A brief YouTube video by Mark J. Podolsky (The Land Geek) giving a due-diligence tip for land buyers: when a seller is an LLC, request the incorporation papers (including Articles of Incorporation and the employer identification number) and verify the company is in good standing with the state (Secretary of State or county/city where incorporated). The video is framed around a student (Jeff from Boston) who asked how to confirm an LLC's legitimacy, and ends with promotional links to Mark's website, podcast, and a free consultation.
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Hey, it's Mark Podolski, the lane geek from thelanegeek.com and let's have a virtual cup coffee together. Fantastic. Bulletproof. So I got a call from one of my land students, Jeff, in Boston, and he's got a really nice deal under contract, but he's going through the deal and he's doing his due diligence and it's not big enough for him to close through title. He just wants to do the title search himself, which is pretty simple to do. But the company or the people that he's buying from aren't individuals. They're actually a company, an llc. So he said, mark, what do I do? How do I confirm they're really a legitimate llc? So the first thing he needs to do is ask for the incorporation papers and just get a copy of that and that will give him the employer's identification number. He'll see that they've signed the papers and just get all the corporate documents a copy of those. Typically, what we want are the articles of incorporation. The next thing he wants to confirm is that they are a company in good standing in that state. So in Arizona you can just really go online, I believe it's the Secretary of State and you can actually see a certificate of good standing in other states. I'm not necessarily sure, but I bet it's pretty similar and you can either get it from the county or the city or wherever they did incorporate. So if you want more tips, tricks, techniques on how to make money buying and selling raw land, Please go to www.thelandgeek.com Download for free the Passive Income Blueprint. I podcast weekly. Check out the podcast. We're getting good feedback on that. And of course you can always leave me a comment and even schedule a free 30 minute consultation with me personally and see if this is the right business for you. So this is Mark Podolski, the land geek, saying thanks for having another cup of coffee with me.
