Jill Friday - How Much Land Research is Appropriate (LA 1737)

Transcript:

Jill K DeWit:

Steve and Jill here.

Steven Jack Butala:

Hello.

Jill K DeWit:

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

Steven Jack Butala:

And I'm Jill Dewitt. Happy Friday. Broadcasting from the Valley of the Sun.

Jill K DeWit:

Today is Jill Friday. She's going to talk about how much land research is appropriate.

Steven Jack Butala:

This came up because of a phone call, a phone call I had the other day with a really nice gentleman, who was doing a lot of research in what I think is not the right areas, and not enough research in the areas he should be thinking about and wanting to get into land investing, like what we're doing. That's what I want to cover today.

Jill K DeWit:

Are you going to tell us about his story?

Steven Jack Butala:

Yeah.

Jill K DeWit:

Okay. Before we get into it-

Steven Jack Butala:

Nope. That's it.

Jill K DeWit:

That's the end of the show. I talked to a guy and he was.[crosstalk 00:00:45]

Steven Jack Butala:

I had a great call, it was awesome. It was great.

Jill K DeWit:

Talked to a guy and he was working on the wrong stuff.

Steven Jack Butala:

I got so much out of it. And so, anyway, that's all I wanted share. No.

Jill K DeWit:

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. Back in the day, it was nearly impossible to find land without a mailing address, which is almost all the properties that we deal with. To solve this, we can now access a product that I developed, access all properties by assessor's parcel number, even if they don't have a mailing address. Like all of our products, we developed it for our own use and then released it to the public on a website when we cleaned it all up. In this case, we call it neighborscoop.com. If you want to find out more about this, go to neighborscoop.com or email us at [email protected].

Steven Jack Butala:

Greg wrote, "I have a deal which would possibly include four parcels and three different neighbors who all want to sell." This is hilarious. Apparently it's a very tight community. "Does anyone know if I'd be able to include all of them on one purchase agreement and close as one, or whether it'd be better off with separate purchase agreements for each owner? Also, one owner was wondering if he may be able to have the other neighbors' quitclaim deed their properties over to him, so I can directly purchase all four properties from him under one transaction. I'm not sure if that would be complicated or drag things out even longer, though." I wouldn't do that. I'd have four different things and going on.

Jill K DeWit:

You're breaking the chain of title, so let's take a couple steps back. This is a huge opportunity.

Steven Jack Butala:

Good question.

Jill K DeWit:

This is a great opportunity to buy four properties. Four properties are better than one. As long as you're very confident that all of these properties are super profitable and that they can support the costs to close these properties correctly.

Steven Jack Butala:

Are you saying that because all four of them want to sell, that sends up a red flag?

Jill K DeWit:

Yes.

Steven Jack Butala:

Thank you, because I was just now thinking about that too. Good observation. What's going on in that area that they all want out?

Jill K DeWit:

Yeah.

Steven Jack Butala:

That's a little weird.

Jill K DeWit:

But you know, hey, it's happened to us where it's like, wow, these four, we got them for a great price. Again, listen to the show last Wednesday with Brandon where he's, buy for 8,000, sell for 120 times two. Two properties next to each other. Let's just assume that's, that's one of these deals. I would separately close.

Steven Jack Butala:

I'd get title policy through four separate transactions.

Jill K DeWit:

I would do for four purchase agreements,