We all make mistakes in the land investing business, even the pros. The good news is they are fixable but they come with a valuable lesson.
Scott Todd takes the controls in this week’s Round Table as Mark is away visiting… this is where it becomes a little unclear because there seems to be some discrepancy between stories. If you ask Tate, Mark is off visiting Tate’s favorite factory where they make cheese. If you ask Scott T., Mark’s at the Cheesecake Factory. Either way he can’t go wrong and we hope he’s enjoying good quality time with his family!
With Scott Todd in the pilot’s seat, this week’s crew includes:
- Scott Bossman
- Tate Litchfield
- Aaron Williams
- Mimi Schmidt
- Erik Peterson
Listen in now as the team gives the details of some of their biggest mistakes and the lessons that were learned… in short:
- Scott Bossman went into joint ownership with the deceased.
- Aaron sold a property that wasn’t his to sell.
- Erik bought 12 properties in bulk, 2 of which had been previously sold to someone else and one of those two Erik had pre-sold. He also shares a business strategy mistake he made in the beginning that kept him from scaling quicker.
- Tate double sold due to a data entry error on the APN. He also shares a big regret that moved Scott Todd to bring out the soapbox.
Also, Mimi received an accepted offer for 1,175. The seller is a trucker who is never in town so he used a middleman to get the deal done. Mimi paid the accepted offer of 1,175 and the middleman deeded the property over to her… deal done… wrong! She started getting harassing phone calls from the owner because he thought the offer was for 11,750, not 1,175! Ultimately, she ended up deeding the property back… but BEFORE she got her money back… this can’t end well.
Find out how Mimi’s story ends and the details of all the deals gone wrong.
Plus, Scott Todd shares a mistake that he is currently going through. It’s a case of joint tenancy with rights of survivorship—the husband is deceased, surviving wife sells Scott the property but failed to disclose the prefix “EX” in front of her title of wife. Should that make a difference? It does, says the county.