Land Funding with Integrity (LA 1606)

Transcript:

Steven Butala:

Steve and Jill here.

Jill DeWit:

Howdy.

Steven Butala:

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

Jill DeWit:

And I'm Jill DeWit, broadcasting from the Valley of the Sun.

Steven Butala:

Today Jill and I talk about land funding with integrity.

Jill DeWit:

Why is that funny?

Steven Butala:

I'm just looking at you, waiting.

Jill DeWit:

Oh.

Steven Butala:

I'll start.

Jill DeWit:

Well, do we really need to talk about this? But I guess we do. There's a lot ... It's in everything.

Steven Butala:

We created what I think ... And I've been thinking about this lately, because I'm trying to figure out, like everybody, what to do with the rest of my life, and this is a good thing. This land thing is a good thing. We've created an environment, a total full-blown, pure supply and demand, laissez-faire environment, called Land Academy. And one of the unintended consequences of that, which is really what laissez-faire is, is just let the market solve itself, is personal land funding. And so new people come in, they don't have a lot of money. They're starting out. It's totally normal and ordinary, and there's older people in the group that have less energy and a lot more money because they've had success. They want to fund and help the young people, which I think is amazing consequence.

Jill DeWit:

I love it.

Steven Butala:

But like everything, it comes with a little bit of responsibility and ultimately integrity. And it's starting to show signs of, oh, there's not such fair play going on. Look, we all want the unfair advantage, all of us. This is kind of the show now, but we do have some responsibility to do it correctly, so we'll talk about that. Before that's-

Jill DeWit:

Yeah.

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 don't forget to subscribe on the Land Academy YouTube channel and comment on the shows you like.

Jill DeWit:

Okay, let me just pause for just a moment here. Sometimes you're like, "Can't you be a little more agreeable? Can't you just kind of say 'Okay'? Do you have to comment on everything?" This is actually in our personal life, not really on this environment.

Steven Butala:

Well, it's not personal anymore.

Jill DeWit:

Yeah, I know. I'm sharing this. So, maybe, I don't know, 10 minutes ago ... So anyway, so then I sit down and I do it and he's like, "What's wrong?" Like, "Hold on a moment."

Steven Butala:

I just wonder if you're still breathing if you don't have any snide comments about stuff that I'm saying even on or off the camera.

Jill DeWit:

Oh. Oh yeah. I'll save them for off. Just kidding. Oh.

Steven Butala:

You know, if you've ever lived with somebody for a number of years consecutively, that's a show. That's a call-in show.

Jill DeWit:

Ah, ha, that's really funny. Okay.

Jill DeWit:

Ty wrote, "First potential deal. Just how risky is doing a notary close on a larger deal? I have a seller who needs their money faster or it's a deal breaker." He says, like, "three or four days. It's a 10-acre buy at $28,000 deal to sell for $80,000ish. Very confident on the numbers, county-verified ownership and no tax issues, legal access via gravel road to the property. I guess I'm asking how bad can it be? Anybody ever just roll the dice? Thinking a warranty deed would cover me, and I'm sure he would have no issues with this. Seller owns his main residence and is not giving any signs of being sketchy. By the way, the $28,000 wouldn't kill me to lose, but I'd prefer to avoid it if possible. Basically if the consensus is there's less than 10% chance of this going sideways, I think I would risk it."

Jill DeWit:

I know what I would do.

Steven Butala:

I do too. I bet it's the same thing.

Jill DeWit:

Okay. Wait. We're going to give our answer and it's going to be either, "Buy it," or "Not.