Jill Friday – Why My Heart Felt Land Business Model Has Worked for Decades (LA 1548)

Jill Friday - Why My Heart Felt Land Business Model Has Worked for Decades (LA 1548) Transcript: Steven J Butala: Steve and Jill here. Jill DeWit: Howdy. Steven J Butala: Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala. Jill DeWit: And I'm Jill DeWit, broadcasting from sweet, sizzling, Scottsdale, Arizona. I got to ask you something. Why did you pause there for a second, like, "What show am I doing?" Steven J Butala: That's why. Jill DeWit: Have you not done enough? Steven J Butala: That's exactly why. Jill DeWit: "Welcome to the, what show is this today?" The same one you've done for 1,547 times before this. Steven J Butala: I've been writing the Showing Up for Life show, and we did a House Academy show for a long time. Jill DeWit: That's no excuse. Steven J Butala: And it's Friday. And it's your show. In fact, it's called Jill Friday: Why My Heartfelt Land Business Model Has Worked for Decades. Before we get into it, let's take a question posted by one of our members on landinvestors.com online community. It's free. Please have patience with me, unlike Jill, about reading lines. If you're already a Land Academy member, join us on Discord. Jill DeWit: And as you saw, you are witness to, he just skipped right over my comments. It's Friday. He's done. That's what that is. Okay, Sam Amalita wrote, "Love the honesty. We had a similar call. Was the daughter." So this is obviously down in the conversation. Steven J Butala: Yep. But it's really worth. Jill DeWit: "It was the daughter of the owner. She said, 'You're absolutely sure you want to buy this?' 'It used to be farmland and the land my father grew up on. The state took most of it and flooded it to expand the lake. Now we don't even know where the parcel is, but it's only what was leftover after the flooding. We tried to get there by foot and we couldn't. We had to cross other people's land, and we could never find it. We're guessing you have to go by boat.' I asked her why in the world her dad is paying on that, and she said, well, she's been asking him that for 15 years." Steven J Butala: They went on to buy the property. This person Sam Amalita, I believe, it was down a string, said they got it for such a good price from these people who inherited it, that they bought it. Jill DeWit: Definitely almost gave it away. Steven J Butala: So my point is not trying to get cheap property, because we all know how to do that. They're having a back and forth conversation, an honest conversation about the property. They clearly, as a seller, doesn't want the stuff anymore, or doesn't see the value in it. I will tell you, we have bought boat access only property and made a killing on it. People love that stuff. Jill DeWit: It was unique. You had to find the right buyer, but it worked. I want to say this, about asking that for 15 years. This is something I come across often. People don't know you can stop paying the taxes. There's a lot of people out there that think all unwanted land is in a back tax situation. No, it's not. There's a ton of unwanted land in a back tax situation like this one. People didn't know they could not pay the taxes. They think the IRS is going to come after them and garnish their wages or do something like that, which they don't. Steven J Butala: Let me make a comment on that. Jill is exactly right. When you stop paying your mortgage, you're in a lot of trouble. Jill DeWit: Correct. Steven J Butala: It's going to really affect your credit score, depending on what state you're in, they're going to come after you, and all kinds of stuff is going to happen. The IRS may or may not get involved. Typically, not now, they don't. And because you unknowingly signed a personal guarantee in a document that's tied to that real estate, usually it's a primary residence, or an office building, or all kinds of stuff, with freely owned real estate, the taxing authority,