Land Investment Buddha Style (LA 1353) - a podcast by Steven Butala & Jill DeWit

Land Investment Buddha Style (LA 1353)

Transcript:



Steven Butala:

Steve and Jill here.



Jill DeWit:

Howdy.



Steven Butala:

Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.



Jill DeWit:

And I'm Jill DeWitt, broadcasting from sunny Southern California.



Steven Butala:

Today. Jill and I talk about land investment, Buddhist style.



Jill DeWit:

This is going to be funny. This came as a result of me sharing a little bit with Steven the other day about what I was listening to on my walk, so let me back up. Right behind us is the strand. So a lot of mornings I'm out there. Before I start my day, I get up, throw on my running shoes and I speed walk a good distance and back, and I'm always listening to podcasts. That's my thing.



Steven Butala:

Do you listen to other people's podcasts?



Jill DeWit:

I do. I do. And I just stumbled across this one and she was getting all into Buddha stuff and it was just a healthy reminder of things to not get hung up on and why. So I want to share this, the other funny thing that I was going to bring something funny about this. As you could see, people walking behind us now. If you're watching on YouTube, you can see it. It's comical what goes on. I'm really proud of myself. I am learning to eye read. I can now eye read.



Steven Butala:

Oh, because of the mask?



Jill DeWit:

I did. There was a gentleman just now walking by and his eyes were so big and he had his blue mask on. I could see his mouth was wide open. I could tell because I'm getting good at this. It's so funny. Anyway, thank you.



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.



Jill DeWit:

Martha wrote, Hello. This is a perfect use of this form, by the way, I can already tell. Hello. I have possible deal. 4.5 acres in X County that I posted last Thursday in the meeting that both Steven and Jill said it was a good deal. My issue now is this, oh, we got new information, the seller accepted the verbal offer for $20,000 and will sign the purchase agreement if we pay the closing costs. Can that be done? Doesn't the seller usually pay closing? I don't want to lose this deal, but I also want to do it right. What would you advise?



Steven Butala:

Jill, right. This is an absolute perfect use of land investors. She's in the group. She's seems like she's pretty new, based on this question, which is fine. That's why you join a group like this. What should I do? What happens with closing costs, typically, Jill?



Jill DeWit:

It's all whatever you want. Escrow companies work for you, not you work for them. You can say we're splitting closing costs. You can say he's paying all the closing costs. You can say I'm paying all the closing costs. Whatever you want, you just tell them. My best advice is, do whatever you agreed with the seller. Just follow through with what you said. You guys really had a conversation. I'm trying to see here. The seller said, I'll do it, but we have to pay the closing costs. So that's on you now. All right. So let's say it's $1500, so really, you're buying the property for $20,750. For me, I would do that, and I would be happy because I'm assuming this is the scenario. I'm assuming you're buying a property for 20,000. It's probably worth 70. I'm just kind of guessing.

So do I have a problem with that? That's the one last thing he asked for? I pay all the closing costs? Nope. Done. And all you need to do, Martha, is just convey it to your title agent and they'll say, okay. And by the way, don't worry about it. There's a real strong likelihood, when the closing statement comes out on the HUD one,

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