Jill Friday - Top Five Millionaire Habits (LA 1822)

Transcript:

Steven Butala:

Steve and Jill here.

Jill K DeWit:

Hello.

Steven 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 sunny Southern California.

Steven Butala:

Today is Jill Friday. She's going to talk about her top five millionaire habits. I am just as eager to listen to this as you are. We haven't talked about it at all. Before getting into it-

Jill K DeWit:

I know you're going to have some good stuff to add and share and stuff.

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 I hope you know by now, well, you probably don't know this, but back in the day, it was impossible to find land on a map, on the internet without a mailing address, we solved that by putting all 150 million plus properties and all their associated information, like ownership and everything else in a database. So you can look it up by APN and it's called neighborscoop.com. Check it out, neighborscoop.com.

Jill K DeWit:

Or parcelfact.com, because the two will be one soon.

Steven Butala:

Soon.

Jill K DeWit:

So now you know. So Greg wrote, "I was wondering if there's a process to follow when self-closing on a sale, I bought with title insurance and then I closed with title company, but the buyer wanted a quick transaction. But if the buyer wants a quick transaction, would there be any potential issues of doing a self close as there are no real estate agents involved in the transaction? And how do you usually go about collecting the payment, wire transfer from bank to bank, and so on?" So Greg is obviously not a member because-

Steven Butala:

Greg's a member, he's just a brand new.

Jill K DeWit:

Sorry. I apologize, Greg. So you have this set your fingertips inside the education, but just in case, I'll cover it right now anyway. That's totally fine, here's the deal, you bought with title insurance, you went through a title company and now you own it, now you have a buyer who's really anxious to start using it. They're going to only need title insurance if they're going to build on it, that's really it, it's really personal preference. Let me say this, you can absolutely buy and sell property by yourselves, like you buy and sell a car on Craigslist without an agent, without a title company, and without title insurance. This used to be my main way of doing things anyways.

Steven Butala:

That's right. This is our business model for decades.

Jill K DeWit:

I would buy with title insurance and I would sell to them and say, "No, here's the title insurance policy, you have it, so you know everything's cool up until the day I own it. And now you're buying it for me, and it's two weeks later, nothing's happened." So they would feel great. I'm like, "If you want to go through Escrow, we can, if you don't, we don't have to." "No, why would I do that? You're right, it saves us each money, saves about $1,200 on the deal, so this is great." If they were going to build on it or they were going to do something to the property that might involve a lender, then they're going to need title insurance down the road. They can still get title insurance, by the way down the road. It doesn't have to be done at that time.

And then how do I go about doing it? You know how we talk about DeedPerfect in making our own deeds, you can make your own deed and have it notarized it to you. You're the only one that needs to sign it, because you're the owner. And you could either send it into recording, do an online recording is the easiest, by the way, for the seller or for the buyer, or you could send the deed to the buyer with all the instructions. I like to arm them with what they need to do, where to mail it, how much the check needs to be, and so on, mail it into the county and get it recorded and they could do it the...