How to Choose a Side Business

Transcript:

Jack Butala:                         Jack and Jill here.

Jill DeWit:                            Hi.

Jack Butala:                         Welcome to the show today. Welcome to the Jack and Jill Show specifically. This entertaining real estate investment advice. I'm Jack Butala.

Jill DeWit:                            I'm Jill DeWit broadcasting from kind of sunny, kind of cool Northern California right now up in San Francisco.

Jack Butala:                         Today Jill and I talk about how to choose a side business. It's a little bit more complex than you would think and we'll get into that.

Jill DeWit:                            Is it now, Jack?

Jack Butala:                         It is.

Jill DeWit:                            Isn't it like choosing a side dish?

Jack Butala:                         No, it's not.

Jill DeWit:                            It's just a side. It's not the main one.

Jack Butala:                         This is one of those shows where-

Jill DeWit:                            Can't this just be your hobby and just run wild with it, make all the mistakes that you want?

Jack Butala:                         Just poke me with a stick the whole time. No, it's exactly not that.

Jill DeWit:                            Oh.

Jack Butala:                         It's not your hobby. That's actually one of my very first points. It should have nothing to do with your hobby. I had a side [crosstalk 00:00:57].

Jill DeWit:                            You mean I shouldn't, this is a valid question. You're telling me as I get into this it's nothing about doing what you love and making it a side business? Maybe I like to scrapbook.

Jack Butala:                         I wouldn't recommend that.

Jill DeWit:                            Okay, well I can't wait to hear about this.

Jack Butala:                         Before we get into it, let's take a question posted by one of our members on the jackjill.com online community. It's free.

Jill DeWit:                            Can you imagine if I scrapbooked, and you came home and I had people sitting around and we're all drinking wine and eating Cheetos, and we have all these paper and pages and stuff around? That would be kind of painful.

Jack Butala:                         You know, Jill, if it makes you happy, I'd be okay with that. If you came home with a heroin habit, then we'd have to talk.

Jill DeWit:                            Oh, now we gotta talk. Gee, thanks Jack. It's always something. So many rules that you have.

Jack Butala:                         Like no heroin.

Jill DeWit:                            Exactly.

Jack Butala:                         No baloney and no heroin.

Jill DeWit:                            Okay, so I'm trying to pronounce this.

Jack Butala:                         Corey.

Jill DeWit:                            Corey asks, I recently purchased a land parcel in Jefferson County, Texas, and it was sold to the state.

Jack Butala:                         Texas, you think? I'm going to go with Arkansas.

Jill DeWit:                            Oh, no, we're both wrong. Hold on. Let me read the whole question, that will help us. I recently purchased a land parcel in Jefferson County and it was sold to the state in 2007, which makes it past the redemption period according to the state of Alabama.

Jack Butala:                         Oh.

Jill DeWit:                            Yeah, we're both wrong. The owner sent me a handwritten letter asking me to forward the amount so he could redeem his property back. I paid $450 for the parcel, and the deed shows how much was paid. Do I need to respond to his letter? Does he have the right to redeem back after 10 plus years have passed? Since he wants to redeem, how much should I be asking him to pay. Any help, any advice is truly appreciated,