Is it Too Late to Get Started in Real Estate? (LA 1510)

Transcript:

Jill K DeWit:

Steve and Jill here.

Jill K DeWit:

Hello.

Steven Butala:

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

Jill K DeWit:

And I'm Jill Dewitt, broadcasting from pretty Paradise Valley, Arizona. That's a mouthful. How am I going to get that? I'm have to come up with some cute little saying with 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. And if you're already a member, please join us on Discord.

Jill K DeWit:

Cool. Nolan wrote, "Hello, all. Curious to know how you include a second parcel in the original purchase agreement, if possible, meaning the seller wants to sell the property you sent the PA for, purchase agreement, but he also wants to sell another one that they own in this transaction. Do you typically just mail another PA for the second property, or can something be written on the original PA to include the second one. The seller is older and not very tech savvy for DocuSign. Thanks." You can, a hundred percent, just write it on the bottom. I just tell them, "Hey, if we change the price or something, cross out that price, put in the new price on there and initial it." Good enough for me.

Steven Butala:

And take a picture of it and send it with your phone, or have his grandchildren do that, or whatever.

Jill K DeWit:

I've done them all.

Steven Butala:

However, it works.

Jill K DeWit:

I have called on Saturday and taught them how to take a picture with their phone. I have waited for the grandkids to get home. Sometimes they have an old fashioned fax machine kind of thing. So there's lots of ways to get it back to you. You can just write it on there. It doesn't have to be... And even for escrow. I have two things I want to say on this. One is, if you're going to self close a deal, it's just, if you want to have it, it's only personal preference, you don't need to have this piece of paper. It's like your accountant's going to need to see it or anything like that at the end of the year, if you want it. But for escrow, most of the time, they're going to want you to have something opening up the transaction, showing that, "Hey, here's what I'm buying. I have a signed purchase agreement. This is the price. And moving forward." Thank you for letting me finish my sentence today.

Steven Butala:

The National Association of Realtors and lawyers in general, spend hundreds of millions of dollars a year to fake you out, into believing that you have to sign your name 50 times to buy a piece of real estate and that you need them. Here's the facts. This came up in Career Path and we talked about it for a long time. And somebody in Career Path... These are extremely advanced, intelligent people in some cases, said, "What do you need from a legal documentation standpoint to close a deal?" To which I said, "A deed. You need to have the seller sign the deed over to you."

Jill K DeWit:

That's it.

Steven Butala:

That's all. Then the deal is done and it's legal.

Jill K DeWit:

It makes me nuts. I can't believe I've had to sign like COVID things and all that stuff for a piece of land, four states over that I'm never going to see, and I'm never going to even talk to that person.

Steven Butala:

That's right.

Jill K DeWit:

Why do I have to sign this?

Steven Butala:

So as far as the purchase agreement is concerned, it's only a guide for pricing. It's an agreement between the buyer and seller. You can do it on the back of a cocktail napkin. I've done many deals on the back of a cocktail napkin where two people have initialed it. You put the APN on there and the price and the time. Do you even need that? No, but it's just like an agreement. It's an agreement between two people. So as far as that purchasing agreement goes, if you have somebody who's not super elderly and understands how to use their phone,