Everybody Loves Cheap Real Estate (CFFL 432)
Transcript:
Jack: Jack Butala with Jill DeWit.
Jill: Hi.
Jack: Welcome to our show today. In this episode Jill and I talk about how everybody loves cheap real estate. Is there anything better?
Jill: Who knew?
Jack: There's a couple of things, might be better but-
Jill: I don't know.
Jack: Cheap real estate ranks in the top 3 or 4 for sure. Hey, before we get into it, let's take a question posted by one of our members on the land ... landinvestors.com online community. It's free, we just changed it.
Jill: Yep! It's coming. Patrick and Jessica asked, "Hi, as we mentioned before, we're receiving many signed offers, with deed, that have multiple properties on them-
Jack: Sorry, guys this works-
Jill: And we only want to purchase one. The county is saying that the owner needs to put them on their own deed. Does anyone know if we can have our property ... have the property owner record a quick claim deed with him/herself as grantor and grantee for each property. We could prepare this quick claim deed for them and then send a notary, maybe even with the new deed, that passes it to us. Then we could send all into in the county ans ask them to record the quick claim deed first. Thoughts? When acquired a title agent to help, they just want to close the whole deal and won't do this little part. These are within our first ten deals however, we are seeing many of the them and we would like to be able to know how to do this. Thanks in advance."
We've done this before too, so-
Jack: Thank you for answering this-
Jill: You're welcome.
Typically, you don't need a quick claim deed.
Jack: No.
Jill: I know that we all want to really trust and believe that the county is always a 100% right, where whoever answers the phone, they may not be ... they may not have been there that long and ... won't even really go there. Here's how you solve this. Cause Jack and I do it all the time. I will buy properties from one person or one entity, like maybe I'm buying twenty five at one time, but not I'm going try and sell twenty five. Then I'm not going to have it recorded twenty five times, 'cause Jack and I've bought properties-
Jack: By the thousands-
Jill: Thousands-[crosstalk 00:02:02]
Jack: Thousands of properties in one day-
Jill: One thousand recorded deeds times 25 dollars is a lot of money. We're not doing that. To record each one individually. So, no. But when I turn and sell it, I'm only selling one out of that group, which is correct, so they don't need to do anything, you just need to do one deed showing that one line item, that one property with the proper legal description, it's the one that's being now sold to you. And transferred to you.
Jack: Here's where the confusion happens ... we get this question a lot. When you go register a car with a title, you can't put two cars on one title, right? Well, you can with real estate. You can put 300 properties, a thousand properties, two properties on one single deed. And then, sell them with-
Jill: Separately-
Jack: Individual deed.
It's a new typical question and it's a good one-
Jill: It's a very good question-
Jack: I think we answered it.
Jill: That was awesome.
Jack: If you have a question, or you'd like to be on the show, reach out to either one of us on landinvestors.com.
Today's topic ... this is the meat of the show, by the way.