Land Questions 101 From Our Nephew (LA 1574) - a podcast by Steven Butala & Jill DeWit

Land Questions 101 From Our Nephew (LA 1574)
Transcript:Steven Butala:
Steve and Jill here.Jill DeWit:
Hi.Steven Butala:
Welcome to The Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.

Jill DeWit:And I'm Jill DeWit, broadcasting from beautiful Scottsdale, Arizona.

Steven Butala:Today, Jill and I talk about land questions 101, directly from our nephew last night at dinner.

Jill DeWit:It's funny.

Steven Butala:Knows nothing about land. And Jill said,"Hey. How about you ask us some questions about land? You know a lot about construction."He's involved in commercial construction, pretty successful for his age. He's in his early 20s and he's-

Jill DeWit:About to graduate college.

Steven Butala:In his own language, he asked us several questions.

Jill DeWit:They were good questions.

Steven Butala:Honestly, cracked me up.

Jill DeWit:Yeah, it was kind of [inaudible 00:00:45].Steven Butala:
I think about it now, I didn't even answer the questions. I just collected the questions for the show and that's it.

Jill DeWit:That's true.

Steven Butala:And he's never going to watch this or listen to it.

Jill DeWit:That's true. He won't get the answers.

Steven Butala:Before we get to the questions though, let's take a question, actually, from a Land Academy member from our online community at landinvestors.com, or if you're already a member, join us on Discord, Land Academy Discord.

Jill DeWit:Okay.

Steven Butala:I got a new teleprompter, and I don't know how to you use yet.

Jill DeWit:I know I like to know where the camera is. So here's the scoop, by the way. Even if you are a member, whether you're a member or not, we created an online community over five years ago, and it's packed with information, so that's landinvestors.com. So go in there, type in questions, get an account. It's free. Have fun.

Steven Butala:Thank you for saving me, here.

Jill DeWit:You're welcome. I'm just explaining it. Then Jack's extra little PS is, by the way, if you're a member, get in both environments because there's a back area on the online community, Land Investors. And then we have a separate little thing with the Discord app that we have constant, banter, chats running too for members. We want to make sure that our members know about that. I think by now, they do, but just saying.

Steven Butala:Before we get into the actual show.

Jill DeWit:Here's our question. Okay, here we go. So that was an explanation, so here's the question. Spencer wrote,"Success story for a Friday. I bought this property before joining Land Academy. I made some mistakes, but I learned a lot along the way. I paid $45,000 for a 20 and a half acre, 20.5 acre property in the Southeast on April 5th, excuse me, March 5th. I interviewed a few local realtors. I went with one that my title company recommended."That's a good way to find them.

Steven Butala:This is smart, I can tell already.

Jill DeWit:He explained that I needed to get a survey done on the property to correctly identify the driveway easement going into the neighbor's property. I listened and paid about $2000 for the survey. We listed on March 30th. So that was March 5th, now we're March 30th, at 79,900 and had a full price offer in less than 24 hours. Woo hoo.

Steven Butala:That's how it works.

Jill DeWit:Yep. The buyer was getting a bank loan on the property, red flag number one, oops. And then requested that I pay for a perc test, red flag number two. Yeah, everything was great up until here. My broker said the perc test-

Steven Butala:This is how you learn.

Jill DeWit:Would cost $500 and shouldn't be a problem. I listened again.

Steven Butala:Broker, broker, broker, broker. Spend money, spend money.

Jill DeWit:Well, there's that.

Steven Butala:Spend it on a survey, spend it on a perc test. Spend your money. Give me your money.

Jill DeWit:Are you done?

Steven Butala:Not yet.

Jill DeWit:Okay. Do you want to finish this,

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