Signs you have Arrived in the Land Business (LA 715)
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 signs that you're experiencing, that you may have arrived in a land business.
Jill DeWit: You've arrived.
Steven Butala: I saw you furiously take notes.
Jill DeWit: Oh, I have some good things [crosstalk 00:00:28].
Steven Butala: Most of the time you take no notes. So, you must have an interest in this topic today.
Jill DeWit: I do. Nothing better ... No, seriously.
Steven Butala: Jill's got nothing better to do right now than do this show.
Jill DeWit: Yeah, nothing better to do. That's what I meant.
Steven Butala: You know, this reminds me of those old Jeff Foxworthy jokes where, "You might be a redneck-"
Jill DeWit: Oh yeah?
Steven Butala: "Signs you might be a redneck." We'll get to it in a minute.
Jill DeWit: Signs you're a real grown up investor.
Steven Butala: Before we get into it, let's take a question posted by one of our members on the LandAcademy.com online community. It's free.
Jill DeWit: Okay. Greg asks:
"I got a letter today saying that a survey is required to transfer the appraisal and tax account to my name. The Deed has already been recorded. I've already sold the slot and five others in this neighborhood. They were all cash deals. Have you seen this before? Am I responsible for paying for six surveys? This could really hurt. What if it grows to 12 next year, then 24 the next? This is the first one."
Steven Butala: May I?
Jill DeWit: Yes.
Steven Butala: There's a small chance that you're buying and selling these properties in a HOA ... In a subdivision that comes with an HOA, a Home Owners Association, or an LOA, Land Owners Association, or a POA, Property Owners Association. There's a small chance that ... There's a very small chance that they require a survey to transfer the property. I don't know why they would do that to themselves because now they're really punishing people for buying and selling land, and that's how they make money, right?
Jill DeWit: Mm-hmm (affirmative).
Steven Butala: So, I say small chance. What I really think is going on is this is a bunch of malarkey. Somebody who makes money doing surveys is saying you have to do it.
Jill DeWit: Yeah, that's true.
Steven Butala: That's what I think.
Jill DeWit: You know what? There's just so much to that, too. There's a list-
Steven Butala: Well, its public information when you record a Deed. You just gotta know where to look for it.
Jill DeWit: Yeah, because we have it. We're all using them.
Steven Butala: Yeah. Exactly. That's how we ... The data subscriptions we use at Real Quest, Title Pro and Data [Street 00:02:30], that's this.
Jill DeWit: Mm-hmm (affirmative), exactly.
Steven Butala: I told this story probably two weeks ago last week. [inaudible 00:02:36] office buildings, and I found out looking at our financial statements that there was a comp...