Jack Thursday – Your Land Investing Niche Chooses You Not the Other Way Around (LA 1646)

Jack Thursday - Your Land Investing Niche Chooses You Not the Other Way Around (LA 1646) Transcript: Steven Jack Butala: ... Steve and Jill here. Jill DeWit: Hi. Steven Jack Butala: Welcome to the Land Academy Show, entertaining, land, investment talk. I'm Steven Jack Butala. Jill DeWit: And I'm Jill DeWit, broadcasting from the Valley of the Sun. Steven Jack Butala: Today is Jack Thursday, and I'm going to talk about your land investing niche that actually chooses you, not the other way around. This is not the first time we've discussed this on the show, I guess as is with most things, since we're on episode 1,646. Jill DeWit: There might be some duplicates in here. Steven Jack Butala: There's some overlap. Jill DeWit: But you know what, though? I would argue there's a reason they come up, because we've figure out something new. I'm sure on show 646 we had different things to say about niche than we do 1,646, and know that's not a typo. Steven Jack Butala: This is a very common theme that you hear in business all the time, about how the business that you ultimately are involved in, or choose... You think we make all these choices, and honestly, there's a lot of things that just chooses us- Jill DeWit: Like women? Steven Jack Butala: Like Jill chose me. Jill DeWit: Exactly. I was just going to say that. Let's see, let's think about, what are a few things that you don't get to choose? You don't get to choose your children. Steven Jack Butala: Boy, that's for sure. Jill DeWit: And you don't get to choose your parents. And you don't get to choose your siblings, I wish I did. Steven Jack Butala: But you can choose your friends, which is why you spend the most time with them. Jill DeWit: Yeah. You can choose where you live. What you drive. You can choose how you look. You can choose your hair color. Wait, what do you have? Steven Jack Butala: I don't know, we'll figure it out as we go here. Jill DeWit: Oh, good. That's [inaudible 00:01:54]. Steven Jack Butala: Before we get into it, let's take a question post about 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 comments on the shows you liked. Jill DeWit: Anthony wrote, one topic I would like to hear about is what people get... Oh, please. We're having a little, what's the word I'm talking about? Steven Jack Butala: [inaudible 00:02:20]. Jill DeWit: Technical error. Okay. One topic I'd like to hear about is how people get wrecked in the land business. Oh, this is hilarious. Especially if you could add a cautionary tale. My take is that staying away from too much leverage is probably the key to not getting wrecked. I like the term wrecked. Steven Jack Butala: [inaudible 00:02:41]. Jill DeWit: I never use that. It's tempting to finance a purchase or two with credit when your acquisition budget is maxed out. Property values go up and down, most of the time they go up, but if you are over leveraged during a downturn, that debt could be working against you on a leveraged basis. Not saying that we will see a downturn soon, in fact, I see the opposite, with inflation as a dominant narrative ATM, but it's prudent to know where the risks lie. Steven Jack Butala: So I've been communicating with Anthony about this, and other things in Discord. Jill DeWit: Wrecked? Steven Jack Butala: I have a lot to say about this. Jill DeWit: This is good, go ahead. Steven Jack Butala: Because Jill and I were just about flat broke in 2009-ish. Jill DeWit: Yeah. Steven Jack Butala: Which is about the time we met-ish. Prior to that, I had a yacht, and so we really, really, got wrecked by that downturn, and the only reason that we made it out of it, and I say this in every time we do a live event, multiple friends who were in the same business, not necessarily land, but somehow in real estate, in Phoenix at the time, either ended up dead, or filing bankruptcy, or both. And so,