Purchasing Vacant Land

Purchasing Vacant Land

Episode Transcript

(00:00):
The following is a paid commercial programon ninety four three WSC. The views
expressed by the host of this programdo not necessarily reflect the views of iHeartMedia
ninety four three WSC, it's advertiser, sponsors or management. This is the
Real Estate Show with Rick Willis.I show about home sales, mortgage issues,
investing in everything about the American dream. And I mean to want as

(00:22):
someone who enjoys radio and really enjoysyour program. And now The Real Estate
Show with Rick Willis on ninety fourthree in SC. Hello Charleston, Welcome,
Welcome to the Rick Willis Real EstateShow. Well, folks, there's
lots of things happening in the realestate world. All of them are good.

(00:45):
And when I say good, sometimesgood is a relative statement. It's
good for the sellers out there.We still have a shortage of inventory from
the buyer's point of view. Interestrates have declined a little bit, and
no indication yet that interest rates you'regoing to be rising, although we can

(01:08):
still say that the whole situation withinterest rates is probably the right word as
volatile. Could go up, couldgo down, could stay the same for
a while. We're not quite sure. But what we know is that always
owning, even at today's interest rates, is better than renting. And again

(01:30):
I say, and I've repeated itbefore in the past, don't judge renting
versus owning based on what your monthlypayment will be, because you see,
when you're renting, you have noneof your payment go towards your principal reduction.
When you're buying a home, aportion of your monthly payment will be

(01:55):
reducing your principal balance. If youhappen to file your tax return on not
a standard deduction but an itemized return, you get to subtract your taxes and
insurance off of your tax return.And we still have appreciation out there.
Property values are still increasing. Sothe combination of principal paydown and the property

(02:23):
appreciating probably put you in a moreadvantageous spot than renting, because what you
can count on from the rent isit will continue to rise and you will
continue to have no equity when youcontinue to rent. Well, folks,

(02:43):
I always want to start off theshow by updating you on the status of
the market in quantitative terms as ofthe morning this morning when we're recording the
show, and we record the showon a Thursday morning, and you hear
it on Saturday from noon to oneor you hear it on Sunday from nine
to ten am. As of rightbefore the show, we had two thousand,

(03:07):
three hundred ten active residential listings,which means that there's a great shortage
of inventory out there. Six thousandactive residential listings would be considered by the
experts to be a balanced market betweenbuyers and sellers, and the farther you

(03:28):
decline in active listings below the numbersix thousand, the more it is a
seller's market. I've been out thispast week representing a couple of different buyers,
one of which even occurred this morning. I had to call my producer
and yesterday I actually emailed him andtold him that I had to do some

(03:50):
things this morning that wouldn't allow meto record the show at the same time
I normally do. But we've gota property that's only been on the market
for four days and we're writing anoffer and we're in the offer counter offer
stage, and an investment property aswell as a homeowner occupied property, two

(04:11):
separate contracts working for this week,and again in the investment property as well
as the homeowner occupied property been onthe market less than a week and lots
of showings, multiple offers, andone of them we got under contract yesterday

(04:31):
was a cash offer, even whenother offers two additional offers were higher than
the offer. But this particular ownerliked the idea that the offer would be
a cash offer, not contingent onfinancing, not contingent on an appraisal.

(04:55):
So if you have the ability,by the way, to pay cash and
then refinance after you buy it,if your intention is to have a mortgage,
that really is the smartest way togo, even if you need the
help of family and friends to doso. If you need to borrow from
a retirement account in order to doso, always cash as king, and

(05:19):
you operate from a very strong negotiatingposition. What was interesting about one of
the offers that was submitted actually submittedthis morning we had until one o'clock to
get the offer in one meaning onehour afternoon, is that we had presented

(05:41):
the offer to the seller at aprice that was forty thousand under the asking
price, and it was a sixD twenty five thousand dollars asking price.
We wrote an offer at five eightyfive. They came back and they countered
at six O five. We counteredback at six hundred, and they wanted

(06:01):
a five fee paid after the duediligence if the buyer decided they did not
want to proceed forward with the offer. And for those of you not familiar
with this, when you take theproperty off the market for a week to
do your inspection or any other inspectionsthat you want other than the property itself,

(06:28):
the seller has a right to say, okay, if you don't go
forward with it. That were youknow you're going to have to pay to
get out of the contract essentially,and this particular seller said, I want
you to pay five hundred bucks.My buyer said that's unreasonable, so we
countered that at two hundred dollars,not five hundred dollars. And we had

(06:49):
a few other minor changes, oneof which was the seller said we want
you to take the property and ashis condition, and the buyer that I
was representing still am representing, saidthat doesn't seem right that as is condition.
And I said to the buyer,well, that doesn't mean you can't

(07:11):
have an inspection, and it doesn'tmean you can't get out of the contract
if you don't like what you see. And it doesn't mean that we can't
come back after the inspection and saywe want you to adjust the price.
All it really means is the selleris not going to do any repairs.
Now. The good news is theproperty looks to be an excellent, excellent

(07:33):
condition, not that old, andall things being equal, it looks to
be in very, very good condition. And I'm sure part of the sellers
thinking when they said as is was, hey, we came off our asking
price by twenty thousand dollars and yeah, we'll take that, but we're not

(07:56):
going to pay any money to repairanything. So we'll see how it works
out. The process is still continuing, and folks, the answer is always
know if you don't ask. WhenI was talking with my client this morning,
by our client I was representing,he said, no, I'm not
really sure that I even want togo forward with this thing, meaning he

(08:18):
wasn't sure that what he wanted wouldbe in the ballpark of being accepted.
And what I said to him wasthe answer is always know if you don't
ask, Let's ask for what youwant in the price. Ask for what
you want by way of changing thepenalty. If you don't go forward under

(08:39):
the due diligence. So we madea few other minor changes on the offer
and we'll see where we come out. This is an offer that is again
all cash and the best way tonegotiate. Well, folks, I need
to spend a few minutes with you, just speaking with you about the big
picture of real estate. The marketwas poor. In the years from two

(09:09):
thousand and eight to two twelve,the market had declined approximately thirty percent nationwide
for completely different reasons than where weare right now. Right now, we've
had interest rates increase from sub threepercent at one point up to between six

(09:31):
and seven percent, and obviously that'sgoing to slow the market the number of
people buying and what they're buying andwhen they buy. So that's just a
reaction to the market condition. Buthere's what I believe and here's what I
see happening. The prices in thismarket are continuing to rise. And you

(09:56):
have to be very careful where youget your information because there are markets around
the US that are declining. AndI saw something yesterday that said there was
the biggest decline in certain markets thatthere's been in ten years. Keyword certain
markets. But we're in the greaterCharlestown market. We're in South Carolina.

(10:18):
We are in the fourth fastest growingstate in terms of people relocating to the
state as opposed to leaving. Andthat should give you a little bit of
confidence if you will. I believein the real estate business here. I'm
still actively involved in personally buying realestate in the Charleston area as well as

(10:39):
other parts of South Carolina. Andyou don't want to avoid real estate because
you think there could be a marketdecline, Well, folks, I am
Rick Willis, and when I'm noton the air, I help people buy,
sell, and invest in real estate. If I can meet with you
over the phone or in person,reach out to me. If I can

(11:01):
meet with you in person or overthe phone, reach out to me call
me directly, Rickwillis eight four threethree two seven three zero one seven,
email me Rick at Rickwillis dot com. Please visit my website Rickwillis dot com.
We'll be right back after this break. If you have real estate questions
or if you need a market analysison your property, call Rick right now

(11:24):
at eight four three three two seventhree zero one seven, or you can
email them at Rick at Rickwillis dotcom. Check out Rick's bio and access
all properties on the MLS at Rickwillisdot com. Welcome back, Welcome back,
Charleston, Welcome back to the secondsegment of today's Rickwillis Real Estate So

(11:50):
Well. I ended my first segmenttalking about the status of the real estate
market here specifically, and the stateof South Carolina is number four out of
fifty states where there is a netin migration of people versus people moving out

(12:11):
of the state, number four outof fifty states, and that's very telling
and it doesn't take a genius tofigure out that if more people are coming
to the area as in the entirestate of South Carolina. And by the
way, all of the major marketshere are doing well. Probably the one

(12:35):
doing least well is Hilton Head,but Myrtle Beach is kicking but taking names
Charleston area the same way Greenville,Spartanburg, Columbia. Your major markets here
that are not just oriented towards thesecond home market or vacation market are doing

(12:56):
really well. And it's not justthe retirees coming here, which they are
to put the entire state, butit's the corporations and people that once a
major corporation comes that supply the majorcorporation they come also, and students and

(13:20):
small businesses coming and with the expansionof the population, existing businesses expanding.
We are in the perfect spot,folks. And when there is growth,
and when you can see by lookingforward that the growth is going to continue.
You don't have to read it inthe paper, you don't have to

(13:43):
see it online. But common sensepeople are coming to South Carolina to live.
They're coming to the low country tolive. And where there is the
greatest opportunity, in my opinion,is in multi family properties or the lower

(14:07):
entry point properties for first time buyers. And you see there are people that
actually buy a multi family property,live in one unit and rent out the
others. And when you do that, you can get owner financing or meaning

(14:28):
as an owner because you're living there, as different from investor financing. So
if you buy a duplex two unitsand you live in one of the units
and rent the other, you knowyou're living for practically free. If you
buy a four unit property live inone of the four, you are living

(14:52):
for practically free. But you're gettinginto the property as little as three and
a half percent down payment three pointfive percent, or you could be a
veteran and get in one hundred percentfinancing. It's one of life's better deals.

(15:13):
And if you're somebody who is singleor no kids yet and you have
the flexibility and the ability to getinto a multi family property, I mean,
it could be in Somerville, itcould be downtown Charleston. It's just
a way of subsidizing your housing expenseand living in a neighborhood that you might

(15:35):
look at and say, I can'tafford to live in North the Crosstown and
downtown Charleston. Well maybe what ifyou're buying a seven hundred fifty thousand dollars
duplex and you're living in one ofthe units renting the other one out,
Maybe your real housing cost is likethree hundred and fifty thousand instead of seven

(16:00):
hundred and fifty thousand. Why becauseyou've got the income coming in from the
property that you're renting also. Sojust another way of looking at it.
But I want to go back tothe big picture for just a minute.
You know, there's still the majorityof you that are listening to me to
have money invested in the stock market. You have your money in four oh

(16:25):
one ks or iras, and you'rejust sitting there with it, waiting for
the market to turn around. Butyou know what, you don't control the
market, meaning the stock market.But you're sitting there with hope, and
in many cases you're sitting there withan absolute belief that it will turn around.

(16:48):
Well, it probably will turn around. But when how many years or
decades will it take for the stockmarket to cover what it has lost in
the last eighteen months, and evenif it does recover in the next three

(17:11):
to five years, what it's lost. What is the alternative if you took
those same dollars without penalty keyword withoutpenalty. What if you took those same
dollars and you invested them in realestate. Now, please listen carefully to
what I just said, because youmay not have followed it. Most of

(17:34):
you are not aware of the factthat you can take money out of your
four oh one k IRA or otherretirement account. And when I say take
it out, I don't mean justwithdrawing it from where you now have it.
You can change who the custodian is, who's looking over your shoulder,

(17:56):
who's looking out for you, andyou can put it in to a self
directed ira, a self directed fouro one K where you personally get to
decide where your money is invested.You can continue to keep it in mutual
funds if you want, and youcould even continue to keep it in mutual

(18:19):
funds with whoever is handling it now, but you're not obligated to. And
there's the difference. You want tobuy some gold or silver with it,
you can. You want to buysome cryptocurrency, God forbid, you want
to play that game, you cando that too. You want to be
a lender of money, You wantto invest in a private company, you

(18:42):
can do that too. And needlessto say, you can invest in real
estate that your IRA or four ohone K will own, and you can
control what the income is by selectingthe right kind of income producing property.

(19:04):
I had a gentleman that went toclosing with me yesterday. We were at
Markwek's office in North Charleston off RiversAvenue, and this gentleman had listened to
my show a while ago, hesaid, years ago, but didn't pull
the trigger, didn't act, Andfinally he did take his funds out of

(19:29):
his retirement account and we went outand purchased a home for cash cash.
He had enough funds that he didn'tneed nor want a mortgage. He paid
cash, and we're going to beputting the home on the market for rent
for twenty five hundred dollars a monthtwo thousand and five hundred a month.

(19:52):
Now, let me stop right thereand ask you a question. There's a
number of you listening that would likeincome, and you're waiting around for your
stock market account to increase so thatyou don't have to sell at a loss.
Well, you don't have to sellyour account. Better to change it

(20:17):
to a self directed account, andI can counsel you on how to do
all this and by an income producingpiece of real estate where you'll have income
coming in. This investors not goingto manage it. He's going to have
a property management company manage it.Actually he's going to have my wife management

(20:37):
manage it, Charlene, and themoney will simply be deposited into his account.
We will find the tenant for thisproperty, We will negotiate the lease,
will do the due diligence on thefront end to make sure that the
right tenant rents the property. Ifthere's any issues with the property, condition,

(20:59):
will take care of that. Wehave access to all the people to
do it, and he'll simply geta monthly report and let him know how
much money is being deposited into hisaccount or when there are expenses property taxes,
insurance, hot water, heater,etc. Etc. We'll take care

(21:21):
of the property part of it aswell as the people part of it.
Folks. The safest place to haveyour money is in the right kind of
income producing real estate. Do youknow what that right kind is. I'll
talk more about that before this dayis over, but the market's good.

(21:45):
The safest place to have your moneyis in local real estate, whether it's
a property for you to live in, whether it's a second home, or
whether it's a bona fide income producinginvestment grade property. Folks, reach out
to me, call me, let'shave a conversation. Eight four three three
two seven three zero one seven.Email me for a time and a place

(22:11):
we can meet Rick at Rickwillis dotcom. Visit my website Rickwillis dot com,
read my bio, and let's havea conversation. Folks. Will be
right back after this break. Ifyou have real estate questions or if you
need a market analysis on your property, call Rick right now at eight four
three three two seven three zero oneseven, or you can email them at

(22:33):
Rick at Rickwillis dot com. Checkout Rick's bio and access all properties on
the MLS at Rickwillis dot com.Welcome back, Welcome back, Charleston,
Welcome back to the third segment oftoday's Rick Willis Real Estate Show. Well,

(22:56):
I think you can tell I likethe real estate business. I like
helping people buy, I like helpingpeople sell, and I like educating and
informing people of how this business reallyworks. I got started in the real
estate business in my early twenties inthe state of Maryland. I grew up

(23:19):
about five miles outside of Washington,d C. Right next to the town
adjoining College Park, which is theUniversity of Maryland. I grew up in
a place called University Park, whichhad joined College Park. So yes,
I am a Terrapin. Started goingto the football games in one of my

(23:41):
junior high school and was a guythat walked through the stands selling cokes.
As I recall, and I wasa big part of the University of Maryland
even before I spent five years inschool there. Yes, I spent five
years in school there, but Inever did graduate one hundred and twenty eight

(24:02):
credits. I needed one class tograduate, a statistics class I was in
my senior year, had enough credits, but needed this one class to meet
the criteria. Well long, andthe short of it was, it didn't
happen. I was enrolled in theclass, I dropped out of it,

(24:22):
telling myself I would go back andfinish and never did. And got into
the real estate business as a realestate agent, and nobody ever asked me
if I had a college degree,and they didn't care. So, knowing
that I was going to spend acareer long term in that business, certainly
I disappointed my dad because I wouldhave been the first person in the family

(24:47):
to graduate from college. But itended up it was my younger sister who
was the first person that graduated fromcollege, and she was so at the
University of Maryland. Well. Ibought my first investment property when I was
aged twenty four. It was insouthwestern Pennsylvania, and since that time,

(25:14):
I've owned an excess of one hundreddifferent properties, over two hundred individual units,
and I've learned a lot, madea lot of mistakes too, by
the way, So if you everdecide you want to work with somebody who's
got a lot of experience in bothmaking money as well as losing money,

(25:36):
I would be your man. Yes, I have lost money. I learned
the distinction between investing in real estateand speculating in real estate, and that
might be one of the reasons whyI'm seventy four years old and still working.
Yeah, it was the downturn ofthe two thousand and eight, nine,

(26:00):
ten eleven that caused me to losea lot of money in real estate.
But here's the significant part of whatI'm telling you. I had invested
in real estate successfully for decades priorto that time, never losing any money.
And then I decided to purchase vacantland for land development, which when

(26:26):
you contract for land to be developedinto housing residential housing lots, you do
so quite ahead of when the lotsare going to actually be sold to a
builder, anywhere from nine months toa year and a half to get a
subdivision approved and all the permits readyto make it ready to build. So

(26:48):
I had sold refinanced a lot ofthe income property that my wife and I
owned, and we bought millions ofhours of vacant land that we had mortgages
on, and in addition to that, spent hundreds of thousands of dollars in
what is called engineering expenses to getthese properties ready to go to build on

(27:15):
and are the housing market when we'reright in the middle of three reasonably large
major projects, maybe it was four, and nobody wanted to buy the dirt
that we owned, that we hadlots of money invested in. And when

(27:37):
you get a loan on land,it's not a long term loan, it's
not a thirty year mortgage. Andwe had loans that were due. We
did get some extensions on those loans, but at the end of the day,
we tried to keep ourselves alive andpay everybody we needed to pay,

(27:59):
but we ran out of money.It's called cash flow. And the lesson
that I learned is that there's adistinction between investing in income producing property that
has income coming in that exceeds themoney that goes out versus vacant land where

(28:21):
you have no money coming in andall of the money going out. That's
not to say that it's not agood speculative investment keywords speculative. And I'm
back doing some small residential development evento this day, but I'm doing it

(28:41):
in such a way that I'm notputting myself in debt where it can sink
the ship. And there's the distinction. So, as I told you earlier,
I've made money, I've lost money. And whether you're a homeowner,
occupant, or somebody looking to sella primary home or investment property, I
can keep you out of trouble andtell you what to look for and more

(29:04):
importantly, where to find it.You see, if you're going to be
buying or selling any kind of realestate, you've got to work with somebody
experienced. An experience doesn't mean timethat they've had a real estate license.
Experience means how many properties have theyhelped people buy and sell total properties in

(29:26):
their career, And for me,it's thousands over a fifty year period.
And that includes mobile home parks andoffice buildings and multi family and single family
and individual mobile homes. You nameit, I've either personally bought it,

(29:48):
knowned it, or I've represented othersin doing the same. I can help
you. I can help your parents, I can help your kids, I
can help you. So out tome if I can be of help to
you. But let's get back tothe basics here. I had someone call
me this past week left me amessage. Actually, they emailed me and

(30:14):
they said, we own a homecurrently in Somerville, and my husband and
I want to buy some land outin the country a little bit and build
a home, and we don't knowanything about land, and we'd like to
talk with a realtor who knows aboutland. And I emailed back and told

(30:37):
this individual my experience with land.And we had a conversation by way of
phone this week. And I treatedthis individual like I should have treated them,
that they know nothing about land.So we started with the basics.
Here's some basics that you need toknow about land if you're thinking of buying

(30:57):
any whether it's for a wreck,creational purposes, or building a house.
Number One, you have to knowabout the zoning. Some land is zoned
where you can subdivide it into smallpieces if you want, you've got public
sewer, public water. Some landyou can have a lot as small as

(31:22):
literally a tenth of an acre.Some land it's a quarter of an acre,
some it's three quarters of an acre, and some it's larger than an
acre. So what's the zoning,What do you intend to do with this
land? And when you've figured outthat, you've got landed zone properly.
Now, if it's out in thecountry a little bit, you probably aren't

(31:45):
going to have public sewer. Youmight have public water, but you're not
going to have public sewer. Sothere's something you need to do called a
protest. When you build a structureon vacant land and you go to flesh
the toilet, there's no sewer there, so you've got to provide an on
site septic system. So you needto have the soils of a certain type

(32:10):
that will pass what is called aHealth Department d Heck perk test. And
you have to wait in line sometimeswith d Heck because there's so many people
wanting these perk tests to be doneand they don't have enough people to just
come out when you would like themto. But you make application, or

(32:31):
you can hire a private consultant.I personally, when I'm working with people
to buy land, recommend that peoplehire a private consultant. And for under
five hundred bucks, you can getsomeone to come out to the property that
is a retired d Heck employee thatused to do this for a living for

(32:55):
decades and they still know what they'redoing, and they can look at the
oil and tell you what you got. No sense trying to wait a couple
months for an official PERK test ifyou can get one done within a week,
right, Well, you need toknow what soils you got, and
then once you do know what soilsyou have, you'll know what kind of

(33:17):
septic system that's going to have tobe put on there. Is it a
traditional standard system, is it asand mound? Is an engineered system?
You see based on the soil thatyou have, again perk test, does

(33:37):
the ground percolate or is it claythat won't allow the soil to You know,
have the have the water and effluentfrom flushing the toilet go down into
the soil, And then you've gotthings called drain fields and septic tanks.
And I've learned this over the years. And if you're going to be involved

(33:58):
in land, you got to havesomebody you're working with it knows this.
And the same thing if you're sellingthe property. There's a completely different specialty
working with land versus just a house. And then you may or may not
have public water. If you don't, you need a well well. How
far do you need to dig thewell to get good water? Or are

(34:22):
you going to need to have afilter and on that septic system. What
I didn't mention that I forgot isyou can have a traditional system for under
ten thousand dollars, or if it'san engineered system, depending upon the size
house you build and the soil qualityor lack of quality, it might be
thirty thousand and sometimes even more so. Cost is also a factor to factor

(34:50):
into the whole thing. Well,what about what lands? Yeah, you
say what lands? Well, yousay, I looked at the property and
I didn't see any water. Well, don't confuse water with wetlands. You
see, wet lands is almost theopposite of standing water. You see in
what lands you can dig a holeand the water just keeps going down.

(35:14):
But they go by vegetation. There'sa certain vegetation and soil type that is
wet lands. And the powers tobe don't like you disturbing wetlands. For
example, Boeing when they came intotown and built what they built and will
continue to build and expand they hadto They asked for a permit to fill

(35:37):
some wetlands. They got the permit, but they had to mitigate the land
disturbed by going out and buying additionalland or making a financial contribution to a
fund that would preserve land that couldnever be developed. A lot of little

(35:59):
things to folks about land. Butthat being said, I continued with my
education of this individual that was lookingto buy land, and I look at
my watch and I say, gee, it's time for another break, and
we'll continue talking about land and someinvestment property when I come back from the
break. This is Rick Willis,and you're listening to news radio ninety four

(36:22):
three WSC. Will be right back. If you have real estate questions,
or if you need a market analysison your property, call Rick right now
at eight four three three two seventhree zero one seven, or you can
email them at Rick at Rickwillis dotcom. Check out Rick's bio and access
all properties on the MLS at Rickwillisdot com. Welcome back, Welcome back,

(36:47):
Charleston, Welcome back to the finalsegment of today's rickwill Real Estate Show.
Well, there's one final item thatI shared with these folks that said
they were looking for vacant land.And I did ask them some questions about
their current home, how much equitythey had in it. I asked them

(37:09):
about their income. So I gota real good feel of who these people
were that were having a conversation withme about land. And I said to
them, you may or may nothave an interest in what I'm about to
tell you, but let me sharewith you something that most real estate agents
won't even bring up to you aboutvacant land. I said, sometimes you

(37:36):
might want to consider going out andbuying a property with a house on it
that has excess acreage above the amountof land that you want to keep for
yourself. By the property that hasexcess land, subdivide the house and a

(37:57):
certain amount of land from the largerpart, sol resell the house, and
you keep the residual vacant land.And it's very possible under that formula that
you'll actually get a piece of landat a lower price per acre than if

(38:20):
you just go out and look forvacant land. And I went on to
describe the logistics of how to accomplishthat, and again that was appealing also,
And because I was only talking withmissus, not mister in his phone
call, I volunteered to come havea meeting with both of them take a

(38:44):
look at their house to a marketanalysis, because they would need to sell
their home before they purchased But thatbeing said, we talked about some creative
things there too, possibly even sellingtheir house, finding a buyer that would
let them stay there for a certainnumber of months, maybe even a year

(39:05):
while they were looking for a homeor building a home. Anyway, that's
my story about vacant land, andanybody listening that has any interest in buying
or selling any vacant land, letme know. And a lot of people
with vacant land, by the way, hold on to it, hold on
to it, hold on to it. They wait, they wait, they

(39:27):
wait. I'm going to pass iton to my kids. They probably don't
want the land, they want themoney. But if you've got land and
you've been hesitant to sell it becauseyou'd have to pay a lot of income
tax on it, well come on, sell it and you can buy a

(39:47):
house or a multi family property withthe proceeds and pay zero income tax through
what is called an I RST tothirty one exchange. And I can walk
if you how to do that.Don't want to take the time here on
the radio show to get in depthon that, but convert vacant land to
income and pay no taxes on thesale of your land. And again I

(40:15):
can help you do that and makesure you're complying with the internal revenue guidelines.
Well, something I've been meaning tosay and ask you during the last
number of shows that I've done,and I always forget, and I promise
myself I wouldn't forget today. Iam a licensed real estate broker. I

(40:38):
work out of my house. Thatis my office. My wife is a
licensed real estate salesperson. She doesproperty management, and we both work out
of our home. And by theway, a lot of real estate licensees,
even if they have a formal office, choose to work out of their

(41:00):
house. This is a business whereif we've got a car, and we
have a telephone, and we havea computer, and we have a place
to sit, the real estate businesscan be done without going to an office.
But what I wanted to say isthis, we're looking to hire some

(41:22):
help, both my wife who doesproperty management, as well as myself who
does listing in sales of vacant landand improve property. We're looking to hire
some help. And if you're listening, and you might be looking for a
part time job, and for someof you it might even be a full

(41:44):
time job, I want you toreach out to me because we could be
a good fit. You can workout of your house. You don't have
to come to our house to dowhat we would ask you to do,
and might actually learn a lot byworking around someone like myself or my wife

(42:05):
in the world of property management.And if you don't have a real estate
license, that's okay. There's plentyof things we can have you do that
do not require a real estate license. And the flip side of that is
if you'd like to get a realestate license for either property management and or
real estate sales, we would welcomethat also. So there's a way that

(42:31):
you could get paid and do tasksthat don't require a real estate license,
or get a real estate license orproperty management license and have a different way
of being compensated. If you wereto say, well, how much are
you paying? That's completely open ended, depending upon your level of experience and

(42:52):
commitment and hours that you'd like towork, and we'd like to have your
work open ended. But if you'relistening, and that could be you your
husband or your wife, son ordaughter, parent who might be retired looking
for something to do, reach outto us and I would be the point

(43:12):
of contact there. So my phonenumber directly is eight four three three two
seven three zero one seven. Myemail is Rick at Rickwillis dot com,
and of course you can always visitmy website Rickwillis dot com looking for help
full and or part time property managementand real estate sales. Okay, that

(43:37):
being said, let's wind the showdown with the following. If you're going
to be looking for a place toput your money, I've mentioned this many
times before. Real estate is thesafest place to have your money. But
it's not just going out and buyinga rental house. You see, there

(43:59):
are four special components of investing inreal estate to make sure you don't lose
money and make money. Here arethose four. Number one, it's critical
that you buy the right type ofproperty. The right type. Now,
I don't know what the right typeof property is for you. It could

(44:19):
be a single family home, itcould be a duplex, could be a
four unit property. It could bea commercial property where you never deal with
a residential tenant. It could bea mobile home park. It could be
an individual mobile home that you ownwithout owning the land or with the land,

(44:42):
or it could even be some vacantland. That being said, you
want to have a consultation with me, so I can counsel you based on
your assets, your income, yourrisk tolerance. Are you going to manage
it as somebody else going to management? What is the right type of property
for you to own? Additionally,what area or location is the right place

(45:10):
for you to be? Is itdowntown? Is it at the beach?
Is it in North Charleston? Isit in Mount Pleasant, Somerville, hand
Goose Creek or farther beyond location?Location? Location? And then once you
decide where you want to be,maybe there's some different choices of where you

(45:35):
are in that geographical area. Iknow the entire market area. You want
to pick my brain on that,folks. Now, what about the price
point? Real critical? What pricepoint should you be at? I can
help you with that because I knowthe market, I know the rents.
I can help you. And finally, who's going to manage the property for
you? You or somebody else?If you get all four of those right,

(46:00):
you win. Every time you loseone of those four, you don't
necessarily win every time. Reach outto me, folks, let's have a
consultation. Call me directly. RickWillis eight four three three two seven three
zero one seven email me Rick atRickwillis dot com. You've avoided talking to
me too long. Look forward tospeaking with you. Have a great weekend.