Jack’s Bad Behavior at Investor Meetups (CFFL 415)

Jack's Bad Behavior at Investor Meetups (CFFL 415) Recording Location: LATITUDE / LONGITUDE:  33.788937, -118.410360 Jack Butala:                       Jack Butala with Jill DeWit. Jill DeWit:                           Hello there. Jack Butala:                       What the heck is that? Welcome to our show on Friday. This episode ... I can't wait to see what's going to happen in this episode, actually. Jill and I talk about my bad behavior. Jack's bad behavior at investor meetups, because people lie. Jill DeWit:                           It's Jack's bad behavior at fill-in-the-blank. Jack Butala:                       Fill-in-the-blank, yeah, I knew you would say that. Before we get into it, though, let's take a question posted by one of our members on the LandInvestors.com online community. It's free. Jill DeWit:                           Mike wrote, "What level of due diligence are people using checking the title for their deals? I'm really struggling with analysis paralysis right now because I don't feel comfortable I'm able to check, "Clear Title." I thought maybe I missed something, so I went back to the program and the only thing in Section 7" ... Oh boy, talk about detail, this is great ... "I found on it was the program states to call the county and ask them to verify the owner." Jack Butala:                       But yeah, the vesting deed scenario. And, no, you didn't miss anything. Go ahead. Go ahead, Jill. Jill DeWit:                           Nope. "I've also heard on the podcasts where they" ... Us ... "say to pull a report and check there. But the county I had apparently didn't provide that info because there was nothing title-related that was in the report." Hm, thank you. Jack Butala:                       I put this question in. Jill DeWit:                           This is good stuff. I have a lot to say about this. Jack Butala:                       Yeah, it's a longer question but it's really worth it. Jill DeWit:                           Yeah, we're going to answer all of this. "Is anyone doing anything more than just calling the county to verify the owner name? If so, could I ask what and where? Are you requesting title abstracts? Are you finding counties that have their deeds available online and just going through those? Is anyone working in counties where the deeds aren't online and the county isn't providing anything?" Jack Butala:                       God, there's 25 great questions in this. Jill DeWit:                           Uh-huh. "And to the data service for the report? If so, what are you doing? Just checking the current owner with the county and hoping there's nothing off in previous transfers?" Okay, can we go piece by piece, please, Jack, and then we'll each weigh in on this? Jack Butala:                       Sure. Jill DeWit:                           Okay, because this is really good stuff. Jack Butala:                       We are going to spend a few minutes on this because it's important as heck. Jill DeWit:                           Exactly. This is kind of the meat of the show. Jack Butala:                       Okay, I could behave bad any time. Jill DeWit:                           We could say ... Yeah, we could talk about that. But this really is really good stuff so I want to back up here. All right. Due diligence, what is this? This is making sure that the person you're talking to that says, "Yes, I own the property," not only owns the property, but they are the person or maybe it's two people, the right people are involved to make the decision and it was transferred appropriately, correctly, all the way up until them. What you're doing is making sure that ... You know, you just want to make sure that when they bought the property there wasn't anything crazy left over, any gaps in the chain, and all of that. Jack, you want to add on ... Jack Butala:                       A long time ago the federal govern...