How to diversify risk in real estate
Transcript:
Jack Butala: Jack Butala and Jill DeWit.
Jill DeWit: Hello!
Jack Butala: Welcome to our show today. In this episode Jill and I talk about how to diversify your risk in real estate. Before we get into that let's take a question posted by one of our members on the landinvestors.com online community, it's free.
Jill DeWit: Okay. Brent asked, "My very first mailer is a trouble maker." Funny. "Looking for a way to find a plat map of Rancho Rio Grande, Socorro County New Mexico. The county's useless. Any thoughts?" Oh I have a lot.
Jack Butala: If I had a nickel for every property that I ever purchased in Rancho Rio Grande, oh wait I do.
Jill DeWit: You have more than a nickel.
Jack Butala: Jill and I flipped thousands of deals and there's three subdivisions right in Socorro County. Thousands and thousands of properties we've purchased and sold. In fact one time I went there and got all the plat maps in the county. Literally all of them. This is before we-
Jill DeWit: Back in the day.
Jack Butala: This is before ... Jill's going to solve your problem here. But a long time ago you had to go there. Get on an airplane, go there, collect all the maps and ship them back so you could deal with it, and then take photocopies of them. This is how long ago that was.
Jill DeWit: And then later on it became much, much easier where you could call them up and you could write a letter and enclose an old fashioned check. Literally, seriously, I've done that and mailed the check to them and then wait two weeks for them to mail the map back to you.
Jack Butala: Now what do you do?
Jill DeWit: Now it's so much easier. Well I got two ways. Well number one the reading your using ... You need a plat map traditionally is because you can't find the property. So I would first go to ParcelFact -
Jack Butala: Ding ding!
Jill DeWit: And look up the property.
Jack Butala: Oh you're the girl for me.
Jill DeWit: Thank you my guy. It's not been really advertised but I'm telling you now it's alive and well. Everybody needs to go to parcelfact.com.
Jack Butala: F-A-C-T, parcel F-A-C-T .com.
Jill DeWit: Yeah, and put in state county APN. Knock yourself out. Or put in the address.
Jack Butala: Jill and I just spent tens of thousands of development dollars and a ton of time and why? Why would we do that for this tool? Here's why. Because for 20 years we've been struggling with exactly what Brent is talking about. Now every single property, 148 million properties with the exception of a few counties, is covered. All you do is put the APN in. The state county and the APN and there's your map.
Jill DeWit: I have two more things too to add if you don't mind. Brent, if you're really dead set on having a plat map because you like to put it in your postings and look cool ...
Jack Butala: He's not going to sell it any faster.
Jill DeWit: I know. But it does look cool if you have the plat map and they can see that.
Jack Butala: Does it look cool?
Jill DeWit: Oh I think-
Jack Butala: Are plat maps cool Jill?
Jill DeWit: Plat maps are cool yeah. Plat maps are cool.
Jack Butala: You are now officially a geek.
Jill DeWit: I know. Okay so let's just say Brent,