Division of Responsibilities in a Partnership (LA 979)

Transcript:

Steven Butala:                   Steve and Jill here.

Jill DeWit:                            Good day.

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 divisions of responsibilities in a partnership.

Jill DeWit:                            Sounds boring.

Steven Butala:                   It just occurred to me that this is my all-time favorite way to avoid work is these recording sessions.

Jill DeWit:                            Who wrote this? Did you come up with this title?

Steven Butala:                   Yeah.

Jill DeWit:                            It sounds a little-

Steven Butala:                   Did I write this title?

Jill DeWit:                            I'm sorry.

Steven Butala:                   No. My personal assistants and full time staff did.

Jill DeWit:                            I know. It's very corporate because you're not usually a corporate guy. So I'm like division of responsibilities in a partnership.

Steven Butala:                   It's not like, hey let's sit down and see what you're responsible for and what I'm .... That's not what I mean. What I mean is I love doing the data and pounding it in the mail, and you and your people love to answer the phone and make these deals happen. That's what this is all about. It's not like we sat down and said, "You do that, and I'll do this." We just naturally fell into it.

Jill DeWit:                            Come on, let's be honest. It was rock-paper-scissors. I lost. I'm just kidding.

Steven Butala:                   Here's my big question, and we'll get into it in a second. If we had to flip roles, would we succeed? If I had to be the wife and you were the husband-

Jill DeWit:                            Based on my laugh, what do you think?

Steven Butala:                   I know. [inaudible 00:01:23] the answer.

Jill DeWit:                            We'll leave it at that.

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:                            Luke asked, I would like to know if parcelfact.com, our website that we use for due diligence, may have a GIS function so that there may be a layout ... Hold onto this one, this is a good question ... So that there may be a layout of all the adjacent and neighboring properties or lots with their addresses. We can use these lots or houses and to check the flood zones, comps, things like that. There's all kinds of things you can use for the surrounding properties.

Steven Butala:                   What he's asking is so when you go onto Parcel Fact, you look up a property. It's state, country APN. It beautifully pulls up a property, with dimensions and exactly can really make a fast decision about whether or not you want to buy it. What he's asking is, yeah there's lots of properties that surround it all over the place. What if I could click on those and know who owns it so maybe I'd buy the property, maybe I'd contact the person next to it and see if they want to sell or buy this property really fast. And the answer is hell, yes. We are probably 30 days away from recording ... By the time you hear this, it'll be a lot less. 30 days-ish, let's just say 60 from this functionality come into reality.

Jill DeWit:                            Yep. It's being created right now.

Steven Butala:                   It's something that ... This is a great question. It's one of the reasons I included it. I want this. Everybody does. I want to see who owns the property next door too.

Jill DeWit:                            It's awesome. I actually looked at the beta.