Infill Lots Explained (LA 1040)
Transcript:
Steven Butala: Steve and Jill here.
Jill DeWit: Hi.
Steven Butala: Welcome to the Land Academy show, entertaining land investment talk. I'm Steven Jack Butala.
Jill DeWit: And I'm Jill DeWit, broadcasting from sunny southern California.
Steven Butala: Today Jill and I talk about the topic, Infill Lots Explained.
Jill DeWit: I'm trying to think about how can I make a funny topic out of this and you really kind of can't.
Steven Butala: I'm trying to think about that too.
Jill DeWit: Like a little more entertaining.
Steven Butala: That's exactly the same thought I just had.
Jill DeWit: So the three of you that are listening, because you saw the title, good for you. Everybody else said, "Pass. I'll wait till the next show."
Steven Butala: Everybody else is like, "I hope they're entertaining again."
Jill DeWit: Yeah, what the heck.
Steven Butala: A few of them are like, "Let's just watch these guys fail."
Jill DeWit: Yeah, there we go.
Steven Butala: It's like watching a car accident.
Jill DeWit: This is good. Like a car accident. "Look at these two clowns trying to make infill lots entertaining." Entertaining real estate investment talk, except for today. Just kidding.
Steven Butala: 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: Ben shares, "I have two adjoining parcels under contract in Virginia. One is owned by my contact, the other, he owns 75% of, the other 25% does not have a clear ownership. His dad is the last in the listed owner, but he died after we divorced and remarried." Oh boy, this is going to be a good one. "The lady he married died several years ago, and no one has any clue who her heirs are, if any. I have talked to the contact several times and he really doesn't know. Apparently, he didn't really know his step mom, much less her heirs."
Jill DeWit: "Title insurance won't insure with, and at this point I'm stuck. My title company isn't offering any ideas-"
Steven Butala: Surprise, surprise.
Jill DeWit: "But it seems like the scenario has come up some times. What ways are there to deal with this, if any? Here are the numbers. The deal is 87 acres, purchase price of $60,000.00, and we're looking at doubling our money on the flip, so it's worth putting in the effort." Ah, you wrote in it. Did you write this answer in the thing, or just no?
Steven Butala: I paraphrased. Well, let's just say Kevin and I had the same opinion.
Jill DeWit: Oh, all right.
Steven Butala: Kevin, the moderator.
Jill DeWit: Right. So here's Steven's answer. "Benjamin, you should call an attorney. They will need to do a quiet title suit. Yeah, it will probably cost $2,000.00-$3,000.00 and takes three months-"
Steven Butala: Six months.
Jill DeWit: Six months. "That will clear all of the possible errors and give you a clear title." That's worth it, man for... Let me think. Spend $2,000.00 or $3,000.00, wait three months to make $60,000.00. Yeah, I'd do that.
Steven Butala: So would I. This is a great situation you've found yourself in, because even if somebody did get get there before you, they probably walked away cause it's just too much work. It's not too much work for us. It's not too much work for the people in Land Academy at all.