Deals Dont Close Themselves (LA 1057)

Transcript:

Speaker 1:                           Steve and Jill here.

Jill DeWit:                            Guten tag.

Steven Butala:                   Welcome. You look up different ways to say hello?

Jill DeWit:                            I only know about four in case you haven't noticed.

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 how deals don't close themselves.

Jill DeWit:                            Oh, I wish they did. And it's funny how many people think that once you just get the ball rolling it's just going to happen. Yeah, yeah right.

Steven Butala:                   Jill and I have actively chosen, we can choose what to work on. We're at that point in our career. We can choose to develop new websites that we can sell to private equity companies, which we're doing. We can choose to work on real estate deals, which we're doing. What we've actively chosen for the next few months, to sit in an office together, for better, for worse. And I create and generate real estate transactions and Jill does them. And what I've learned, and then thus the title of this show, is how much freaking work goes into purchasing a piece of property. Just on the phone and there's a lot of time and a lot of manipulation and just a lot of stuff to do to get somebody to sign, to get a deal done. Let's just put it that way and we'll talk all about it.

Steven Butala:                   Before we get into it. Let's take a question posted by one of our members on the landinvestors.com online community. It's free.

Jill DeWit:                            Daniel shares. "Hi everyone. I know that the majority of the people in this community sell land for cash and I usually do as well. However, I have a piece of land in Utah that I'd like to sell on terms. I'm hoping that someone can share a good template for a land contract that they're using. Cheers, Daniel." Well, that's probably in chapter eight, nine. I don't know.

Steven Butala:                   Yeah, there's-

Jill DeWit:                            We have one in there.

Steven Butala:                   Yeah, in the cash flow ... The original program, Cash Flow from Land program. There's contracts.

Jill DeWit:                            Exactly.

Steven Butala:                   It's all at the end. There's a bunch of agreements and tools and a dictionary and all kinds of stuff. But I'll tell you this, I'm glad you mentioned Utah because every state's very, very different on this topic. And as people get more creative from how they invest in real estate, us included, there are more and more rules being developed state by state. So check Utah and they may say, I'm sure that they're going to have a lot to say on how you sell a property on terms.

Steven Butala:                   For example, we used to do a lot of term sales in Arizona and California and they're so dramatically different, and Colorado. Really dramatically different on how you're supposed to sell property on terms. So step one is not so much a contract. Step one is to really pull the statutes and talk to some people who are already doing it successfully. Which is what you're probably doing here and glad.

Jill DeWit:                            Thank you.

Steven Butala:                   Did he stop it? Deals don't close themselves. This is the meat of the show.

Jill DeWit:                            You were talking to the intro, you heard ... It was making me think of the call that I had with the sweet lady named [Mai 00:03:15] yesterday, who you heard about oh, six phone calls back and forth.

Steven Butala:                   Yeah.

Jill DeWit:                            "How about this?" "Okay, I'll talk to my husband.