MLS Land Listings Pros and Cons (LA 851)

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 MLS land listings, the pros and cons.

Steven Butala:                   I can honestly say, I was just thinking, honestly say, I don't think I've ever listed a piece of land in the MLS.

Jill DeWit:                            Yes, we have. Do you remember?

Steven Butala:                   Back in the day I never did.

Jill DeWit:                            Back in the day, but we have recently.

Steven Butala:                   You and I have?

Jill DeWit:                            Yeah, yeah. We had a 40 and ... shucks, which one was that? 'Cause we were playing around with that to test it to see if it works.

Steven Butala:                   That sold really fast, didn't it?

Jill DeWit:                            That's my point here.

Steven Butala:                   Oh.

Jill DeWit:                            That's why we're talking about this today.

Steven Butala:                   Get to know what goes on in your own company, Steve,

Jill DeWit:                            You like this?

Steven Butala:                   Especially, you have a radio show about it. Geez.

Jill DeWit:                            Man, might wanna do some homework. Just kidding.

Jill DeWit:                            Get to know your own company, this is good.

Steven Butala:                   I'm the last one to know anything around here.

Jill DeWit:                            Yeah, we do this, Steven, and it works quite well. I'll fill you in.

Steven Butala:                   All right.

Jill DeWit:                            I'll tell you all about it in a minute here.

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 as you're listening, please drop us your questions into the comment section below, especially on YouTube.

Jill DeWit:                            Classic.

Jill DeWit:                            Joe Smith asked, "I think there are a fair number of sellers out there who would gladly sell their property for a low price or just give the property to you for a promise of future cash flow. Some of them lack the sophistication or time to set up a terms deal. For whatever reason, it would just be easier for them to let someone else do it. Does anyone ever work with sellers to sell or resell their property on terms, service the debt, and split the proceeds with the seller? If so, what did the contract look like? What kind of split did you do? Who held the deed?"

Jill DeWit:                            I know a funny one.

Steven Butala:                   Go ahead.

Jill DeWit:                            I know that Luke has done this before. He has sold, Luke Smith, in our community, has sold property and then people have said, "Hey, I think it's worth even more. Will you mark it up more? Help me resell it." And Luke said, "Sure, fine." Like he already all cashed out.

Steven Butala:                   Saw it three times, yeah.

Jill DeWit:                            He posted it back up at a higher number and now it's on the...