When to Get Title Insurance
Jack Butala: When to Get Title Insurance. Every Single month we give away a property for free. It's super simple to qualify. Two simple steps. Leave us your feedback for this podcast on iTunes and number two, get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening.
Jack Butala: Jack Butala here for Land Academy. Welcome to our cash flow from Land show. In this episode, Jill and I talk about title insurance. Not the most interesting topic, but, hey, we need to cover it. So when to use it and when not to. A lot of people are surprised about, you know, that we buy property without title insurance at all for any amount of money. So we talk about how we came to that decision and on an ongoing basis what are some of the parameters are.
But before that, Jill, let's hear a question.
Jill DeWit: Okay, we, by the way, let me give you our number in case you didn't hear it a minute ago or a second ago. If you want to call in, ask a question, then you might get on the air. We'll just answer your question on the air. It is 888-735-5045. I'll do that again. It's 888-735-5045. So here is a question that we received recently from Mark in northern California.
It is "How do you know how much money you're going to make on a property before you buy it?" Or basically, how do you value it?
Jack Butala: Yeah, that's what I think he's saying there, you know, is how do you value property? How the heck do you know how much money ...
Jill DeWit: It's a great question.
Jack Butala: ... you're going to sell a property for before you buy it? So ...
Jill DeWit: Good question.
Jack Butala: And we teach this. We ask all of our members to pretty much have a great idea, not a good idea, but almost an iron clad idea of what they're going to sell the property for long before they actually put the money into the property.
Jill DeWit: Mm-hmm (affirmative)
Jack Butala: And I'm pretty confident that's one of the big concepts or one of the reasons that most of our members are so successful, but it's an easier shorter version of this. If you live in a house and you're thinking about selling it, you walk over to the next door neighbor and then the guy next to him and you ask him, "Hey, what do you think these houses are worth? Or have you done any research in it?" And then they all say some version of, "Ah, I'm pretty sure our house is probably worth around a hundred and forty thousand bucks right now." He asks somebody else around the block. They say, "A hundred and thirty." And everybody kind of decides, this is all just a theory that, I don't know, the house is worth a hundred and fifty thousand dollars.
So the internet version of that for vacant land is to go around the various sites that we sell the properties on like Land Watch and eBay and Land And Farm and soon to be Land Stay, which is our site. And check to see what additional properties are selling for, or not additional, but like kind properties.
So if you have a property in what, Mohave county Arizona in a certain area, you go check out what the, let's say the lowest price is for properties that are selling for about the same size. Let's say it's five acres, and you want to be priced below that. Maybe well below that if you're going to sell it really quickly. So, Mark, that's what you do. You check the internet. You make sure long before you ever buy the property that whoever is selling it on the internet, you're below that guy, and you will not. You'll get a call that weekend.
Jill DeWit: Exactly.
Jack Butala: And if you want some more information on that, go on over to successplant.com. That's our online community where all the members that belong to Land A...