Jill Friday - Taking Due Diligence with a Grain of Salt (LA 1872)

Transcript:

Steve:

Steve and Jill here.

Jill DeWit:

Hi.

Steve:

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 the home of the 1925. Can you believe it's almost a hundred years. Grand Old Opry.

Steve:

Nashville.

Jill DeWit:

Yep. Nashville, Tennessee.

Steve:

Neither one of us feel like we're going to leave here anytime soon.

Jill DeWit:

Nope.

Steve:

Spent about one day in Ohio. That was good enough.

Jill DeWit:

That was good enough. We saw it.

Steve:

Tennessee's a blast. I wish we would've stopped in Kentucky.

Jill DeWit:

Yes. We'll go back. We have lots of things we're going to go back and see.

Steve:

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 I hope you know by now hope-

Jill DeWit:

Hope.

Steve:

... Hope. Like yesterday. That we have solved phase one due diligence with a product called parcelfact.com. You quite simply put in the state, the county, and the assessor parcel number. The property in question pops up anywhere in the country and all the stuff that we think is important to complete phase one due diligence, the six As that we talk about in the program, is at your fingertips within seconds. Check it out. Parcel fact, F-A-C-T .com.

Jill DeWit:

Evan wrote, how does one... Oh, I'm testing this. How does one feel about mailing the counties that was hit by the hurricane in Florida?

Steve:

I put this in your show for a reason.

Jill DeWit:

I don't feel good about that. If I already sent the mail out already... I would explain. I didn't mean to do that. Who knew? I mean, this one out a week ago or a month ago, whatever it was. It was planned out before the hurricane. But now specifically targeting that community, I'm not a fan. Sure, there's people that would be loving the cash. I can see positive things to it, but the negative that could be taken from it, it is too great.

Steve:

Yeah. I think it's an outrage. I think you're directly kicking people when they're down and taking advantage of them.

Jill DeWit:

Yeah.

Steve:

Like Jill said, every time there's a forest fire in the Southwest, we get this question. We got a ton of these questions during Katrina. So no, I don't think this is okay at all.

Jill DeWit:

Yeah.

Steve:

At all. The only way it's okay is if you sent the mailer out. Actually we were in this situation where we sent the mailer out-

Jill DeWit:

And then a fire came.

Steve:

... Something happened, a fire came and then people are calling us back saying, What kind of person are you that, you know?

Jill DeWit:

Check the date, Look at the date on the letter.

Steve:

Over and over again.

Jill DeWit:

Who knew.

Steve:

We're so sorry. We buy property in the area. You can only explain that so many times.

Jill DeWit:

Exactly.

Steve:

Please don't do this. Not joking around. It's not okay. Today's Jill Friday. She's going to talk about taking due diligence with a grain salt. This is the meat of the show.

Jill DeWit:

So as I sit here in this bug infested bubble.

Steve:

There's nothing bubble about it.

Jill DeWit:

There's like a spider here. I don't know what that was over there. This here. I've got two mosquito things on, but we're having a ball.

Steve:

Yeah.

Jill DeWit:

We really love it here. Oh, my goodness. I want to talk about this today for just a few minutes because I wanted to make sure everyone's really clear on what's really needed. How much time you should be spending on due diligence. Because I think sometimes people do due diligence overkill. And I get it, but there's some things that are reliable, some things are not. And that's where the grain of salt comes in. So let me back up here. What are we talking about?

A deal comes back, I send out the mail. Purchase agreement comes back. Now I'm looking at the deal online. I'm like, Oh,