What is HR Compliance
Transcript:
Jack Butala: Jack and Jill here.
Jill DeWit: Hi.
Jack Butala: Welcome to the Jack Jill Show, entertaining real estate investment talk. I'm Jack Butala.
Jill DeWit: And, I'm Jill DeWit, broadcasting from sunny southern California. Well, it's not sunny today, but it's pretty. Sorry.
Jack Butala: The ocean's there but we can't really see it.
Jill DeWit: Correct.
Jack Butala: Today, Jill and I talk about, what is HR compliance/human resources' compliance anyway?
Jill DeWit: What is that? You know what's funny? I'm like, "Human resources." Human-
Jack Butala: Why do we care? This show is supposed to be about real estate?
Jill DeWit: Human resources. Human resources. So much of HR is not really HR. We call it HR, but it's not HR. Does that make sense?
Jack Butala: It's so important. People are so important in the real estate business, and I guess in every business.
Jill DeWit: I know.
Jack Butala: You've got to keep them happy.
Jill DeWit: HR is not counseling, it is not ... You know, personal development. Sorry.
Jack Butala: This has the signs of Jill rant show.
Jill DeWit: Sorry. No,
Jack Butala: No, it's good. I like it.
Jill DeWit: Come on. I'm the people person. In our company, I think I'm the most people person because I really try to get in there and understand people, but I'll save it.
Jack Butala: Before we get into the topic, let's take a question posted by one of our members on the jackjill.com online community. It's free and about real estate.
Jill DeWit: Matt asks, hi everyone. I have an infill lot that has a soil analysis on file from 2004 that says, "Due to lot size and soil conditions, that the lot was deemed unsuitable for septic."
Jack Butala: Hold on a second, Jill. Hi, everyone. I have an infill lot that has a soil analysis on file.
Jill DeWit: Yeah.
Jack Butala: What file is that? Why are we looking at a file? Go ahead.
Jill DeWit: Yeah. I wonder where he got that.
Jack Butala: Go ahead.
Jill DeWit: Yeah, where did he get that? You don't record that stuff. It's a corner lot in a subdivision with houses everywhere.
Jack Butala: Outstanding.
Jill DeWit: Both adjacent lots have houses on them.
Jack Butala: I'm loving this deal, loving this deal already.
Jill DeWit: It's a pretty good deal. Buy for $1,250, get title insurance, because it's confusing with a foreclosed upon Deed of Trust, so I'm probably in it for as much as $3,000.
Jack Butala: $3,000 for a infill lot, in a developed subdivision.
Jill DeWit: Right. Then, sell it for $5,000 or $6,000. Sounds good.
Jack Butala: What if we just stopped right there? What if that was the end of the question and we said, "Congratulations. You doubled your money."
Jill DeWit: Proceed.
Jack Butala: That's not where it stops. Go ahead.
Jill DeWit: Here's what Matt says. Would you, one, buy it, and then ignore the soil analysis?
Jack Butala: Yep.
Jill DeWit: Two,