How Much Money Does REI Really Take?
Jack Butala: How Much Money Does REI Really Take? Leave us your feedback for this podcast on iTunes and get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening.
Jack Butala: Jack Butala with Jill Dewit.
Jill DeWit: Hi.
Jack Butala: Welcome to our show today. In this episode, we talk about, "How Much Money Does it Really Take to Start Real Estate Investing?"
Before we get into it, let's take a question from one of our listeners/members at LandAcademy.com, the Online Community three.
Jill DeWit: That felt like that was a pause like you thought I was going to make a joke there or something, like you were waiting for me, like, "Here it comes. Jill's going to jump in."
Jack Butala: No, no it's not. It's just yet another sign of the fact that I have no idea what I'm doing-
Jill DeWit: Oh okay, good. All right. I was sure that dead air wasn't my fault.
Jack Butala: ... and that this is all just kind of pure luck that this even happened at all.
Jill DeWit: Oh okay, good. It wasn't me. Thank you. Just checking. I'm like, "Was I supposed to say something? Am I supposed to say anything? I don't know." You didn't have a big breath, so I wasn't sure.
Jack Butala: I can't speak. That's what it is.
Jill DeWit: Okay, good stuff.
All right, Matt asked this question. "Have you ever come across a situation where you cannot get the vesting deed because the last transfer happened before they started putting the deeds online? Please correct me if I'm wrong-" Oh boy, we will.
Jack Butala: Yeah, that's redundant.
Jill DeWit: You forgot who you were talking to Matt. "... But isn't it like from the eighties forward is available online? I have a deed I'm trying to get ..."
Jack Butala: "... from the seventies."
Jill DeWit: "... from the seventies," there we go.
Jack Butala: Go ahead.
Jill DeWit: "... from the seventies. I was not wanting to close with the title company on this. Is the only option to have someone physically go and pull the book and page at the county?"
Jack Butala: Go ahead.
Jill DeWit: Okay. First of all-
Jack Butala: Let's talk about what a vesting deed is.
Jill DeWit: Okay.
Jack Butala: Briefly.
Jill DeWit: Okay. The vesting deed is the last recorded deed.
Jack Butala: The most recent.
Jill DeWit: The most recent, well, which is the last. It's not the last in time, right, the most recent recorded deed. What that means is Matt's looking to buy a property and he's trying to get the most current deed and that's called the vesting deed. Most current recorded deed is the vesting deed.
My first point is I would get it from the seller, number one. Then I would be going to the county and confirming the ownership, and make sure everything lines up. I'm guessing, Matt, the owner, it was from the seventies and I'm guessing they lost it. That happens. If I owned my car from the seventies, I would know where my pink slip is but I'm sure someone could lose their pink slip and have to go get another copy. I get that. That's really what the equivalent of Matt's trying to do here.
Depending on how far back they go, again that's on the county. I've seen counties go years, and years, and years and show A to B to B to C, but that's not normal. We have access to that with our data.
Jack Butala: Yeah, that's where I wonder ... That's my big question about this because we teach ... I mean, go ahead Jill. Finish that thought.
Jill DeWit: That's what I was ... Just before the show, we were talking about this. I'm like, I'd like to know where this person came from because I'm guessing Matt's not in our world, and that's okay. For anybody not in our world, who has our membership and access to our data, we have that. I can go back and look at-
Jack Butala: We're licensed providers of RealQuest Pro and TitlePro247. It comes as part of the membership, even at the most basic membership level. This solves his problem. Actually,