Transcript:
Steven Butala:
Today's topic, "When should you rezone or subdivide a property?" This is the meat of the show. Every property has zoning. Even if the zoning is, "We haven't zoned it yet."
Jill DeWit:
Yeah.
Steven Butala:
It's unzoned, but it is stagnant, that there's a column in a spreadsheet and it's associated with that property. There's agriculture zoning. There's heavy industrial zoning. If you live in a house right now, it's zoned single family residential. If you're sitting in an office building, it's zoned commercial office. If you're sitting in an apartment building, it's zoned multi-tenant. Every county, to make it worse, every municipality has a different opinion about what all this stuff means. That's the good news, because you figure it out, you're in the minority, definitely. Other people who have that knowledge, can manipulate it. There's a lot of value in having a property zoned. Somebody zoned, went through, maybe it's four assessors ago, were planning and zoning. Selling a property, industrial, but more and more around their properties, getting rezoned, they're putting in apartment buildings and stuff. Pretty soon, you've got this property there that's zoned industrial, and it's not like the others. There's a huge real estate play there to get that zoning changed, go through all this stuff, put up an apartment building or sell the land. In our case, it was somebody who has already put up apartment buildings there.
Steven Butala:
Isn't that a beautiful story? It never happens that way.
Jill DeWit:
Exactly.
Steven Butala:
Never. To get stuff rezoned, it is a massive undertaking of politics, red tape.
Jill DeWit:
Paperwork.
Steven Butala:
Payments, and patience.
Jill DeWit:
Time. Yeah.
Steven Butala:
Surveys and independent consultant reports, and on, and on, and on. Bear in mind, all the people that are associated with the county, the people that work there, or the people that have put these rules in place are incredibly less intelligent than you are.
Jill DeWit:
Don't forget. They're all working remotely right now. They don't know what's going on. It's... Yeah
Steven Butala:
When should you rezone or subdivide a property? Every deal I've ever had, we should have rezoned it or subdivided it.
Jill DeWit:
Mm-hmm (affirmative).
Steven Butala:
How many did we do? Three before, I couldn't take it anymore.
Jill DeWit:
Right.
Steven Butala:
Three out of 16,000.
Jill DeWit:
Because, we know what's going on. May I jump in please?
Steven Butala:
Done.
Jill DeWit:
Okay. Here's my thoughts on this, the rezoning. I'm like, "Duh," in my notes. Really, and the time involved. If you're lucky, you can get it done in 60 to 90 days. That's when everybody's working and showing up, and it's not the holidays, or the summer vacation.
Steven Butala:
60 to 90 years.
Jill DeWit:
Or, a virus thing. Then, as far as subdividing. Okay. Let me talk about rezoning first. You just explained what it is. That was perfect by the way, setting this up. The reality is, it doesn't go that way. Are you that person? Are you the expert? You're going to be learning all of this in a new area probably. It's not your expertise. Here's what we do. I like to just know what's possible and pass it on to the guy. Let's just say in Steven's example, everything around those apartment buildings, this one's industrial. Ding ding. How awesome is this property, because this guy has choices. I would buy the property, properly convey what's possible to my buyer, and any information that I've collected along the way about, "Here's what this guy did, here's what that guy did, or here's where this guy did. There's three uses for this property. How lucky are you?" I pass it on to him. I let him make that decision and do what he wants to do with the property.
Jill DeWit:
The reason why is, I'm not here to... Let me back up. The reason why is, I'm here to quickly buy, resell that property, and make a profit. I'm not here to change the layout of this sweet little city. That's what those people are doing. If I wanted to make this... Now, maybe I live in a little Mayberry, and this is going to be a whole new retail area, and I want to make a little hotel, I'm in it. That's usually where your buyers are.......
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