How Land Academy Deal Funding Works (LA 1380)
Transcript:
Steve:
Steve and Jill here.
Jill:
Hallo.
Steve:
Welcome to the Land Academy Show, entertaining land investment talk.
Jill:
And I'm Jill. And I am broadcasting from Sunny Southern California.
Steve:
I'm actually in Sunny Central Scottsdale, Arizona. Today Jill and I talk about how Land Academy Deal Funding works. We get these show topics from our customer service, Volume. And so these are many. Many people were asking about this last week, so we decided to do yet another show on how Deal Funding works. But 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:
Thomas wrote, I've got a couple of thousand mailers out and looking for my first deal. An investor friend of mine who flips houses recommended Blueprint Title. They are an online title company. I called them and they said the only thing they cannot do with land transactions is the new deed and its recording. Isn't that the only thing we really kinda need, but we won't go there.
Steve:
I put this in here for you.
Jill:
This is hilarious.
Steve:
Just when you think it can't get any worse, they say, "Oh no, we can't do the deed." Why would they do that?
Jill:
I'm gonna start a company like this, it's hilarious. [inaudible 00:01:23] can handle is you give me a check and I'll make sure it gets to them. And then everything else you got to do.
Steve:
Which is Escrow, that's the definition of Escrow. It's not-
Jill:
What the heck?
Steve:
It's classic. I would run away from this. Go ahead.
Jill:
This is so funny. This made me ask the question. If I close a deal through a conventional title company, like First American, do they take care of the new deed and then the recording? Thanks. Oh yes, heck they do. Oh my goodness. Okay, let's back up right now, everyone. First of all, every real title slash Escrow, it's the same thing, Escrow company out there is online. I'm gonna just say it right now. Everything you can do with a phone call and submitting documents with DocuSign, except for the majority of the states that wanna wet signature on a deed, okay. We got that. So how do you get around that? No big deal, it's called a mobile notary. And they come to your house, they come to your office. If you're the person who's buying it, they'll come to your house, [inaudible 00:02:38] office, whatever they prefer, know that's very, very easy and that's it.
So nobody has to walk into a title company and do all that anymore, it'd be right there. This whole notion of not doing, I can't believe they even call themselves a title company when they say, "I'll take care of the money, but am not gonna put the deed in the recording." For a renter, that's why you're paying them to do the deed. I mean, maybe they're just saying... maybe they're doing money and title policy, but man, that's only getting me 50% of the way there. I need the other 50%. So I don't know who that is, but I would pick up the phone and call somebody else. And then, don't even have to go with a biggie, Thomas. Don't think that you have to, that it's only a first American or something like that can do a big close like that.
There's a lot of great mom and pop title companies. I would argue they're even better, 'cause I would argue they care more. That can do the whole thing for you. And what I do is an attorney too by the way. There's a lot of attorneys out there that can do every title, that can do it cheaper and faster. So call around. I have two questions for title people, and this is what I do. How fast can we do it? How much do you cost? And I'm looking for an investor rate, because if this works out between the two of us, as you talking to them, Thomas, you're gonna do ten more maybe this month or this year, 'cause you just blasted that area to try and find someone with a good relationship. And you wanna tell them that.
Steve:
This is like taking your [inaudible 00:04:24] o...