Reporting Requirements as a Private Land Partner

Transcript: 

Jack Butala:                       Jack Butala with Jill DeWit.

Jill DeWit:                           Hello.

Jack Butala:                       Welcome to our show today and this episode, Jill and I talk about the reporting requirements as a private land money partner.

Jill DeWit:                           I'm going to do my best-

Jack Butala:                       (Laughs)-

Jill DeWit:                           to make this not boring-

Jack Butala:                       Thank you-

Jill DeWit:                           Just the title is boring.

Jack Butala:                       Thank you.

Jill DeWit:                           Hoo.

Jack Butala:                       Thank you, thank you.

Jill DeWit:                           That's why I'm here.

Jack Butala:                       This is a direct request from a member.

Jill DeWit:                           Hoo.

Jack Butala:                       Very successful member. What do I have to do? I have a bunch of money now and I would rather, there's people coming to me and they want partner some deals with me. What are the reporting requirements? It's a good question. It's worthy of a whole episode. Jill's going to make it not boring.

Jill DeWit:                           Sheesh. (Laughs).

Jack Butala:                       Let's take a question posted by one of our members before we get into it. On the landinvestors.com online community, it's free.

Jill DeWit:                           This is a very interesting question here that Robert asked, "Is it a good idea to have an accountability partner?" And my first thought is, "Is that another word for a wife?" (Laughs).

Jack Butala:                       (Laughs).

Jill DeWit:                           Oh baby, that's a bad idea. I'm going to hold you accountable for that. Don't do it. (Laughs).

Jack Butala:                       Did you ever see that, there's a scene in the movie called "As Good as it Gets" with-

Jill DeWit:                           I know the movie.

Jack Butala:                       And he's-

Jill DeWit:                           Helen Hunt.

Jack Butala:                       Yeah.

Jill DeWit:                           And Jack Nicholson.

Jack Butala:                       Exactly. And he's a writer and so this woman walks up, who's read all his books, and just looking at him in awe. She says, "How do you write women so well?" And he looks at her and says, "I think of a man and I remove reason and accountability." (Laughs).

Jill DeWit:                           I forgot that. Is that really the line?

Jack Butala:                       That's the whole line.

Jill DeWit:                           Oh no.

Jack Butala:                       (Laughs).

Jill DeWit:                           Gheeze, okay.

Jack Butala:                       Well I can see where this show's going.

Jill DeWit:                           Ah-ha. (Laughs).

Jack Butala:                       (Laughs) I don't know what Robert means here.

Jill DeWit:                           I-

Jack Butala:                       [inaudible 00:01:45] A partner who's accountable?

Jill DeWit:                           I think that someone that's checking all the boxes and making sure you're, and it actually ties into this show. Is it a good idea to have a partner who's making sure everything gets done correctly? And I would have to say, "Yes." Do I really want someone coming and knocking on my door because I'm not filing the right papers or not doing things the right way? No. You don't want to do it after the fact.

Jack Butala:                       This is how I live my life. I don't ever do anything where I don't know what the outcome's going to be.

Jill DeWit:                           Oh we are so different-

Jack Butala:                       I know we are.