Selling Little House on the Prairie Story (LI 699)
Transcript:
Steve Butala: Steve and Jill here.
Jill DeWitt: Hello.
Steve Butala: Welcome to the Land Investors show, Entertainment Land Investor Talk. I'm Steven Jack Butala.
Jill DeWitt: I am Jill DeWitt broadcasting from sunny southern California.
Steve Butala: Today, Jill and I talk about selling that Little House on the Prairie story. You know, if you're really young you may not know about it. But there was a show on TV for a lot of years in the 70s and 80s called Little House on the Prairie based on a famous book series.
Jill DeWitt: Paw, Paw.
Steve Butala: Laura Ingers Wilder grew up-
Jill DeWitt: Michael Landon.
Steve Butala: ... in a picture perfect little setting with a cabin and smoke coming out of the smokestack, and they had a homestead, and they never had any money but they were good people, and they lived off the land. That's the story we sell.
Jill DeWitt: They never had any money.
Steve Butala: As a real estate owner ... They never had any money. Did you notice that?
Jill DeWitt: It is kind of true. They had three dresses.
Steve Butala: But they were free, you know?
Jill DeWitt: That's true.
Steve Butala: They were in control.
Jill DeWitt: They never wanted for anything. There was always food.
Steve Butala: They helped each other out. Yeah.
Jill DeWitt: Yeah, yeah. That's true. That's good.
Steve Butala: That's the lifestyle we all want. None of us ... We want that one time a year where the $300 property tax bill comes up. We want that to be our one bill.
Jill DeWitt: I know, right? And we hope it's a $30 tax bill.
Steve Butala: Right?
Jill DeWitt: That's awesome.
Steve Butala: That's the story we're selling, and you can, believe it or not, in an Internet posting for a 40 acre property somewhere really sell the heck out of that concept. That's what people are looking for. That's what I'm still looking for. I'm still looking for that, after 15,000 deals.
Jill DeWitt: Isn't that interesting? Why is that?
Steve Butala: I still get on the Internet on the weekend and say, where could I buy a piece of property ... Even [crosstalk 00:01:45]
Jill DeWitt: I don't have that.
Steve Butala: I do.
Jill DeWitt: I don't have that.
Steve Butala: It's a guy thing maybe. I don't know.
Jill DeWitt: Maybe it is.
Steve Butala: Before we get into it and probably start arguing about it, let's take a question posted by one of our members on the LandInvestors.com online community. It's free.
Jill DeWitt: Okay. Marilyn asks, "Has anyone seen this type of wording before? If so, am I correct in saying Seller A has full permission and authority to sell as noted in second paragraph before. So in quotes, 'Grantor reserves a legal titled estate in the property for the remainder of the life of Seller A and the wife of Seller A.'"
Oh my gosh. How much did [crosstalk 00:02:29]
Steve Butala: I will explain this.
Jill DeWitt: "This is nuts. How should new deed be written? Should a quit claim deed be prepared adding sons as grantors? Seller A's spouse has passed,