Cheap Land - Where to Buy it

Jack Butala: Cheap Land - Where to Buy it. Leave us your feedback for this podcast on iTunes and get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening.

Jack Butala:                            Jack Butala with Jill DeWit.

Jill DeWit:                               Hey, happy Thursday.

Jack Butala:                            Welcome to our show today. In this episode, Jill and I talk about cheap land, where to buy it. That's pretty funny.

Jill DeWit:                               Pick me. Pick me.

Jack Butala:                            First before we get into it, let's take a question posted by one of our members on the landacademy.com online community. It's free.

Jill DeWit:                               Okay, Ryan asked, "I'm going through the notary close checklist and I realize that I don't know how to check for clear chain of title. Do I need to do this for every property? Can I use the membership tools to do this?"

Jack Butala:                            Oh, my gosh. Jill, this question is made for you.

Jill DeWit:                               I love this.

Jack Butala:                            We've built a business around solving problems like this.

Jill DeWit:                               Yes.

Jack Butala:                            Jill, take it away. I'm going to take a nap.

Jill DeWit:                               Yeah, take a nap. This is actually not going to be long. For every property, you do need to be, you do need to check ownership. You do need to do your due diligence. You want to make sure before you buy it, you're buying it from the right person, who really has the power and authority to sell the property and they own the property, and I do this initially when I first am dealing with that individual right away. First thing you need to do, Ryan, is when they send back an offer either signed or they pick up the phone and call you or email you, however it is, first thing you're going to do is go right into our membership tools, yes. Whether it's Core Logic or Title Pro, either one works. You're going to check, or even go to the county website. That can do it, too, and you're going to check ownership-

Jack Butala:                            Current ownership.

Jill DeWit:                               Current ownership.

Jack Butala:                            Like the person you're talking to on the phone has a seller that needs to match.

Jill DeWit:                               Exactly.

Jack Butala:                            Who owns the property.

Jill DeWit:                               "Hi, I'm John Smith. I got your letter about my property," and you pull it up and you go, "Owned by John and Betty Smith." Love it. Great check. I'm talking to John. Next question is, "Is Betty still with you?" "Oh, gosh. She's in the kitchen, she's making me coffee right now. Would you like to talk to her?" "No, no, just making sure."

Jack Butala:                            That's all green lights what Jill's describing.

Jill DeWit:                               Yeah, yeah.

Jack Butala:                            Here's a red light. "Who's Sally Struthers?" "Oh, she's my second aunt's third whatever, and she died about 14 years ago."

Jill DeWit:                               "Yeah, and she told me that I can have this property. Now I'm calling you back on it."

Jack Butala:                            Red light. Big problem.

Jill DeWit:                               Yeah, now we have a problem.

Jack Butala:                            Yeah.

Jill DeWit:                               This is how you do your homework, so yes, you do need to do this to every property. Can you use membership tools to do this? Yes, and how far back do you want to go? This is most title companies, it's between 30, I want to say 30 to 45 years.

Jack Butala:                            Wow, really?