Jill Friday and Her Take on Relationships (LA 1468)

Transcript:

Steven Butala:

Steve and Jill here.

Jill DeWit:

Hello.

Steven Butala:

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

Jill DeWit:

And I'm Jill DeWit, coming to you from awesome Scottsdale, Arizona.

Steven Butala:

Today, Jill and I talk about it's Jill Friday, and her take on all types of relationships. Are you looking forward to this, or are you dreading it?

Jill DeWit:

No, are you kidding? I love talking about this stuff.

Steven Butala:

She loves this topic.

Jill DeWit:

Yeah.

Steven Butala:

Just actually thinking about it.

Jill DeWit:

It's important. I am write... I'm going to do it. I'm going to write a book series on these things, and I will tell you how it's going to come out. It's good.

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 are already a Land Academy member, join us on Discord.

Jill DeWit:

Can you imagine? If I didn't like talking about relationships, I'd be pretty sucky in relationships.

Steven Butala:

Yeah.

Jill DeWit:

But like talking in general. It's kind of funny.

Steven Butala:

Yeah, it's something that you always improve on. Like I'm always trying to be better in any relationship that I have. I'm always trying to improve.

Jill DeWit:

Thank you.

Steven Butala:

Is that obvious?

Jill DeWit:

It is obvious.

Steven Butala:

Is it really?

Jill DeWit:

It's appreciated. It is.

Steven Butala:

That's good. I didn't know it was obvious.

Jill DeWit:

Totally. All right. Johanes wrote, "Learning. If you want... " Lost my question here.

Steven Butala:

Sorry.

Jill DeWit:

Sorry.

Steven Butala:

That was me.

Jill DeWit:

Okay. I guess it's like, "I'm learning. If you want to use money partners, you have to use an agent, unless the money partner will market the property with you only acting as a bird dog."

Steven Butala:

Let me explain this.

Jill DeWit:

Okay.

Steven Butala:

This is a legal question.

Jill DeWit:

Oh.

Steven Butala:

And the question here is, do I need a real estate license? That's really what they're asking.

Jill DeWit:

Okay. I missed the whole preface to this.

Steven Butala:

The only reason that you need a real estate license... This is very important, if you don't know about this. Jill and I have talked about this a lot over the years. The reason you need a real estate license is because you are representing somebody else in the purchase or sale or lease of real property. It doesn't matter what kind. We don't need licenses at all, because we represent ourselves. It gets a gray area when you take on a partner.

Steven Butala:

And so, here's how you can completely and totally avoid any legal issue entirely. They are on the deed. So, if you're a money partner you're on the deed, and if you're the person who brings the deal to the money partner... We call that a manager in our... You know. There's the manager and the investor. We're the investor, because we put out the money. You're the manager, because you brought the property to us and you're going to manage the deal. You're going to actually buy it. You're going to sell it. You're going to deal with a title agent. If there is a real estate agent, you're going to deal with them, and on and on and on. Great. We're all partners, and we're all owners.

Steven Butala:

There are times where I don't think it's appropriate for a manager, especially if they're brand new and we don't know if they're any good or not... I shouldn't say any good. We don't know where they are in their land investing career, how educated they are yet... where Jill and I would theoretically just be the only ones on the deed, because we don't want to go through-

Jill DeWit:

Undoing anything.

Steven Butala:

... undoing stuff.

Jill DeWit:

Right.

Steven Butala:

And have any type of confrontation with their manager. We want it to be positive. So,