Land Investing from the Road Week Five Update: Locals Love to Tell Their Land Stories (LA 1873)

Transcript:

Steven Jack Butala:

Steven and Jill here.

Jill DeWit :

Hello.

Steven Jack 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 Eureka Springs, Arkansas. I was trying to think of something special and unique about them, and I think the best thing that's special and unique about them is the springs and the people and we're going to get catch up. But I'll get some more stuff here to share.

Steven Jack Butala:

We are absolutely having a blast. Eureka Springs, if you've never been, please put it on your list. It's lurk around every bend and be amazed kind of place.

Jill DeWit :

Yep.

Steven Jack Butala:

Today, Jill and I talk about Land Investing from the Road. This is week five and this is our update. She and I are going to talk about how local people love to talk about their land stories.

Jill DeWit :

Oh, it's great.

Steven Jack Butala:

Everybody's got a land story.

Jill DeWit :

It's so funny. We're going to share a lot more on that. It'll be good.

Steven Jack 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, Jill and I instruct every quarter, a closed class called Career Path. We're in Career Path number five right now. If you're interested in buying and selling land as a career or you're already doing it and you want to improve, check us out at landacademy/careerpath.

Jill DeWit :

Number five is in process and number six will be coming in January, probably like the third week of January, 2023 is my goal. Okay, so back to the question here. Brett wrote, "In Land Academy, the Land Academy program 3.0, they cover that your first transactions can be done through your personal name rather than an LLC, et cetera. The guideline for that was 10 transactions. With that being said, is there a pro or a con to doing this business through my name at first rather than an LLC? Or should I pursue creating an LLC first before conducting any sort of land investing?" I'm not sure why he is asking it when he just kind of answered it at the beginning. Okay. "But if anyone has experience with both or the input, it would be greatly appreciated. Thanks."

Steven Jack Butala:

Okay, so here's the thing, and here's the reason I included this question. Either way is fine.

Jill DeWit :

Yeah.

Steven Jack Butala:

I tended to, especially the further now that we get into instructing Land Academy, Jill and I, try to make things more simple and give general and sometimes hard and fast rules just to make it simple. For the vast majority of people, doing 10 or so deals in your own name, not going through all the stuff that goes on with getting in an LLC. That works. If you already have an LLC, like many, many, many people do with a different company or something like that, you can use that one. But my real point in adding this is that, and there's a huge theme this week in these questions. Jill and I just didn't slap this together, this program. This Land Academy thing.

Jill DeWit :

Oh, The Land Academy thing?

Steven Jack Butala:

When she says-

Jill DeWit :

That's hilarious. That's so funny. Yeah. Take Land Academy with a grain of salt. Again, we only have 16,000 plus transactions. We're not sure.

Steven Jack Butala:

Hundreds and hundreds and hundreds and hundreds of members, former members, current members, all that.

Jill DeWit :

Very successful.

Steven Jack Butala:

We didn't just say, "You know, 10 transactions sounds good," then go get an LLC.

Jill DeWit :

Yeah. Why not? I don't know. I could have said two, I said 10. I could've said a hundred. I don't know.

Steven Jack Butala:

Look, I really mean you want to get your feet wet and there's other reasons that probably we should be more vocal about why we say things like 10,