Professional Land Acquisitions Step by Step (LA 759)

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 back in beautiful southern California today.

Steven Butala:                   Today Jill and I talk about professional land acquisitions, a step by step approach, and here's what you have to look forward to. The way Jill and I buy and sell land, and the people in our group buy property is the single best way, hands down, to buy real estate for anyone. It is the same way that real estate investment trusts buy property. It's the same way ... I used to work for these kooks, so I learned all of this ... it's hard for me to quantify it. We're exposing the whole industry, quite honestly.

Jill DeWit:                            Well maybe we should just stop right now.

Steven Butala:                   Stop the show right now?

Jill DeWit:                            Yeah.

Steven Butala:                   Why?

Jill DeWit:                            I'm joking.

Steven Butala:                   What does that mean?

Jill DeWit:                            I'm joking. Giving away all our secrets?

Steven Butala:                   No, no.

Jill DeWit:                            That's what it sounds like you were meaning.

Steven Butala:                   No, I'm just saying, there's no better way to buy real estate. This is how the big guys do it, too.

                                                Before we get into it, let's take a question, posted by one of our members on the LandAcademy.com online community. It's free.

Jill DeWit:                            Katrina asks two questions. Question one, "I have a land deal I'm selling via land contract. I have a few questions about the land contract closing process. Number one, do you record land contract? Two, if you don't record the land contract, do you record an affidavit of the land contract so the terms of the deal can be hidden? Three, do you not record anything at all?"

                                                So that's part of question one. Do you want me to answer the whole thing, or do you want to answer that first?

Steven Butala:                   I'll answer these, okay.

Jill DeWit:                            Okay.

Steven Butala:                   Right now. There's a second part of the question, that's why Jill says that.

                                                "Number one, do you record the land contract?" That entirely and completely depends on what state it's in. If it's Arizona, no. Her second part of her question is, "If you don't record the land contract, do you record an affidavit?" Again, it depends on where you are, and the answer is no in Arizona and California, and pretty much out west. Colorado's got some strange laws, but you have to really ... my point in all this is you've gotta check-

Jill DeWit:                            Depends on the county.

Steven Butala:                   What the rules are.

                                                And number three, she says, "Do you record anything at all?" We don't.

Jill DeWit:                            Yeah.

Steven Butala:                   It all gets recorded when the last payment's made.

Jill DeWit:                            My way of looking at this kind of thing, is I only record things that I absolutely have to, or when I'm completely done with the transaction, and I want to be out, removed from any tax liabilities. Not that it matters, but just have it all up to date, recorded the right way. So anything that I'm ... any special circumstance that I have made available to my buyer, I like to keep it between my buyer and me, until we're all done and everything's cool, because you know what?