Land Academy Member Kahlil Turner (CFFL 428)
Jack Butala: Jack Butala with Jill DeWit.
Jill DeWit: Hey there.
Jack Butala: Welcome to our show today. In this episode, Jill and I talk with Land Investors member Kahlil Turner.
Before we get into it, though, let's first take a question, posted by one of our members, on LandInvestors.com online community. It's free.
Jill DeWit: Okay, Kent wrote, "Hi, all. Is anyone out there a licensed agent in their state and, if so, are you disclosing on your offer letter that you are?"
This is a really good question. "I am licensed, but my intention in using the [Lanacay 00:00:36] Methodology is to buy and provide myself properties to resell, not to get listings. However, am I still required in my state to disclose that I'm a licensed at first contact, which in this case is a letter that I send? I'm trying to decide on what exactly to put in the letter to this effect. Any thoughts would be greatly appreciated. Thanks!"
So someone already wrote in and answered her. And then Rob wrote, "You know, in my state, you are required to make that disclosure up front. So, yes, it would need to be on the offer."
Jack Butala: I agree.
Jill DeWit: I agree, too. "Contrary to what is taught here-"
That's hilarious. "-since I'm a licensed broker, I choose to send postcards." Oh, I see. "Rather than send offers to avoid issues. It won't take long for an angry owner to call the real estate commission and file a complaint."
Jack Butala: That's right.
Jill DeWit: "Clearly, that complaint would not go anywhere, but who needs the drama?"
Jack Butala: Yay. Who needs drama?
Jill DeWit: Right.
Jack Butala: Who the heck needs drama anyway? If you want drama, go to the movies.
Jill DeWit: "I make a very good living as a broker, so I'm inclined to protect my license. I've taken a step further and set up a separate LLC. And I often buy land using a self-directed retirement account."
Jack Butala: Nice.
Jill DeWit: Anytime I buy or sell, I include the following language.
Jack Butala: We have some smart members.
Jill DeWit: "Buyer/seller's trustee is a licensed real estate broker of blank. The purchase price may or may not reflect market value."
Jack Butala: I like it.
Jill DeWit: "Buyer/seller shall receive no real estate commission and has provided no agency representative of any kind for this transaction."
Jack Butala: Nice work, Rob.
Jill DeWit: Yeah.
Jack Butala: Some people are natural-born lawyers.
Jill DeWit: Yeah. They just know how to present something.
Jack Butala: Man, we have some smart members, don't we?
Jill DeWit: Yeah, I think he's doing everything right. I totally agree. Whatever the rule or the law is in your state, you better follow that. Because you don't want to get-
Jack Butala: Yeah, you don't want to horse around with the real estate commission.
Jill DeWit: No. And you know, I don't think there's anything wrong with disclosing, "Hey, I am a realtor, but this is for me. I'm buying these investments for my own portfolio."
You know, however you wanna say that, and just be up-front and honest. And I think that a lot of sellers would appreciate that you are an agent, and knowing that. And you could say, "Look, I know this market. This is my business. I'm all in, you know.
