Jack Thursday - All the Decisions You Make Add Up (LA 1855)

Transcript:

Steven Jack Butala:

Steve and Jill here.

Jill DeWit:

Hello.

Steven Jack 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 the valley of the cheese curds. I first-

Steven Jack Butala:

Burned Wisconsin.

Jill DeWit:

I first learned about cheese curds in Seattle. Now why Seattle has good cheese curds? I don't know, maybe a lot of people from cheese areas like Wisconsin have relocated to Seattle. If you know The 5 Point Cafe, that's the first time I experienced them. And then I have to say here in Wisconsin, now I found some even better cheese curds. So sorry, Seattle. They rock here.

Steven Jack Butala:

Maybe it's because the weather's the same.

Jill DeWit:

That's it. Wisconsin people can move to Seattle because they can handle it. That actually makes sense.

Steven Jack Butala:

This is a personal note. I don't know why you need to deep fried cheese. It's already good enough.

Jill DeWit:

It's really good. I know.

Steven Jack Butala:

It really kind of wrecks the taste.

Jill DeWit:

I know, but you know what? And then it's breaded and there's maybe beer in there a little bit? I don't know. There's just-

Steven Jack Butala:

They're not bad.

Jill DeWit:

They're super good. And you know what's great? When you get good ones, you know they're good ones. They're not all tater tot shaped. You know they're real. And so thank you. I love them.

Steven Jack Butala:

Today's topic, all the decisions you make, add up. 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. Don't forget to subscribe on the Land Academy YouTube channel and comment on the shows you like. It actually helps us create content that's similar to what you like.

Jill DeWit:

Cool. Will wrote, "Has anyone funded a deal as a JV? Anyone that has..." Excuse me. "... funded a deal as a joint venture, were you listed on the deed? And is anyone willing to share a sample or template of the agreement you used?" I will.

Steven Jack Butala:

It sounds out too well.

Jill DeWit:

Yeah. It's on landfunding.com. And it's on landinvestors.com. So if you want to go and see my sweet little EC two page agreement... And that's just a starting place. That's kind of what we use. I mean, it really is what we use. But if you want to change it up like, "Can we do this? Can we do that? Can I change this? Can I change that? I'm going to put in some money and then I'm going to do this. And then you put in money, you do that. And here's the percentages now because of this." It's all negotiable.

Steven Jack Butala:

A contract is an agreement between two people and the content of that agreement and the provisions and all of that stuff is what you both decide on and sign and date. That's it. If you've ever taken a law class or basic law class, they'll teach you that. Or if you've ever spoken with a good attorney, usually with the drink in hand they'll tell you that. Why-

Jill DeWit:

Is that what makes him a good attorney?

Steven Jack Butala:

Yes. In my mind.

Jill DeWit:

Okay.

Steven Jack Butala:

What gets confusing about this, especially in real estate is because we are so brainwashed by the National Association of Realtors that... And the state departments of real estate where we are, whatever state you're doing deals in. And real estate agents have no idea. They just do stuff that the person in the cubicle that sits next to them does-

Jill DeWit:

Told them to do.

Steven Jack Butala:

... or their broker. So you end up that way with a two inch thick document that allows you, air quotes, to buy a piece of real estate. And none of that's necessary. And so contracts for joint ventures... People who do joint ventures like us are a little bit more intelligent about it. And so we know that a one or two page contract that spells out what's going to...