Debt is Bad Equity is Good
Transcript:
Jack Butala: Jack and Jill here.
Jill DeWitt: Oh my goodness. Hi.
Jack Butala: Welcome to the Jack Jill Show, entertaining real estate investment talk. I'm Jack Butala.
Jill DeWitt: And I'm Jill DeWitt, broadcasting from sunny Southern California.
Jack Butala: Today, Jill and I talk about how debt is bad, but equity is good.
Jill DeWitt: I had to try to trip you up there. It's just too fun. So I'm going to-
Jack Butala: That goes against every single radio, audio ... tripping your co-host up, and I'm all for it because it goes against everything.
Jill DeWitt: You know what? When have you known me to go with the flow and just be a sheep, you know?
Jack Butala: Exactly.
Jill DeWitt: Again, boy, my parents wish I would go with the flow and be a sheep, but no, no, no, no. Jill has to do it her own way.
Jack Butala: Well if that is bad, and equity is good, then how the hell can you ever get anything done if you don't have any money?
Jill DeWitt: Yeah, what do you drive around in? I don't understand.
Jack Butala: That's the answer.
Jill DeWitt: This is odd.
Jack Butala: You will get the answer to that.
Jill DeWitt: It's not possible, is it?
Jack Butala: You will get the answer to that question, Mr. Bender, next Saturday.
Jill DeWitt: Oh thank you.
Jack Butala: Breakfast Club.
Jill DeWitt: Got it.
Jack Butala: Before we get into this topic, we're going to go ahead take a question posted by one of our members on that jackjill.com online community. It's free.
Jill DeWitt: Okay. Julian R. Asked, "Hi. I wanted to know if you also experienced ... " oh boy. I love this first sentence. "I wanted to know if you also experienced frustration with title companies." Can we just stop there?
Jack Butala: We could do a whole podcast on that topic.
Jill DeWitt: I could stop there, but this is a good question. I'm going to read the whole thing here. "I have lost my second deal today, because the seller backed out on deals more than $5,000. Kids wanted to keep the land in the family even though it has not been used in years. It seems like the solutions/options are, one, keep losing deals." That's just part of the business, since the seller was not really motivated in the first place.
Jack Butala: No, that's not one.
Jill DeWitt: "Two, close with a notary first, then get title," but it kind of defeats the purpose.
Jack Butala: That is a fantastic solution.
Jill DeWitt: "Three, find a much faster company to close with using such as TitleMind, when it is ready over three weeks in both cases."
Jack Butala: You can't pay for publicity like that.
Jill DeWitt: Right. "We'd love to hear your experience with this kind of issue."
Jack Butala: Can I start with a story?
Jill DeWitt: Sure.
Jack Butala: I drove to Flagstaff and stayed for two days training ... This is a lot of years ago. Training a First American Title group of people in an office up there, and they were experienced, because it's a small town. They were just ready to have 30 to 80 more deals a month. They were staffed up for it and ready and it seemed like a perfect...