Part-Time Real Estate Investing | Land Investing (LA 1525)

Part-Time Real Estate Investing | Land Investing (LA 1525) Transcript: Speaker 1: Steve and Jill here. Jill DeWit: Hello. Speaker 1: Welcome to the Land Academy show entertaining land investment talk. I'm Steven Jack Butala. Jill DeWit: And I'm Jill DeWit broadcasting from sunny Southern California. Speaker 1: Today Jill and I talk about part time real estate or land investing. Let me tell you, we all started part-time. Jill DeWit: That's true. Speaker 1: With very, very, very few exceptions that I know of. We all started part-time until we made enough money and convinced ourselves that there's some longevity in it and we quit our jobs. Jill DeWit: Beautiful. Speaker 1: But I'm going to say this, if you start this right off the bat, because you hate your job so much and are consumed with trying to get to that starting line so you can quit your job, you're just causing problems for yourself. 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 and if you are already a member, join us on Discord. Jill DeWit: Corey asks, did I send to escrow too early? I received a signed PA the other day. The signature had a small note under it saying that the owner was deceased, minor detail, right? PS- Speaker 1: Gets good though, this is a good start. Jill DeWit: Wait, this is going to be funny. It sounds funny. I haven't read this before. I'm just envisioning, sure we want to sell, we love it. PS, mom's dead. Here you go. Like we're not going to notice. Speaker 1: Figure it out. Jill DeWit: Exactly. Speaker 1: At least they told you. Jill DeWit: Well, there is that. And then just sign mom's name and pretend. Small note under it saying that the owner was deceased and that the person responding is a daughter of the deceased. The daughter didn't leave any contact info to reach her. I did due diligence on the property and realized that this is a very good deal. I signed the purchase agreement and also included a letter asking the daughter to contact me with my contact info on the letter and overnighted it to her on... This is all real time. This is a new. June 3rd. Jill DeWit: In the meantime, I went ahead and sent the signed purchase agreement to an attorney and started escrow. The letter was delivered on 6/4/2021. I still haven't heard anything from the daughter as of June 8th. The attorney got back to me today and told me that mother conveyed the property to her in a revocable living trust and left the daughter who signed the purchase agreement as a successor trustee. This is good. Speaker 1: Good start. Jill DeWit: Yeah. So in parentheses, it says we're good to go there. All of that to ask this, do you guys think I sent it to escrow/attorney too quick? Should I have waited until the daughter contacted me? Or would you guys have done the same thing I did? I got with a realtor that was recommended and he told me that he thought the property would sell quickly and it would gross a profit over $130,000. I love it. Here's my only thing, I probably would've done the same stuff. Speaker 1: I would skip trace this daughter and I would blow her phone up. Jill DeWit: Yeah. Just make sure. Speaker 1: Did you do it too early? No. You did everything right. Jill DeWit: So, and I imagine too right now, because you're having an attorney close the deal obviously. I think you're having an attorney close a deal. Is that what he said? Speaker 1: Attorneys are great at finding people by the way. Jill DeWit: That doesn't say it's nice. And let's see, in the meantime, I went ahead and saw the attorney and started escrow. Okay. So that's why I'm assuming they're doing the deal. So you're trying to reach the daughter and the attorneys try and reach the daughter. Pretty sure one of you is going to reach the daughter because what's needed from the daughter is, hey, by the way, we need to get your signature and where do you want your money to go?