Up and Coming Area means Ghetto (LA 847)

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:                            I'm Jill DeWit broadcasting from sunny Southern California.

Steven Butala:                   Today, Jill and I talk about up-and-coming area in a real estate listing really means ghetto. All week. All week to this week, we're talking about infuriating real estate cliches.

Jill DeWit:                            The things you think of. The crap Jack says. Remember that?

Steven Butala:                   It's up-and-coming area.

Jill DeWit:                            I bet some of our listeners right now remember that. That was a whole thing for a while.

Steven Butala:                   Yeah, the crap Jack says.

Jill DeWit:                            I think there was even a thread. I think there was a thread. It might still be there. I'm sure it's still there in our online community about the crap Jack says. That was fun.

Steven Butala:                   All these cliches are used to describe real estate, and they're basically apologies in advance for something that's wrong with the property.

Jill DeWit:                            That's true.

Steven Butala:                   All last week we talked about cliches that actually are meaningful like location, location, location. That's not so bad. But in an up-and-coming area just means that it's in a bad neighborhood.

Jill DeWit:                            Exactly. There's something else going on. Thank you.

Steven Butala:                   Before we get into it though, let's take a question. That was actually the whole show. We're going to talk about statistics later about housing markets and why they're good or bad for what we do.

Jill DeWit:                            Okay.

Steven 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. As you're listening to us, please drop your questions into the comment section below.

Jill DeWit:                            Ivan asked, "I have a deal I'm working on, and when I do my due diligence, I found a judgment against the owner of the property I'm looking at buying. The plaintiff in the judgment is a state of Texas if that matters."

Steven Butala:                   It doesn't.

Jill DeWit:                            "I had a title report run for the property and for further confirmation, and they identified this abstracted judgment under personal liens which may affect title. There are no outstanding real property liens that were identified. Can the owner legally sell me the property? This is seven-figure judgment. If I can even buy- "

Steven Butala:                   Jeez.

Jill DeWit:                            ... "the property, I would go through a title company at this point. I appreciate the guidance on this deal."

Steven Butala:                   Okay, so what a judgment is in case you don't know is there's a lawsuit, and he lost. In this case, people lose lawsuits and there's a judgment. Whether it's civil or criminal, they get ... You know, you've seen lawsuits a million times even on TV where you do something wrong, somebody sues you, and you owe them money. But in this case, seven figures. He owes the state of Texas seven figures for whatever he did, and they can put a lien on everything you own, personally, corporate-wise and everything. It can destroy your life,