Why a Career Land Developer Picked Land Academy (LA 977)
Transcript:
Steven Butala: Steve and Jill here.
Jill DeWit: Hi.
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 sunny, southern California.
Steven Butala: Today Jill and I talk about why a career land developer picked Land Academy.
Jill DeWit: This'll be good, based on a call that I had, and then I shared it with you, and you're like, "Oh, we got to talk about this." So, I-
Steven Butala: It kind of ties into what happened yesterday. There's a special type of person that gets involved in this, and it was a total unintended consequence on my part when we started this. We just wanted to help people and have that question stop, and it ended up all these smart people found Land Academy.
Jill DeWit: And look what we're doing now.
Steven Butala: Now we're doing deals together and stuff. It's pretty cool.
Jill DeWit: I know. It's great.
Steven Butala: Before we get into the topic, let's take a question posted by one of our members on the landinvestors.com online community. It's free.
Jill DeWit: Linda asks, "I've been in contact with an owner of a 33.5 acre parcel in Virginia. But as I was looking through the current deed, it mentions a family cemetery and a right of ingress and egress. I asked the seller about it, and she said it's very old, like 1800s. Some of her relatives are buried there, but then they were moved to church cemeteries many years ago. There are a few graves left, but they're all people unrelated to the family and the seller has no idea who they were. Neither does anyone living in that area. She is supposed to send me a survey that shows the location of the cemetery. Sounds like it's her at the front of the property on the left side, so not in the middle of anything. I had offered $25,000 which is $746 an acre before I knew about the cemetery, and the cheapest comp, comparable property in the market right now is listed for $2,400 an acre."
Jill DeWit: That's great.
Jill DeWit: "Prices go up from there to $3,000 an acre, and they keep going up. It looks like a great margin, but I'm concerned that having an old cemetery on the property would make it hard to resell. Thanks."
Steven Butala: As you can imagine, this topic on land investors itself generate a lot of responses from other members.
Jill DeWit: Yep. Exactly.
Steven Butala: Would you buy it?
Jill DeWit: You know what I would do, I would try to see if I could get the property split to remove the cemetery. In a perfect world, I'd get that piece, chunk, cut out and leave it with the family.
Steven Butala: So that's what the response was from our moderators.
Jill DeWit: Right. Okay. That would be my first choice.
Steven Butala: I like it. The economics of the deal are great, and I'll tell you what. If you can buy at 33-acre property in the state of Virginia anywhere ... There's no bad place in Virginia to buy real estate. So that makes me say, "I want to go to the next ... Let's take it to the next ... It's the next level." Plus, if she's got an old survey and all kinds of stuff, that's really positive.
Jill DeWit: I think the right attorney could get this done, and not be that hard. I bet the right attorney can do it in 30 to 60 days and get that piece off there. Otherwise, there's nothing you can really do with it because no one's going to want to move a cemetery, you know,