Now is the Time to Act on This Market Condition (LA 1314)

Now is the Time to Act on This Market Condition (LA 1314) 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 Dewitt, broadcasting from sunny Southern California. Steven Butala: Today Jill and I talk about how now is the time to act based on this COVID marketing condition we're in. Jill DeWit: Do you think this is a surprise for anybody? Steven Butala: I don't know. Jill DeWit: I hope it's not a surprise for anybody. Steven Butala: I think you have a different take on what the show's about. Jill DeWit: Well, I think we've obviously been talking about this for a while, and I was listening to somebody else's podcast, yes I do that now and then when I'm on my walk, and they were talking about it in their words and I just kind of wanted to hit it home for all of us. Steven Butala: Give us a little hint. Jill DeWit: I just did. Steven Butala: What were they talking about? Jill DeWit: They were talking about if you're sitting on the sidelines waiting for stuff to happen right now, you're an idiot as an investor. Steven Butala: Before we get into it, let's take a question posted by one of our members on the landinvestors.com online community. It's free. We're going to find out why we're all idiots in a minute. Jill DeWit: Did I do that wrong? Steven Butala: According to Jill. Jill DeWit: No, I didn't say that. Did I do that wrong? Steven Butala: No. Jill DeWit: No, you asked me what they said. I verbatim told you what they said. I mean, that was really the gist of it. Steven Butala: Okay. Jill DeWit: Okay. All right, Lucas wrote, "Hi all, I just got my first response on my initial Craigslist ad. It's very gratifying and a nice reassurance that I'm doing the right thing. The parcel is 30 acres and not far from blank city in North Carolina, beautiful area. The seller is a half owner, undivided half interest." Yikes. "He said the other owner may also be interested in selling depending on the offer." Well, it's kind of important by the way, we'll go on here. "I'm also trying to do due diligence now. The land is in a killer location close to town and a major freeway. Comps are 10 to $20,000 per acre retail in the neighborhood. A similar lot on the other side of the hill is on Realtor for $310,000 and other comps in the area have sold for $90,000. My biggest concern, other than the ownership issue, is access. The land is not directly on a road. The next parcel over is on the road. So it appears that the father probably owns the roadside parcel on the son owns the interior parcel, but shares the ownership with someone. I can see the land was timbered recently." How many flags are you counting? Steven Butala: As if there's not enough, I was just going to say the same thing. As if there's not enough issues, now it's been timbered recently. Jill DeWit: Yeah. I'm sitting here counting red flags on my hands. "Many of the trees have been cleared and there are quite a few logging roads crisscrossing across a lot. The exit road passes through the father's land. Because of that, I'm thinking there is a row through the father's lot to the parcel in question. So my question finally is for you," well this is long to get to the question. "Which is the best tool to determine if legal access exists on a property? I'm having trouble getting my [inaudible 00:03:10] account set up. I'm going to call them tomorrow." You get that as a member, by the way. "If ownership issues and access are cleared up, I'm thinking $60,000 could be a good offer. Could be tempting for each [inaudible 00:03:24] to get $30,000. I feel I could easily sell this for $120,000, especially with the other properties nearby at a much higher cost. Many thanks to all." I have a lot. I know you do too. Steven Butala: Let me start with the really good news. This person, what's their name?