Jack Thursday - The Concept of Respect (LA 1786)

Transcript:

Steven Jack Butala:

Steve and Jill here.

Jill K DeWit:

Hi.

Steven Jack Butala:

Welcome to the Land Academy Show Entertaining Land, Investment Talk. I'm Steven Jack Butala.

Jill K DeWit:

And I'm Jill DeWit, broadcasting from the Valley of the Sun.

Steven Jack Butala:

Today is Jack Thursday.

Jill K DeWit:

And we're going to talk about the concept of respect. I wrote it down, so I thought I'd help there. And this is kind of your thing.

Steven Jack Butala:

It is.

Jill K DeWit:

So I'm really curious. So when we sit down and do the topics, sometimes I'm involved with them and sometimes I'm not involved in the topics each week because things happen throughout the week. He goes, "that's going to be a show. That's going to be a show". So then I don't even know what's coming.

Steven Jack Butala:

We were talking. There was a string on Discord about legal stuff. Get this, you don't probably even know this. Somebody sent a mailer out. I don't want to freak everybody out, but stuff like this happens once in a while. And they sent a mailer out to everybody, let's just say in Tennessee, who owns real estate. And as you know, as we all know, we don't send letters to the actual, the piece of dirt, nobody lives there. There's not a mailbox. There's not even a mailing address in most cases. So we send it to where the tax bills get sent. And somebody happened to live in Iowa, who is very, very, very familiar with the Iowa law. And so they blew a gasket and called the Iowa attorney general. And it was all fine. This happens once in a while, every month-

Jill K DeWit:

There's always one.

Steven Jack Butala:

Every month. I've talked to a lot of attorney generals over my career because it turns out some people don't really believe in how we value property, which I understand. And so there's a law in Iowa that prevents out-of-state LLCs, out-of-state entities that are not individuals like Jill Dewitt. It prevents them from buying farmland and it's in response to, I'm grossly oversimplifying this because it just, I am. It's in response to federal laws that have been going on for a while. There's huge, huge tax advantages for businesses to offset the regular ordinary gains, taxable gains, by owning farmland and leasing it out and getting tax credits.

Jill K DeWit:

In Iowa.

Steven Jack Butala:

In Iowa.

Jill K DeWit:

Nevermind the property's not in Iowa.

Steven Jack Butala:

Yes.

Jill K DeWit:

Keep going.

Steven Jack Butala:

And so, there's a happy ending to this story. It was all fine, but this person, they freaked out.

Jill K DeWit:

He got bullied in schools is what happened.

Steven Jack Butala:

Freaked out. The attorney general from California called me one time, woke me up. I'm sitting there shaking. What did I do? This is a lot, lot of years ago, right. When I started all this and he was fortunately, and I told this story on Discord, I typed the whole thing out. Fortunately, he was about the nicest guy there ever was. He said, look I know you didn't do anything wrong. I am obligated to follow up. I got to build a file. I got to open the file. And I got to close the file. And I have to show that I responded to this complaint. He said, "This is the last time you're going to hear from me". I wouldn't have slept for months if this guy, you know, "This is the last time you're going to hear from me, just-"

Jill K DeWit:

"Humor me".

Steven Jack Butala:

"Just humor me-"

Jill K DeWit:

"Knock it off."

Steven Jack Butala:

"And just mind your manners." He didn't tell me not to send a mailer again. So this person in Discord copied and pasted- oh my gosh, this is a whole, we didn't even do the thing yet. 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 please don't forget to subscribe on the Land Academy YouTube channel and comment on the shows you like.

Jill K DeWit:

You are just so darn excited.