Managing Work Burnout (LA 793)

Transcript:

Steven Butala:                   Steve & Jill here.

Jill DeWit:                            Hi!

Steven Butala:                   Welcome to the Land Academy show. Entertaining land investment talk. I'm Steven Jack Butala.

Jill DeWit:                            I'm Jill DeWit, broadcasting from gorgeous, sunny, southern California.

Steven Butala:                   Today, Jill and I talk about managing your work burnout. This week.

Jill DeWit:                            Thank you. We need to talk about this. We really need to talk about this.

Steven Butala:                   This week is all about. Kind of like non-land topics. It's just about stuff that goes on in work.

Jill DeWit:                            Boy, do I have a lot to say about this.

Steven Butala:                   Before we get into it, let's take a question posted by one of our members on the land investors online community. It's free.

Jill DeWit:                            Jordan asks, I'm currently in the process of closing my first ever deal.

Steven Butala:                   Good.

Jill DeWit:                            For this reason, I have questions. Number one. How critical is it to have title insurance for a land transaction? I know most of you aren't lawyers here, but I guess I can ask whether or not people here typically purchase with it. Two, when is it too late to buy title insurance? I want to get this worry out of the way so I can get this deal closed.

Steven Butala:                   Good questions.

Jill DeWit:                            Three. If I should buy title insurance, does anyone know what company that we could go to. Anyone that will offer insurance itself and not part of the closing package?

Steven Butala:                   No.

Jill DeWit:                            Any help here is greatly appreciated. I'm pretty anxious about this whole thing. Thank you.

Steven Butala:                   May I?

Jill DeWit:                            Yeah.

Steven Butala:                   There's like three or four questions in there. Number one, it's very unusual, if not impossible, to find a company to separate escrow and title insurance and here's why. They're issuing a title policy and the process of escrow makes them much more comfortable.

In fact, it reduces a lot of risk for them because they've researched the property and they close the deal. They know this guy's got the money and the whole thing and they close it and they can issue a policy on it. It's a qualification to get ... Escrow is a qualification for title insurance.

Number two. We have a pretty hard-and-fast rule about the purchase price and whether or not we close the deal ourselves or do it with title insurance and it's about 5,000 bucks. Although more-and-more, with very few exceptions, we almost close everything with title now, just because ...

Jill DeWit:                            Because most of our transactions are more than $5,000.

Steven Butala:                   Yeah. In fact, all of them.

Jill DeWit:                            Yeah.

Steven Butala:                   I'll tell you, it's a lot of work to close your own deals. You should do it. You should learn how to drive a stick and then eventually just drive an automatic because it's easier. You should learn how to close your deals. It's something you need to know mechanically so you can manage title people the rest of your life, but, it's great to sub out all that work to someone else.

Jill DeWit:                            The reason we picked that $5,