Pros and Cons of Using your Own Money for Land Flipping (LA 1444) - a podcast by Steven Butala & Jill DeWit

Transcripts:

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

Steven Butala:Today Jill and I talk about the pros and cons of using your own money for land flipping.

Jill DeWit:Let's talk about the pros and cons of going back and forth from state to state. It's a little nutty. Truth time. Before we recorded this, we went through, I don't know, how many hours setting this whole thing up now, because we're half here, half there, but at least we're set

Steven Butala:I think we have two pretty permanent studios now.

Jill DeWit:Yeah, now we do. It took a little while.

Steven Butala:Today Jill and I talk about... Oh, I already said that. Before we get into it, though, let's take a question posted by one of our members on the landinvestors.com online community. It's free.

Jill DeWit:Okay. Corey wrote,"Good evening. I received a response from a potential seller. I sent an offer to him on 40 acres. He replied saying he has an additional 40 acres for sale right next to the property I sent an offer on. Both properties and landlocked, but the timber company that owns the last next to the parcels allows access. Is this something you guys would move forward with? It seems good to me, but this is only my second positive response I've gotten from this first mailer. Let me know. Thanks."Steven Butala:
Well, two 40-acre properties at the right price, Corey, would be fantastic.Jill DeWit:
I agree.Steven Butala:
I think that this is a perfect example of how you can make a true success story on rural vacant land, buying rural vacant land, with just jumping over one little hurdle. So, if the timber company is going to allow access, all you need to do is get it in writing, and then maybe cut them a deal. So, the more contact that you can have with people in and around the property where you're taking a look at it, where you're considering buying, maybe it's with adjacent property owners in this situation, if you can take two 40-acre properties, buy them for a very small amount of money, create access, that's what you're actually saying here, that's the improvement. I mean, wouldn't you rather do that with a few phone calls and probably a $1,000 attorney bill than renovate a house or renovate an office building?

Jill DeWit:Right. I love this.

Steven Butala:I think it's a great position to be in.

Jill DeWit:I love it. You touched on something that I'm actually putting a lot of energy in right now and writing a bunch about, is about relationships. So much of our business is not just our offers and how well it's done and the data and what you do, and getting them in the right people's hands, but making these transactions happen because we can forge these relationships with these people.

Steven Butala:Yep.

Jill DeWit:If you didn't have a good relationship with the seller, you wouldn't know about the property nextdoor, number one, and then he's sharing great information with you about the lumber company, and then you have the opportunity now, Corey, to reach out, like Jack said, to the lumber company, get a relationship and a dialogue with them going, and say,"Hey, let's make this work for everybody. I just need to get to these properties. What's it going to... I'll do the work and I'll pay for the attorney. How is it going to go best for you?"and I'd have a hard time saying no to that. It's awesome.

Steven Butala:Yeah. I wonder how... He says the timber company that owns the land next to the parcels allows access, quote-unquote, so I wonder how he knows that. Did he talk to a neighbor?

Jill DeWit:I bet he's been driving over their land for a long time, and they never said boo, and there's no fence. That's what it sounds like to me. Allows access, to me, I could be reading this wrong, but it sounds like there's a path,

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