Establishing Trust (LA 828)

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 gorgeous southern California.

Steven Butala:                   Today Jill and I talk about establishing trust.

Jill DeWit:                            I trust you.

Steven Butala:                   I trust you too. Why is that?

Jill DeWit:                            Why is that? I can tell you why.

Steven Butala:                   So can I.

Jill DeWit:                            In the meat of the show.

Steven Butala:                   Perfect. Before we get to the meet let's take a question posted by one of our members. On landinvestors.com online community. It's free and as you're listening to us please drop your questions into the comments section below.

Jill DeWit:                            Joe asks, "The APN mapped on the GIS doesn't match the property location. The GIS is at least a mile away from where the property says, from where everyone says the property's located. The legal description is vague, 'Shadow Valley'. The deed is from 1932 and states, 'The property was devised to first party under the last will and testament of J.H. Housewright to which reference is hereby made containing 48 acres more or less.' Now there is. Title agent says legal description and deed are too vague and will not issue title insurance without a survey which is involved $4500.

Steven Butala:                   Yeah.

Jill DeWit:                            It appears that everybody in town knows where the [inaudible 00:01:28] and property is except GIS." That's hilarious.

Steven Butala:                   This is a real world.

Jill DeWit:                            This is true.

Steven Butala:                   This happens, this is reality.

Jill DeWit:                            Totally happens. "My concern is that I spent $4500 on the survey and the property isn't what I've seen or some other issue rises. I feel confident I can double my money even with the purchase of a survey. Acquisition price is $14562. I would list it for about $44900."

Steven Butala:                   Which means that's not retail 'cause we know Joe.

Jill DeWit:                            Right.

Steven Butala:                   And Joe doesn't make mistakes.

Jill DeWit:                            "How would you approach this? Sorry for the novel. Any insight would be appreciated thanks."

Steven Butala:                   That economic situation acquisition price of 14 wholesale price of 4500 which means it's probably worth 80. And it's 48 acres. I think I would get a survey.

Jill DeWit:                            Yeah.

Steven Butala:                   And that seems really expensive for a survey so there must be some type of, it's not flat issue. What I would do in the real world is I would find somebody to do on upwork. I would find somebody to do based on the legal description not the GIS and not the county. GIS is county driven. Take the legal description and map it out. Which is called, I would call it a desk survey. A non-field survey where that person who's very qualified on upwork probably for a few 100 bucks can with confidence say, "This is about the perimeter of the property." Please don't go out there and build on that based on what I'm saying, 'cause you need a site survey for that, but I would spend 8 or $900 just to find that.