Episode 1500 of the Land Academy Show (LA 1500)

Episode 1500 of the Land Academy Show (LA 1500) Transcript: Steven Butala: Steve and Jill here. Jill DeWit: Hello. Steven Butala: Welcome to the Land Academy Show, entertaining land, investment talk. I'm Steven Jack Butala Jill DeWit: Jill Dewitt, broadcasting from sunny Scottsdale Arizona. Steven Butala: Today it's episode 1500 of the Land Academy show, and I am absolutely floored. Jill DeWit: I know. Steven Butala: That you, the listener still listens to this. Jill DeWit: There's marriages that have not lasted this long. Steven Butala: Well, there's a lot. Jill DeWit: Exactly, especially during COVID. Exactly. Steven Butala: So we've decided we're going to kind of reflect on Land Academy and its members and what this group is all about. And the truth is, Jill and I have not talked about what this episode is going to be about at all. So- Jill DeWit: [crosstalk 00:00:43] I have some funny things. Steven Butala: ... I'm just interested or uninterested as you are. Jill DeWit: Ha, yeah. Thanks. Steven 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 already a member, please join us on Discord to get your, all your questions answered in real time. Jill DeWit: To put your minute-by-minute land fix. Steven Butala: Or just lurk. Jill DeWit: Oh my gosh. It's ... Let me warn you. It's nonstop. All I hear on his desk is ping, ping, ping all, and all day and all night. Steven Butala: It's the tool, the membership tool that I've been waiting for for six years. That's the truth of it. Jill DeWit: It's Jack's Clubhouse. Let's just call it. There you go. Steven Butala: You can get your answer. I don't care what you need, put it in Discord. Jill DeWit: Okay. Jeff wrote, "Hey guys, I'm buying a property through title and a survey is needed. There's also an heirship issue that the seller needs to work out. Do you do anything to protect against spending all that survey money and then having the seller disappear to fix their heirship problem?" Nope. You know what? I had to do this. Steven Butala: You would never get a survey before this heirship problem solved. Jill DeWit: Well, hold please. Steven Butala: There's two- Jill DeWit: I've had to do this. Steven Butala: Yeah, I understand. Jill DeWit: Okay. Steven Butala: I'm not saying don't get a survey. I'm saying do not even start down the survey path. And so this is one of the five A's during due diligence. You need to make sure everybody's alive and the person who's signing on the deed is going to convey and all that. So there's an order in which this goes and it's an education and you need to make sure you can close the deal and people are alive and available to sign. And the chain of title is correct long before you start ordering surveys. Jill DeWit: That's correct. As I read it, I was thinking as I'm selling it, not as I'm buying. So yeah, no, you're right. Don't put any money into somebody else's property that they could go away, number one. But on the flip side, what I was starting to say, which I've had to do is there's properties that require documents in certain counties for certain green belt zones that every time it changes hands, you have to do stuff like that. I've done that. I've had to get things ready for when I sell it, knowing I'm going to sell it. And I don't wait for the buyer to come up, and then I start the process. I just got it out of the way because it was like a requirement. That's okay. Steven Butala: I don't want you to be afraid of things like this. Jill DeWit: Oh, yeah. Steven Butala: Especially if you're new, not all deals are like this. Most deals go really well. Really, they're very smooth, but people ask questions when there's issues. People don't ask this question, "Why is it so easy?" Jill DeWit: Yeah. Steven Butala: It just never comes up. Jill DeWit: And this is usually needed. Most of the time, in this situation,