3 Step Process to Buying Property for Immediate Resale (LA 706) 

Transcript:

Steven Butala:                   Steve and Jill here.

Jill DeWit:                            Hi.

Steven Butala:                   Welcome to the Land Academy Show. Entertaining land investment talk. I'm Steven Jack Butala.

Jill DeWit:                            And I'm Jill DeWitt, broadcasting from sunny southern California.

Steven Butala:                   Today Jill and I talk about the three step process to buying property for immediate resale. I know it seems like a Captain Obvious moment.

Jill DeWit:                            The whole thing's gonna be Captain Obvious.

Steven Butala:                   What do you mean, Steve? You want to resell the property immediately?

Jill DeWit:                            Who doesn't want to sell it immediately?

Steven Butala:                   You wanna, so that's what we should talk about, because I don't understand when people come to us all the time and say, "No, I just bought that house for $35,000".

Jill DeWit:                            You want to say "I just sold that house and made $35,000"

Steven Butala:                   I'm quoting my little sister because she seems to accumulate $35,000 houses and then rents them to dead beats and then she wonders why "what? What, what am I doing wrong?"

Jill DeWit:                            Isn't that a funny, you know it's so, I was just thinking about that too. In our market and those markets are so weird, so different, where we are in southern California and I, I'm often on my phone and you and I are both on every single person's buyers list. And I look at these and, like, right now there's one in Tennessee. It's a three bedroom, one bath and its $28,000 or best offer, right?

Steven Butala:                   And there nothing wrong with that.

Jill DeWit:                            No, I just forgot. Sometimes you forget. Oh yeah, get out of your, snap back. Get in to the Tennessee mode. You can really buy homes that cheap.

Steven Butala:                   Yeah I just talked to a guy actually, on a consultant call. That's his whole business model. In the center of the country, he buys properties for 70 or 80 thousand bucks. Cleans them up, marks them up 20 grand and sells them.

Jill DeWit:                            Yup.

Steven Butala:                   And that what we're gonna talk about, immediate resale.

Jill DeWit:                            Exactly

Steven Butala:                   Before we get into the meat of the show, let's take a question posted by one of our members on LandAcademy.com online community, it's free.

Jill DeWit:                            Paul asks, "Hey L.A. community, I'm working on getting my first property sold and all of the interest I have had thus far seems to be wanting to do terms. I know it's not quite as straight forward in Colorado as it is in some states, but from some searches, it seems like more members are having some success there. Most of the posts, however, are older. Does anyone have any information on pitfalls to avoid when I'm doing terms deal in Colorado? I found a website that has some helpful articles. Non-advertisement, I haven't used them. And I have no connection with them. But I wanted to see if anyone else had some realworld experience to share".

Steven Butala:                   Yeah, so what the poster, what Paul's talking about is selling property is [inaudible 00:02:41] the opposite of what this show's about.

Jill DeWit:                            Right.

Steven Butala:                   He's asking about buying piece of property for ten grand, let's say, and selling it on terms. Collecting payments for quite some time until the thing's paid off.

Jill DeWit:                            It might be like 25 thousand dollars in the end, kind of thing.

Steven Butala:                   Right,