Finance Friday with Steven, Jill & Justin (LA 923)Transcript:

Steven Butala:                   Steven Butala here with Justin Sliva. 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.

Steven Butala:                   Today, like every Friday, Jill and I talk with guest, Justin Sliva, about the transactions that we're doing this week, and general banter about [inaudible].

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.

Jill DeWit:                            Ben asks, "I'm thinking about trying a mailer for some infill lots and just gathering data at this point. I've ran across a legal description for a residential vacant lot that seems weird to me. S10886-Whitestone, condo unit four, 1.01% common interest. Nothing has been built here, yet no improved property value. But description says it's a condo and this person owns Unit Four. So, did this person buy a condo from a builder before it was built and has a deed for a land or a piece of it? Not really sure what to make of it. Thanks."

I know what I think it is.

Steven Butala:                   Can't wait to-

Jill DeWit:                            [crosstalk]

Justin Sliva:                         Guys, tell me if I'm wrong ... I'm totally guessing here, but I feel like it's the common area in the condo that everybody owns a percentage of that their HOA pays. And that could be it.

Steven Butala:                   That's a possibility.

Justin Sliva:                         Okay.

Jill DeWit:                            I think it could be a timeshare, because of a timeshare, you can own a percentage too. Because you might own a 12th of it, because you might own a month of it, or you might own a week.

Justin Sliva:                         Yeah, so that would be 52 weeks a year, so you'd own 1/52. What would that percentage be ... it could be it as well.

Steven Butala:                   That's very viable. What it could also be is it could be land, that somebody subdivided and made it into a condo. We've all seen detached ... What looks like a house was actually a condo. And then we've also seen undivided interests/common interests ... Okay, here's the point. We're all saying some version of the same thing.

Jill DeWit:                            [crosstalk]

Steven Butala:                   At the end of a legal description when you see, INT, which is undivided ... whether it's common interests or undivided interests, or any kind of interests, just run the other way.

Jill DeWit:                            That's [crosstalk]

Justin Sliva:                         [crosstalk]

Jill DeWit:                            I'm out. Done.

Justin Sliva:                         I actually scrubbed that on my house dated mailers. When I run through them, you see 50% at the end on the legal description. I just run through and delete them. Just for that reason.

Steven Butala:                   A keyword search for INT, and just take everything out.

Jill DeWit:                            That's the key here.

Justin Sliva:                         That would be smarter. I learned something today. Thank you. Thank you, Steve.

Steven Butala:                   I want to parlay this into another question I just read on Land Investors about scrubbing data and there's a lot of strings on Land Investors about, Why Can't You Scrub This Data Out From RealQuest? And keyword search and scrub it out and ... Here's, and I'll answer the question and you guys can pipe in, for sure.

The place to scrub data is not in RealQuest.

Justin Sliva:                         Yeah.

Steven Butala:                   Data's so cheap. Just get it all into Excel and go to town on it. Don't try to scrub stuff out of RealQuest. First of all, it will take you forever.