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Episode Synopsis
Not All Data is Equal. Database vs Lists (CFFL 426)
Jack Butala: Jack Butala with Jill DeWit.
Jill DeWit: Good Morning!
Jack Butala: Welcome to our show today. In this episode, Jill and I talk about how not all data is equal.
Before we get in to it, let's take a question posted by one of our members on Land Investors online community, it's free.
Jill DeWit: Okay. Craig asked, "I've got a buyer looking at a lot in Colorado. He's not comfortable with a standard contract for deed, plus I hear they don't really go over well legally in Colorado. And I'm not really interested in a deed of trust due to the headache of recovering the property if he defaults. Normally I would just move on and find someone more flexible or willing to pay more for my trouble. But, unbeknownst to him, I hold an option on a land that will soon expire, so I'm motivated to sell."
Jack Butala: Nice work.
Jill DeWit: Right. "My idea was this: to sell him two thirds of the interest in the parcel for two thirds of the total price. He's willing to put down two thirds of the price which only covers the cost of the property to me, along with an option for a remaining one third of the price for a period of six months. So, it's two thirds the property until he pays the rest of the total cost. If he defaults, I still own one third of the property and have already made back my money." Sounds like a lot of work.
"What are your thoughts or does anyone in Colorado have a Colorado seller friendly way to structure a terms deal?"
Jack Butala: Craig, I can tell right now, the way this is worded, that you are going to kick butt in this industry. I think this is an incredibly creative, positive way to solve this problem. And you're getting two thirds down? I think you're knocking it out of the park here.
Jill DeWit: Well he's getting back his original investment so, the extra one third would be-
Jack Butala: And it's a six month contract. So I tell ya, honestly, what I would do if I were in your seat, I would do a deed of trust. I would do it according to the Colorado statute. Six month contract's easy and if he's putting two thirds down - the buyer - you're on your way. I think he's serious about owning the property. This isn't like a Luke Smith $50 down, $50 a month scenario, for a hundred thousand years.
Jill DeWit: Exactly.
Jack Butala: Anything else to add?
Jill DeWit: No.
Jack Butala: If you have a question or you want to be on the show, reach out to either one of us, on LandInvestors.com.
We're a little rough today, you and I.
Jill DeWit: I know, I'm just thinking the same thing.
Jack Butala: It's Monday morning.
Jill DeWit: I'm trying to rally here. We were at a festival yesterday.
Jack Butala: We went to the Italian festival.
Jill DeWit: In Scottsdale.
Jack Butala: My gosh.
Jill DeWit: We're both at Scottsdale, it's nice to be in the same location.
Jack Butala: We almost bought a Fiat.
Jill DeWit: On my goodness, we did. We promised the guy we were going to show up tomorrow, by the way, and test drive the thing. Which I frankly think we should.
Jack Butala: It turns out that Mazda Miata, you know, Mazda and Fiat, got together. So we've got the Italian design and the Japanese quality. The Japanese, you know, all the bolts fit together. It's hard to pass that up. And it wasn't that expensive.
Jill DeWit: No it's really not.
Jack Butala: Jack Butala with Jill DeWit.
Jill DeWit: Good Morning!
Jack Butala: Welcome to our show today. In this episode, Jill and I talk about how not all data is equal.
Before we get in to it, let's take a question posted by one of our members on Land Investors online community, it's free.
Jill DeWit: Okay. Craig asked, "I've got a buyer looking at a lot in Colorado. He's not comfortable with a standard contract for deed, plus I hear they don't really go over well legally in Colorado. And I'm not really interested in a deed of trust due to the headache of recovering the property if he defaults. Normally I would just move on and find someone more flexible or willing to pay more for my trouble. But, unbeknownst to him, I hold an option on a land that will soon expire, so I'm motivated to sell."
Jack Butala: Nice work.
Jill DeWit: Right. "My idea was this: to sell him two thirds of the interest in the parcel for two thirds of the total price. He's willing to put down two thirds of the price which only covers the cost of the property to me, along with an option for a remaining one third of the price for a period of six months. So, it's two thirds the property until he pays the rest of the total cost. If he defaults, I still own one third of the property and have already made back my money." Sounds like a lot of work.
"What are your thoughts or does anyone in Colorado have a Colorado seller friendly way to structure a terms deal?"
Jack Butala: Craig, I can tell right now, the way this is worded, that you are going to kick butt in this industry. I think this is an incredibly creative, positive way to solve this problem. And you're getting two thirds down? I think you're knocking it out of the park here.
Jill DeWit: Well he's getting back his original investment so, the extra one third would be-
Jack Butala: And it's a six month contract. So I tell ya, honestly, what I would do if I were in your seat, I would do a deed of trust. I would do it according to the Colorado statute. Six month contract's easy and if he's putting two thirds down - the buyer - you're on your way. I think he's serious about owning the property. This isn't like a Luke Smith $50 down, $50 a month scenario, for a hundred thousand years.
Jill DeWit: Exactly.
Jack Butala: Anything else to add?
Jill DeWit: No.
Jack Butala: If you have a question or you want to be on the show, reach out to either one of us, on LandInvestors.com.
We're a little rough today, you and I.
Jill DeWit: I know, I'm just thinking the same thing.
Jack Butala: It's Monday morning.
Jill DeWit: I'm trying to rally here. We were at a festival yesterday.
Jack Butala: We went to the Italian festival.
Jill DeWit: In Scottsdale.
Jack Butala: My gosh.
Jill DeWit: We're both at Scottsdale, it's nice to be in the same location.
Jack Butala: We almost bought a Fiat.
Jill DeWit: On my goodness, we did. We promised the guy we were going to show up tomorrow, by the way, and test drive the thing. Which I frankly think we should.
Jack Butala: It turns out that Mazda Miata, you know, Mazda and Fiat, got together. So we've got the Italian design and the Japanese quality. The Japanese, you know, all the bolts fit together. It's hard to pass that up. And it wasn't that expensive.
Jill DeWit: No it's really not.
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