Why Land Flipping Education is Imperative to Succeed (LA 726)
Transcript:
Steven Butala: Steve and Jill here.
Hi.
Jill DeWit: Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.
Steven Butala: And I am Jill DeWit, broadcasting from sunny Southern California.
Jill DeWit: Today Jill and I talk about why land flipping education is so imperative to succeed. It already sounds like we're going to talk about ... This is a one big half hour commercial for our crap.
Steven Butala: It's not.
Jill DeWit: But it's not. It's never a commercial, either.
Steven Butala: No, it's like ... I think we're going to talk more about education period.
Jill DeWit: We are.
Steven Butala: I mean, it doesn't really matter what it is.
Jill DeWit: Just get educated, is the whole point.
Steven Butala: Exactly.
Jill DeWit: It doesn't have to be from us.
Steven Butala: No-
You want [crosstalk 00:00:35], that's fine. If you don't, you don't.
Jill DeWit: Exactly. Cool.
Steven Butala: Don't ask your spouse, that's for sure.
Jill DeWit: Ha ha.
Steven Butala: Anyway. Before we get into it, lets take a question posted by one of our members on the LandAcademy.com online community. It's free.
Jill DeWit: Okay, Joshua asks, "We are relatively new to the business, and potentially over-cautious."
Steven Butala: Good.
Jill DeWit: That's a good place to be. "But, those wholesale deal looks suspiciously like a potential fraud (I'm not accusing anyone, just our thoughts)."
Steven Butala: Good.
Jill DeWit: "Here are a few questions we have for the group: 1. Are we completely off base here? 2. What do you typically require from the seller when purchasing a wholesale property, specifically one that is under $5,000.00, and you would not get title insurance? Some of our thoughts were to have a signed contract, releasing payment once the data's recorded and possibly ask to see their Articles of Incorporation and make sure the person trying to sell the land is legally allowed to. 3. Are there certain [inaudible 00:01:37] that you look for when doing business with other land investors? Thanks for any input." This is funny.
Steven Butala: You want an answer?
Jill DeWit: Go for it? You want to start? You start.
Steven Butala: First of all, there needs to be some trust. I can tell you that we have not gotten stung like you're referring to in all the almost 16,000 deals we've done. Here's why, some of it's a feeling. So, if you're dealing with a person that's nowhere on the Internet, they don't have a website, you found them on Craigslist, or in the classified ads or something, and it's just not clicking with you, don't do the deal. I know that sounds like a silly answer, but it's true.
Jill DeWit: Mm-hmm (affirmative).
Steven Butala: Make sure that all the stuff ties. So, you're going to go to the county website and see who owns the property, if they own the property. That's good. If it's in an LLC, that's great. Ask for the LLC documents, or look them up online. Nine times out of 10, you can really quickly see who the managing member is and see if it's the person that you're talking to on the phone.
If...