Jill Friday - Running Out of Land to Sell (LA 1722)

Transcript:

Steven Jack Butala:

Steven, 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:

I'm Jill DeWit, broadcasting from the valley of the sun.

Steven Jack Butala:

Today, Jill and I... Well, it's still Friday and she's going to talk about running out of land to sell, what a beautiful thing.

Jill K DeWit:

That's great. We're both going to talk about it because it's happening to you too.

Steven Jack 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 back in the day, it was nearly impossible to find land without a mailing address, which is almost all of the property that we buy, we're in the land business. To solve this, we now access a live database by assessor's parcel number to find any property in seconds. And like all of our products, all the products we developed, we used it for ourself first to solve these problems and then made it public on a website. In this case, we call it neighborscoop.com, call us, or check us out at neighborscoop.com or landacademy.com.

Jill K DeWit:

Perfect. Sandy wrote, "I've heard some investors complain about certain states like New York because of the additional work in order to close the deals. What other states have a lot of hoops to jump through in order to get deals done efficiently? I read in a group, Ohio has extra issues to deal with." So one of our moderators, Lori wrote back. I'm going to read her response and then we'll weigh in here too.

Jill K DeWit:

Lori said, "I used to think that about this too, but I found that if you're doing closing with title escrow or an attorney, there's not much difference in the effort and the headaches between states. Some are slower, more expensive and more antiquated during deal process, where you need to do your homework is before you start mailing that state. Learn whether the state allows a post-sale disclosure of the sale price, if not, you won't have any sold comps to use. Not always a problem, it's fine, but find out if there's legal to send offers there. Are assignment's legal if you're planning to do that. Make sure your target county has data online before you mail and make sure it's up to date." Those are just some extra things that matter. I love that.

Steven Jack Butala:

There's no real difference between states at all-

Jill K DeWit:

Not any more.

Steven Jack Butala:

At any state, you can use a lawyer to close just about any state with very, very few exceptions. They don't embrace the concept of escrow agents as a replacement for every... Used to be lawyer's [inaudible 00:02:26] to close the real estate deal. And then in California, they devised this process to make it faster, and it's since then worked its way east from California's from back in the... I don't know exactly when it all started.

Jill K DeWit:

I don't know.

Steven Jack Butala:

So, she's right, just do your home work.

Jill K DeWit:

[crosstalk 00:02:45] and things like that. Yeah, so that's the thing. It really isn't, especially the deals that we're doing. So I think what she's talking about is once upon a time, doing smaller deals and closing yourself, there were states that you couldn't do that. That's true. But now all the deals that we're doing is... Even newbies right out of the gate. We're teaching you how to add a zero and do bigger deals right away. And for those deals, you're using an attorney or escrow or something, and so, it's not hard at all. I would argue it's even easier by the way.

Steven Jack Butala:

So would I.

Jill K DeWit:

Back in the day, I used to fight. I used to say, "Closing my own deal's easier." No, I thought, let somebody else do it, and they do all the work. It's nice.

Steven Jack Butala:

Absolutely. Today's deal Friday. She's going to talk about running out of land of sell.