How Jack Jill use their Calendar to Succeed (CFFL 582)

How Jack Jill use their Calendar to Succeed (CFFL 582) Transcript:  Jack:                     Jack Jill here. Jill:                        Hey. Jack:                     Welcome to the show today. In this episode Jill and I talk about how each of us, how Jack Jill use our calendar to succeed buying and selling real estate. Before we get into it, though, let's take a question posted by one of our members on the LandInvestors.com online community. It's free. Jill:                        We were Jack and Jill, and now we're Jack Jill. Is this just one word? You just kind of [inaudible 00:00:33]. Jack:                     Hey, you want to know why it says Jack Jill? Jill:                        Yeah, why? I was sitting here going, "Hmm." I picked up on it at first and I'm like, "He, did it again." Jack:                     Because SEO- Jill:                        Where is Jack Jill? Jack:                     ... doesn't like the word and. Here's another reason, we are JackJill.com. We are not JackandJill.com. Jill:                        We should just say, "JackJill.com. Hi, my name is JackJill.com." I'm just kidding. I got it. I was just teasing you, so thank you. All right, Jason asks, "In my most recent marketing campaign I found a landowner who asked me if I could help him finance a land sale to his neighbor. The land owner says that he is too old to do the owner finance, but the buyer's haven't been able to find a bank loan for a subdivided section of his land." Interesting. This is very interesting. "It seems to me that if someone who invested in a promissory note might be interested in that business, but I don't know how to find such an investor. Do you have any advice on what to tell the seller?" Jack:                     Yeah, there's a website called LoanMLS, L-O-A-N-M-L-S. They have no affiliation with us in any way, but in my spare time I love perusing it because there's a bunch of notes for sale in there. We don't talk about it a lot, but note investing is a fantastic real estate vehicle. You can [crosstalk 00:01:55]. Jill:                        Yeah, I kind of like that. Jack:                     Jill and I have personal friends who have made hundreds of millions of dollars buying dramatically reduced loans from banks and financial institutions. You don't buy the property, you buy the mortgage that's underlying it. Think of a house that's got a mortgage on it. It's a 30 year mortgage. They're 15 years into it, and then for whatever reason, the owner's still in the house, the guy who had the mortgage is still in the house, same person, and they stop paying. For whatever reason the bank says, "Hey, this mortgage is for sale. I'll sell it. What's left on the mortgage is $25,000. The house is probably worth 200. I'll let you have the mortgage for 10 grand, what do you say? See if you can get this guy to start paying again." Now you're buying a 200,000 house for 10,000 or you're buying the note associated with it. By the way, you can foreclose on that if you want, depending on the local rules. This whole business of loans and buying the notes and stuff is really a good idea. I've done it several times. We don't do it right now because this other stuff we have is so incredibly profitable. Every once in a while, to the direct point here, Jason, someone calls us and says, "Jack, will you go buy this piece of land for me? Will you pay cash for it? It's $25,000. Sell it to me for $25,000, and I'll pay you over time." That's what's going on here. My answer is no. Not because it's not a great- Jill:                        It's not our business model right now. Jack:                     That's it, Jill. Jill:                        That's it. Jack:                     You nailed it. Jill:                        Yeah, it's not crazy. This is not crazy, and I give kudos to the guy for thinking of this and saying, "Since you're calling me maybe you'll do this."