Jack Explains How to Select a Great Deal (CFFL 451)
Jack Butala: Jack Butala with Jill DeWit.
Jill DeWit: Hi there.
Jack Butala: Welcome to our show today. In this episode Jill and I talk about Jack, that's me, explains how to select a great deal.
Jill DeWit: Oh.
Jack Butala: If you've got a bunch of signed offers staring at you because you did everything right and sent a massive campaign out and you're staring at 10 deals, how do you select the best one? Believe it or not, it's not going to be the most profitable one, I'll tell you. Before we get into it, like I just did, let's take a question posted by one of our members on the landinvestors.com online community. It's free.
Jill DeWit: Okay. Jim asks, "I know Jack always says to copy the grantor verbatim, but my John Doe in this deal is deceased. My question is, do I have to leave as is or do I leave off the John Doe managing trustee, or do I replace it with Jane Doe, successor trustee?"
Jack Butala: This is a Jill question.
Jill DeWit: Okay. Well number one ...
Jack Butala: The guy's that ...
Jill DeWit: I know. You know, I love these questions. These are really good questions. The only thing is, I'm missing some of the information.
Jack Butala: Right, and what I would say to Jim, what you want to do here is if you're brand new like this, I would hire a title agent.
Jill DeWit: First, check with the county in case it's something easy.
Jack Butala: Yeah.
Jill DeWit: If it's a joint tenant ... What if it's joint tenant survives a survivorship, and Jane Doe is a survivor? Now the county, you can easily take care of that and not have to go through anything special, so that's easy.
Jack Butala: You want to be a deal maker.
Jill DeWit: Right.
Jack Butala: When these things come up, this is, as things go, pretty complicated, or it can be if you're brand new. I would hire a title agent if the economics are worth it. Title costs between, I've heard it as low as $300 and as high as, I don't know ...
Jill DeWit: $800.
Jack Butala: $800.
Jill DeWit: Exactly.
Jack Butala: If you're new, you don't want to be wrestling with this stuff. Actually, this ties into what this show's about, too. This might be, if you've got 10 deals you're looking at right now, and this might be the most profitable one, I get it. When you get a letter back, the first thing you do is you go to Parcel Fact, pull it up, and you just fall out of your chair because it's an unbelievable piece of real estate, but it's unpurchasable like this, or potentially unpurchasable, just move on to the next one.
Jill DeWit: That ties into what I wrote about this topic, so really good stuff. Yeah, I apologize Jim, but yeah, I need a little bit more information, A. B, you might be able to solve it quickly with the county telling you, just someone helping you real quick. Even just calling an attorney helping you. They'll sometimes tell you over the phone how to title stuff. I've done that for free. C, hire an attorney, I've done that to help with it. Then D, old fashioned, if there's enough money in it, you know, you're going to make $8,000 on it, go through title and they'll do it for you.
Jack Butala: Hey, here's the thing to directly answer your question Jim, you have to do it verbatim. You might just [inaudible 00:03:09] deed. The dead guy has to, to get to the person who's going to deed it to you. Might be an heir,