Beginners Guide to Doing Land Deals (LA 1610)

Transcript:

Steven Jack Butala:

Steve and Jill here.

Jill DeWit:

Howdy.

Steven Jack Butala:

Welcome to the Land Academy Show, entertaining land investment talk. I'm Stephen Jack Butala.

Jill DeWit:

And I'm Jill DeWit, broadcasting from the Valley of the Sun.

Steven Jack Butala:

Today, Jill and I, we're going to talk about a beginner's guide to doing land deals.

Jill DeWit:

I broke it down in a couple of steps from zero to 30, I should say.

Steven Jack Butala:

Jill and I often have different takes on what these shows should be about. And today is no exception.

Jill DeWit:

Exactly. We often have different takes on everything from parenting to where we're going to dinner tonight.

Steven Jack Butala:

We do not have different takes on the following: getting rich together.

Jill DeWit:

Yes.Getting in An RV.

Steven Jack Butala:

When that should happen.

Jill DeWit:

True.

Steven Jack Butala:

How to run our staff, for the most part.

Jill DeWit:

Right. Leaving town.

Steven Jack Butala:

I think we're almost on, well, we're not on the same page about parenting, right? But I don't think you should be. I think you need two of them going at it.

Jill DeWit:

We're on the same page about vehicles in the garage and toys. We're pretty good about that because no one will say no. It's pretty much a,"Yeah, we should get one of those."

Steven Jack Butala:

We're on the same page about how much real estate we should own and not own and where.

Jill DeWit:

That's true.

Steven Jack Butala:

That's a pretty big deal.

Jill DeWit:

I can agree with that.

Steven Jack Butala:

Before we get into it, let's take a question posted by one of our members on thelandinvestors.com online community. It's free. And don't forget to subscribe on the Land Academy YouTube channel, and comment on the shows you like.

Jill DeWit:

Victor wrote: What does it mean when a property's co-owned with an "or" instead of an "and"? And I'm putting in quotes here, "Jane Smith and John Smith," instead of, "Jane Smith or John Smith." Both are deceased and the daughter wants to sell.

Jill DeWit:

It means absolutely nothing.

Steven Jack Butala:

This is incorrect. And it's a great question. Whoever did this vesting deed before you, or before them, didn't do it right. Here's how you do it. Jane Smith and John Smith own this property as joint tenants with rights of survivorship. One of them dies, the other one owns it all, at the moment that that person passes, without any paperwork. It's a beautiful thing, actually. But eventually, John's going to die too. And that's what goes on here.

Jill DeWit:

Yeah. Any deed you come up with, you might even find still some tenants in common. Whatever it is "or" doesn't mean anything "Or" doesn't count. What counts are the words after it.

Steven Jack Butala:

Yes, well said.

Jill DeWit:

Thank you.

Steven Jack Butala:

What also accounts is that they're both dead. And so to answer that, depending on the state, that's really easy to undo, or really hard. Arizona's very hard. California's very easy. So, [crosstalk 00:02:52]. And it always changes, or else I would directly answer it.

Steven Jack Butala:

California requires an affidavit of death, and Arizona requires a whole new... In a lot of cases it's just not worth it, a new estate settlement. Or it means nothing. That's the takeaway from there.

Jill DeWit:

That's it.

Steven Jack Butala:

Today's topic: this is a beginner's guide to doing land deals. This is why you're listening.

Jill DeWit:

Do you want to start?

Steven Jack Butala:

Sure. If you want me to.

Jill DeWit:

I'll start. You want me to start? I thought you would have something to say. Usually you dive right in.

Steven Jack Butala:

At the risk of sounding like your father, your mind, your head's got to be into this. I told somebody at recently, Jill and I were lucky enough to have dinner with some people that organized a live event near our house. They're all members.