I Want to Own Property Investment Company
Jack Butala: I Want to Own Property Investment Company. Every Single month we give away a property for free. It's super simple to qualify. Two simple steps. Leave us your feedback for this podcast on iTunes and number two, get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening.
Jack Butala:
Jack Butala here from Land Academy. Welcome to our "Cash Flow From Land" show. In this episode, Jill and I talk about owning a real estate investment company. Jill, this has been my dream for as long as I can remember. Did it ever hit your radar like it hit mine early on?
Jill DeWit:
Yeah, it did.
Jack Butala:
Really? We'll get into it in a second here but what really hit my radar was just being a private investor, I wasn't sure it was going to be real estate but I knew it was going to be something like this. Good show today as always but, before we start, let's take a question from a caller.
Jill DeWit:
Sure. All right. Mark from Orlando asks ... It says, we have a handful of callers to follow-up. Oh, this is good. This sounds like one of our people. It says, we have a handful of callers to follow-up and see if they'll sell. Two seem interested but using the mailing references they provided I searched the properties and found they have no access. Okay, got it. His question really is, should we turn these deals down completely or is a $500 acquisition always a good buy? The lowest retail I could find is $2,499.
Jack Butala:
I think what he's saying is ... Look, it doesn't appear to me ... He did everything that we do.
Jill DeWit:
Absolutely.
Jack Butala:
He did everything right. He sent a ton of mailers out, based on the criteria, the whole thing, and he got a lot of responses back and so he's going through his due diligence choosing the ones that he wants to buy. A couple of them don't have what look like direct physical access. The access thing comes up a lot. I think all properties, almost all properties have legal access. Meaning, you can't reasonably withhold access to someone else's property if your property's kinda in the way, so to speak. Then most of them, if it's sub-divided properly, they have easement access anyway, legal. Just because there's a roadmap there in Google Earth, that's what happened. In Google Earth, just like we said, he said, "There's not a road right up to it." There might be one a quarter of a mile away, eighth of a mile away, there might be a two track running through the middle. What do you think?
Jill DeWit:
It comes back to that property. Does it have the other ... It sounds like it has the other attributes that we're looking for. It sounds like the acreage is not an issue and the affordability is certainly not an issue. Does it have another attribute, I still might do it at that price because the comps that he's finding are five times ... The lowest he could find is five times that price I might do it. I'll tell you, and this is because we've been doing it a long time, but I'm watching some of our members. In our community, we have an online community, successplan.com, and I'm watching them talk about some of these properties. One of the members came up with his own way of saying, "Hey, I give everyone a ... " Not everyone, but one of his options is, "I offer them a 60 day, money back, go out there and look at it yourself guarantee," and then I'm like, "Beautiful," there's stories around that too. Somebody might want it.
I hear what this guy's asking. Mark, I get it. Mark, and if it's got the other three things, this is all a personal thing to you, I honestly might do it too.
Jack Butala:
Yeah, it's really property specific but the super bullet in real estate for all these rules and these questions is simply this, if you disclose everything, that you know about it, that's all you can do. Again, you've heard me say it a million times, Jill,