrubbing, when available, of course." I just did an analysis on my last mailer and found some as crazy as 3%. These, of course, were anomalies, but I found that more than 20% of my offers were below the 10% range of offer to last sold. Sending an offer for $20,000 on a property that lasts over $500,000, no matter how long ago, minus 2009, seems a bit ridiculous and something I should just scrub or adjust. Thoughts?" Steven J Butala: This is a very, very intelligent question. Here's what happens. You download it, you do everything that you're supposed to do according to the education and you download a dataset and you're staring at this dataset, you manipulate it and you're getting ready to price. You go away far over to the right of the data set and you see how much this person on this one line item paid for the property and when they paid. So if they bought a property for $30,000 in 1995, and you go back over to the left where your pricing column and you price everything out, and they paid $30,000, plus all this appreciation of how many years, and you're actually offering them $8,000, you start to question yourself. This is a very, very intelligent question. Jill K DeWit: This is true. Steven J Butala: Does it matter? Should you look at that? Should you do a mailer based on what people have, not just casting a wide net, but based on and offer that person a little bit more than what they paid and just see. Absolutely not. I've done this and I've tried it. We had a person in our most recent career path that built a company based on individually pricing very expensive properties. And at the end of career path, he messaged me and said, "I realize now we've been doing this wrong." Steven J Butala: You can't, you can try this, but what you're doing by using this methodology is removing the possibility of hitting a home run.