How to use Real Estate Agents as an Investor (JJ 618)

How to use Real Estate Agents as an Investor Transcript:  Jack Butala:                       Jack and Jill here. Jill DeWit:                           How you doing? Sorry. Jack Butala:                       What kind of crazy thing is that? Jill DeWit:                           I don't know. Jack Butala:                       I'm always surprised by what happens. Jill DeWit:                           Thank you. Jack Butala:                       Welcome to the Jack/Jill show. It's here and we try to provide entraining ... We'll see ... Jill DeWit:                           Try. Jack Butala:                       ... investment advice. I'm Jack Butala. Jill DeWit:                           And I'm Jill DeWit, broadcasting right now still in sunny southern California. Jack Butala:                       Today Jill and I talk about how to use your real estate agent. How to pump him for information as an investor that you are. Jill DeWit:                           There's so many things that I want to say about that. How to use and abuse a real estate agent. Jack Butala:                       No. Jill DeWit:                           No, I'm just kidding. I was joking about that. No, but wait a minute, Jack. Wait a minute. Wait a minute everyone. Haven't you said all along that that may not be a real ... I'm trying not to be ... Jack Butala:                       Career. Jill DeWit:                           Yes. Jack Butala:                       I have but we're not gonna get into that in a minute. Jill DeWit:                           Okay. Just checking. Jack Butala:                       Before we get into Jill's banter because that's what it seems like it's gonna be today. Jill DeWit:                           Uh-oh. Jack Butala:                       Let's take a question, posted by one of our members on the JackJill.com online community. It's free. Jill DeWit:                           I know some days I'm just really kinda punchy, and I'm gonna apologize right now. Jack Butala:                       We're recording late today and I think Jill's all hoped up on sugar or something. Jill DeWit:                           Something. You know I did just have some sugar. That's probably it. Jack Butala:                       That's what's going on. Jill DeWit:                           Oh, my gosh. Look out everyone. This is what happens. Alright, Allen B. asks: I have a seller who has requested to keep her deeded mineral rights as per the terms on the purchase agreement. She asked me if I would pay more if she did include the mineral rights. I told her, "Sorry, but my business is land and I'm not interested in the mineral rights or the legal fees that would probably arise out of anyone finding out anything of value under the ground." She seemed surprised that I didn't want the mineral rights but she agreed to sell the land per my offer price. The vesting deed reads like this: Together with the tenements, et cetera, et cetera, et cetera, belonging or pertaining and the revisions remainders [inaudible 00:02:22] of RMC&D conveys 50% of any and all mineral rights owned by blank, blank, and blank. So, my question is what kind of verbiage ... so, the mineral rights are all ... basically, they're all in the vesting deed all garbled up in there. What kind of verbiage do I need to include on the new deed to make sure that the mineral rights stay with the seller or do I just created the new deed as if there were no mention of the mineral rights on the vesting deed? Jack Butala:                       That. You create the new deed and you say nothing of it. Here's why. Here's how mineral rights work. You answered your own question. And you know what? Actually, Justin did answer it too. Jill DeWit:                           Do you want me to reread that? Jack Butala:                       Yes, go ahead. Justin, another member,