Land Crowd Fund is Working (CFFL 519)

Transcript:

Jack Butala:                         Jack Butala with Jill Dewit.

Jill DeWit:                            Hi there!

Jack Butala:                         Welcome to our show today.  In this episode, Jill and I talk about how LandCrowdFund.com, by the way, is actually working, even though it's not live yet.

Jill DeWit:                            Uh-huh

Jack Butala:                         We picked a few people to test this out and it's doing smashingly well. Before we get into that though, let's take a question posted by one of our members on the LandInvestors.com online community. It's free.

Jill DeWit:                            Cool! Dave V. asks, "I have a seller (it's a run-to-the-bank deal) and the property is in her previous married name, Jane Jones. Well, she's remarried and now her name is Jane Smith".

Right? This happens.

Jack Butala:                         Plain Jane.

Jill DeWit:                            "So what kind of ID or name change proof should I require from her, Jack?"

Jack Butala:                         Well, I think ... Dave's pretty experienced, so, chances are he has run into this before. There's a lot of ... If you have never done these deals, and you're kind of new to this, there's a lot of this that goes on.

So you find a person that wants to sell their property. You don't want to go through title because it's expensive or whatever and you want to close the deal. People's names change, right? This is very, very, very common.

Well, the title industry and title insurance industry and the escrow industry, they've long-since figured this out. And here's why. There's real specific local rules for each jurisdiction, each county, about how to handle this. Sometimes you attach a marriage license, sometimes you ... I mean, there's a lot of different ways to do it. Jill knows, actually, most of them. Which ... I don't know why I'm answering the question.

Jill DeWit:                            I don't know! I just thought it was fun. You know what I was going to do? I was going to say ... Here's what I was waiting for. I was waiting for you to just to say something like "And here's a reason not to get married". (laughter)

Jack Butala:                         Well, I was going to get to that.

Jill DeWit:                            (Laughter) That's what I was thinking was going to come out of this, you know?

Jack Butala:                         It's a small market. To answer the question.  Before we get to the funny stuff, about marriage. To answer the-

Jill DeWit:                            (laughter) The funny parts of marriage .com. There's a show!

Jack Butala:                         If it's that good of deal and -

Jill DeWit:                            Or a marriage!

Jack Butala:                         And, this, Dave specifically runs into frequently. Find a local attorney and ask him to close the transaction.

Jill DeWit:                            Yeah.

Jack Butala:                         Hopefully his office is real close to the courthouse and he, honestly, can just close the deal within a week, if it's that good of a deal.

Jill DeWit:                            The big-

Jack Butala:                         If you do it with title, it's just going to take longer.

Jill DeWit:                            Right. The big picture is, there's ways around this stuff. It is the right person, not like there's anything funny going on. And there ... By the way, there are documents that can show, like a marriage license, a name change ... So.

Jack Butala:                         It's not a ways around it, it's just a lot of paper work.

Jill DeWit:                            Um-hmm.

Jack Butala:                         That's really the issue.

Jill DeWit:                            Yeah.

Jack Butala:                         There's a lot of stuff you have to do and you h...