Comments for LandThink http://www.landthink.com Get Land Smart! Tue, 06 Jan 2009 15:24:58 +0000 http://wordpress.org/?v=2.7 hourly 1 Comment on How should sellers find the values of their properties and set asking prices? by Lisa Collins http://www.landthink.com/land-selling/how-should-sellers-find-the-values-of-their-properties-and-set-asking-prices/comment-page-1/#comment-524 Lisa Collins Mon, 22 Dec 2008 18:39:18 +0000 http://www.landthink.com/?p=146#comment-524 Curtis - I think this is an excellent overview of the pricing challenge we face with our unique properties! I specialize in riverfront properties - and each one is so unique that it is absurd to suggest that there is even one 'comp' let alone three! Your approach of gathering as much data as possible, from many different sources is a sound one - it makes it much easier to see that nailing down THE price for a property is futile, and that establishing an EWV is the smart and practical approach. Thank you for a terrific article! Curtis - I think this is an excellent overview of the pricing challenge we face with our unique properties! I specialize in riverfront properties - and each one is so unique that it is absurd to suggest that there is even one ‘comp’ let alone three! Your approach of gathering as much data as possible, from many different sources is a sound one - it makes it much easier to see that nailing down THE price for a property is futile, and that establishing an EWV is the smart and practical approach.

Thank you for a terrific article!

]]> Comment on Rethinking stocks: Put land in a real-estate IRA for retirement by Josh http://www.landthink.com/land-buying-investing/rethinking-stocks-put-land-in-a-real-estate-ira-for-retirement/comment-page-1/#comment-512 Josh Tue, 16 Dec 2008 18:26:30 +0000 http://www.landthink.com/?p=140#comment-512 Drew, I represent a company that facilitates alternative IRA investments. The issues vetted in the comments and article above are real, as is your concern over the gradual need for distributions from an IRA: "The problem here is that you can’t withdraw land a little bit at a time from an IRA account, unless you subdivide it and incur the expense of both the subdivision and the sale transaction each time you do it, effectively defeating the purpose of the tax shelter, should there even be one 30 years hence." There is actually a way to do this, albeit the process entails an annual dedication to valuation (appraisal) and retitling of the property deed (at least in the State of Florida). A "tenancy in common" titling of the property would allow the owner and IRA holder to slowly retitle the property to be owned by both parties (owner and IRA). The titling would appear as follows: Original ownership (100% IRA) - Entrust Gulf Coast, LLC FBO Drew Seltzer IRA#12345, a 100% undivided interest Amended ownership (75% IRA owned, 25% individually held) - Entrust Gulf Coast, LLC FBO Drew Seltzer IRA#12345, a 75% undivided interest & Drew Seltzer, an individual, a 25% undivided interest The owner can then sell the directly owned interest in the property if liquidity is needed. The other option lies in holding the asset personally. This would be considered an in-kind distribution, subject to ordinary income tax on the distribution. I do not doubt that expense may be generated by the sale or transition of deed, yet it is a possibility. Regards, Josh Drew,

I represent a company that facilitates alternative IRA investments. The issues vetted in the comments and article above are real, as is your concern over the gradual need for distributions from an IRA:

“The problem here is that you can’t withdraw land a little bit at a time from an IRA account, unless you subdivide it and incur the expense of both the subdivision and the sale transaction each time you do it, effectively defeating the purpose of the tax shelter, should there even be one 30 years hence.”

There is actually a way to do this, albeit the process entails an annual dedication to valuation (appraisal) and retitling of the property deed (at least in the State of Florida). A “tenancy in common” titling of the property would allow the owner and IRA holder to slowly retitle the property to be owned by both parties (owner and IRA). The titling would appear as follows:

Original ownership (100% IRA)
- Entrust Gulf Coast, LLC FBO Drew Seltzer IRA#12345, a 100% undivided interest

Amended ownership (75% IRA owned, 25% individually held)
- Entrust Gulf Coast, LLC FBO Drew Seltzer IRA#12345, a 75% undivided interest & Drew Seltzer, an individual, a 25% undivided interest

The owner can then sell the directly owned interest in the property if liquidity is needed. The other option lies in holding the asset personally. This would be considered an in-kind distribution, subject to ordinary income tax on the distribution.

I do not doubt that expense may be generated by the sale or transition of deed, yet it is a possibility.

Regards,
Josh

]]> Comment on A New LANDFLIP.com Poll Shows Hunting Land is the Premier Choice for Potential Land Buyers by LandThink http://www.landthink.com/news/a-new-landflipcom-poll-shows-hunting-land-is-the-premier-choice-for-potential-land-buyers/comment-page-1/#comment-504 LandThink Tue, 16 Dec 2008 17:17:09 +0000 http://www.landthink.com/?p=147#comment-504 Great question Steve. As of today, 1878 people have taken the poll. Great question Steve. As of today, 1878 people have taken the poll.

]]> Comment on How should sellers find the values of their properties and set asking prices? by Reggie from Cyberhomes http://www.landthink.com/land-selling/how-should-sellers-find-the-values-of-their-properties-and-set-asking-prices/comment-page-1/#comment-501 Reggie from Cyberhomes Tue, 16 Dec 2008 15:54:04 +0000 http://www.landthink.com/?p=146#comment-501 You mentioned that you found wildly varying results using the online valuation websites. I’m curious how far you took the valuation using Cyberhomes? Did you refine the property value based on your knowledge of the local market? Did you happen to look at the physical characteristics or home upgrades? How about select your own comparables? I’m only asking because we provide these tools as part of the valuation experience. We provide a starting point and the user can refine based on their local understanding of the home and market. I'll watch this thread, please let me know if I can help! You mentioned that you found wildly varying results using the online valuation websites. I’m curious how far you took the valuation using Cyberhomes? Did you refine the property value based on your knowledge of the local market? Did you happen to look at the physical characteristics or home upgrades? How about select your own comparables?

I’m only asking because we provide these tools as part of the valuation experience. We provide a starting point and the user can refine based on their local understanding of the home and market. I’ll watch this thread, please let me know if I can help!

]]> Comment on A New LANDFLIP.com Poll Shows Hunting Land is the Premier Choice for Potential Land Buyers by Steve N. http://www.landthink.com/news/a-new-landflipcom-poll-shows-hunting-land-is-the-premier-choice-for-potential-land-buyers/comment-page-1/#comment-500 Steve N. Tue, 16 Dec 2008 15:22:50 +0000 http://www.landthink.com/?p=147#comment-500 How many people participated in the poll? I see percentages, but not total number of poll participants, which leads me to question.... How many people participated in the poll? I see percentages, but not total number of poll participants, which leads me to question….

]]> Comment on Rethinking stocks: Put land in a real-estate IRA for retirement by LandThink http://www.landthink.com/land-buying-investing/rethinking-stocks-put-land-in-a-real-estate-ira-for-retirement/comment-page-1/#comment-497 LandThink Tue, 16 Dec 2008 14:42:57 +0000 http://www.landthink.com/?p=140#comment-497 Drew and Curtis, This IS the place to vent on these issues! By debating the issues, it makes us think. Hence, LandThink. Thank you both for contributing your thoughts and opinions. Drew and Curtis,

This IS the place to vent on these issues! By debating the issues, it makes us think. Hence, LandThink.

Thank you both for contributing your thoughts and opinions.

]]> Comment on Rethinking stocks: Put land in a real-estate IRA for retirement by Drew http://www.landthink.com/land-buying-investing/rethinking-stocks-put-land-in-a-real-estate-ira-for-retirement/comment-page-1/#comment-494 Drew Mon, 15 Dec 2008 17:15:04 +0000 http://www.landthink.com/?p=140#comment-494 Curtis, I apoligize if I offended you, that was not my intent. Rather, I am simply alarmed at the magnitude of promises that have been made relative to our collective resources and current obligations. This is not the place to vent on these issues and I should not have fired from the hip, so to speak. Your thoughts and insight with respect to land issues are valuable to me and I do appreciate your willingness to share. When I get a bead on the Super Bowl, I will surely let you know. Cheers, Drew Curtis,

I apoligize if I offended you, that was not my intent. Rather, I am simply alarmed at the magnitude of promises that have been made relative to our collective resources and current obligations. This is not the place to vent on these issues and I should not have fired from the hip, so to speak.

Your thoughts and insight with respect to land issues are valuable to me and I do appreciate your willingness to share.

When I get a bead on the Super Bowl, I will surely let you know. Cheers, Drew

]]> Comment on PODCAST: Interview with Mark Skillman - Land Investor & Developer in Southern Oregon by Dee Copley http://www.landthink.com/podcasts/interview-with-mark-skillman-land-investor-developer-in-southern-oregon/comment-page-1/#comment-493 Dee Copley Mon, 15 Dec 2008 16:15:31 +0000 http://www.landthink.com/?p=145#comment-493 Hi Mark, I have 3 pieces of land that I am wondering what they are worth. Here in the Rogue Valley. Are you on the MLS? I am also a broker here-maybe you remember me. 1.118 acres Forest Reserve 1 home site approved on Griffin Lane-360 degree views from the home site-some marketable timber- new 10gpm well. 2. 2.5 acres 9 miles up the Butte Falls Hwy zoned rr5, new 5GPM well, power at the corner-pleasant views-mostly timbered. 3. 15.69 acres of subdivision in Roseburg, annexed in, soils analysis done, platted (not final) no improvements. Thanks, Dee Hi Mark,
I have 3 pieces of land that I am wondering what they are worth. Here in the Rogue Valley. Are you on the MLS? I am also a broker here-maybe you remember me.
1.118 acres Forest Reserve 1 home site approved on Griffin Lane-360 degree views from the home site-some marketable timber- new 10gpm well.
2. 2.5 acres 9 miles up the Butte Falls Hwy zoned rr5, new 5GPM well, power at the corner-pleasant views-mostly timbered.
3. 15.69 acres of subdivision in Roseburg, annexed in, soils analysis done, platted (not final) no improvements. Thanks, Dee

]]> Comment on Are land brokers being scammed by scummy buyers? by Curtis Seltzer http://www.landthink.com/q-a/are-brokers-being-scammed-by-scummy-buyers/comment-page-1/#comment-485 Curtis Seltzer Sat, 13 Dec 2008 16:56:21 +0000 http://www.landthink.com/?p=104#comment-485 Thanks to both Jonathans. If you have time, write up your experiences and send them to me. My email is at my website www.curtis-seltzer.com. I'll follow up with a future column. Include your email address, so I will be sure you get a copy. Thanks. C Thanks to both Jonathans. If you have time, write up your experiences and send them to me. My email is at my website http://www.curtis-seltzer.com.
I’ll follow up with a future column. Include your email address, so I will be sure you get a copy. Thanks. C

]]> Comment on Rethinking stocks: Put land in a real-estate IRA for retirement by Curtis Seltzer http://www.landthink.com/land-buying-investing/rethinking-stocks-put-land-in-a-real-estate-ira-for-retirement/comment-page-1/#comment-482 Curtis Seltzer Sat, 13 Dec 2008 14:23:47 +0000 http://www.landthink.com/?p=140#comment-482 Well, the question on the discussion table is: Am I or am I not "nuts." I've very sympathetic to Drew's position, and usually agree with it. In this case, however, I don't think the proof of my nuttiness can be found in Drew's crystal ball. This is not to say that Drew doesn't have a crystal ball that reveals to him that the government will at some point in the future change the tax status of Roth IRAs. I'm sure he does have such a crystal ball. I wish I had one too. Can it be ordered from Amazon? There is much more evidence available to prove that I am a stupid idiot than Drew's crystal ball. I am intimately aware of this evidence. None of which, incidentally, needs to be revealed through looking into mysterious magical objects. Discussion is usually more fruitful if conventional standards of logic, proof and argument are used. But I am enthralled with the idea that Drew's crystal ball trumps the intellectual standards of the western Enlightenment. Tell us more, Drew. Who will win the Super Bowl and by how much? If you reveal the future to the LandThink faithful, we'll all make the correct bet and won't need to do anything with Roth IRAs. Save us from ourselves! Yrs. Curtis Well, the question on the discussion table is: Am I or am I not “nuts.” I’ve very sympathetic to Drew’s position, and usually agree with it.

In this case, however, I don’t think the proof of my nuttiness can be found in Drew’s crystal ball.

This is not to say that Drew doesn’t have a crystal ball that reveals to him that the government will at some point in the future change the tax status of Roth IRAs. I’m sure he does have such a crystal ball. I wish I had one too. Can it be ordered from Amazon?

There is much more evidence available to prove that I am a stupid idiot than Drew’s crystal ball. I am intimately aware of this evidence. None of which, incidentally, needs to be revealed through looking into mysterious magical objects.

Discussion is usually more fruitful if conventional standards of logic, proof and argument are used.

But I am enthralled with the idea that Drew’s crystal ball trumps the intellectual standards of the western Enlightenment.

Tell us more, Drew.

Who will win the Super Bowl and by how much?
If you reveal the future to the LandThink faithful, we’ll all make the correct bet and won’t need to do anything with Roth IRAs. Save us from ourselves!

Yrs.

Curtis

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