Jill Friday–Going up is Difficult Coming Down is a Joy (LA 1837) - a podcast by Steven Butala & Jill DeWit

Jill Friday - Going up is Difficult Coming Down is a Joy (LA 1837)
Transcript:Steven Jack Butala:
Steve and Jill here.Jill K DeWit:
Hi.Steven Jack Butala:
Welcome to the Land Academy Show, entertaining land, investment talk. I'm Steven Jack Butala.

Jill K DeWit:And I'm Jil DeWit, broadcasting from the Valley of the Sun.

Steven Jack Butala:Today's Jill Friday. And she's going to talk about how going up is difficult, but coming down can be a joy.

Jill K DeWit:And I stole this from you. You mentioned this as part of this series in-

Steven Jack Butala:Health and wellness.

Jill K DeWit:Yes, health and wellness.Steven Jack Butala:
Like yesterday.Jill K DeWit:
That was couple weeks ago, our own little family mantra. Like,"Okay. Here's what we're focusing on now, everybody health and wellness."When I say everybody it's the two of us here. And so you've been taking it seriously.

Steven Jack Butala:Yes.

Jill K DeWit:And I really appreciate that, including going to the doctors and things like that. Really focusing on it.

Steven Jack Butala:Catching up on all that stuff.

Jill K DeWit:I'm really glad.

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 I hope you know by now, we have revamped, fresh for 2022, parcelfact.com.

Jill K DeWit:Yah.

Steven Jack Butala:Used to be called neighborscoop.com. We rolled two sites, took the best of two sites that we've had, and made them one, parcelfact.com. F-A-C-T. And check it out, because it's the easiest way to do Phase 1 due diligence on land. You can do it right when you're on the phone with the seller and see if you want to buy the property or not.

Jill K DeWit:It's amazing. There's a day pass, go check it out.

Steven Jack Butala:Or you can join us on a Thursday call, as a guest on a Thursday webinar, where we use ParcelFact all throughout that, the webinar, to review people's transactions in our group.

Jill K DeWit:Yep. Scott wrote,"Okay. Can someone explain to me why there even exists an affidavit of seller's gain? Why on earth? Why would I want to tell the buyer how much money I made?"I wonder what state this is.

Steven Jack Butala:I agree with you, Scott?

Jill K DeWit:What state is this?

Steven Jack Butala:Every state, or most states, have an affidavit that goes behind a deed that says,"I sold this property for X to somebody."Jill K DeWit:
It doesn't say what I bought it for though.

Steven Jack Butala:It doesn't say what I bought it for. Why? The deed goes to the recorder when it gets sent into the county, and it gets recorded in the new person's name and the buyer's name. And that affidavit goes to the assessor. And the assessor makes a choice,"I'm going to reassess this property based on this new value."And probably the taxes on the property are going to go up, that's why.
But I agree with you, Scott. It's a lot of extra paper. It's extra stuff to do. And I think it should be on the assessor to see which properties have sold and then assess them that way. I don't think [inaudible 00:02:39]-Jill K DeWit:
This is a lazy thing is what you're doing.

Steven Jack Butala:Exactly.

Jill K DeWit:Yeah. Because hello, dear assessor. You can pull the last paperwork and see what the affidavit of property value was two months ago when I bought it. And then you see the new one when I'm selling it, and do the math.

Steven Jack Butala:And what if, as buyers, because that's what we do here, we buy property inexpensively, very, very often for less than what the seller paid years ago. Does our tax rate go down? Nope.

Jill K DeWit:Oh yeah. Hey, by the way, I got something to share with you that's kind of interesting before we jump into the topic, because it's happening right now today. We have a property listed with a Whitetail property guy. It's a deal funding property, and the buyer who buys ... He has an oil and gas company,

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