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Affordable Housing vs. Affordable Cadillac Escalades (HA 1645)
Transcript:
Steven Jack Butala:Steven and Jill here.
Jill DeWit:Hi.
Steven Jack Butala:Welcome to the Land Academy Show, House Academy Show today. Entertaining real estate investment talk. I'm Steven Jack Butala.
Jill DeWit:And I'm Jill DeWit, broadcasting from the Valley of the Sun.
Steven Jack Butala:Today, Jill and I talk about affordable housing versus affordable Cadillac Escalades.
Jill DeWit:Do you know before we start, I would like to follow up with something from yesterday, because I'm sure you are dying to know. I checked on Milli Vanilli, and let me tell you what happened here. In case you weren't sure, they were German-French R&B band from Munich founded in 1988. So what all happened everyone? Well, here it is. In July of 1989, they were doing fantastic by the way. I liked them, who didn't like them?
Steven Jack Butala:Me.
Jill DeWit:Okay well. But it was fun, easy to dance to, good music, right? Well, what happened was, they were on stage during an MTV concert and there was something wrong during the audio course. And they found out that they were lip syncing is how it all went down. And I will have to say too, one of them is still with us. One passed on and they actually performed in July of 2021 at some kind of a festival. And if you really want to know how it all panned out, the one, I will tell you, the net worth of the one who is still with us. I don't know his name here. But anyway, the one that's still with us. Oh, Fab Morvan. His net worth is, ready for this, everyone? And you decide if this worked out. $250,000. Not a million. $250,000.
Steven Jack Butala:Oh my gosh.
Jill DeWit:I know, bless his heart.
Steven Jack Butala:I don't know how they know that, but.
Jill DeWit:I know. He lives in France. Well, it's expensive in France. So anyway.
Steven Jack Butala:I don't usually say stuff like this, but we have cars worth more than that.
Jill DeWit:Yeah. Anyway, that's the update from yesterday. I thought that was funny.
Steven Jack Butala:Oh, 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. And don't forget to subscribe on the Land Academy, YouTube channel and comment on the shows you like.
Jill DeWit:Charlie wrote, "I was told today the buyer and seller can use different title companies for the same transaction. Is this right? It came up because I want to use a title company that I bought the property with. But the seller requested a different one." Excuse me. "Anyone ever done this? I guess they're saying, do the title work with their escrow company and use mine for escrow slash closing." I wouldn't do this. Okay. So here's the scoop. Can I cover this?
Steven Jack Butala:Yeah.
Jill DeWit:Alright.
Steven Jack Butala:Because, in all my years-
Jill DeWit:[crosstalk 00:03:00].
Steven Jack Butala:All my years I've never heard of this. It's not like real estate agency.
Jill DeWit:No, you don't. This is not how it goes. You're going to be paying double. If you're hiring. Because if you think you're using their title company for all the work and then your title company's doing something else. They're just acting as your transaction coordinator or doing double. Usually they're just going to go, "What?". They're going to go, "Why are you talking to me?".
Steven Jack Butala:I think the answer to this is no.
Jill DeWit:Right. [crosstalk 00:03:24]
Steven Jack Butala:So everything else that Jill says after this is just information. In a good way. Not in a bad way. She's explaining why. But let's answer the question.
Jill DeWit:No.
Steven Jack Butala:No you don't ever really have two escrow and title companies.
Jill DeWit:No, but let me clarify something, because I think this is where this gets confusing. What I do is I'm going to buy a property with tile insurance. And if I can get a hold open clause or carryover policy,