Managing Acquisition Deal Flow You Created (LA 820)

Transcript:

Steven Butala:                   Steve and Jill here.

Jill DeWit:                            Hello.

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 sunny southern California.

Steven Butala:                   Today, Jill and I talk about managing acquisition deal flow that you've created. This is a huge question we get constantly. "Man, I'm not really interested, or I'm concerned about sending out this 1,500-unit mailer. What's going to happen?"

Jill DeWit:                            "Because people are going to call me back."

Steven Butala:                   "They're going to call me back. They're going to send me their letters. What if I can't buy other property?" We're going to try to address getting and staying organized with this, and we'll try to alleviate some of your concerns, because between the two of us, we completely have it covered, because we failed at it for the last 20 years.

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.

Jill DeWit:                            I would argue that we were successful at it, otherwise we wouldn't be sitting here, by the way.

Steven Butala:                   We have been tremendously successful at this the last 10 years, which is right about the time that Jill got involved.

Jill DeWit:                            Thank you. That's what I wanted to hear. Okay. Michael asks, "Hello. So an elderly couple didn't like the deed language." That's hilarious. "In quote, 'That for, and in consideration, of the sum of $10 and/or other valuable consideration.' End of quote. They said that's not the amount they're being paid. Guess they didn't notice that when I email them the deed to verify all the details were correct. After that spooked them, they didn't trust the cashier's check from my credit union." Oh, my gosh.

Jill DeWit:                            "I tried to explain everything to them, but couldn't talk them off the ledge. My notary even offered to drive them to their bank ..." Aw, to drive to their bank ... "... with them, to have them verify the cashier's check." That was super nice. "Anyway, just curious, how often does this sort of thing happen?"

Steven Butala:                   Go ahead, Jill.

Jill DeWit:                            I have never really had it happen.

Steven Butala:                   I have, jeez.

Jill DeWit:                            To get to this point where we couldn't solve it ... But I have had them wonder what the ... Because every state has different types of deeds, and the wording will be a little bit different, but one thing is the same. You never put the actual amount on the transaction, on the deed, just like when you buy a car.

Jill DeWit:                            When you sell a car, the only thing that's on there might be the odometer reading and then who's selling the car. Remember on your pink slip that you sign? But you don't put in there how much you sold the car for. You have a totally separate bill of sale, and that's kind of like what we do here. The purchase agreement was a separate bill of sale, so if they need that for their accountant, for taxes, for that purposes, but nothing that's needed on the deed.

Steven Butala:                   How property conveys in this country dates back to the 1700s during the homesteading time. When property was conveyed back then, it was conveyed for good and valuable consideration,