4.6 • 29.8K Ratings
🗓️ 23 November 2024
⏱️ 28 minutes
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0:00.0 | Support for NPR comes from NPR member stations and Eric and Wendy Schmidt through the Schmidt Family Foundation, working toward a healthy, resilient, secure world for all. |
0:11.5 | On the web at theshmit.org. |
0:15.3 | This is Planet Money from NPR. |
0:20.7 | Gina Lito is a real estate developer. |
0:23.9 | She buys properties, builds houses on them, sells them. |
0:26.8 | And she's pretty hands-off about all the paperwork. |
0:29.5 | She has her lawyer handle that stuff. |
0:31.4 | The lawyer comes. |
0:32.6 | I give him the money, and he will close, and he will call me and say, it's closed, it's yours. |
0:39.4 | So impersonal. |
0:40.8 | Yeah, it is. I've never met any of the sellers of the properties we have bought. |
0:47.4 | Gina and her business partner have bought eight properties in Connecticut, where they live. |
0:52.1 | And then, two years ago, she found her ninth. |
0:55.0 | Our realtor came to us and said there is a piece of land for sale. It's been in the same |
1:00.6 | family for many years. Did you go see the property? So I drove by, but it was just an overgrown |
1:07.0 | lot at the time. An overgrown lot. |
1:16.0 | Now, even though she's pretty hands-off, every time Gina buys property, she does her due diligence. |
1:17.8 | Like, is the land flat? |
1:19.1 | Are there any wetlands? |
1:22.6 | She and her partner look at zoning, boundaries, that kind of thing. |
1:26.3 | And, of course, with this new property, she checked out the owner. |
1:28.4 | She wanted to have an idea of who she was doing business with. It's more out of curiosity than anything, but obviously if you found out, |
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