Steve D Valentine walks through a client call about a 5-acre parcel north of Surprise. The family wants income after the grandmother's death but won't move the grandfather, who's lived there 24 years. Steve explores splitting the land, paying off the mortgage with sales, and selling to neighbors since a wash makes subdivision tricky.
Questions this video answers
5 acres
24 years
One acre (minimum)
Chapters
Here's the call. Hey, this is Joe, my grandfather. You know, he owns this 5 acre parcel out north Surprise. And grandma just passed away. He's going to be short on funds and I think we kind of need to sell the property or do something with it. Can you help me out now? The typical response for most people is like, sure, let me go out, take a look at it and we'll figure out how to sell the house and figure out what's best. My response to Joe was, hey, let me go out and take a look at the five acres. Does grandpa want to stay there? And now visiting with grandpa, he's been here for 24 years. He's not in great health, so moving him is not ideal for anybody. And the other of the structure is the family's trying to figure out how to create some income for grandpa. And there's five acres here. Well, the five acres can be split, minimum one acre zoning. So now I got to go through and cut up a plan and figure out like what is best. Can we cut this section off for his house and figure out how to get him free and clear on his mortgage, sell the land off and then have some residual income or a nest egg of income that can create some additional streams of income for him for the rest of his life. So that's the plan that I'm working with with the family right now. A lot of people don't have the ability to look at that structure from the investment standp along with the income standpoint. And how do we solve the biggest problem? Well, the biggest problem for the family, they don't want to move grandpa. So grandpa wants to stay here and be happy. So we're going to figure out how to take the 5 acres and convert it by either splitting it for him, keeping this piece free and clear, and then maybe even going out to some of the neighbors and seeing if they're looking for parcels because there is a large wash that runs through this. So it's going to be a little different to split. So there's a bunch of different ideas that I'm going to lay out for the client and then we can see what we come up with.
