How to Buy an Apartment Building (CFFL 460)
Jack Butala: Jack Butala, Jill DeWitt.
Jill DeWit: Hello.
Jack Butala: Welcome to our show. In this episode, Jill and I talk about how to buy an apartment building, and here's a hint; it's way easier than you think. Before we get into it, let's take a question posted by one of our members on Thelandinvestors.com online community, it's free.
Jill DeWit: Okay. Tom asks; how do you close on a property if the daughter is the executor of the property? What kind of documents are needed to close this purchase?
Jack Butala: Go ahead.
Jill DeWit: You're so fun. I love it. Well, is it in a trust and she's the executor? That's my first thought. How 'bout this? If it was done correctly, Tom--
Jack Butala: Which it never is.
Jill DeWit: Exactly. But I'm gonna took the easy one first, I'll give you the hard, I'm gonna take the easy one, you get the hard one.
Jack Butala: Okay.
Jill DeWit: So, I'm gonna say I'm gonna assume it was done right and it's in a trust, and it's the Smith Family Trust of 1983, whatever that is, and she's the only one, and you've seen the trust, you've got an email copy of it from the daughter, cuz she's that on the ball, and it's that easy. That's what you do. So, how do I close on the property? The exact same way I do on everything else, and the only thing different I do is on the deed, I'm gonna still put the, the grantee becomes the grantor, right? Cuz they're selling it to me now, and I'm gonna use that verbatim, The Smith Family Trust of 1983, and then below I the signature you're gonna put her name, and I even defer to them, I'm gonna go real easy on this one. I'll reach out to her and say, all right, you've obviously the executor, you've been doing other things for this trust, how does your attorney have you sign your name? And she'll say, oh it's supposed to say Carol L. R. Smith as trustee for The Smith Family Trust of 1983. Great, fantastic, and I'll copy that. I took the easy way out, now you want to add the, how it could be way out?
Jack Butala: You know it was exactly this related to the question from yesterday. When people have a will and the property's in the deceased owner's, it's still in their name, but they have a will, it's not like a car, there's some stuff involved. More importantly, in 1983 you were 16, Jill, right?
Jill DeWit: I'm not sharing any information.
Jack Butala: It just makes my heart all warm inside for some reason.
Jill DeWit: What's that?
Jack Butala: I wish I had known you in high school.
Jill DeWit: Oh my gosh, you did not just say that, cuz I'm sure that number's way off.
Jack Butala: You'll be having a birthday party, a two person birthday party, meaning you and I, in an explosive manner.
Jill DeWit: I wasn't gonna share that, what number it is though, it could be a decade off.
Jack Butala: Oh, right.
Jill DeWit: All right, anyway so look.
Jack Butala: What were you like when you were 16?
Jill DeWit: That's a better question. Thank you, oh I knew it all.
Jack Butala: Oh really, it was that bad?
Jill DeWit: Oh, I didn't know, it wasn't that bad, but I was very independent, and very comfortable in my... first concert, I drove myself to see, here I go, now we're all gonna know how old I am, when I was 16 years old I was so darn excited, I was go drive up to LA and see Billy Idol.