So You Have Completed Ten Deals Now What (LA 736)
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: I'm Jill DeWit, broadcasting from beautiful southern California.
Steven Butala: Today, Jill and I talk about, so you've completed ten deals, now what? That's incidentally the name of this week. I think that that's the theme for this week.
Jill DeWit: But now what? Now what? I like ... Now what? I love it.
Steven Butala: Do you remember at that point ... can you think that far back?
Jill DeWit: I can, but you know what's funny. I had you, again. Let me back up, I had you, so I felt like I was a little bit cheating. It wasn't brand new for me, you filled in all the pieces. I'm convinced that's what a lot of our members feel like. If not, they should, and I hope they do. I feel like they have us, so it's a little bit cheating, but it's not. It's called doing it correctly. Don't try to reinvent the wheel. So ... you're rolling. At 10 deals you should be rolling, and I know we're going to talk about that.
Steven Butala: I did, this is a spoiler, well this is what I'll talk about during the meat of the show, but I did a pretty large acreage deal in Arizona, doubled my money. Realized that there was some dough there, and I called a guy that owned a bunch of property, because I pulled the tax records ... I pulled the assessor database. Just called him, and he sold me all of his properties, like for $400 and up, a unit. I did one deal, and then I did about 80 properties. Then from there it was like, "This is it."
Jill DeWit: That's exactly the conversation I had with someone the other day. That's what very well could come, and I've seen a lot of members have. Every once and a while you're going to get a letter in to the right hands, and you're going to get a broker, or someone calling you going, "We have 500 properties. Let's work something out." Next thing you know you're never buying from anybody else again. You're just buying as fast as you can from the same guy, and you're set for a couple years. It's awesome.
Steven Butala: Exactly. Before we get in to the real topic though let's take a question posted by one of our members on the LandAcademy.com online community. It's free.
Jill DeWit: Okay, Brock asks, "It's okay if you aren't a lawyer, I still want your opinion. I'm going to set up a LLC, and I have a couple of questions."
Steven Butala: This is perfect for this topic today.
Jill DeWit: "One, According to the internet, Nevada, and Wyoming are the friendliest LLC states. My partner and I live in separate states. Don't intend to always remain residents of these states, and are doing most of our meetings, and deals in other states. Do we just go with a friendly state like Wyoming?
Number two, we know you need to pay taxes to the states in which you do business, but what counts as business? Buying a property would require us to register for taxes in a given state I assume. What about selling to a resident of another state?"
Steven Butala: Okay, Brock this is such a fantastic question. It's one of these questions where if you get 10 accountants in a room, or lawyers in a room, you're going to get 10 different answers.
Jill DeWit: That's so true.
Steven Butala: But you're stuck with us for the next few minutes so-
Jill DeWit: And we're not attorneys. So here you go.
Steven Butala: I used to be sort of an accountant.