Amazing Back Tax Property Opportunities with Forbearance (LA 1354)
Transcript:
Steve Butala:
Steve and Jill here.
Jill DeWit:
Hello.
Steve 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 Park City, Utah.
Steve Butala:
Yeah. Jill and I are at Park City all week doing, guess what?
Jill DeWit:
Work.
Steve Butala:
Looking at real estate.
Jill DeWit:
And fun. And fun. So far, we've had some fun. I think it's a good ...
Steve Butala:
When do we not have fun?
Jill DeWit:
I know. And we're going to have even more fun.
Steve Butala:
I wonder if there's an IRS rule on that.
Jill DeWit:
Can't have too much fun?
Steve Butala:
Yeah. If you're going to go take a business trip, we expect you to not have any fun at all.
Jill DeWit:
Right.
Steve Butala:
Like I really wonder what the rules are like. You have to work eight hours a day.
Jill DeWit:
Well we kind of do that anyway.
Steve Butala:
It's got to be ordinary and necessary. I mean, I think this falls into all of that.
Jill DeWit:
Hey, if I'm closing a deal at breakfast, I think that counts.
Steve Butala:
You just closed a deal.
Jill DeWit:
I know.
Steve Butala:
I just watched you.
Jill DeWit:
That's what I'm saying.
Steve Butala:
And now we're doing this?
Jill DeWit:
Mm-hmm (affirmative).
Steve Butala:
So it's ordinary and necessary to be here, to look at this property that we're going to buy.
Jill DeWit:
There we go.
Steve Butala:
Today's topic.
Jill DeWit:
before we get into it.
Steve 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.
Jill DeWit:
John wrote, hi guys, I'm working on a mailer and we're very interested in some states that are nondisclosure. Typically, when I do my county research I pop on to Zillow and review the areas for sale listings, and recently sold listings, to see if it's a hot market with lots of land moving. But for some non-disclosure states, the sold data seems pretty unreliable. How are you guys getting around this and identifying whether an area in a non-disclosure state, it has enough demand?
I like that. I have two points.
Steve Butala:
Of course.
Jill DeWit:
Okay. Number one, be nosy in these listings. If you look, you'll see, like, if you really want to get into some of these listings, say you find them and it doesn't have an accurate sale price.
Steve Butala:
So there's a core issue in land investors about what non-disclosure is. And it turns out that there's two types of nondisclosure.
Jill DeWit:
Correct.
Steve Butala:
What Jill's talking about-
Jill DeWit:
Prices, sales prices.
Steve Butala:
Yeah. So there's some states that don't encourage, or require, this transaction sale amount to be disclosed to the public. Texas is a great example.
Jill DeWit:
But you can find them in there, it's not everywhere. I've found them in Texas.
Steve Butala:
It's voluntary. So some people do it, some people don't. So it's harder to get comps in those States. The second type of non-disclosure is do not mail.
Jill DeWit:
Right.
Steve Butala:
I think there's probably 4% of the states that they have do not mail laws. And they're like we can't send offers in.
Jill DeWit:
Right. You can still get the information they just don't want you to hit them.
Steve Butala:
So there's some confusion about what those were, and the way John asked this question, it's like ... I don't know which one he's talking about exactly.
Jill DeWit:
I know he's talking about A.
Steve Butala:
So go ahead.
Jill DeWit:
Because he's going to Zillow obviously.
Steve Butala:
Right.
Jill DeWit:
And he's looking for sold comps.
Steve Butala:
So go ahead.
Jill DeWit:
Totally get it. Dig in there. This is what's so funny about Steven and I. So he digs deep on the front end of data, when you're pricing your mailers, and then I dig deep when I'm doing my due diligen...