Real Time Info on Where to Invest during Virus Times (LA 1231)
Real Time Info on Where to Invest during Virus Times (LA 1231)
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:
And I’m Jill Dewit broadcasting from sunny Southern California.
Steven Butala:
Today. Jill and I talk about real time info and where… I’ll try it again. Real time info on where to invest during virus times.
Jill DeWit:
Where to get it.
Steven Butala:
Where to get it.
Jill DeWit:
How to get it, how to dissect it, how to understand it. What else?
Steven Butala:
How to make money and what markets to buy real estate and step by step procedures on, hey, it now is the time to buy property in Compton. Why? Here’s all the proof and the support and the whole thing. Now’s the time to buy property in West Phoenix. Why? Here’s how I get the data. Here’s how you analyze it and why. Why? Because it all happened in 2010 exactly like this and it’s going to repeat itself.
Jill DeWit:
Why don’t you just say that? Why did you give this goofy title that we’re all kind of trying to figure out what this is? Real time info on where to invest during virus times. Okay.
Steven Butala:
Guess who doesn’t write any titles at all?
Jill DeWit:
I do. You know why? Because you don’t like my titles. Let’s call a spade, a spade. If I write them, you don’t like them.
Steven Butala:
How to catch a flock of doves and how it applies to your pretty sweet, wonderful real estate.
Jill DeWit:
No. Okay. Here’s how I would have written this title. You are not alone in your lack of real time data.
Steven Butala:
That’s actually not bad.
Jill DeWit:
Thank you. Someone said something to me the other night. Derek came up with all the, you are not alone and-
Steven Butala:
They’re making fun of us.
Jill DeWit:
Oh it was good. I can’t remember what it was. I don’t know. Making normal pour drinks. It was something like that. Like mister heavy hand over here.
Steven Butala:
I remember that.
Jill DeWit:
Yeah.
Steven Butala:
It was funny, actually.
Jill DeWit:
Thank you.
Steven Butala:
It will all come to me in a minute.
Jill DeWit:
Okay.
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:
Andy wrote, “Hey you all, I’m relatively new to the game. I sent a few mailers to Arizona and New Mexico, but I’m hoping to branch out a bit here. I’ve learned about abstract states and now I’ve been reading about certain states that require trying to close a deal. Am I correct in assuming our land deals count as real estate closings and therefore 20 plus states will require this? Any guidelines on states that have costs or requirements for closing deals that a newbie should look out for? Any advice is appreciated. Thanks.”
Steven Butala:
This is a very popular topic and some incredibly intelligent reply. The reply string on this is huge, but I’ll summarize it. Yes. Your land deal is a real estate deal. It’s just as much real estate as a skyscraper in New York and the closing process is the same. It’s exactly the same. Someone buys it and they were provided the money, they it into escrow. The seller gets the money through escrow and it gets deeded and recorded at the county. There’s a lot of other due diligence and some other stuff that goes on, feasibility studies and all kinds of things, but the basic transaction is exactly the same. Exactly.
Steven Butala:
There are three ways to close a real estate deal. Number one, self close. You create the deed in Microsoft Word, you hand the deed and a blue pen-
Jill DeWit:
This is when you don’t use a title.
Steven Butala:
… to the buyer. The buyer signs it.
Jill DeWit:
You’re doing it yourself.
Steven Butala:
The buyer signs it, you hand them compensation in the form of usually a cashier’s check.
Jill DeWit:
Seller signs it and the buyer.
Steven Butala:
Yeah.
Jill DeWit:
Okay, thank you.
Steven Butala:
Thank you. Good.
Jill DeWit:
You’re welcome.
Steven Butala:
And then you get in your car because you’re the new owner. The seller now has a cashier’s check. They get into the car, go and deposit it at the bank. You get in the car as a new owner and go to the county and have it recorded. It gets stamped with a book and page number, transaction’s done. That’s the easiest and most simple way. The vast majority of people on the planet don’t believe you can do this. They think you need a real estate agent and all kinds of stuff, but everybody in this group knows that-
Jill DeWit:
Or you need to be licensed and you don’t.
Steven Butala:
Yeah. Jill and I built multi bazillion dollar careers on doing deals like this. So that’s self-close. The second way is escrow close where you do all what I just said, except it’s handled by an unrelated third party called an escrow forward slash title agent. And they act as the middle person, they collect the money, they do the paperwork, all for fees, they file the deed at the recorder in the county, and they just generally manage all this stuff. And 99.9% of the time, issue a title insurance policy guaranteeing the things that they say in that title policy about the chain of title and everything else. It’s title insurance. In case if someone down the road finds out, you don’t really own that at all, which almost never happens. And if it does happen, they’re going to tell you, we don’t guarantee that. That’s title policy close.
Steven Butala:
The third way, and the final way is to do it with a lawyer. The lawyer does everything that title agent did. Every single thing. It’s exactly the same type of transaction.
Jill DeWit:
There are two states that require it. It’s not 20.
Steven Butala:
It’s not 20. Maybe one or two. Now can you use a lawyer to close a real estate deal in any state? Yes. This has been where the confusion comes in. It’s not like that’s an escrow state, that’s a lawyer state and that’s self-close state. You can self-close in almost every single state. You can use a title agent in just about every single state. There are one or two states that require you to use a lawyer. New York is one of them. And I even heard that and you can still self-close.
Jill DeWit:
Cool.
Steven Butala:
It’s lenders that drive all this. It’s the lenders that say, “Hey, we only do lawyer deals because that’s how we’re going to lend against it.” If you’re paying cash, you can do what you want and that goes for everything in life.
Jill DeWit:
Cool. And when Steven said driving with the self-close, it’s really easy. I just want to add there. You’re not driving to the county. You’re mailing to the county or you can even do online recording. It’s really when you do self-closing, it’s getting easier and easier and better and better. And I’m excited because now some states you can have online notarizing, you can wire money, you don’t even have to do the cashier’s check. It’s so nice. And I’m hoping that’s one of the positive things that comes out of this whole virus.
Steven Butala:
This kind of question is fantastic for the Land Academy House Academy group. It’s these kinds of questions that Jill and I, because we’re so deeply vested into this business, lifelong career wise, that we just don’t see it anymore. We’re like blind to it. And so new people have questions like this and they need to be addressed. We were new too once.
Steven Butala:
This is a forum and a reason to be in this group so you can get that stuff addressed quickly, simply, direct answers just like I did and get it done.
Steven Butala:
Today’s topic, real time information on where to invest during these virus times. This is the meat of the show. I don’t think it’s so much that the title is bad. It’s just how I can’t read it.
Jill DeWit:
Okay.
Steven Butala:
It’s my punctuation.
Jill DeWit:
Oh, okay. Got it. Okay. Your brain is wired a little differently though too. Let’s just be honest and that’s okay. There’s nothing wrong with that. You’re a girl… I’m a girl, you’re a guy.
Steven Butala:
You’re a girl. That’s a Freudian slip.
Jill DeWit:
Sometimes you’re a girl, sometimes I’m the guy.
Steven Butala:
What she meant to say was I wish you were a girl.
Jill DeWit:
Sometimes I’m the girl. Sometimes you’re the guy. Could you imagine?
Steven Butala:
Where did that just go?
Jill DeWit:
Anyway.
Steven Butala:
Somebody asked me during the Thursday webinar that we have with our members, “Hey Jack, where do you get real time information so you can make…” I’m sure they have some type of stock market experience where you can see what the market did today. And so they said, “Where can you get real time information about what’s happening in market X right now? Did it go up or down? Did the listing prices go up or down today?” My answer during the webinar was, “I don’t know.”
Steven Butala:
And then I got to thinking about it because I’m a data freak like that and wouldn’t it be great to have realtime slash daily market movement. And so then I started to look into it and there are some places that have, nothing like the stock market charts that you see, nothing like that. In fact, real estate data for whatever reason is very monthly. So usually on the 10th of the month you get the previous month’s data, 10th or the 15th depending on how it’s reported. And you that through realtor.com for free or redfin.com. They have great data downloads into Excel, knock yourself out type data.
Steven Butala:
But it’s nothing like real time. So I started down the path of providing one and it’s not going to be real time per zip code or anything like that, but it’s going to make you aware of what’s happening in certain markets before the rest of the world will. And so I’m working on it.
Jill DeWit:
Where would we be seeing this data, sir?
Steven Butala:
How long were you planning that?
Jill DeWit:
Not at all. It just came right out. Because honestly this is kind of new to me.
Steven Butala:
Jill and I are going to talk about it two shows from now, on Friday. But we are watching the Land Academy show.
Jill DeWit:
Oh that’s where you’re going to be presenting this data.
Steven Butala:
That’s a lot of it. Yeah.
Jill DeWit:
Oh I thought this was a website or something you’re creating. I thought this is a whole nother… Because this is normally how he rolls. Hey there’s a new company coming up. It’s showing up on Friday. Really? Yeah. I’ve been working on it for three months. Really? Yeah. Remember that tech guy I got back. Yeah, it’s great. I got six more in the can watch. What the heck.
Steven Butala:
It’s really true.
Jill DeWit:
Hey, can your marketing guys take this on? Oh well a notice would have been nice but okay we’ll figure it out.
Steven Butala:
I wish I could deny that.
Jill DeWit:
Thank you. That’s what I got. That’s why I was confused. That’s real. The struggle is real.
Steven Butala:
Especially now because we’re all stuck… All of us are at home. I have more time to think about stuff and research.
Jill DeWit:
Oh man. Yep.
Steven Butala:
So we’re going to roll, again it’s not going to be a stock chart. We’re going to roll in data and real time information into the Jack and Jill show.
Jill DeWit:
Oh. Okay. Cool. Good. Well I look forward to that. What else are we going to roll into that?
Steven Butala:
Jill stuff.
Jill DeWit:
Oh good.
Steven Butala:
We’ll talk about that on Friday.
Jill DeWit:
Okay. Thank you. Happy you could join us today. Every Monday, Wednesday, and Friday, you can find this right here on the Land Academy show. Tuesdays and Thursdays we are on the House Academy show.
Steven Butala:
Tomorrow the episode on the House Academy show is called, Will we see a 25 to 45% house devaluation in these virus times? You’re not alone in your real estate ambition. Spoiler alert. Yes.
Jill DeWit:
Well, we’re already seeing it.
Steven Butala:
Yeah.
Jill DeWit:
All ready. I’m seeing some price drop, price drop, back on market, price drop. Seeing a lot of that with houses. I’m excited for it.
Steven Butala:
I’m excited too.
Jill DeWit:
The Land Academy show remains commercial free for you, our loyal listener. So wherever you’re watching, wherever you’re listening, please subscribe and rate us there.
Jill DeWit:
We are Steve and Jill.
Steven Butala:
Information.
Jill DeWit:
And inspiration.
Steven Butala:
To buy undervalued property.
If you enjoyed the podcast, please review it in Apple Podcasts . Reviews are incredibly important for rankings on Apple Podcasts. My staff and I read each and every one.
If you have any questions or comments, please feel free to email me directly at steven@BuWit.com.
The BuWit Family of Companies include:
I would like to think it’s entertaining and informative and in the end profitable.
And finally, don’t forget to subscribe to the show on Apple Podcasts.
