Top 3 Things to do as a Land Investor (LA 1104)

Transcript:

Steven Butala:                   Steve and Jill here.

Jill Dewitt:                           Good morning.

Steven Butala:                   Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.

Jill Dewitt:                           And I'm Jill Dewitt, broadcasting from sunny Southern California.

Steven Butala:                   Today Jill and I talk about the top three things to do as a land investor.

Jill Dewitt:                           Exactly. And I realize, I'm not sure if it's morning when this is launched, but it's morning for me right now. So we'll just going to go with that. How are you?

Steven Butala:                   Good. It's morning. We are recording on Halloween.

Jill Dewitt:                           Yes, we are.

Steven Butala:                   By the time this airs, it'll be long past Halloween.

Jill Dewitt:                           Exactly.

Steven Butala:                   Getting a lot of questions about the caution tape behind us.

Jill Dewitt:                           Everybody thinks that we A, broke in. B, this is a active crime scene.

Steven Butala:                   Which it might be. We'll see how this episode goes.

Jill Dewitt:                           C, we're being evicted. So take your pick. We actually live here, I promise. It's none of the above. So you will see us next week. You will see no crime scene tape behind us. Cool.

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

Jill Dewitt:                           Jamie asks, "I recently received a signed purchase agreement back via email." Yay. "I overpriced the property." Oops. "I called the owner and let her know that I'm no longer interested in the property at that price. Her son who's attorney," Oh, this is funny. "then emailed me and told me that they are going to sue me. Was for specific performance as our purchase agreement constitutes a valid contract." This is hilarious.

Jill Dewitt:                           "I have made no modification to the wording in the purchase agreement. It's just like the original on Offers to Owners.com. I am curious if any of you have experienced this and how it turned out for you. Thanks. PS. I copied a sanitized version of the email I received below." Okay. This is funny.

Steven Butala:                   So every once in a while this happens to ... Same thing happens to us. Exactly the same thing. I don't know. I'm going to say once a year. And in that contract, if you did take the verbatim agreement ... It's not a contract by the way. It's not a valid contract first of all, but the out is this. There's a contingency in the PA that says we reserve ... The property has to pass all of our tests before we buy it. This is a purchase agreement, it has to pass our tests.

Steven Butala:                   This lawyer's-

Jill Dewitt:                           Bored?

Steven Butala:                   ... I'm guessing bored? New? Probably brand new.

Jill Dewitt:                           Looking for something to do

Steven Butala:                   And just over eager.

Jill Dewitt:                           Exactly.

Steven Butala:                   I've never had anything like this ever go past an email like this.

Jill Dewitt:                           Exactly. Once you point out, look at number three, I don't agree with that. Look at number two, I don't agree with that. And look at number one ... You know what's so funny too? One of those things, it says if the back tax is within reason, pass my test. You could say whatever the back taxes are ... Every property pretty much has back taxes. Nobody pays ahead.

Jill Dewitt:                           So you could just say right there, "Sorry. Those back taxes don't agree with me. It's not within my threshold.