What does Jills Transaction Coordinator Really Do (LA 1324)

Transcript:

Steven Butala:

Steve and Jill here.

Jill DeWit:

Hi.

Steven Butala:

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

Jill DeWit:

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

Steven Butala:

Today, Jill and I talk about what does Jill's transaction coordinator really do? I can't wait to hear the answer to this big picture, and hopefully detailed picture.

Jill DeWit:

Oh my goodness.

Steven Butala:

Because I've always wondered this, too. No. And all kidding aside, this is one of the most important positions that you can ever hire for, and it's a position that I've had for years in my own company. Jill's had it in her own company.

Jill DeWit:

Like you held the position? Is that what you're saying?

Steven Butala:

Oh yeah.

Jill DeWit:

Okay, thank you.

Steven Butala:

And even now we have to jump back in if there's too much deal flow. And we're all transaction coordinators until the end.

Jill DeWit:

I just took a call with a broker as a matter of fact.

Steven Butala:

I know. I just I caught the tail of that because we're setting up to record, and I bet that that's a perfect way to talk about this when we get into it.

Jill DeWit:

The main point here is that this came up because of a Facebook post. Someone was asking me like, "Jill, I'm hiring." You have talked about in the past what the trials and tribulations of hiring the right person. Okay, that's great. We got that. Now, what exactly do they do?

And as I was writing this Facebook post, and I'll share more when we get into the show, I had a little revelation that I should have a thank you to them. So as I'm writing this, I'm sending my number one gal a heartfelt thank you because I realized, "You wear a lot of hats, and I really appreciate all that you do." And I sincerely was making sure, "Are you happy? Do you need anything? What's going on in your world?" It was good.

Steven Butala:

Before we get into it though, let's take a question posted by one of our members on the landinvestors.com online community. It's free.

Jill DeWit:

Greg asked, "Most of my deals have been self close, and I like that because, number one, it's cheap. Number two, it's fast. Number three, I'm in control in the process."

Steven Butala:

Amen.

Jill DeWit:

"I read the guidelines about dollar value and using title for higher dollar properties. Some people want title insurance, or just a closer title because it makes them feel better. And some are okay with just wiring thousands of dollars, and skipping the costs and the time."

"So, my question is can I buy with a self close? Because I like that. And then sell, either sell to close or through title, depending on what the buyer wants or needs. Is there something wrong with this? I did this on one deal already with zero trouble, but my impression was that this was frowned upon or not even possible in some places. Any thoughts on this?"

I'd say I have thoughts.

Steven Butala:

I have a lot of thoughts, too. Jill's closer to front lines than I am, so go ahead.

Jill DeWit:

I thought you were going to say closer to the mic at that moment. "Jill's closer to the line of fire at that moment right now." No.

I love this. I see nothing wrong with this, and I do this all the time as well. Especially, I find myself doing this when there's some really good deals that you just can't let them get away real quick. You can buy and self close, and even get title insurance after the fact. So, there's lots of different scenarios.

Let me back up and explain this here. What is self close? That is like buying a car without a dealer. It's like me going on Offer Up or Craigslist, buying the car from you, Jack, and getting my insurance, and doing the paperwork with the DMV, and all that stuff there.

Steven Butala:

This is a great way to explain this.

Jill DeWit:

Thank you. Because that's exactly what it is. I buy it,