Your Acquisition Criteria and Ours (CFFL 440)

Jack Butala:                       Jack Butala with Jill DeWit.

Jill DeWit:                           Hi!

Jack Butala:                       Welcome to our show today. In this episode, Jill and I talk about your acquisition criteria, and our acquisition criteria. The concepts are the same, but they should be a little bit different. Before I get into it, let's take a question, posted by one of our members on the landinvestors.com online community. It's free.

Jill DeWit:                           Okay. Luke asked, "I don't usually check the zoning on these properties. Recently, it seems like that's all I have been doing. Learning a lot, too. It's totally different county by county. Some of the zoning info is in corelogic and some isn't. Knowing what is allowed and not allowed in the property makes 'em easier to market, just takes a lot of time. I wonder if you guys ever check or get into that or have any pointers? Thanks."

Jack Butala:                       I do. Oh, Trevor answers.

Jill DeWit:                           Yeah, I got one right here, too. So I put in here one of the comments from one of our folks. And then I thought we'd weigh in, too. All right, so Trevor already commented. "Luke, I spent an hour with the county today getting sent to the assessor, treasurer, assessor ..." Coast Guard!

Jack Butala:                       Coast Guard helicopter.

Jill DeWit:                           Super cool. All right. So he said, "Lucas,"-

Jack Butala:                       That is so cool.

Jill DeWit:                           I love it. I know. "Luke, I spent an hour at the county today getting sent to the assessor, treasurer, assessor, and zoning. Found out it will cost me basically nothing to split four of my 40 acre properties I have accepted offers on into 20 acre parcels. Was then reluctantly told that with a specific zoning, I can basically do whatever you want ..."

Jack Butala:                       Yeah, must be in Texas.

Jill DeWit:                           Awesome. "Do whatever you want." This is in quotes. "Down to one acre parcels if you want to even though it makes my life hell." I love it. "She told me it was still the wild, wild west."

Jack Butala:                       This is Texas.

Jill DeWit:                           "And then went on to rant about folks selling land, landlocked land, to folks on the internet and how they're all crooks, hahaha. We laughed and laughed about those dirty, nasty, probably inbred internet land sellers." That's so funny. "So I tried to do a zoning search of that county and no dice. Must find another way now. I have found a few sections with that zoning via GIS so I may have to see what I can do to buy it cheap enough. Maybe team up with a heavy equipment guy ..."

Jack Butala:                       Yep.

Jill DeWit:                           "... and start turning sections into 10 acre [crosstalk 00:02:25]"

Jack Butala:                       That's what you do.

Jill DeWit:                           "If I can find a good county road to the section, game over."

Jack Butala:                       Yep. You need a county road. Then a section is a square mile, it equals 640 acres. Do the math on this with me real quick. This started as a zoning conversation and ended in a subdivision conversation. Which is why you check, hey, Luke! That's why you always, we check the zoning on everything.

Jill DeWit:                           I do.

Jack Butala:                       And it's not just enough to go and see what it's zoned. Like, let's say it's zoned ...

Jill DeWit:                           Commercial.

Jack Butala:                       ... residential.

Jill DeWit:                           All right.

Jack Butala:                       There's a, or are you third gate, which is single residence per 38. It's a Arizona specific. It's always different for county.