Real Estate Business on the Side

Jack Butala: Real Estate Business on the Side. Leave us your feedback for this podcast on iTunes and get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening.

Jack Butala:                            Jack Butala and Jill DeWit.

Jill DeWit:                               Happy Friday.

Jack Butala:                            Not only is it Friday, the next time we do this show, 2017.

Jill DeWit:                               Exactly. Our last show this year.

Jack Butala:                            This is my favorite time of year. Right at the end here where you get to plan the next year, do some budgets.

Jill DeWit:                               This is also show 365. Isn't that kind of cool?

Jack Butala:                            Yeah. I didn't even notice that. Anyway, that's very fitting. The new year is coming. Anyway, we'll get into that in a second.

Jill DeWit:                               We'll talk about that.

Jack Butala:                            Welcome to the show today, and before we get all silly because it's Friday and almost a new year, before we actually do all that, let's take a question posted by one of our members on the landacademy.com online community Jill. It's free.

Jill DeWit:                               Is it?

Jack Butala:                            Yeah.

Jill DeWit:                               Is it now? Yes, so sign in. By the way, do you have some questions?

Jack Butala:                            It's expensive as hell for us, but we provide it for free like everything. In Land Academy, we subsidize Land Academy for you.

Jill DeWit:                               That's true. Because you will come forward with a good deal someday, and it all pays off for everyone. That's true. Claire said, hi Claire, "My buyer from a few months ago never recorded their deed and now I'm getting tax bills. How should I handle this? Should I contact the buyer to remind them?"

Jack Butala:                            You can go both ways on this. My policy has been, and I guess our corporate policy probably still is. I'd have to check with the people who are running that right now.

Jill DeWit:                               Because it's not us.

Jack Butala:                            I just look at the numbers, and our refunds are really low and all the things. We just leave it alone.

Jill DeWit:                               We do.

Jack Butala:                            If it gets really, really bad, we might contact them years later, but this falls into the category of these problems usually rectify themselves. There's a bunch of risks with calling up, and I'm assuming this is a retail buyer. If it's a wholesale buyer, I would absolutely contact them. Somebody who's in the business of, you sold a lot of properties to them, you're on a first name basis. I would just shoot them a little note, but if it's a retail buyer, they don't understand [inaudible 00:02:15] instructions to stuff. It's a sleeping dogs lie situation for me. Jill, what do you think?

Jill DeWit:                               First thing too. The first couple times I don't even address it because often there's a lag. It might be recorded and the assessor data hasn't all caught up yet, and I'm getting the first wave. I really do nothing. Our team does noting on that first wave because it could be done.

Jack Butala:                            That literally on a personal note happened to Jill and I with a house that we owned, we still own. It just didn't get ... The assessor is usually a year late. Not a year late, they're just a year, sometimes two years behind recorders, so you just don't get a tax bill until maybe a year later, two years later, and you get it and it's like, well it's twice as much as you thought it would be. You got to ante up, but first thing is I think, "What,