How Jack Jill Prepare for Economy Down Turn
Transcript:
Jack Butala: Jack and Jill here.
Jill DeWit: Hi.
Jack Butala: Welcome to the show today. In this episode, Jill and I talk about how to prepare for that inevitable economic downturn.
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: Cool.
Billy M ... We know who you are, Billy ... Asked, or Sham God asked, "I'm looking to close on a deal and start marketing the properties, but the seller is making me wait until January 1st, 2018 to sell to me." Hmm. Clearly a tax reason.
Jack Butala: Yeah.
Jill DeWit: "Should I give them a check and start marketing the property and tell them to cash the check after January 1st and record after January 1st, or should this be a deal I should pass on since the seller is making me wait until after the new year." Doesn't bother me at all.
Jack Butala: No, I think your concept is great. If he needs something, like let's close on January 1st, which is totally valid. This happens in real estate all the time, by the way.
Jill DeWit: Yup.
Jack Butala: Then you need something. He needs something, you need something.
Jill DeWit: Yeah.
Jack Butala: I think it's totally fair. Chances are ... This member has a track record of doing pretty good deals, so chances are if it fits your criteria then it's a good deal. If it's good enough to go all through this then absolutely.
Jill DeWit: Yeah.
Jack Butala: You'll have it sold by then anyway. And you could tell the buyer can't convey it until January 2nd.
Jill DeWit: Maybe when that's the divorce is final. Maybe that's why.
Jack Butala: Are you thinking about divorce now?
Jill DeWit: I started to think what if I trigger having to have money and things appear on certain dates. First I would think taxes and then next I think divorce.
Jack Butala: It's that ... Divorce day is Thursday for Jill. She wakes up in the morning, and you know how she always says I have little mantras that I have in my head?
Jill DeWit: Yeah.
Jack Butala: It's Thursday.
Jill DeWit: On the recording days, it's like "I'm going to kill somebody."
Jack Butala: It's Thursday. Divorce is possible.
Jill DeWit: No. That's so funny. Oh. Truth be told-
Jack Butala: Oh, here we go.
Jill DeWit: Truth be told, we've had to make some staffing changes.
Jack Butala: We had a rough week.
Jill DeWit: We did. So, yeah. We've got a lot going on right now. No, I'm not going to divorce you or anything, you know that.
Jack Butala: I do.
Jill DeWit: Okay.
Jack Butala: If we decided to split up for any reason ...
Jill DeWit: Oh my gosh.
Jack Butala: It would be kind of ... We shouldn't even be talking about this really.
Jill DeWit: This is bad.
Jack Butala: I don't even like saying it out loud, but it would be a race.
Jill DeWit: I have a really good compliment to say about this. This matter of fact [inaudible 00:02:39] I had a meeting with an employee ... It was a group that I was talking to. I was speaking in a group the other night,