What is HR Compliance

Transcript: 

Jack Butala:                         Jack and Jill here.

Jill DeWit:                            Hi.

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

Jill DeWit:                            And, I'm Jill DeWit, broadcasting from sunny southern California. Well, it's not sunny today, but it's pretty. Sorry.

Jack Butala:                         The ocean's there but we can't really see it.

Jill DeWit:                            Correct.

Jack Butala:                         Today, Jill and I talk about, what is HR compliance/human resources' compliance anyway?

Jill DeWit:                            What is that? You know what's funny? I'm like, "Human resources." Human-

Jack Butala:                         Why do we care? This show is supposed to be about real estate?

Jill DeWit:                            Human resources. Human resources. So much of HR is not really HR. We call it HR, but it's not HR. Does that make sense?

Jack Butala:                         It's so important. People are so important in the real estate business, and I guess in every business.

Jill DeWit:                            I know.

Jack Butala:                         You've got to keep them happy.

Jill DeWit:                            HR is not counseling, it is not ... You know, personal development. Sorry.

Jack Butala:                         This has the signs of Jill rant show.

Jill DeWit:                            Sorry. No,

Jack Butala:                         No, it's good. I like it.

Jill DeWit:                            Come on. I'm the people person. In our company, I think I'm the most people person because I really try to get in there and understand people, but I'll save it.

Jack Butala:                         Before we get into the topic, let's take a question posted by one of our members on the jackjill.com online community. It's free and about real estate.

Jill DeWit:                            Matt asks, hi everyone. I have an infill lot that has a soil analysis on file from 2004 that says, "Due to lot size and soil conditions, that the lot was deemed unsuitable for septic."

Jack Butala:                         Hold on a second, Jill. Hi, everyone. I have an infill lot that has a soil analysis on file.

Jill DeWit:                            Yeah.

Jack Butala:                         What file is that? Why are we looking at a file? Go ahead.

Jill DeWit:                            Yeah. I wonder where he got that.

Jack Butala:                         Go ahead.

Jill DeWit:                            Yeah, where did he get that? You don't record that stuff. It's a corner lot in a subdivision with houses everywhere.

Jack Butala:                         Outstanding.

Jill DeWit:                            Both adjacent lots have houses on them.

Jack Butala:                         I'm loving this deal, loving this deal already.

Jill DeWit:                            It's a pretty good deal. Buy for $1,250, get title insurance, because it's confusing with a foreclosed upon Deed of Trust, so I'm probably in it for as much as $3,000.

Jack Butala:                         $3,000 for a infill lot, in a developed subdivision.

Jill DeWit:                            Right. Then, sell it for $5,000 or $6,000. Sounds good.

Jack Butala:                         What if we just stopped right there? What if that was the end of the question and we said, "Congratulations. You doubled your money."

Jill DeWit:                            Proceed.

Jack Butala:                         That's not where it stops. Go ahead.

Jill DeWit:                            Here's what Matt says. Would you, one, buy it, and then ignore the soil analysis?

Jack Butala:                         Yep.

Jill DeWit:                            Two,