Transcripts:
Steven Butala:
Steve and Jill here. Welcome to The Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.
Jill DeWit:
And I'm Jill DeWitt, broadcasting from sunny, Southern Scottsdale. Where it's got a cowboy vibe around here. Let's just tell it like it is.
Steven Butala:
Whenever Jill goes into any new environment, even if it's very temporary, she has to dress the part. So, she's got... Like if we go skiing, even though she doesn't ski [inaudible 00:00:31], she will get all the outfits...
Jill DeWit:
Yeah.
Steven Butala:
If it's a six day ski trip, she's got six outfits, six new outfits.
Jill DeWit:
If we were in Japan, I'd be wearing a kimono right now.
Steven Butala:
We're no stranger to Scottsdale. We lived here together and separately for years, years and years. We never had cowboy boots.
Jill DeWit:
First separately, and then together.
Steven Butala:
We never had cowboy boots, never had hats or anything, and now she's got all that.
Jill DeWit:
Totally.
Steven Butala:
What's all that about?
Jill DeWit:
Got them in Utah, which is really funny. Park City started the whole thing. It's just cool. I love it. I enjoy this environment.
Steven Butala:
Today, Jill and I talked... And she doesn't find the cheap ones.
Jill DeWit:
Come on. It's not like I have 10 of them.
Steven Butala:
Today, Jill and I talk about the top five mistakes new land investors make. This is going to be an interesting show. We all went in separate corners and listed the top five separately. So, I have no idea really-
Jill DeWit:
It's going to be fun.
Steven Butala:
Yeah. I wonder how much they overlap. I bet not at all.
Jill DeWit:
I bet they do. I bet there's total overlap.
Steven Butala:
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, and if you're a Land Academy member, please join us on Discord.
Jill DeWit:
Luke wrote, Hey guys, hope everyone is doing well. Just curious, how many of you send just the purchase agreement in the mailer from offers to owners, to the title company / attorney versus closing with another version of the purchase agreement. Perhaps even as far as the state or the realtor version of a purchase agreement. I only bring this up because many attorneys have sort of chuckled at my purchase agreements I've used when I was wholesaling houses, as if to say they were short-sighted and too basic for such an agreement. It sounds like they chuckled at it, but they took them, which is kind of funny. Just wondering if the one used in the mailer is more of a barometer of testing the willingness of the seller. Then from what you utilize a more detailed and professional purchase agreement. Thanks.
Steven Butala:
I'm going to answer this, all right?
Jill DeWit:
Sure.
Steven Butala:
When I started this, I sent a scaled down version of the purchase agreement that we use now, which is literally half of a page to my lawyer. And he looked at me and said, "this is the greatest thing I have ever seen ever." Total binding legal document with parameters for both parties and a timeframe. I think whoever said this, they're not laughing, Luke, because it's not comprehensive. They're laughing in a manner that's like, congratulations, you guys are doing this the right way. I don't want to say you're getting away with it, but this is thought out, it's a binding agreement. It does the job. People sign it and send it back. And it's a single page. It's very clear. I want to buy a property, here's the APN, here's the legal description for the price within this timeframe. And here's how we're going to do it. Everything else in life is complicated as hell, everything.
Jill DeWit:
I agree.
Steven Butala:
Why does a real estate deal have to be complicated.
Jill DeWit:
The answer to the question is no, we use the exact form. That's what I sent into a title company or attorney. And they're like, okay, here we go.