Perfect Land Acquisition Makes You Run to the Bank (LA 954)

Perfect Land Acquisition Makes You Run to the Bank (LA 954) Transcript: Steven Butala:                   Steve and Jill here. Jill DeWit:                            Hello. Steven Butala:                   Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala. Jill DeWit:                            And I'm Jill DeWit broadcasting from southern, sunny California. Steven Butala:                   Today Jill and I talk about how the perfect land acquisition makes you run to the bank. Jill DeWit:                            That great? Steven Butala:                   We talk about jogging to the bank, sauntering to the bank. Jill DeWit:                            Walking away from the bank. Steven Butala:                   Meandering to the bank. Jill DeWit:                            Running out of the bank. Steven Butala:                   Strolling to the bank. Jill DeWit:                            Just kidding. Steven Butala:                   And full blown sprinting to the bank based on how good the deal is. Jill DeWit:                            Right. Steven Butala:                   I'm sure you have examples of all of it right now. So Jill and I, surprisingly we don't communicate that much at work, and then every time we sit down to record these shows- Jill DeWit:                            This is the most that we talk. Steven Butala:                   ... There's about three minutes before we sit down. She's like, "What's the topic?" I say it's, and I label it, like in this case it's a perfect land ... She's like, "Oh, I have two right now. I have two properties right now that I ..." Jill DeWit:                            Exactly. Steven Butala:                   Then the camera turns on and she's like sweet Jill. Jill DeWit:                            Thanks. Steven Butala:                   She's not CEO Jill. Jill DeWit:                            Thank you, thank you. Steven Butala:                   Before we get into it, let's take a question posted by one of the members, one of our members, on the landinvestors.com online community. It's free. Jill DeWit:                            Tim W. Asks, "A seller wants me to sell the farmland out behind her home, but wants to keep the home. How do you go about doing this? I've heard about subdividing after you buy a property, but I could not find information how to subdivide a property when you buy it. I don't want to do the work, and pay the money, and not have it close. Property's located in Vermilion Parish, Louisiana. Looking at about 40 ish acres, so survey is not going to be cheap. I did some searching and could not find a previous post. If there's a step-by-step or a post that I missed previously, please send me a link. I greatly appreciate it." Bonus ... This is cute. "Bonus valuation information or question. They used to farm, rice, crawfish, and soybeans, but it's currently not being farmed. Do you value farmland different than you do vacant parcels? There are not many parcels for sale in the Parish, and it's quite remote. The typical websites are not giving very many properties to compare to." This is a good one. Why don't you go first. Steven Butala:                   This is a diamond. You found a little diamond here. Number one, when there's agricultural property like this, there are very, very liberal, pro-user, pro-seller, pro-buyer rules that are rooted in the statutes in every state that I've ever checked. I have not checked Louisiana specifically, where this kind of thing happens all the time and you don't have to go through a lengthy process at all. As an agricultural person or a farmer, you can probably literally walk into the county and say, "I need to separate my house APN from my farming APN." I know for sure in the core agricultural states like Kansas and Iowa, that this is a two day process, maybe a one incident process. It's very, very pro-agriculture,