Jacks Way of Getting Past First Deal – the Right Way (CFFL 0262)

Jacks Way of Getting Past First Deal - the Right Way Jack Butala: Jacks Way of Getting Past First Deal - the Right Way. Every Single month we give away a property for free. It's super simple to qualify. Two simple steps. Leave us your feedback for this podcast on iTunes and number two, get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening. Jack Butala: Jack Butala with Jill DeWit. Jill DeWit: Hi. Jack Butala: Welcome to our show today. In this episode, Jill and I talk about Jack’s way of getting past that first deal. It's the right way. Great show today, Jill. Let's take a question posted, before we get into it, by one of our members on successplants.com, our free online community. Jill DeWit: Okay, Daniel asked, "Hey guys. When buying my first property," yay, "I did my first warranty deed and learned exactly how to do it. Now I am selling it because I have a buyer. What exactly do I have to change on it when doing a special warranty deed besides writing on the top 'special warranty deed'"? Jack Butala: You can answer that, Jill. Jill DeWit: Thanks as much as always. Jack Butala: This is the shortest answer to any question in the history of ever. Jill DeWit: I love it. You are doing everything right, Daniel. Yes, make it a special warranty deed because we want to warranty the time that we owned it, not forever time. Put that at the top and then you are going to change, you are now the grantor. When you bought it, you were the grantee. Now you're going to move your name to the top when you recreate the deed, just like the one that you have now. You're going to be to be the grantor on the top and the grantee is going to be below and that's the person you are selling it to you. That’s your buyer. The legal description, the same. You're going to change the date, obviously, and you’re going to put the right address and everything up at the top for the county and stuff for your buyer and then of course you are going to be the one now to sign and have it notarized and delivered to your buyer. Jack Butala: That's it. You nailed it. It's one word, you just change it. You change "warranty deed" to "special warranty deed" and you do what Jill just said. Here’s the difference, really quickly. Warranty deed, when you sign their name on the bottom of a warranty deed, your warrantying the condition of the title since the beginning of time. How could you possibly do that? Were you alive in 1888, 1788? No. So it's a little silly. A special warranty deed warrants the condition of the title for the time that you owned it. Can you do that? Yeah. Yeah, you can with pretty much confidence say, "I owned this property for these 14 months and I enjoyed it." I'm a huge fan of special warranty deeds. That’s actually, unless a state mandates like let’s say- Jill DeWit: Grant deed- Jack Butala: Let's just say it's a grant deed- Jill DeWit: In California- Jack Butala: Yeah, and Nevada does too I think. Jill DeWit: Right. Jack Butala: Anyway, let's say mandated, we'd use special warranty deed almost a hundred percent of the time. Today's show, Jack’s way of getting the first deal done, it’s the right way to do a deal. This is the meat of the show. Jill DeWit: I'm glad we're doing this topic. Jack Butala: I am too, because we spent some time about, we talk about driving for dollars, we talk a lot about why you guys wasting your time. You're not people in our group, but other real estate investors because maybe they haven’t been informed, or they haven’t sought out education in the right places or for whatever reason, they might not be doing it right. Well, this show is all about how exactly to do it the right way or how we think, how it works for us, let's say. Jill and I are going to walk you through step-by-step how we do a deal and why we think it’s the most efficient. Jill DeWit: I want to add a note too. The reason I wanted to talk about this today is bec...