Jill Friday – 3 Relationships You Need in Your Land Business (LA 1612)
Jill Friday – 3 Relationships You Need in Your Land Business (LA 1612)
Transcript:
Steven Jack Butala:
Steve and Jill here.
Jill DeWit:
Hello.
Steven Jack 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 the Valley of the Sun.
Steven Jack Butala:
Today is Jill Friday. And she’s going to talk about the three relationships that you really should have, or that you need in your land business.
Jill DeWit:
They’re not husbands, it’s not children, it’s not boss, it’s not accountant.
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 please don’t forget to subscribe to the land academy YouTube channel and comment on the shows you like.
Jill DeWit:
Ian wrote, hey everyone, I have a property owner I’m talking to who owns a piece of property that has a dilapidated trailer on it. The property is pretty far back from a highway, but there appears to be a lengthy dirt road that goes through several pieces of property. Looks like there are a few other homes back down this road. Does anyone have any recommendations for determining legal access to the property? The sellers don’t know much about it as they inherited it. There’s nothing in writing that they know of. They told me they use the road to get to the property, but like I said, the trailer needs to be torn down and they really go back there. Is this an implied easement situation? Any input is appreciated.
Steven Jack Butala:
It’s a very good question and just like yesterday, it’s a question that I directly got involved in on discord. All these things start with a plat map. A plat map is one of those… It’s black and white. It’s some type of a surveyor or way back in the day before even surveyors, there are people that would hand write maps based on the stuff that they found from the measurements that they took. And it’s the most basic map you can get. We don’t use them a lot anymore because of Google earth and things like that and data tree, but a plat map will have in when it was subdivided the legal roads. Nine times out of 10, way more than that actually probably. And they’re identified by dotted lines, not straight lines. Straight lines are property lines, dotted lines are roads or easements if they’re involved in other properties.
Steven Jack Butala:
So you’ll start with that and you’ll see it. If it goes along people’s property lines and there are no properties between it, that’s just a driveway and you won’t see that on a plat map. Think about your own driveway or a driveway in a subdivision or even a parking lot in an apartment building. You won’t see that in a plat map, you’ll just see the property line and that’s it and here’s the dirt. And so this is going to take some digging into and it’s worth it because I love these kinds of deals, by the way. If there’s an old mobile home and it’s way back somewhere off the road and it… You started to tell the story about the sales story here.
Jill DeWit:
Right?
Steven Jack Butala:
So I’d definitely get to the end of it. In a rare case if they find out, there’s no easement at all. It sounds like the property is being used that way, or it has been used that way. So if you just talk to the neighbors and say, “Hey, do you mind if we make this official? I’m going to call my lawyer and we’ll just redraft this stuff. The guys can sign some stuff so I can use it. That’d be great.”
Jill DeWit:
Right?
Steven Jack Butala:
That happens a lot with us because she’s on the phone doing it and she’s talking nice to these neighbors. Flies with honey kind of thing.
Jill DeWit:
Thank you, sweetheart.
Steven Jack Butala:
Today’s Jill Friday. She’s going to talk about the three relationships you need in your land business. This is the meat of the show.
Jill DeWit:
So there aren’t three individual people because every transaction is different. But there’s three categories of people that I rely heavily on, that I always stop and really try to give them the attention they deserve and I really foster these relationships. The first one are sellers. That’s no-brainer right there. I can’t do anything without sellers. If I don’t have sellers giving me property and they want to give me their property or… Well, I say give, I mean sell me their property. That’s my business. We lovingly say you win when you buy it and it’s true. We jump up and down when we buy property. Like, wow, I can’t believe I bought this for that price, because I know what it’s worth. I know where to market it, I know how it’s going to play out, whatever it is. I just sold three over there last week. I’m so excited kind of thing. So I’ve got to have that relationship with sellers. And again, it’s not like it’s one person. It’s a new seller every day, might be every hour.
Jill DeWit:
The second is people helping me get these transactions done. And for me, it could be a transaction coordinator that works for you, or it could be an escrow agent. So some people don’t have the luxury of hiring someone, so you’re relying on an escrow agent that’s helping you get transactions done so you’re not doing the paperwork. And then maybe they’re bigger deals. It needs to get done that way. So you need to have those relationships and I do foster those relationships. We had one about a week ago where at the very bitter end, something came up on the property that we did not realize that we’re like, “Oh, nobody told us this”, and it was a deal killing issue. And everybody understood it, got it, nobody was mad, but I felt bad for the escrow agent because they put a lot of work into these. And so I made sure I told my transaction coordinator, I’m like, “Hey, can we please send her some treats?”
Jill DeWit:
So we did. We sent some treats over, keep them happy because why? Because I’m really fostering that relationship. I don’t want her to be mad at me because she does 10 or more, way more, and there’s just one now and then that, a month or more [inaudible 00:05:58] now then that didn’t work out and that’s okay. But I need to have her on my team. I need her or him, I need them to be pushing these deals through and getting them done and working with me. And then the third relationship that I really need to foster to be successful in the land business is my buyers. And it’s maybe not necessarily the actual buyer, maybe it’s a broker. A lot of the transactions that we’re personally doing are big enough that I’m not selling it. I have people, a broker doing it for me.
Jill DeWit:
I look at them like they work for me because we work together. I sign a contract with them and they run with it. I want to help them and I want this to go fast and smooth and easy. And we get to know each other, it’s really good. The right brokers, we develop these relationships. Because then it turns into A, they’re doing things faster, I’m a priority to them. They think of me first when the calls come in, these buyers, it’s great. And then also they’re going to help me with… I’m so easy to work with and they love dealing with me that they’re going to say, “Hey, get me more over this area because I got six people asking for it.” Awesome. And you can see the value of having that relationship. What would you like to add?
Steven Jack Butala:
Nothing because those are the exact same… We’ve never had the same answers on these shows and that was my exact answer, those three types of people.
Jill DeWit:
Thanks.
Steven Jack Butala:
In the middle it’s people helping to do deals, it’s escrow, it could be a surveyor, it could be a consultant that minor supplies property for you. But you do need to have those three components to get any deal done.
Jill DeWit:
Those are the three major ones. And once you learn to work well with them… They all need the same thing too. All the sellers come at you with the same thing and all the escrow people in the middle, it gets really interesting. I’m glad we’re talking about this. It’s an interesting thing about this business. You wear a lot of hats. You got to get like, okay seller mode, inbound call, this is a seller. Okay, I need to talk to them one way which is collecting all the information, befriending them and getting them to want to sell to you at your price. Then the next step is you got to be in a different mindset when you pick up the phone, you got to be curt.
Jill DeWit:
They don’t have a lot of time. You got to make sure they have what they need. You cannot be pushy but you kind of got to push them along. You can push transactions along without being pushy. So that’s the people in the middle. And then the brokers, those folks, once I pick one and we realize we’re on the same page, I pretty much stand back and let them run. And I just say, “What do you need from me?” And even when I call them, I’m like, “Okay, here’s the deal. How fast can you sell this? And what do you think you could sell it for?” And let them tell me, not me tell them. I never really give them a hard time because I want them excited about working with me. Happy you could join us today. Five days a week you can find us right here on the Land Academy Show.
Steven Jack Butala:
Join us next week for another interesting episode. You are not alone in your real estate ambition. Some of the signs of the stuff that’s so simple, it just gets overlooked.
Jill DeWit:
It’s true.
Steven Jack Butala:
You need a buyer and a seller in a real estate deal. This whole episode reminds me of… I used to facilitate in broker longterm care deals. So nursing homes, sub-acute post-acute hospitals and assisted living facilities are some of the hardest transactions in the world to do, or in the country anyway. And there are all kinds of people involved. The state’s involved, the feds are involved, there’s people that have to go in and approve everything from both the fed and the state. Sometimes insurance companies. There’s a lender involved, there’s an equity lender.
Jill DeWit:
It makes my head hurt.
Steven Jack Butala:
And there’s all kinds of employees. If it’s a union facility, then you’ve got to get everybody’s approval on that. Tons and tons of paperwork, usually three or four attorneys on each side.
Jill DeWit:
That’s awful.
Steven Jack Butala:
It takes a year to complete. And that’s how I devised this crazy way to buy real estate. I’m like, “I just want a buyer and seller and me in the middle putting the whole thing together.” And that’s what this ended up being.
Jill DeWit:
Congratulations. You did it and it works. Thank you for tuning in. We hope you find our content valuable and we appreciate your support. If you haven’t already, please check out our YouTube channel and hit the subscribe button.
Steven Jack Butala:
We are Steve and Jill information.
Jill DeWit:
And inspiration.
Steven Jack Butala:
To buy undervalued property.
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