What Kind of Person or Investor are You (LA 1808)
Transcript:
Steven Jack Butala:
Steve and Jill here.
Jill DeWit:
Hello.
Steven Jack Butala:
Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.
Jill DeWit:
And I'm Jill DeWit, broadcasting from sunny Southern California.
Steven Jack Butala:
Today, Jill and I talk about what kind of investor or what kind of person are you and maybe what's...
Jill DeWit:
What kind of person are you? That's true.
Steven Jack Butala:
What's most conducive for being a land investor?
Jill DeWit:
Got it. Do you believe in karma?
Steven Jack Butala:
Yes.
Jill DeWit:
Because there's part of that I do believe I get more deals because of that.
Steven Jack Butala:
Absolutely.
Jill DeWit:
And we'll talk about it.
Steven Jack 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 member, please make sure you get yourself involved into Discord. It's become a huge tool. I also hope you know by now that Jill and I personally teach a class called Career Path for people who want land investing to be their career, whether you're brand new or you're doing 25 deals a month, we get all kinds. Our next class, I think, is in October.
Jill DeWit:
Career Path Five is coming in third quarter of this year and I am literally working on the emails and things like that. So this month they will go out. But if you want to find out more, just go to landacademy.com/careerpath and you will find it there. Megan wrote, "There's a seller with 6.8 acres in Oklahoma. He's willing to sell, but he doesn't have mineral rights on the property." Sorry, Brock. There we go. "And it has four oil wells on the property. Any feedback regarding what to do with the situation is appreciated. Is it always a no go for land with oil wells? Or is there something I'm unaware of? Thanks." So member Chip piped in here, and it's obviously a good one because Jack included it today. So I'm going to read this and then I'm positive Jack's going to have some stuff to say, because Jack often has stuff to say. Chip wrote...
Steven Jack Butala:
For better or for worse.
Jill DeWit:
Too often Jack has stuff to say, we'll get to that in a minute. Okay. Chip wrote, "I have several deals currently with oil wells on the property. Now, depending on the state, there's usually a surface rights waivers," excuse me, "that allows use of the land. And the minerals do not convey with the purchase. That's kind of normal. The pads can be sizable. So I want to determine how much usable land is actually available. Also, I have one in contract to close now in which the oil company is requiring to do a topographical survey prior to them releasing the surface rights. This is the first time that I encountered this and it seems like a BS fee that they're charging. It's a three week process and it's $50,000 bucks to survey around the four oil wells on this 217 acre track. My buyer is still moving forward." How interesting is that? So that's a good example. All right. Four oil wells on over 200 acres. I'm pretty sure there's some usable land there.
Steven Jack Butala:
Well, the whole point is Megan's a relatively newer... She reeled a property in with oil. It's an oil situation, its got oil wells. Chip's been doing this. He goes on to say way beyond what we posted here in discord. You know that this is his mission in life. And he did this before he joined Land Academy and he is now utilizing Land Academy as a way to get more properties, which he's obviously doing. And so $50,000 bucks is chump change for him, I'm sure.
Jill DeWit:
On a 200,000 acre or 200 acre.
Steven Jack Butala:
Well, he's got all kinds of properties like this that he's leasing to oil companies. So my point is, if you don't know about it. I don't know much about this, I would go into Discord and ask these questions too. So this is how Land Academy works.