House Academy is Coming

Transcript: 

Jack Butala:                       Jack and Jill here.

Jill DeWit:                           Hi!

Jack Butala:                       Welcome to the Jack Jill Show. It's here that we provide entertaining real estate investment advice. I'm Jack Butala.

Jill DeWit:                           Yes we do, and I'm Jill DeWit, broadcasting still from sunny Southern California, but next week it's gonna change.

Jack Butala:                       Today Jill and I talk about House Academy, and it's coming! What is it? It's our next company release, next year.

Jill DeWit:                           Yay! What is it, Jack?

Jack Butala:                       What is house academy?

Jill DeWit:                           What is it, Jack? What is that?

Jack Butala:                       I will answer that question. Before I do, though, let's take a question posted by one of our members.

Jill DeWit:                           I have to wait? I have to work?

Jack Butala:                       Well, you've heard of LandAcademy.com, where you're not alone in your real estate ambition about land investing. Well, turns out same thing's happening, only times 80 with houses for us right now. We decided to share it with everyone.

Jill DeWit:                           Gee, could it be because the whole planet is asking for it?

Jack Butala:                       Yes, that's exactly why.

Jill DeWit:                           Possibly. This question is from our online community, JackJill. You can find it off JackJill.com, and it is free. Joe M wrote, "Does anyone out there deal in attorney states? I have a few residential spec builders asking me to find lots."

Jack Butala:                       So, before we get into this question, there's states that you can close transactions with through a title company, or an escrow company, and there's states that you have to choose, or you have to close through lawyers. Of course, all of them, what they never tell you is that you can actually walk the deed in, or send the deed in yourself and do your deed. This is a lot of what we teach here. But there's a perception out there of these "Attorney States" where you need a lawyer to close your real estate deal. So go ahead, Joe.

Jill DeWit:                           "I've already negotiated a deal with an attorney to facilitate the close for $500 per property. Are there any things to watch out for that I should consider besides the longer closing timeframe due to having an attorney involved?"

Well, that's for sure.

"My plan is to delegate the majority of the due diligence to the builders, so that they can determine if the leads are viable options. Naturally I will require some form of non-compete clause on any leads I provide them. If a lot meets their criteria, I will get it under contract and sign it over for a pre-determined price. Any insight would be appreciated." -Joe

Jack Butala:                       I love the take on this. That's the good news here is that you're dealing with professional people in a business instead of end-users, you've pre-negotiated with a lawyer, so at $500 a property, which is really cheap, there's probably a lot of properties that you're dealing with. That's good. All this lawyer is gonna do, by the way, is call First American Title or some large company and get a title insurance policy for you and check the stuff that our staff checks.

Jill DeWit:                           What does that look like?

Jack Butala:                       I'm not gonna do much, but that's okay. It's a good peace of mind. So, do I have any good insight? No, I think you're doing everything right. I would, if there's tons and tons of property and you don't own it, you don't completely control it, be careful of the people that are professionals in this business, like home builders, because they might want to snatch them.