How Much Money Does it Take to Get Started (LA 717)

How Much Money Does it Take to Get Started (LA 717)  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, podcasting from sunny southern California. Steven Butala:                   Today Jill and I talk about how much money does it really take to get started. I'll tell you, we have answered this question quite a lot, but it warrants answering again, because we get it so often. Jill DeWit:                            I'll tell you, it's not zero. People think that- Steven Butala:                   It's not zero, and it's not 100 grand. Jill DeWit:                            Oh my gosh. People will be like ... I usually get both extremes. People say, "I've heard you need no money at all to get started at this." I'm like, "Hold on a moment. That's bad advice, number one. Don't go down that path, and certainly don't take out a new credit card or a second on your house to do this." And then the other thing I've heard is, "Oh, I can't possibly be an investor. I don't have enough money." Well, hold on a moment. You probably can. Steven Butala:                   Well, as a twist I'm gonna add- Jill DeWit:                            But some money- Steven Butala:                   I'm gonna add some flavor to this in the meat of the show. There are people who throw a ton of money at this and do extremely well. They take assets from somewhere else in their life and they pour them into vacant land and flip it, and end up making millions. So, I want to talk about that in a minute. Jill DeWit:                            But, they also have to be educated. Just because you have a lot of money in here doesn't mean you're gonna do well. Steven Butala:                   Exactly. And I'm gonna give you the profile of somebody who's like that with several real examples. Jill DeWit:                            All right. Steven Butala:                   Before we get into that though, let's take a question posted by one of our members on TheLandAcademy.com online community. It's free. Jill DeWit:                            Okay. Matt asks, "Hey everyone. I just bought a property from XYZ Company, and John Doe sold it. I got the articles of organization from John before he sold it, confirmed that he was the only guy that needed to sign to sell the property on behalf of the company, and I got the deed signed." Steven Butala:                   Good. Jill DeWit:                            "Is that sufficient to transfer the property"- Steven Butala:                   Yes. Jill DeWit:                            "Or should I have him sign some sort of affadavit confirming he's the right guy to sell? Will a title company potentially push back on this down the road? Should I follow the articles of organization with the deed at the same time, or a separate document, or just go ahead and send the deed in and keep rolling?" Steven Butala:                   Go ahead, Jill. Jill DeWit:                            It's the ... This is your classic, Steven, you answered your own question. You know what, you did confirm it. You don't have to go that far. That's one of the beautiful things here. Steven Butala:                   You already did enough. You did too much. Jill DeWit:                            You did. Steven Butala:                   Not too much, but safe stuff. Jill DeWit:                            And honestly I love it. This is how I do. I like to play it safe, and that's exactly what you did, Matt. You said, "You know what, hey John Doe, I appreciate you are the sole managing member of XYZ Company, but I kind of need to check it myself. And by the way a lot of these, you can go online and find this and confirm it yoursel...