Do You Have Startup Capital (LA 807)

Transcript:

Steven Butala:                   Steve and Jill here.

Jill DeWit:                            Hello.

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

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

Steven Butala:                   Today Jill and I talk about, do you have enough startup capital? This is frequently asked question week.

Jill DeWit:                            I like this one.

Steven Butala:                   I do, too.

Jill DeWit:                            Because-

Steven Butala:                   Because the answer's yes.

Jill DeWit:                            Right. Do you have some? Then yes. You know?

Steven Butala:                   Before we get into it, though, we'll take a question. We'll take a question posted. Jill has the answer to this question memorized, and she just started down that path, so we'll save it for after the question.

Jill DeWit:                            Oh, okay.

Steven Butala:                   And then I have a lot of snarky stuff to say.

Jill DeWit:                            You always do.

Steven Butala:                   I know. 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:                            Amy asks, "A potential buyer doesn't have legal documents to get a loan, and she will provide the down payment in cash." Wait, wait, wait. Can we back up there? I'm sorry. I wonder if-

Steven Butala:                   She means legal documents as a citizen.

Jill DeWit:                            Oh. That's what I meant. I'm like, what? Does she not have ... Did she lose the paperwork on the way to the bank? Okay. Thank you.

Steven Butala:                   I think that's what she means.

Jill DeWit:                            I was confused by that. All right. But she does have cash to do a down payment. All right. "My website claims that there are no qualifications for seller financing, but I'm kind of worried about the legal issues if she's unable to meet the note requirements. Now I'm wondering about the potential problems I may be taking on if she doesn't have the proper documentation. What do you think?" I don't really worry about that stuff.

Steven Butala:                   You're so the right girl for me.

Jill DeWit:                            Let me back up here. Let me just ... Because this myth comes up often, that people think that you have to be a citizen of the United States to own property in the United States, and that is absolutely not true.

Steven Butala:                   She's right.

Jill DeWit:                            I can be a citizen of India. I can be a citizen of Italy. I can be a citizen of Indonesia. I picked all the I's. A little theme there. So, it doesn't matter. You can own property here. So, what legal documents are you looking for? I'm not looking for any, number one.

Number two is, I really don't worry about it. If someone can provide the down payment that I ask, and they're gonna start making payments on it, fine. I'm still gonna have them sign my documents, and in my documents, I'm going to clearly state that this deposit is nonrefundable. If you stop paying on the property-

Steven Butala:                   As you do, as all these documents that we do, regardless of citizenship.

Jill DeWit:                            Right. Regardless of anything.