How to Use Deal Data Review Insure Success (CFFL 459)
Jack Butala: Jack Butala with Jill Dewit.
Jill DeWit: Hello there.
Jack Butala: Welcome to our show today. In this episode, Jill and I talk about how to use data deal review. The deal or the data review that I do every Wednesday to ensure your success. 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: Okay. Trevor asks, "Does anyone know any good ways of navigating the relatives of land-owning folks who have died? Especially in Arizona, New Mexico, and Colorado? From my last two mailers, it seems all I'm doing is dealing with dead peoples' estates."
Boy, I've been there.
Jack Butala: Yup.
Jill DeWit: "I'm not worried about the small deals. But some of these are, these 40 and 80-acre deals, are worth my while if I can figure out how to handle the families."
Jack Butala: Go ahead Jill, you're an expert at this.
Jill DeWit: Well I'm kind of wondering if ... well there's a couple possible things that could be going on. Like handle the families as in A) I can't find all the family members, that's one issue. And then B) we're not on all the same page, that's another issue.
So here's my first one. If you can't find all the family members or they're not all in the same place, I look to the holidays. Seriously. Or family events, I am not kidding.
For example, Easter just happened. Were they all together for Easter? I have actually said, I can arrange a notary to come out and do it on Easter if we have to. Because you guys are all together at grandma's house. Or Mother's Day is coming. Is everybody going to be there for Mother's Day? You know, that kind of thing. I've done that.
You can also split it up if you have to. Send the deed from one notary to another notary, you know? And send it around. I'm not a fan of that. But you could do stuff like that.
Once you talk to people, if they're all on the same page ... assuming they're on the same page, then they're going to be pretty agreeable to that. Like 'hey, when I get it all back and signed and everything's good, I'll wire the money in five minutes' kind of thing. And that's fair.
The other thing is, okay now how to handle the families. Well I guess part of it is people who have died, so he's trying to figure out too ... oh, I just thought of another piece. I think that's where you might be going. Which is, who's still alive and who's supposed to take care of this?
Jack Butala: Yeah. This is very complicated. Trevor's an expert at taking a very, very, very complicated scenario, which is what this is, and making it simple. And asking a positive thing about it. So, you know ... there's about nine questions in here.
Jill DeWit: Yeah there's a bunch of things you could take this with. Okay so maybe mom and dad passed on, and now he's talking of navigating the relatives could be the kids that are left. Yeah you gotta, I guess-
Jack Butala: Here's the- go ahead Jill.
Jill DeWit: All right. My big picture is, you gotta just make sure ... you gotta figure out, and it may take a little time, who are the rightful people who have the power to make this deal? Number one. Number two, is everybody on the same page? And then from there, I think you could figure out the details.
Jack Butala: Yeah, here's the root of the problem with dead ownership. When someone passes away, let's say a husband and wife own a property, which is really usually the scenario that this is in, and they have a will.
So a husband and wife own the property as joint tenants and they have a will,