Land Investing Described at a Cocktail Party (CFFL 502)
Transcript:
Jack Butala: Jack Butala with Jill DeWit.
Jill DeWit: Hi.
Jack Butala: Welcome to our show today. In this episode, Jill and I talk about land investing as described at a cocktail party. It's harder to do than you would think. You know how we always say this is a fun show? This is a serious show, this is a fun show.
Jill DeWit: Oh, yeah.
Jack 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: Okay. Luke asks, he says I bought eight properties and I have signed purchase agreements for ten more with more sellers calling everyday.
Jack Butala: Congratulations Luke.
Jill DeWit: Yay. I'm starting to run out of money.
Jack Butala: This is not Luke Smith.
Jill DeWit: Nope.
Jack Butala: This is a different Luke in our group.
Jill DeWit: From the research I've done doing deals without money requires one of the following and he has three things here. One, buying one an option. From what I understand the only way to do this with zero dollars is to find a company that will do a dual closing. I have been unsuccessful in doing this so far but I'm working on it, and we're going to cover all these. I'm going to finish this question.
Jack Butala: Yeah.
Jill DeWit: To assigning the contract. All the offers I send out have a clause in them allowing me to sign the contract but I have not taken advantage of this yet.
Jack Butala: Brilliant.
Jill DeWit: Can I advertise a property for sale with the intent of signing the contract I have on it and without yet owning it?
Jack Butala: Yes.
Jill DeWit: Okay, and we're going to get to that. Three, finding an investor. Jack and Jill as well as other land investors talk about doing deals together. Does this entail some kind of written agreement? Is it typically one person doing the work and the other person putting the money down?
Jack Butala: Yeah.
Jill DeWit: Which one of these three do your recommend?
Jack Butala: All of them.
Jill DeWit: Are there more options that I am unaware of? Are you interested in doing a deal, or are any of you interested in doing a deal with me? So, I'm going to circle back around.
Jack Butala: Okay.
Jill DeWit: Okay.
Jack Butala: Great question, Luke.
Jill DeWit: I love this because we've all been here, Luke. It's great.
Jack Butala: We have all been right where you are and out of money.
Jill DeWit: Exactly and it's funny because I have had these conversations with people back in the day, where I literally had to say no, seriously. I understand you're excited to sell. Really, I only have X amount of money left over right now, period and if you want that you could have it but that's all I have, you know, and I'm being totally legitimate and sometimes somebody will go, okay I'll take it and I'm like, oh shoot. Now how am I going to pull this one in? You know?
Jack Butala: I never have said, oh shoot the sellers find my stuff.
Jill DeWit: I know, but no but it's so funny because it's like, you have so many deals I don't know what to do which is a good thing.