Planning for Your Family Legacy Like Saras Farm (LA 1035)
Transcript:
Steve: Steve and Jill here.
Jill: Good day.
Steve: Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.
Steve: and I'm Jill DeWit, broadcasting from sunny southern California.
Jill: Today. Jill and I talk about planning for your family legacy, like Sarah's farm.
Steve: Who The heck is Sarah?
Jill: Sarah is our niece and this is because of a story that I heard, and I was talking to your sister yesterday and she was sharing with me Sarah's farm, one of their properties that they purchased, and I thought this was really, really cool and I want to talk about it more.
Steve: If you're a regular listener, you know this, but my middle sister is... It lives in Trevor City, Michigan, and she's extremely successful residential real estate agent. She's actually the single only residential real estate agent that I enjoy spending time with.
Jill: That is true, well hey wait, there's two.
Steve: Oh yeah.
Jill: Well we have two, we have one more local.
Steve: Yeah, and so she's been accumulating property. She pours a lot of her money, the commission money that she earns ,into buying properties, and I think she's up to what, 20 or 30 or something?
Jill: 20 doors.
Steve: And so one of them is Sarah's farm, which I think... Tell the story. Oh no, okay wait...
Jill: We'll save it for the show.
Steve: Before we get into it, let's take a question posted by one of our members on the landinvestors.com online community. It's free.
Jill: Mike L. asks, "Hi Steve and Jill, I recently sent out a mailer and have been getting calls back. It's exciting, but everyone wants more than we are offering. I'm okay with that, but I'm having trouble properly assessing the true market value against the land flippers on LandWatch who are properly following your advice and to price less than the cheapest listed seller to move land fast. We have no seller lists yet and we have priced well enough it seems, but we can't move much higher if I'm basing the sales price off the lowest seller. I can find... The lowest one I can find on LandWatch. Have you or others had any experience with this? Is it worth acquiring with the expectation that the sales price will fall more towards the average low?
Steve: Yes.
Jill: Usually other flippers or the one or two that are viciously low. Please help. I've got an example below if my question didn't make sense.
Steve: It makes complete sense.
Jill: I'm sorry. I'm going to say what he put in here too? This is so cute. Oh, this is a good... hey, good way to do this. This is how you get on this show. He put hashtag podcast question, hashtag love the show hashtag. I'll put whatever I have to put here to get on this show, hashtag you just told us to do something like this to get your question on the show. Mike. Hashtag Mike, you did great.
Steve: That was hilarious, Actually.
Jill: Perfect.
Steve: I didn't even realize that when I put this question in here.
Jill: That was so good. Alright. Do you want me to read the example?
Steve: He says, "For example, we listed a property for $750 and they made an offer for $750 and the guy wants four grants. So the cheapest on LandWatch is 2,500 everybody else falls into the four to $5,000 range for the same property that's in a planned urban development. That's east coast, east coast speak for mash plan community.