Take This Personality Test (018)
Take This Personality Test (018)
Transcript:
Steven Butala: Steve and Jill here.
Jill DeWit: Hi there.
Steven Butala: Welcome to The House Academy Show, entertaining real estate investment talk, I’m Steven Jack Butala.
Jill DeWit: And I’m Jill DeWit, broadcasting from sunny Southern California.
Steven Butala: Today, Jill and I talk about taking a personality test. What do you think this is really about, Jill?
Jill DeWit: This is how I took it and I’ve got a few questions here I’m going to ask. To me, this is about the personality test that will help you decide if this is something for you, if you should be in the house flipping world in some way.
Steven Butala: I’m going to take it with everybody and chances are I will score lower than most the listeners.
Jill DeWit: I’ve got five questions [crosstalk 00:00:41]- This is really good.
Steven Butala: Before we get into it, let’s take a question posted by one of our members on the HouseAcademy.com online communities free.
Jill DeWit: Stanley asked, “How do you finance your house deals?”
Steven Butala: We finance our house deals in one of the following ways. Self-funded … By the way we almost always … in fact, I can’t remember a time when we didn’t actually close on it. We are wholesalers, but we buy the property and resell it. We take title to it. We either buy it ourselves, we buy it with another partner in our group or we … if it’s a really smoking deal and it’s got unvolved subdividing or development, we syndicate it out into our closed group, not to the public by any stretch, and raise capital to do some project like that.
Jill DeWit: Thank you.
Steven Butala: We’re doing that right now on a small apartment building that we will resell immediately when it’s done.
Jill DeWit: Thank you. And I would encourage you, listener, to do all or some versions of that, in addition too you can roll in things like House Academy deal funding because it’s a thing we’re doing [crosstalk 00:01:49]. I’m doing deals now.
Steven Butala: Yeah [crosstalk 00:01:50]. If you go to House Academy, we have multiple deals that we review all the time. Jill’s reviewing a bunch right now, right after the show.
Jill DeWit: Mm-hmm (affirmative).
Steven Butala: If you go to HouseAcademy.com and click on somewhere in the Tools, I think it is, you’ll see Get Funded- [crosstalk 00:02:04]
Jill DeWit: Deal Funded [crosstalk 00:02:05], yeah.
Steven Butala: … or Deal Funding and just fill out the form if you have a good deal … it’s got to be a good deal.
Jill DeWit: It’s got to be locked in.
Steven Butala: Yeah. It’s got to be- [crosstalk 00:02:10]
Jill DeWit: It’s got to be- [crosstalk 00:02:10] Not just a theoretic deal, nothing that you just found online. It’s like you did [inaudible 00:02:15] the right thing, “Hey guys, this is $50,000 below what it should be-“
Steven Butala: Yeah.
Jill DeWit: “I need the cash to do it.” That’s what you … and I’ve got to sign- [crosstalk 00:02:23]
Steven Butala: We love those deals [crosstalk 00:02:23].
Jill DeWit: That’s what you submit.
Steven Butala: We do tons and tons of these deals and it’s one of the big … I guess we don’t talk about it enough. One of the huge benefits to being a member is being able to … you don’t have to start with any money.
Jill DeWit: Yeah.
Steven Butala: We don’t talk about that enough.
Jill DeWit: That’s true. Thank you.
Steven Butala: Here, sometimes, this is what happens … I got to blow some steam.
Jill DeWit: Okay.
Steven Butala: Every once in a while, some person will leave out the adjectives, looks up a bunch of property on the MLS-
Jill DeWit: Yeah.
Steven Butala: … and says, “Here’s these six properties. I can buy them for X, which is the MLS listing price-“
Jill DeWit: Right.
Steven Butala: “because I have nothing to lose because you’re going to fund 100% of this, let’s just see how stupid Steve and Jill are.”
Jill DeWit: And then we go, “No, thank you.”
Steven Butala: And then we’re done forever.
Jill DeWit: Yeah. [crosstalk 00:03:05]
Steven Butala: [crosstalk 00:03:05] Consider the bridge burned.
Jill DeWit: Don’t do that.
Steven Butala: Because the rest of the financing world asks you to put 20% down, 30% down, 40% down, or pay points up front, the whole hard-money lending business, we despise it as much as you do.
Jill DeWit: Mm-hmm (affirmative).
Steven Butala: And so, we want to get away from that, but there’s always one guy-
Jill DeWit: It’s got to be a good deal.
Steven Butala: There’s always one guy that just decides they’re going to try to burn it down.
Jill DeWit: Thank you.
Steven Butala: That’s your way of saying, “Dude, move on.”
Jill DeWit: “Move on!”
Steven Butala: Today’s topic: Take this personality test. This is why you’re listening.
Jill DeWit: Okay. Who’s going to be successful doing this? Right? That’s … I would like to think that’s why you’re listening. And so I developed a few questions that I’m going to ask Steven first, and you can follow along and take this quiz at home.
Steven Butala: I’m concerned.
Jill DeWit: This ought to be good.
Steven Butala: What if I don’t pass?
Jill DeWit: Well, let’s see how you do. They’re numbered 1 to 5. Okay, you ready? Here we go. Number one, “Do you break out in a cold sweat when you hear the word ‘data?'”
Steven Butala: No! Quite the opposite. I drop what I’m doing.
Jill DeWit: Thank you. Do you want to elaborate on that?
Steven Butala: I love data. I think this is a whole … That’s why we’re here.
Jill DeWit: Thank you.
Steven Butala: We’re all here because these data-driven acquisitions that I generate and then Jill closes, so … When there’s some piece of the puzzle that’s missing in anything that we do with these businesses, these subscription businesses we have, these sass real estate models that we have, the buying and selling of the real estate itself and all that, when there’s something I don’t know the answer to, I stop what I’m doing and I intensely search online and have what I call a research session-
Jill DeWit: That’s true.
Steven Butala: … online to find out if there’s some way I can buy the data-
Jill DeWit: True.
Steven Butala: … to solve this and take all the mystery out of it. People have asked me my whole life, “Is that so risky buying and selling houses? How do you do that all day?” There’s no risk in this! There’s no risk! I don’t see any risk.
Jill DeWit: Thank you.
Steven Butala: Like, zero risk. So, no. You asked me to elaborate, I can keep going.
Jill DeWit: That was good. No, I have four more questions. This is good! [inaudible 00:05:16] You answer and then we’ll both talk about.
Steven Butala: How about can I ask you that question? I mean, does data freak you out?
Jill DeWit: No!
Steven Butala: Okay, good.
Jill DeWit: No, I get excited about different data, but it doesn’t scare me. No. Okay, so question number two, “Do you think excel is a form of migraine medicine?”
Steven Butala: Like Excedrin? So, in other words, “Do you know what the hell excel is?”
Jill DeWit: Exactly. [inaudible 00:05:48]
Steven Butala: It’s hilarious! You sit there and feverishly writing this stuff before the show-
Jill DeWit: I did!
Steven Butala: I’m like, “What is she writing?”
Jill DeWit: I did!
Steven Butala: And then she’s laughing.
Jill DeWit: I am.
Steven Butala: Now I know.
Jill DeWit: All right, here we go! I think that needs no explanation. You listeners, you know how you answered that!
Steven Butala: So hold on. We’re taking a personality test about real estate flipping-
Jill DeWit: Right.
Steven Butala: First question involves data and the second question involves a computer software program.
Jill DeWit: Yup, I’ll get some more.
Steven Butala: When do we get to the real estate?
Jill DeWit: Oh, it’s coming!
Steven Butala: Oh, maybe the real estate doesn’t even matter. It’s all about data.
Jill DeWit: This is true. It’s kind of true. I have a few other things that are important, but you are on the right path. Are you ready for number three?
Steven Butala: Yeah.
Jill DeWit: Okay. Number three is, “Is your idea of high tech upgrading going from your old Motorola to a Jitter Bug flip phone?”
Steven Butala: I know what you’re getting at here.
Jill DeWit: High tech. That’s what you think is high tech. You got rid of the Motorola and now you have a Jitter Bug.
Steven Butala: I don’t even know what a Jitter Bug is.
Jill DeWit: I had to look it up. I’m like, “Okay, what could somebody walking around with that they think this is high tech, in their pocket, that could do what they need to do, and access what they need to access when they’re out in the field? Or a call just comes in and they need to really look at stuff.” You gotta have the right tools.
Steven Butala: Yeah.
Jill DeWit: And I mean, not even just the mental tools and the software tools, but you kind of need a few physical tools, also. I will be honest, we’re always out-
Steven Butala: Always!
Jill DeWit: At lunch, I’m looking and I’m like, “Hold on, let me get a personal fact.” Or, “Hey let me look at this.”
Steven Butala: Yeah, always.
Jill DeWit: You know-
Steven Butala: We go anywhere in the car and I mean, to the grocery store. One of us is driving and the other person either has the phone or a tablet looking at price- looking at personal fact, as we’re driving, and finding out what dirt is around us … dirt in houses and what it’s worth.
Jill DeWit: Right. Exactly. Thank you.
Steven Butala: Am I saying you should do that? No, but that’s just in our soul.
Jill DeWit: Yup. Okay, question number four, “Is your idea of running your own business involve Venmo?”
Steven Butala: Venmo?
Jill DeWit: Do you know what that is?
Steven Butala: No.
Jill DeWit: You know what so great about that? There’s a reason why you’re like, “What the heck is that?” Or, “What is that?” Steven you’re data, and knowledge, and tack, and industry, and what you do is up here and not everyone’s up there. And I’m just kind of pointing out, you know, stating the obvious, really. If you want to be successful, this is the stuff you gotta know. Not only do you know how to deal with Venmo, you need to know how to set up your own … you know, in some situations, a credit card check out system on your website.
Steven Butala: Yeah.
Jill DeWit: And if that hurts and you don’t think that’s even possible, I’m here to tell you A, it’s possible and B, you need to be thinking about this stuff.
Steven Butala: I just got out of a meeting where we were self developing a sequel application, you know, a web enabled sequel application to do some amazing, amazing, stuff. Long story short, this is what it is. We always have deals coming in. We want people in House Academy to be a part of this sequel application so we can send them deals, so they can complete it and we can split it.
Jill DeWit: Right.
Steven Butala: That’s what I’m involved in.
Jill DeWit: I love it.
Steven Butala: What is Venmo?
Jill DeWit: It’s a payment system. I think I did it once where through your phone you can kind of put in your account and send money. I think I did it once for a washer and dryer, like years ago. Maybe a year ago, because that was the way the person was able to take payment.
Steven Butala: So, it’s PayPal, but not.
Jill DeWit: I’ve used it one time, that was it.
Steven Butala: What’s the difference between that and PayPal?
Jill DeWit: It’s easier. I think it’s just a little app. It’s a pretty little app.
Steven Butala: It’s pretty.
Jill DeWit: It’s a pretty little app [crosstalk 00:09:30].
Steven Butala: You answered my question.
Jill DeWit: You’re welcome.
Steven Butala: Hey, I haven’t gotten any real estate questions yet.
Jill DeWit: Nope. No! Have you noticed that? Okay, here’s the fifth and final question, “Do you approach all of your buyers and sellers as someone you would date?”
Steven Butala: Absolutely not.
Jill DeWit: Okay.
Steven Butala: Absolutely not. I have completely different criteria!
Jill DeWit: Thank you. Well, for two reasons. One, the obvious, but two, my point on this one here … just like these people, you want to get to know them, but not that much.
Steven Butala: That’s the greatest thing I’ve ever heard.
Jill DeWit: Thank you.
Steven Butala: It’s like a perfect marriage.
Jill DeWit: Thank you.
Steven Butala: I’d like to get to know her, but not that much.
Jill DeWit: Not that much.
Steven Butala: I don’t need to know everything.
Jill DeWit: And then number two is, you need to look at these transactions like that, too. You need to be thinking of these as a line item. It’s really true. When you’re dealing with assets and whether or not you’re going to buy it, you can’t see if you live there. Who flipping cares? You need to be thinking about-
Steven Butala: Yeah, it has nothing to do with you.
Jill DeWit: Right? You need to think about the general public.
Steven Butala: Nothing. Yeah.
Jill DeWit: And it’s funny because I’m dealing with this right now. We just talk about House Academy deal funding, offers come in and I’m looking at them like they’re a line item and I don’t think the person that presented this on to me recently is thinking that way. ‘Cause I’m having to reply back with some of the basic questions that I don’t think they thought about. All I think they see is how pretty is it!
Steven Butala: That’s what I think!
Jill DeWit: And I’m like, “It’s not about how pretty it is!”
Steven Butala: That was my question, too.
Jill DeWit: I need to know the numbers. I could care less. I don’t know if it’s yellow, or green, or purple, I don’t need to know that.
Steven Butala: Amen, sister.
Jill DeWit: It’s a line item.
Steven Butala: I need to know that it’s $20-$50 per square foot less than surrounding houses.
Jill DeWit: There you go.
Steven Butala: And then I’m going to look at the asset and see if it’s ready to explode.
Jill DeWit: Yeah.
Steven Butala: If it hasn’t been on fire, ready to explode, I’m in.
Jill DeWit: There you go.
Steven Butala: I don’t care what the inside looks like and I think you lose, I think, 80% of the house flipping crew … the house flipping environment out there, I think you lose probably 80% of them. Because of this topic.
Jill DeWit: They don’t see it like that.
Steven Butala: ‘Cause they look at the asset before they look at the numbers.
Jill DeWit: Right.
Steven Butala: And they have a feeling.
Jill DeWit: Exactly.
Steven Butala: And they have a good feeling or a bad feeling.
Jill DeWit: Exactly.
Steven Butala: Instead of just doing math.
Jill DeWit: Thank you. Exactly. That’s my personality test. Let’s, hang on a minute. Let me add up your score here, Steven. Guess what? You got 100%. You scored 5 out of 5.
Steven Butala: Wow!
Jill DeWit: Let me see, wait, wait, wait … just like Cosmo, let me turn the page, that makes you an expert in your field and a top dating contender.
Steven Butala: Like Cosmo?
Jill DeWit: Like Cosmo! Wait. 5 out of 5, that means you are an expert in your field and good in the sack! That’s what [inaudible 00:12:19].
Steven Butala: Does it really work like that?
Jill DeWit: Yes. That’s exactly how those dumb tests go.
Steven Butala: Do you ever sit around and read like that ever?
Jill DeWit: Not anymore, I used to.
Steven Butala: Like when?
Jill DeWit: Oh my gosh, ten years ago.
Steven Butala: Ten years ago?
Jill DeWit: Yeah. Exactly.
Steven Butala: Wow, we should have tests like that.
Jill DeWit: Okay.
Steven Butala: Have the people who started listening aren’t listening anymore.
Jill DeWit: They’re gone. Speaking of going dark … All right.
Steven Butala: Hey, well we know your time’s valuable, thanks for spending some of it with us today. Join us next time for the episode called, “Appointment Setting.”
Jill DeWit: And we answer your questions, post on our online community at HouseAcademy.com. It is free.
Steven Butala: You are not alone in your real estate ambition. Some classic stuff, though.
Jill DeWit: Thank you. These are actually … these topics were kind of … sometimes I like your topics when they’re real specific. Because I know, “All right, I know exactly what we’re going to talk about today.” And then some of these topics like a few this week, they were pretty open and I’m like, “Oh, I could take this however I want and now I’m having fun with it.”
Steven Butala: I’m going to ask you a co-host personal question. Ready?
Jill DeWit: Ready.
Steven Butala: Do you think it’s easier or harder, or the same to do this show as the Land Academy show?
Jill DeWit: Easier.
Steven Butala: I think this is harder.
Jill DeWit: Oh! Interesting.
Steven Butala: Here’s why.
Jill DeWit: Go.
Steven Butala: Buying houses is so simple, it’s silly. There’s like six things to do.
Jill DeWit: That’s why I think it’s easier.
Steven Butala: So, doing the show is easier?
Jill DeWit: Yeah.
Steven Butala: There’s not as much stuff to talk about, that’s why I come up with these silly games.
Jill DeWit: That’s what makes it fun. That’s why it’s easier for me, fun for me.
Steven Butala: Buying land is a … there’s so much more to it.
Jill DeWit: True.
Steven Butala: But you have the opportunity to knock it out of the park.
Jill DeWit: There’s so much to talk about.
Steven Butala: Houses, it’s so easy to make $20,000 – $30,000 per unit. Just bang! Pricing and stuff? Forget it, it’s so easy. That’s just how I see it.
Jill DeWit: We’re just peeling back the layers of the onion. There’s going to be a lot to talk about. I have no doubt, we’re going to have show 1,000 before we know it-
Steven Butala: Yeah, for sure.
Jill DeWit: Hang in there! Wherever you’re listening, or wherever you’re watching, please subscribe and rate us there. We are Steve and Jill.
Steven Butala: We are Steve and Jill. Information.
Jill DeWit: And Inspiration.
Steven Butala: To buy under valued property.
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