The Story of Two Broker Opinions (LA 1485)
Transcript:
Steven Jack Butala:
Steve and Jill here.
Jill K DeWit:
Hello.
Steven Jack Butala:
Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.
Jill K DeWit:
And I'm Jill DeWit, broadcasting from sunny, Scottsdale, Arizona.
Steven Jack Butala:
Today, Jill and I talk about the story of two broker opinions. In life, sometimes brokers don't agree.
Jill K DeWit:
It's funny. It's funny how you reach out- [crosstalk 00:00:20]-
Steven Jack Butala:
Sometimes couples don't agree.
Jill K DeWit:
Not us, other couples.
Steven Jack Butala:
No, it's peaches and cream with Jill and I, every minute.
Jill K DeWit:
Steven, I can't tell you how much I appreciate it. The way you just cheerily jump out of bed every morning and are always just smiling and never serious, just giddy.
Steven Jack Butala:
Especially during the COVID.
Jill K DeWit:
Yeah. Oh, that was my favorite time, I love that quality time we got to spend together.
Steven Jack Butala:
Nobody, nobody likes work Steve, especially Jill.
Jill K DeWit:
Exactly. I get to see it all.
Steven Jack Butala:
Everybody loves drinking Steve.
Jill K DeWit:
Oh yeah.
Steven Jack Butala:
But not work, Steve.
Jill K DeWit:
And spending Steve and rewarding Steve and like, sure, why not? Buy it Steve. Okay.
Steven Jack Butala:
Before we get into today, let's take a question posted by one of our members on the landinvestors.com online community. It's completely free and if you're already a member, please join us on Discord, it's a blast.
Jill K DeWit:
Austin wrote, flood pocalypse.
Steven Jack Butala:
This is the title of his question, flood pocalypse.
Jill K DeWit:
Flood pocalypse, I love it. "What do you folks do regarding your due diligence for flood plains? I found some info for the following designations. Holy moly. A, AE, A1-A30, AH, AO, AR, A99, V, VE, V1-V30. It's Greek to me...
Steven Jack Butala:
Me too. Not really.
Jill K DeWit:
... If there's anything floody that comes up, do you pass or does it depend? Also, please share what tools you use. Thanks, Austin." This is very sweet. So, Laurie very nicely wrote, "hey Austin. As a rule of thumb, regulatory flood plains are unusable...
Steven Jack Butala:
Yep.
Jill K DeWit:
... Other designations have varied implications depending on the place. I do a quick check using the FEMA flood map overlay, which you can find in neighborscoop.com and it's available on the fema.gov site, to see what others have done with land in the same flood designation areas. Is there a house? Is there a barn? Mobile? Crops? Boat tied up to a fence? If I want a purpose or I want to pursue the property, I'll call the county and find out what the requirements are, if any, to build in the flood plain. He didn't mention wetlands, there's still a hope, if the properties in the floodplain, wetlands hopeless. Best, Laurie."
Steven Jack Butala:
Couldn't have said it better myself. All of it.
Jill K DeWit:
Yep. Now, Kevin says don't mess with it.
Steven Jack Butala:
Kevin the moderator says, one short sentence, "don't mess with it."
Jill K DeWit:
So I guess- [crosstalk 00:03:16].
Steven Jack Butala:
They're both completely right.
Jill K DeWit:
So, it depends on what it is, for me. So for example, I use neighborscoop.com, I have it open all day, every day. So, property comes in, I pull up my NeighborScoop and that's one of the things that I go through, my quick, little, five minute, phase one due diligence and I'll see if it falls under flood plain. And then, I'll start on, say it's a light purple and so I'm like, "all right, what else has been built in light purple? And when was it built?" Because that's the beauty of NeighborScoop, I can click on it and go, "all right, this isn't a flood pipe. Look, here's a house that was just built or a barn or something, in 2010, I can see it on there, I pulled up the property history, so it's no big deal. And they solved it.