When to Quit Your Day Job (CFFL 555)
Transcript:
Jack Butala: Jack and Jill here.
Jill DeWit: Hi!
Jack Butala: Welcome to the show today. In this episode, Jill and I talk about when to quick your day job.
Jill DeWit: Oo, I hope it's soon.
Jack Butala: Jill, do you want to quit your job?
Jill DeWit: No, no, I'm just saying.
Jack Butala: My god, this is why Jill created this topic, cause I think she's gonna resign on this show.
Jill DeWit: I'm ready. Yeah, I am. For me, it's today.
Jack Butala: Before we take Jill's resignation, let's take a question posted by one of our members on the LandInvestors.com online community. It's free.
Jill DeWit: Okay. Brian asks, "I'm running into a problem where I have people who want to buy a property, but just don't feel comfortable sending me a cashier's check for $9,000 without some assurance that I'm not going to just walk off with their money. We could go with a third party to act as an intermediary, I guess, but then there are additional fees. Anyone here have any schemes to put ..."
Jack Butala: Schemes?
Jill DeWit: Schemes. We'll say "ideas to put such buyers at ease. I have wording in the purchase agreement that states if the buyer doesn't receive the recorded title by X day, the transaction is null and the seller will issue a full refund. But that still doesn't prove to them that I'm not a crook."
Jack Butala: This is a great question.
Jill DeWit: All right.
Jack Butala: It's a common issue, even for us, with all the experience that we've had. And here's the solution. It's called Escrow Perfect. It's one of the solutions and companies that Jill and I will provide, are providing, and our doors will be open, the website will be open, I don't know, about 60 days. About 60 days. So quite simply, think of it as title/escrow but without all the title insurance and without all the expense. It's gonna cost a few hundred dollars to the get whole deal done.
What you need, and this is why people used to use lawyers and now they use title companies or escrow companies to close deals. So it's an unrelated third party and it removes that necessity of trust and it gives you some type of recourse if something goes south.
Great question, Brian.
Jill DeWit: What about today? What does Brian do today?
Jack Butala: You know, it depends on his geography. What would you do, Jill? I mean, we've faced this. I don't know if we've faced it this month, but we've faced it.
Jill DeWit: Yeah, I mean I guess I would go back to the buyers and honestly, this is one of the times I would turn things on them. What would make you feel better? Number one. Maybe they say, well, if it's just not a cashier's check, or if it's this way, or something like that. Or maybe the whole thing is, too, really, the answer is doing an escrow. And you know what? Here's what I would say.
Here's the deal. I understand that we could open escrow. I'll split the fees with you. I mean, that I think is a total fair thing. Cause I'm willing to be when he's selling something for $9,000, he could probably ...
Jack Butala: Yeah.
Jill DeWit: There's enough room in the deal that we could probably afford to split it with them, cause that would make them more happy to do the transaction. I don't have this as much. Because once you get going, you build up your business and you have customers and you're out there and they can go and do their homework.