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The Psychology of Affordable Housing (HA 1619)

Transcript:

Steven Jack Butala:Steve and Jill here.

Jill DeWit:Hi.

Steven Jack Butala:Welcome to the House Academy Show, entertaining real estate investment talk. I'm Steven Jack Butala.

Jill DeWit:And I'm Jill DeWit, broadcasting from the Valley of the Sun.

Steven Jack Butala:Today, Jill and I talk about the psychology of affordable housing. Every Thursday, Jill and I have a call, we call it the Thursday call. It's a webinar, closed webinar with all Land Academy and House Academy members. And one of my jobs that I've assigned to myself is to kind of give everybody a... Let's call it a 10 minute overview on what's happening in the news with real estate, because it's really we didn't use to do it, but this whole COVID thing twisted this housing market all around. In the beginning of COVID, we thought it was going to crash like it did in 2010. So I was trying to prepare everybody, and help everybody with that. And by informing everybody of all these sources... I belong to all these sources of news feeds on real estate.

Steven Jack Butala:And so that didn't happen fortunately, in fact it went the other way and we're all a lot more successful for it. I hope you are too.

Steven Jack Butala:What I see now predominantly, and as a result of that what I continually go do this research for real estate for the Thursday call is this affordable housing topic.

Steven Jack Butala:Over, and over, and over again everyone loves to report on affordable housing, except for the core data tree itself, First American title data tree. The core and ADaM data, which I have tons of respect for, they're real estate data companies. They seem to stay out of it. They seem to know enough to just say, "You know what? The market's going to set itself, and that's it."

Steven Jack Butala:And it could end right there, but that's not what happens. This day and age it's just a current event, affordable housing is a cool thing to talk about.

Steven Jack Butala:Why? Because people have this perception that they can't afford houses, but that's just not the case at all. They absolutely can afford a house, and in fact I'll get into it in a minute.

Steven Jack 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 don't forget to subscribe on the Land Academy YouTube channel, and comment on the shows you like.

Jill DeWit:Charlie wrote, "I have some questions about a title close versus a real estate attorney close. Number one, what does it mean when somebody says it's an attorney closed state? Are there no title companies in those states, or is that an extra step on top of what the title company's already doing?"

Jill DeWit:Should we answer them in order, or just go through them all?

Steven Jack Butala:Yeah, sure.

Steven Jack Butala:Go ahead, Jill.

Jill DeWit:So number one is yes, there are states, really only one that I can think of in particular.

Steven Jack Butala:New York. [crosstalk 00:02:34]

Jill DeWit:Yeah.

Jill DeWit:That require an attorney basically to oversee the transaction. And, usually there's an attorney at the title company that's overseeing it all. And I've had some transactions like this, where in other states they still have an attorney overlook their transactions, even though it's not required. It's just kind of an extra layer of insurance for them. So that's what that means.

Jill DeWit:"Number two, I've also heard it's faster with a real estate attorney" And I'm partially the problem myself here for this one, because I really promote this. "Can I ditch my title company in Texas and do everything with an attorney?"

Steven Jack Butala:Hell yes.

Jill DeWit:Yeah.

Steven Jack Butala:And I would encourage you to do that.

Jill DeWit:That's it.

Jill DeWit:So for number two, that's my now new way of getting deals done. First I'm going to try to find attorney nearby,