Using Data 101 in Your Land Investing Career (LA 1465)
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 Dewitt broadcasting from special Scottsdale, Arizona.
Steven Butala:
Today jill and I talk about using data 101 in her land investing career. Special Scottsdale?
Jill DeWit:
I don't know. I'm just trying to think of a different S word. I had sizzling. Sunny I say for California. I said sweet. Today it's special. I'll come up with some other words. Someday it might be sucky. I don't know it. It won't be sucky. It's awesome.
Steven Butala:
Are you guys really going to talk about data again?
Jill DeWit:
I know.
Steven Butala:
Don't you think you talk about data enough? I thought this show was supposed to be about real estate. Where's the ... I want to choose paint colors. I want to choose window treatments. I want you to talk about issue TV and buying a rickety, broken down house and making it beautiful. Isn't that what real estate is? No, it's not for us.
Jill DeWit:
Stop it. Just stop it.
Steven Butala:
It's not just it's about assessor's tax rules, and it might as well not be about real estate. In fact, what we should probably call this as a Data ... Data Academy is what we should call this.
Jill DeWit:
That's true. You are right.
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 are already a Land Academy member, make sure, put it on your list today. Join us on Discord.
Jill DeWit:
I'm making a note to talk about here, but on the topic, because it's important, but with this data. Okay, Doug wrote, "I've got eight siblings with 10 acre parcel each. All want to sell to me. They're all clustered together. Problem is, no access. Is this worth contacting a neighboring land owner to try and work out a deal for on an easement? Providing I can make that happen. I'd have to get a dirt road built to access the other seven parcels, and then build that easement into each of the deeds. Headache or goldmine waiting to happen?" This ties into the Luke thing yesterday. Go.
Steven Butala:
Run. Run the other way. Open the next signed offer and do that deal. That's my advice here.
Jill DeWit:
It's doable. Doug's not nuts, but are you saying because of the time and the energy and the costs and all of that?
Steven Butala:
Yeah. Yeah. Before ... I'll tell you, here's my serious answer. How much money are you actually going to make? If you're going to make a couple million bucks, okay, I get it. Then you can start down the year long path of how long this is going to take, and make sure that it doesn't stop you from doing other deals too.
Jill DeWit:
It's true.
Steven Butala:
This is a long, long path, and I've never ... I'll phrase this in a question. Have you ever had the sibling thing work out to your favor? Everybody signing at Thanksgiving kind of thing.
Jill DeWit:
A few times, but when there's that many it's hard.
Steven Butala:
It's the exception for sure. It's not the rule.
Jill DeWit:
Exactly. It is hard. Often one of them gets a stick up there or whatever, and they decide they don't want to sell at that price or something. It's really hard to get eight on the same page. It's very true.
Steven Butala:
Siblings are famous for fighting with each other at the time of parent's death.
Jill DeWit:
Oh, I thought you just meant in general.
Steven Butala:
Oh, they're famous for finding each other anyway, but specifically when everyone breaks the will out and says ... The worst thing you can do is Jill and I are going through this estate planning right now. The absolute worst thing you can do as a parent to your heirs is say, "The daughter gets 50% and the son gets 50%, and you guys work it out, knock yourselves out."
Jill DeWit:
Right. Whatever it is. I don't know.