Land Academy Career Path is Not Just for Pros (LA 1730) RERUN

Transcript:

Steven Butala:

Steve and Jill here.

Jill DeWitt:

Hello.

Steven Butala:

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

Jill DeWitt:

And I'm Jill DeWitt, broadcasting from sunny Scottsdale, Arizona.

Steven Butala:

When will we be back in California to do this?

Jill DeWitt:

I don't know.

Steven Butala:

In the middle of May.

Jill DeWitt:

Maybe. You'll be there and I'm going to go back for a couple of days in a week or so I think.

Steven Butala:

Oh, I didn't know that.

Jill DeWitt:

Yeah. It's on the calendar.

Steven Butala:

Today, Jill and I talk about how Land Academy career path, it's not just for pros. Before we get into it though, let's take a question posted by one of our members on the landinvestors.com online community. It's free, and if you're already a member, join us on Discord.

Jill DeWitt:

You know what I should've said is I'll be back when it warms up.

Steven Butala:

Yeah.

Jill DeWitt:

It's been cold there, like not even 60. I'm like, no, I'm good. Ross wrote, "Hi everyone. I'm interested in possibly not selling a land property with seller financing, but actually buying one from a seller. My intent is to sell it though and, of course, when I sell it I want to write it into the contract that the seller will make whole once I-"

Steven Butala:

Will be made whole.

Jill DeWitt:

"I'll make him whole once I sell it, just like a traditional montage would be."

Steven Butala:

Mortgage.

Jill DeWitt:

Oh, okay.

Steven Butala:

It's okay. it's not you.

Jill DeWitt:

All right.

Steven Butala:

It's a puzzle.

Jill DeWitt:

Okay.

Steven Butala:

This question is written in puzzle format.

Jill DeWitt:

Oh, good. You're going to help put this all together. Thank you. "In order to be legal, I understand that my name needs to be on the title in order for me to market it for sale. Otherwise I'm marketing property that I don't legally own. So I'm not sure how, what kind of contract or deed instrument I should use in this situation. For example, I buy this hundred thousand dollar property from you, but you have to provide owner financing. I pay you $3,000 per month in monthly payments and when selling the property, the next buyer you'll be made whole at that point. Is this possible? Anyone would have a contract that could see or use or hire someone to write me the contract in the legal way? Thank you for all you do."

Steven Butala:

So what you're, if you do this and there's a contract in the Land Academy program, the first one, to do this. So it's in there. I don't recommend doing this at all. I think you're getting yourself into a mess, but if you want to do it, I understand. You're not breaking the law at all, in my opinion, you're not representing someone else in the sale of their property because what you're doing when you sign this is creating equitable interest in a property. And so if you buy the property on a contract, you own it. You just have a lien, there's a lien on it, just like you do with a mortgage. So if you go buy a house and Bank of America provides a mortgage for you, you will move in, paint it, do whatever you're going to do to it, clean it up, renovate it. If something goes sideways and you stop making payments, the bank comes and gets it. It's the same situation here. So I don't believe that there's any legal issues here with this at all.

Steven Butala:

You own the property. There's a lien on it. You have equitable interest. The real problem here is there's just a lot of stuff that can go wrong. Let's say you don't, if you don't sell the property, you're going to stop paying. So there's some huge financial concerns that I have. But if this is the way you want to start, knock yourself out.

Jill DeWitt:

Yeah, I'm not a fan. If it's that good, here's the bottom line, if it's that good, somebody will fund it, like us.

Steven Butala:

If it's a great deal.

Jill DeWitt:

Yeah.