The Number 1 Way to Buy Any Property (CFFL 558)
Transcript:
Jack Butala: Jack and Jill here.
Jill DeWit: Hello.
Jack Butala: Welcome to the show today. In this episode, Jill and I talk about the number one way to buy any piece of property. 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, Jillian asks, "Hi, I recently joined Land Academy, and am still absorbing all the content. I'm in the process of setting things up, since I'm already convinced that this business is sustainable, and for the long-run. The quotes that I'm getting for general liability, including the parcels, are around $1,800 a year right now, with an umbrella policy as we keep adding properties. Is this a line with others who have also gone down that path? Would you mind sharing your set up from a liability perspective, if you chose a different liability structure? Thanks, Jillian."
Jack Butala: There's a girl named Jill who handles all of our insurance.
Jill DeWit: Oh, sorry. Sorry. There's an assistant named Erin, who works the insurance team. So, I'm not sure how to answer this.
Jack Butala: So, I love your long term approach. You're, you know, taking the long-term view. Two weeks from now, we are going to have what's called millionaire week. Jill doesn't even know this.
Jill DeWit: Oh, I love that.
Jack Butala: Here's a few titles for the show that we're going to run. And we're going to cover this ... I love that Julian, that you brought this long-view up. It sparked-
Jill DeWit: It was really good.
Jack Butala: ... this. So, let's see, a couple of shows are-
Jill DeWit: Wow, I didn't even. Wow, look at that.
Jack Butala: What to expect when you become a millionaire. How to pay it forward after you're a millionaire. What's your next goal after you cross that line? How to stay on top and not lose it all. And what should you own?
This is my personal favorite. I think Jill's going to get a kick out of this.
Jill DeWit: This is awesome.
Jack Butala: When you cross that line, if that's your line, maybe your line's a billionaire, we can just say billionaire instead of millionaire, what should you wear?
Jill DeWit: What should you wear?
Jack Butala: Yeah. Should you change what you wear? Should you change how to talk to people? Should you expect things from a grocery store clerk that are different? I think I might be kind of a fun change for us. One of the things that you need to do when that happens, and I'm going to answer this question in a roundabout way through that, is to take a long-term view, which is what exactly what Jillian's saying here.
And insurance is involved in all of that stuff. So, you got to step up some insurance.
Jill DeWit: It's like protecting yourself, and protecting-
Jack Butala: General liability-
Jill DeWit: ... your assets.
Jack Butala: ... yeah, general liability insurance should be way less than $1,800 a year, in my opinion. So, I don't know what your situation is. Maybe your LLC's brand new or something like that. That sounds to me like it's very expensive. Errors and Omissions Insurance and general liability insurance, if you have structured companies like Jill and I do. As an individual, and you're just starting out, I'm not so sure you really have to worry about it too much in the beginning.
But, it's a good question. It's valid.