3 Things Your Property Website Needs to Do
Jack Butala: 3 Things Your Property Website Needs to Do. Every Single month we give away a property for free. It's super simple to qualify. Two simple steps. Leave us your feedback for this podcast on iTunes and number two, get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening.
Jack Butala: Jack Butala with Jill DeWit.
Jill DeWit: Hello.
Jack Butala: Welcome to our show. In this episode Jill and I talk about the 3 thing your property website needs to do.
Good show today, Jill. Before we get into it, let's take a question posted by one of our members on LandAcademy.com, the online community, it's free.
Jill DeWit: Cool. Kevin asked, "I have an accepted offer but the seller is an LLC." Cool. "What do I need to obtain from the seller besides the articles of organization for the LLC? What, if anything, do I need to record at the county besides the deed?" That's a good question.
Jack Butala: It really is a good question. It comes up a lot. People don't judge LLCs the way they judge trusts and in fact, they're actually the same. It's just an entity that can legally hold property, just like a trust or just like you as an individual or married people or anything else. You're totally started off on the right foot with the organization of the LLC. What you really want to make sure is if the signer, the person who's signing it, is a signer for that corporation. That's almost, 9 times out of 10 I think, maybe even close to 10 out of 10 now, you can find that out online for free.
Jill DeWit: Exactly.
Jack Butala: Just do a quick corporate commission search where ... In the state where they're incorporated, not necessarily where the property's incorporated. A lot of times, and I've seen Jill do this, Jill and I are a little bit removed now from acquisitions and sales, but I've seen Jill in the past ask the seller for these documents. If they're organized as a point of establishing trust that they say, "Oh yeah, hold on a second. I'll email it to you right now. Page 16 is where it shows I'm a signer." That's a really good way to qualify the fact that everything's going to go well.
Jill DeWit: Exactly. Mostly I use that for trust because I don't have that online. The LLC, even if they send me all the documents, I need to see for myself. I look it up on line, just verify yep, okay, John Smith, managing member. Got you.
Jack Butala: Then to answer your second question, what do you need to do to record with the county, the answer's nothing. There may be some exceptions or some states that require it, or sometimes there's rogue crazy recorders, county recorders, that they like to mess with you. Not often. I think it happened 3 times in my whole career where they just, "Who the heck are you? Why are you doing that?"
Jill DeWit: Exactly, because we buy in an LLC. All of our properties are held in an LLC. It could be us.
Jack Butala: Yeah.
Jill DeWit: Is it me?
Jack Butala: Yeah, it could be. On that note, Jill and I have, for a lot of reasons, Jill and I have separate companies and stuff so we keep things all separate that way. If you're in a organization stage for that, consider doing that. If you're in it with your brother, get 2 LLCs. They're cheap.
Jill DeWit: You can hold property in your name and in your together name and then his name and whatever.
Jack Butala: Your kids, the whole thing. If you're married it's a little bit more complicated, but that's not what this show's about.
Jill DeWit: Thank you. Please don't bring up marriage, please don't bring up marriage.
Jack Butala: Marriage is complicated, isn't it?
Jill DeWit: Oh my gosh, I wish it were as easy as an LLC.
Jack Butala: I have so much to say about that. Can this show be about that? I have a lot to say.
Jill DeWit: Marriage versus an LLC? Why you should- that's it. Don't get married, just form an LLC together.