Talking to House Sellers (JJ 637)
Transcript:
Jack Butala: Jack and Jill here.
Jill DeWit: Hi.
Jack Butala: Welcome to the Jack Jill Show, entertaining real estate investment advice. I'm Jack Butala.
Jill DeWit: And I'm Jill DeWit, broadcasting from sunny Southern California.
Jack Butala: Today, Jill and I talk about talking to house sellers, let's say, versus to land sellers. There are some pretty substantial differences, don't you think, Jill?
Jill DeWit: Well, wait, wait, wait, wait, wait. You don't like to talk except for this show, so I've got to know who this is direct ... This is obviously do as I say, not as I do.
Jack Butala: So no. We-
Jill DeWit: How many house sellers have you talked to recently, Jack?
Jack Butala: Actually a couple.
Jill DeWit: Okay.
Jack Butala: Not-
Jill DeWit: By default?
Jack Butala: Maybe less than 10, and it's not because-
Jill DeWit: It's because-
Jack Butala: It's just because I want to learn.
Jill DeWit: Oh, okay. I was just going to say-
Jack Butala: And because we're really cranking up our house effort.
Jill DeWit: That'd be funny if, like ... I don't know, ask Jack. Here, let's give you Jack's number. Could you imagine if you're the front line?
Jack Butala: I would do that. Like, if I said, "All right, Thursday is talking to house seller day."
Jill DeWit: Yeah, but no.
Jack Butala: Then I could do it. But if it was just on the fly-
Jill DeWit: They want to talk Sunday night.
Jack Butala: Yeah, I know.
Jill DeWit: They want to talk Wednesday morning.
Jack Butala: Oh my gosh.
Jill DeWit: And they want to talk and talk and talk.
Jack Butala: You're right.
Jill DeWit: Okay.
Jack Butala: Hey, thanks for bringing me back to reality.
Jill DeWit: Sorry. That's what I thought this was about. I'm like, "Where is he going with this? I can't wait to hear."
Jack Butala: Before we get into this topic, let's take a question posted by one of our members on the jackjill.com online community. It's free.
Jill DeWit: Okay. Jason L. asks, "Hello, everyone. I had a potential buyer just call me. I did what Jack said and made a few Craigslist posts in the county I sent letters to. Buyers called me, and we chatted for a long time. He's an OTR trucker who-"
Jack Butala: Over the road.
Jill DeWit: Okay, thank you, "who wants property to settle down and start his family on. I really liked his story and I wanted to help him. He divulged to me his whole financial situation. I have a parcel of land that I can offer him. My question is, how long would you take out a terms deal? I can sell him the land for $80 to $100,000, but it would take 20 years to pay it off. Something will happen within that time, and I will probably have to foreclose. I'm trying to talk him into a cheaper property, but I do not want to have ... I do not have that acreage for sale yet. The mailer just went out today. What is the maximum years you would take out a terms deal? Would it have to factor in the down payment amount, the monthly payment, total profit for the deal?