Page 1


A C ompilation of A rticles for L and I nvestor M agazine V olume 1-3

TABLE OF CONTENTS Volume 1 What We Stand For Agricultural Lease Rates: A Guide to Estimating Income Potential for Landowners Finding Balance: Increasing Ranch Value by Managing for Elk An Overview of Texas Crop Production How to Buy a Ranch Into the Great Wide Open: An Insider’s Look at the Dome Mountain Ranch Invest in Land or Stuff a Mattress Investing in Timber New Mexico: A Blend of Landscape, Sport, and Culture Production Land in Idaho Can Be Profitable Ranch Photography Techniques to Highlight your Property’s Best Features Savvy Investors Look to Cattle Ranches We Play Well with Others Sportsman’s Corner: An Interview with Greg and Shannon Fay Studying the Rural Land Trends in the Lone Star State A Tribute to Community Cornerstones of the Paulina Valley

Volume 2

Investing in and Adding Value to Ranch Lands Investing in Equine Properties: An Interview with Kate Gibson Don’t Kick the Cows Off: Recommendations for Ranch Buyers Investing in Forestland: An Interview with Dick Ludington Livestock Grazing: A Tool for Diversity New Mexico, Then and Now Preserving a Legacy: Elk Meadows Ranch Selling Your Ranch: How to Prepare & What to Expect Private Acreage Wetlands: New Revenue Opportunities for Landowners Sportsman’s Corner: An Interview with Bird Hunter James Esperti and his Dog, Hoss The Council Mountain Ranch The Southeast: A Long History with a Deep Legacy

Volume 3

Can You Benefit from the Placement of a Conservation Easement? Fay Ranches Celebrates 25th Anniversary Bozeman Past: 12,000 Friendly Folks and a Couple of Old Soreheads Fish Habitat Restoration Keeping Property Exchanges Out of the Crosshairs Scotch Double Historic Legacy of Blackleaf Cattle Co. Surface Waters Add Value to Land There’s History in these Hills Vineyards and Wineries Sportsman’s Corner

1 2 3 4 5 9 11 12 13 14 15 16 17 19 21 23 25 27 29 30 31 33 34 35 38 39 41 42 45 48 51 52 53 55 58 59 60 61 62





A C ompilation of A rticles for L and I nvestor M agazine V olume 1 • 888-726-2481 • 1





HOW TO BUY A RANCH So, you’re thinking about buying a ranch? There are a few steps to keep in mind as you embark on this adventure—but let me back up a bit. I’ve been brokering ranchland since 1986 and founded Fay Ranches in 1992. In the beginning, Fay Ranches was the first brokerage company to focus on selling fly fishing ranches. Since then, we have grown and expanded into other segments of the land arena, including productive farms, ranches, timber, and plantations—and we now work coast-tocoast in the United States. I have enjoyed being an avid angler and hunter all my life as well as an owner of a productive ranch in Madison County, Montana since 1995. I’ve worked with many good land brokers and many who are not good. I’ve seen great land and poor land, in all shapes and sizes. Here are a few of the things I’ve learned along the way. Although I use the term ‘ranches’ throughout, much of the information can be applied to all land types.

STEP 1: IDENTIFY YOUR GOALS I’m going to assume you’ve spent some time in the outdoors, pursuing sporting adventures or working on the land; ideally a few times in different places. Maybe you’ve read an article on the investment value of land or visited with a friend who owns a farm or ranch or timber property. You’ve given it some thought and are ready to research it further. The first thing you need to consider is what you want the land for. Is it purely as a retreat to provide a place for your family to assemble and build memories together without the modern


76 • • 800-238-8616

by Greg Fay

distractions of Kindles and iPads? Do you want land that provides an annual income? Do you want to enjoy the land during your time of ownership, and go fishing, hunting, hiking, or horseback riding? Do you need a secure, long-term investment? The good news is that the answer can be all of the above.

STEP 2: DO SOME RESEARCH The second step is to search the internet for ranch brokerages that service the states in which you are interested and have the expertise you need. Download a few brochures on properties that appeal to you. Start organizing the brochures by state, price range, and property features. Note the companies that have the listings of interest to you, as well as the ones that have the most informative websites and professional materials. Through this process you will also become more familiar with the terminology specific to the type of property you want to buy. Try to stick with credible sources of information. Try to avoid the next door neighbor who had an uncle who once owned a ranch back in the ‘80s and wants to tell you all about owning a ranch. Along those lines, depending upon the property type, much of the information you find is subjective. For example, when searching for a fly fishing property, fishing guidebooks can be a helpful source of information. However, don’t put too much

stock in them. Fishing guides and fly shop owners are almost always the information source for the authors, and they may not want the public to know how good a fishery is—or how bad. Additionally, some stretches of rivers that have historically been less productive can be improving due to work by the state, Trout Unlimited, or private landowners. If you ask ten anglers their opinion on a river, you will get ten different answers. What may be appealing to you may not be to the next guy. Be wary of the amateur expert. The advice above also applies to hunting, views, towns, tractors, shotguns—you understand. Pay attention to what you like: what attracts different people to different pieces of land is very personal. Other information is more objective, such as acreage amounts and type. How much irrigated ground does the ranch have and what is the type of irrigation (pivot, wheel line, hand line, flood)? How much hay does the ranch put up and how many cows will it run? What’s the age and condition of the timber stand? How many bushels of wheat per acre will the ground produce? There is a limit to what you can learn online. Your internet research will likely open your eyes to how much you don’t know. Don’t let this scare you. Becoming knowledgeable about buying land can be a fun process.

PART 3: FIND A LAND BROKER The next step in the process is finding a broker who has the knowledge you need. Don’t worry if you did not find the time to research land via the internet. It helps, but it’s not essential. If you find a good land broker you can trust, you will be fine. Use a land broker to purchase land. Purchasing a ranch is not like buying a house. It is a far more complex transaction, likely similar to business acquisitions that you have made in the past. You will rely upon your broker’s knowledge when buying a ranch. There are terms and concepts that will be foreign to you, but learning them is part of the fun. Throw a recreational, agricultural, or income component into the mix, and the importance of finding a knowledgeable broker who shares your interests grows exponentially. There are three characteristics to look for in a broker. The first thing is finding someone you like. This will help ensure that it’s an enjoyable journey. When you go online to do your preliminary research, pay as much attention to information on the brokers as you do on the properties. Read their biographies and watch broker videos. You will share many hours in a truck with your broker, so you will either be thankful you hit it off or you’ll dread the next day of touring ranches. The second important broker attribute is knowledge. If quality fly fishing is a priority, your broker should be a knowledgeable angler. If you’re looking to invest in an agricultural or timber property, they must have agricultural or timber knowledge. How hard do they work? Are they passionate or just pretending—or not trying at all? Your broker also needs to understand land, which only comes with experience and time on the ground. Do they know the

Becoming knowledgeable about buying land can be a fun process.

difference between water rights and good fly fishing water? Do they understand what makes a quality stand of timber and the areas where the elk genetics produce trophy bulls? Do they know what needs to be researched during due diligence? Can they recognize red flags? Do they understand the importance of a sustainable agricultural plan and the positive impact this can have on fish and wildlife populations? Do they have experience solving the problems that will come up during the purchase process? Do they have a track record of negotiating good deals for their clients? The third critical broker asset is trustworthiness. If you build a relationship of trust with a broker who is passionate and knowledgeable about land, your chances of making an informed investment in a ranch that reflects your goals will have increased considerably. Trust is the key. You’ll know you are on the right track to building a relationship of trust with your broker if you answer the following questions correctly: Is your broker trying to sell you every ranch he or she shows you, or are they looking at every ranch through your eyes and only getting excited about a ranch that fits your needs? Is he/she listening, paying attention to your reactions, understanding all the vital factors? Are they pointing out the good, the bad and the ugly, or just the good? I can’t remember selling a ranch that didn’t have a negative aspect. Some you can live with, some you can’t. You need to know what they are and what the potential impact they will have on your future enjoyment. You’ll know you’ve found a good broker when he calls and tells you a ranch has come on the market and you need to get out as soon as possible to look at it—and you trust his/her judgment. Be loyal to this land broker. If you work with several brokers you won’t be a priority to any of them. Find the right agent and stick with them.

STEP 4: CLOSING THE DEAL The fourth phase of finding your ranch now begins. Your journey becomes real when your boots hit the dirt. You’ll start confirming what your priorities are and what appeals to you and your family. You will learn more in one day of looking at ranches with a good broker than you learn in the weeks or months obsessing over websites.

800-238-8616 •

• 77


Showing respect for the people who have dedicated their lives, often for multiple generations, to the land is important.

However, you won’t get much accomplished if you take a couple days out from a family vacation to look at ranches with your young children. You will need to be focused on the task at hand when you are looking at ranches to make the most of your time. Only the decision makers should be in attendance until you are making the final decision or have made an offer. If you have a family vacation scheduled for July, come on out in April, May, or June to look at ranches. You may be in the midst of due diligence or ready to sign closing documents when you come back out with the family. Know who the broker is representing. If the broker you’ve decided to work with is showing you one of his/her listings, they will be representing the seller. If it is not one of their listings, they will be representing you. Manage your expectations. As I mentioned before, there is no perfect ranch. You can spend a lifetime looking at ranches if you don’t understand this point up front. Some problems can be solved; some cannot. You will just need to decide what matters most. After you’ve looked at some ranches, maybe you just can’t stop thinking about one of them. You find yourself daydreaming about being there. It’s time to make an offer. Be prepared for what’s ahead. The pace of this process may be frustrating. It is customary to give a seller at least three days to respond to an offer, but more often a week is given. In many circumstances there are family discussions that need to take place, an attorney needs to review the document, and a decision to accept or counter needs to be made. Often this is a very emotional process for the sellers and a recognition of this by the buyer can go a long way. For many ranch owners there are memories scattered throughout homes, barns, fields, and valleys, not to mention blood, sweat, and tears. You are not buying a commercial building. Tone is key. Showing respect for the people who have dedicated their lives, often for multiple generations, to the land is important. They need to feel good about who they are selling their ranch to.


78 • • 800-238-8616

Often a counter offer is drafted and delivered to the buyer’s agent. The key deal points are obviously the price and terms. Earnest money is often approximately 3% of the offered amount. There is customarily a due diligence period which is generally from 30 to 60 days, with 45 being an average. The due diligence period is an inspection period in which the buyer is given the opportunity to research what they have agreed to purchase. If everything checks out, the deal moves ahead. Most of the issues discovered during due diligence arise in the Title Report, which for a 100-year-old ranch can be an interesting process of discovery. I have represented clients on ranches that did not have insurable access and never have. For several decades no one cared or bothered to check and no one knew until we discovered it while researching the title. Hopefully, you won’t run into anything quite this egregious, but it seems there is almost always something to clean up on the Title Report. This is where a good transaction attorney comes in handy (more about that later). Another important aspect of the ranch to delve into is the physical inspection of the ranch, which often involves a Phase 1 Environmental Survey. Any number of things can surface during the Phase 1 inspection, but the most common items are underground gas tanks that have never been removed or were removed improperly. A host of other issues can arise, most of which can be solved. The water rights need to be researched as well as making sure the irrigation water that is represented truly does exist, is sufficient for the acres being irrigated, and is being applied in the place and manner in which it is supposed to be. In some areas, a mineral search and remoteness test may be needed, depending on the likelihood of the presence of extractable minerals. Almost every due diligence period discovers some issue with the ranch. A good ranch broker has a skill for solving problems and a team to help him or her. The majority of issues can be solved, but it may take some patience, understanding and

cooperation between all the parties to get through the process. Some deals extend beyond 60 days if there are due diligence items that have not been satisfied and the parties have agreed to extend the due diligence because there is a reasonable expectation that the issue will be resolved given the additional time. One of the most important qualities a broker must bring to the equation is an ability to bridge the gap between buyer and seller (or the other agent) and to keep the deal running as smoothly as possible. Things can get a bit emotional during difficult transactions, so your ranch broker needs to keep a level, unemotional, solution-oriented head on throughout the process. Remember I told you how important it is to find an agent you like? It’s a two-way street. At Fay Ranches, we have an unwritten rule that we try our best to work with nice people. We feel this is in the best interest of our clients, as well as the communities where we do business. We don’t want to bring someone into an area that is not going to be a nice neighbor. Then, he or she becomes a problem for all the surrounding ranch owners. This also makes for smoother deals and keeps our clients out of the courtroom. It is important you make an informed purchase and research the ranch thoroughly before purchase. For that reason, we recommend you have a good ranch transaction attorney representing you during the purchase process. In my opinion, there are two types of attorneys: problem solvers and problem creators. Your broker should have developed a relationship with two or three of the best ranch transaction attorneys in the area. Take his or her advice and hire one of those attorneys. If you take a chance and hire an attorney your broker has not

recommended and they turn out to be a problem creator, it will make it much more difficult to get anything purchased. A good ranch transaction attorney is extremely valuable to the process and adds another set of skilled eyes to make sure you fully understand what you are buying and any issues discovered during due diligence are solved in a manner that is in your best interest. Ranches are complex animals and need to be fully researched before purchase to avoid future surprises. Deciding to purchase a ranch is the start of a great adventure. You will see some beautiful country during the process and hopefully meet some great people. Additionally, it’s an opportunity to learn and experience new things. And if you follow the advice I’ve provided, you’ll have a good chance of making an excellent financial investment that may have the added benefit of being a place where your family and friends gather to create memories and strengthen relationships. Have fun, good luck, and congratulations on your decision.

800-238-8616 •

• 79






Veteran Land Broker Dick Ludington joined Fay Ranches in 2014, bringing over 37 years of experience in timberland, conservation, and recreational land transaction knowledge for public and private agencies to our team. His understanding in timberland investment has involved the buying and selling of millions of acres from California to Panama. The largest purchase and sale was 296,000 acres in New York, Vermont and New Hampshire. Dick’s current focus is on the Southeast, Northeast, Appalachia and Upper Midwest. We recently sat down with Mr. Ludington and discussed his current take and future outlook of the timber market.



PRODUCTION LAND IN IDAHO CAN BE PROFITABLE The University of Idaho agricultural economists, Garth Taylor and Ben Eborn, reported an 11% increase in 2014 for Idaho farm and ranch net income. Additionally, there was a 6% decrease in expenses, which resulted in a 46% increase overall in reported income for 2014, up to $4.53 billion net, a record set by Idaho farmers and ranches. Interestingly, there was a decrease nationwide of over 20%. American agriculture remains a bright spot in our nation’s economy and especially across the West. The theory of farming and ranching being profitable in tougher times is bearing itself true. It seems that trend is continuing in 2015, with the future looking bright as well. There was low snow pack in the winter of 2014 through early 2015, but this year’s spring rains have been a boon for needed moisture and crops are looking good. In the three year period from 2011 to 2013, Idaho farm income alone has seen an increase to $900 million, per the USDA, and farm and ranch operators are in a very good position. Even more interesting is that the dollar per acre in Idaho is still a relative bargain in comparison to some of the prices seen in the Midwest. Idaho has become a national leader in agricultural exports that include potatoes, livestock feeds, wheat, dairy, and feed grains. One reason for that is the adjudication process of water rights in Idaho and what it has done for the confidence of the land owners and for the future of Idaho agriculture lands. This is good news for our national economy and good news for Idaho and other states in the Northwest. If expansion into the agriculture market has been on your mind or you want to continue the ride, do not overlook the states in the Rocky Mountain West, especially Idaho.

74 • • 800-238-8616



ABOUT MICHAEL DESHORE Michael DeShore is a ranch broker with nearly 20 years of real estate experience. He has also been a hunting guide and is an advocate for the preservation of all things wild and scenic.

ABOUT MATT KONEN Matt Konen is a digital marketer in Bozeman, Montana. He helps Fay Ranches market properties and promote their brokers by creating content that supports their long- and short-term strategic goals.







As the majority owner and founder of Fay Ranches, Greg Fay, along with his partners, has been an owner and manager of a productive farm/ranch in Madison County, Montana since 1995. Along with his wife Shannon, the Fays have been active in the outdoors their entire lives. As parents, they understand the importance of spending time with their two young sons outside and the values that their boys receive from pursuing the outdoors as a family. Recently, we sat down with Greg and Shannon to discuss how owning a ranch and spending time outdoors as a family has positively affected their lives.











Mike Sturza


Carl Lee Schnabele

Pat Miller




A C ompilation of A rticles for L and I nvestor M agazine V olume 2


800-238-8616 •












Photo: RYAN SAUL (SAUL CREATIVE) For the most up to date information please visit our website or call an agent. 34







The Street Agent







A C ompilation of A rticles for L and I nvestor M agazine V olume 3


800-238-8616 •




How much of a factor is the time it takes to complete and sell out a project (Absorption Time)?

Can I use my plan to place a conservation easement to bargain with regulatory authorities for ot her development benefits?

If I am a developer, can I decide to place an easement on land I have subdivided and offered for sale?

What are other factors an appraiser must take into account when arriving at values before and after the conservation easement is placed?

How does the actual purchase price of a property influence the value?

Is the most important factor in arriving at value "as of right" or the type of development that is permitted on the property?

What can be done once a property is purchased to increase its value and therefore increase the conservation value for tax purposes?

Does the conservation value determined by the "as of right" determine the deduction that can be taken for tax purposes?

How do the values of comparable properties affect the value of my property?

Does a project actually have to be “entitled” to be able to utilize the “as of right” plan? Do the comparables used for appraisal purposes have to be in close proximity to the project being appraised?


How does the appraiser work with the land planner to come up with the optimal result in definition of highest and best use?

As long as an appraiser is qualified to value conservation easements in accordance with the IRS code, does this value always determine the final tax benefit?

Once the conservation value is determined with both the “before” and “after” appraisals, is this the amount that can then be deducted from taxes? For additional information on this topic, please contact the author at



James Esperti, broker/partner and Greg Fay, broker/owner.


ÿ ! " # ÿ ¢£¤¥¥¥ÿ¦§¨©ª«ÿ¦ª¬"ÿ©ÿÿ­®!ªÿ¦ÿª©ÿ"§¯©" †‡ÿ‰‡Š‹ŒŽ‹ÿŽŠÿ‘’““‹””ÿ•‹“Š”–—‹˜ÿ ™‡‹Œÿš›ÿœŒŽž‹ŒÿŸ–š“ÿ –Œ¡


*ÿ,0(ÿ/%62ÿ61()ÿ<-,,*44ÿ=*,(40>*?ÿ()*ÿ%62*&ÿ%3ÿ@&1/9*&ÿA)0/%6,ÿ $0&+?ÿ0ÿBCDE08&*ÿ.&%.*&(Fÿ41,(*/ÿ12ÿ()&**ÿ.0&8*4,ÿ61()ÿ7&*0()(0>129ÿ51*6,ÿ %3ÿ@%G*+02?ÿH%2(020:ÿH&:ÿ=*,(40>*ÿ1,ÿ0ÿ413*4%29ÿ+*+7*&ÿ%3ÿ()*ÿ@%G*+02ÿ 8%++-21(F?ÿ02/ÿ6*ÿ,.%>*ÿ(%ÿ)1+ÿ(%ÿ9012ÿ,%+*ÿ.*&,.*8(15*ÿ%2ÿ()*ÿ)1,(%&Fÿ%3ÿ ()*ÿ0&*0ÿ02/ÿ()*ÿ4*908Fÿ%3ÿ0ÿ20(15*ÿH%2(020ÿ30&+*&:ÿH&:ÿ=*,(40>*ÿ,*&5*/ÿ %2ÿ@%G*+02I,ÿJKAÿ8%++1((**ÿ3%&ÿ212*ÿF*0&,ÿ12ÿ()*ÿLMNO,P()*ÿ4%29*,(ÿ .*&1%/ÿ%3ÿ(1+*ÿ%2*ÿ802ÿ,*&5*ÿ%2ÿ()*ÿ8%++1((**P6%&>129ÿ%2ÿ()*ÿ/01&Fÿ 7-F%-(ÿ.&%9&0+?ÿK%2,*&50(1%2ÿ<*,*&5*ÿQ&%9&0+ÿ02/ÿ%()*&ÿ9%5*&2+*2(ÿ 30&+129ÿ.&%9&0+,:ÿH&:ÿ=*,(40>*ÿ60,ÿ02ÿ08(15*ÿ+*+7*&ÿ%3ÿR0440(12ÿS044*FI,ÿ 30&+129ÿ8%++-21(Fÿ02/ÿ)0,ÿ0ÿ84*0&ÿ4%5*ÿ3%&ÿT()*ÿ7*,(ÿ,%14ÿ12ÿ()*ÿ5044*FUÿ12ÿ @%G*+02?ÿ/*/180(129ÿ)1,ÿ413*ÿ(%ÿ,(-/F129ÿ30&+129ÿ.&08(18*,ÿ12ÿ()*ÿR0440(12ÿ S044*F:

;d[Vÿ[_WÿVdWÿa]ZVÿZb{eb̀b[eVÿd[e{WZÿ^]Yy‚Wÿ ZWWeÿbeÿ\]fWa[eÿbeÿ^]Y_ÿXb̀WVbaW|

bÿ 7 ÿ9  n 9ÿ4 ÿi 9 ÿ47ÿ h8ÿ ÿhgl iÿ gl 9ÿ ÿi ÿ

ghhÿ7no ÿr9ÿu9u 9i8ÿ7 mÿ 4ÿi 9 yÿ7ÿ7j ÿ6ÿ r ÿruÿ i 9 5ÿbÿp 4ÿ7hhÿi ÿ gl n9ÿ7 mÿ9 l gj mÿ7hhÿi ÿ 79ÿi 7iÿ 4 iÿn85ÿV 7iÿ 7ÿ 7 l mƒÿi ÿ gi8ÿ 7ÿl94 ÿ7 mÿi ÿhgl iÿg ÿ \j 7 ÿ7hhÿ9r ÿil i 9ÿ 45ÿ\7 pÿg ÿi ÿm78kÿi ÿgl ÿ ÿW7iÿ a7g ÿZi9 iÿ7gmkÿ„kÿ̀9g mh8ÿ̀hpÿ7 mÿ7ÿ ruh ÿ6ÿ]hmÿ Z9 7m5…ÿV 9 ÿ47ÿ7ÿm9go g ÿog ÿi 7i 9kÿ4 g ÿgÿl ÿ

45ÿ] ÿi ÿ679kÿi ÿ 79i €r7p ÿ6ÿvxvÿ7 igo7i mÿrhiguh ÿ u9g lÿ ÿr9ÿu9u 9i8ÿ7 mÿ4 ÿrmm h8ÿ 7mÿ47i 9ÿ9r

g lÿ 4 9 ÿ4 ÿ o 9ÿ 7mÿ47i 9ÿ9r

g lÿn 69 5ÿV 9 ÿgÿ7ÿhiÿh ÿ 9r 66ÿg ÿi ÿu9g lig ÿi 7 ÿi 9 ÿr mÿiÿn kÿu9n7nh8ÿmr ÿ iÿh ÿ 4u7 pÿ7 mÿn ii 9ÿ679g lÿu97 ig 5ÿ{94g lÿrukÿ4 ÿ VWXXÿYZÿ[\]YVÿ^]Y_ÿ̀[abX^cZÿdbZV]_^ÿbeÿVdWÿ 4rhmÿ 7o ÿ47i 9ÿ9r

g lÿo 9ÿi ÿ97mÿg ÿi ÿu9g l5ÿbÿighhÿho ÿ \]fWa[eÿ[_W[5

gÿuh7 ~4 ÿu mÿr9ÿ4g i 9ÿg ÿ[9gj 7ÿ 4ÿnriÿbÿ rhmÿighhÿ a8ÿ67gh8ÿ6g9iÿ 7 ÿiÿ\j 7 ÿ69ÿb47ÿ ÿ7ÿi97g ÿg ÿi ÿh7i ÿ i h g o ÿg ÿ\j 7 ÿ6rhhig 5 kÿ8ÿl9 7il97 mm7mÿn9g lg lÿ gÿ4g6 ÿ7 mÿ6go ÿpgmÿ4gi ÿ

g5ÿV 8ÿ 7mÿ7ÿm7g98ÿ679ÿ ÿq 7 ÿZi9 ikÿniihg lÿi ÿghpÿ ;d[Vÿ[_WÿZ]aWÿ]`ÿ^]Y_ÿ̀[‚]_bVWÿaWa]_bWZÿ]eÿ 7 mÿm hgo 9g lÿgiÿm9im95ÿ^rÿ 7 ÿighhÿ6g mÿ ÿ6ÿi ÿ hmÿ; ih7p ÿs7g98ÿniih ÿ6h7ig lÿ79r mÿi ÿ r i985ÿd ÿ47ÿ \_bs{W_ÿZd[s];Zÿ̀[_a| 7hÿ ÿ6ÿi ÿ6g9iÿg o i9ÿg ÿi ÿ\7ti 9ÿdi hÿg ÿs4 i4 ÿ bÿhgp mÿ 9 ÿ7 mÿr mÿiÿ9gm ÿ o 98ÿ gl iÿ ÿi ÿu9u 9i8ÿ \j 7 ÿ4 g ÿ47ÿ9 o7i mÿ iÿh lÿ7l5ÿa8ÿm7mÿl9 4ÿruÿ ÿ l94g lÿru5ÿbÿhgp mÿi ÿ 7iih kÿhgp mÿi ÿhgo i p5ÿ; ÿ 7o ÿ7hÿ i ÿ679ÿ7 mÿm gm mÿiÿi78ÿg ÿ7l9g rhir9 kÿ7ÿmgmÿi4ÿ6ÿ gÿi 9 ÿ 8 mÿl9 7iÿ r ig lÿ ÿi ÿu9u 9i8ÿo 9ÿi ÿh7iÿÿ8 795ÿ n9i 95ÿa8ÿu79 iÿnrl iÿi ÿ r ÿ4 9 ÿbÿ47ÿ97g mÿg ÿvwxÿ ; ÿ ÿm 9kÿ hpkÿ7 i hu kÿdr l79g7 ÿu79i9gml kÿu 77 ikÿ 7 mÿi79i mÿ679g lÿ7iÿi 7iÿig 5ÿ\ 69 ÿi 8ÿur9 7 mÿgikÿ 7h6ÿ  ÿ7 mÿ7 ÿ 7g 7hÿn 79ÿ97g l5ÿbÿ74ÿi4ÿ hpÿ7ÿ6 4ÿm78ÿ 6ÿi ÿu9u 9i8ÿ47ÿ  i 7m mÿ7 mÿi ÿi 9ÿ 7h6ÿ47ÿ4 mÿ 7lkÿni ÿ 4kÿ7 mÿ ÿ47 yiÿ6g6i8ÿ6 iÿ69ÿ ÿ69j ÿhgp ÿ7ÿ n8ÿi ÿ97gh97m5ÿ]o 9ÿig kÿi 8ÿnrl iÿ gl n9yÿuh7 kÿ7 mÿ7iÿ 4 gi i7ghÿm 9~byÿlr g lÿ ÿ 7mÿ7ÿ 7h6ÿg ÿi 9 5ÿV 9 yÿ7ÿ i ÿu 7pÿ6ÿi g9ÿ4 9 gukÿ8ÿu79 iÿ 7mÿ7nriÿkÿ7 9 ÿ hiÿ6ÿl7 ÿriÿi 9 ÿ7 mÿriÿi9  mrÿ4ghmhg6 ÿog 4g lÿ7 mÿ 6ÿh7 m5ÿa8ÿ67i 9ÿ7hÿ49p mÿ ti go h8ÿ4gi ÿa i7 7ÿZi7i ÿ  985ÿaiÿu uh ÿm9gog lÿn8ÿ ÿi ÿ7g ÿ97mÿm yiÿ 7o ÿ7 8ÿ gm 7ÿ4 7iyÿruÿi 9 ÿ ÿi ÿ97 5 Y go 9gi8ÿm o hug lÿ 4ÿl97g ÿo79g ig ÿ69ÿ mÿi p5

;d[Vÿ;[Zÿ^]Y_ÿXb̀WÿXbzWÿ{_];be{ÿYqÿbeÿ \]fWa[e|

bÿ47ÿn9 ÿ7 mÿ97g mÿg ÿi gÿuh7 kÿÿbyÿ7ÿi9r ÿ 7igo ÿa i7 7 5ÿ byo ÿn ÿ 9 ÿ7hhÿ8ÿhg6 ÿ t uiÿ69ÿgt i ÿ ÿ7 igo ÿmri85ÿ a8ÿl97 mpgmÿ7p mÿ ÿ4 7iÿu9iÿbÿuh78 mÿl94g lÿrukÿ7 mÿbÿ ihmÿi ÿbÿmgm yikÿbÿ49p m5ÿV 8ÿ 7 yiÿ9 7hh8ÿr m 9i7 mÿi 7i5ÿ bÿl97mr7i mÿ gl ÿ hÿg ÿvÿ7 mÿmgmÿ8ÿ7 igo ÿmri8ÿg ÿi ÿ e7ig 7hÿ{r79mÿ7 mÿi ÿ 7 ÿn7 pÿ7 mÿ iÿ8ÿ4g6 ÿg ÿv}~  ÿ 7mÿriÿl97mr7i mÿ69ÿ gl ÿ hÿ7 mÿbymÿn ÿriÿ7ÿ8 795ÿ bÿ 7mÿ uh i mÿ7ÿ ruh ÿ€r79i 9ÿ7iÿa i7 7ÿZi7i ÿY go 9gi8kÿ irm8g lÿ7l9g rhir97hÿu9mr ig ÿ7 mÿ7 g7hÿ g 5ÿ; ÿ4 9 ÿ 799g mÿ7ÿ8 79ÿ76i 9ÿ4 ÿ iÿ7 mÿo mÿruÿ ÿZr 9ÿri66ÿ _7mÿ7 mÿ 7mÿiÿl97o hÿi ÿ97mÿÿ4 ÿ rhmÿl iÿiÿr9ÿ r ÿ g ÿ4 ÿ4 9 ÿi ÿ h8ÿ ÿruÿi 9 ÿ7iÿi ÿig 5


01ÿ3ÿÿ 444567897 5 ÿÿÿÿ




Max A. Hansen is President and CEO of American Equity Exchange, Inc. an attorney and a Certified Exchange Specialist ™. He is a member of the Committee on Sales, Exchanges and Basis of the ABA Section of Taxation and a Board member, Past President and co-chair of the Government Affairs Committee of the Federation of Exchange Accommodators (FEA). He has conducted seminars and appeared on panels of experts around the country on the subject of Section 1031 exchanges. Some of the foregoing content is the collaborative work product of the FEA Government Affairs Committee.



Contact Fay Ranches at 800-238-8616 or to find out if we can be of service to you in evaluating the value or enhancement of your property.


BP K ;<JP 6ÿ 48Q56@ÿ <9ÿ 345674859ÿ 65;;48ÿ 6<R S\2ÿ(]Yÿ"()XS/TXÿ$ (XS


S ÿ #99 ÿ' 97 ÿÿ 98ÿ' ÿ7 ÿ 7ÿ4ÿ '#ÿ 5ÿ ÿ ÿÿÿÿÿÿ 4ÿ'7 ÿ79 ÿ&  ÿ4 ÿ ÿ 7#97ÿ& 7#8%ÿ ÿ ÿÿÿ 9 ÿ  7ÿ9 #9 ÿ7 ÿ ##97ÿ7 ÿ 9 7ÿ T997 ÿ47 9ÿÿ7 7 ÿ4 ÿ7ÿ6 4ÿ 7ÿ7 %ÿ7 ÿ# ÿ ÿ  6 7 ÿ6ÿ ÿ,7 ! 76ÿ7 ÿ'7 8ÿ ÿ  7#%ÿ 6ÿ ÿ9# ÿ#&997 ÿ69ÿ ÿ79#ÿ 5ÿS ÿ 7 ÿ " 7 75ÿ/ÿ7 9' ÿ6ÿ 7#9 %ÿ ÿ97 ÿ 7 7 ÿ69ÿ 79 ÿ97 ÿ#ÿ6ÿ79 7ÿ 7 78ÿ'9 6 99 ÿ&8ÿ ÿ46 5  ÿ'ÿ6ÿ ÿ7 6 ÿ !8ÿ"# 7 ÿ$9 ÿ479ÿ ÿ /''917 8ÿUÿ7 9 ÿ6ÿ997 ÿ7 ÿ#&997 ÿ 78ÿ9# ÿ 1'7  ÿ977 ÿÿ ÿ 75ÿS ÿ & 7 ÿ6ÿ   9 ÿ ÿ 79  ÿ&8ÿ ÿ #99 ÿ4 9%ÿ'9#  ÿ7''917 8ÿÿ ÿ0ÿ ÿ6ÿ97ÿ 78ÿ69ÿ ÿ7

#7ÿ # 5ÿÿS 9 ÿÿ7ÿ

7&7ÿ#''9ÿ ÿ6ÿ ÿÿ 9 ÿ  97 ÿ6ÿ 7  9ÿÿ7 9 ÿ6ÿ987 ÿ 78ÿ 7ÿÿ 79  ÿ7

#785 46 ÿ6# ÿ ÿ ÿ !8ÿ"# 7 ÿ. 5 S ÿ97 ÿÿ7ÿ67 787 ÿ6ÿ' %ÿ9 7%ÿ464 9%ÿ'979 ÿ / 2/-2 7 ÿ4 9 ÿ# 7 ÿ67 5ÿS ÿ  &9 ÿ,&ÿ"79 7ÿ S ÿ,7 ! 76ÿ7 ÿ'7 8ÿ  ÿ6ÿ%+ÿ  ÿ7 9 ÿ . 9 ÿ' 1ÿ7 ÿ,7 ! 76ÿ.6 ÿ"7 7  ÿ/9 7ÿ 7 ÿ%UU+ÿ 7 ÿ7 9 ÿ79 ÿ69ÿU%ÿ6 ÿ  7 ÿ #' ÿ4 ÿ 1  ÿ'9  97 ÿ 669ÿ7 ÿ ÿ !8ÿ 7 ÿ9 ÿÿ7ÿ0%0ÿ6 ÿ  7 ÿ7 ÿ ÿ !8ÿ "# 7 ÿ$9 ÿ 7 ÿ'9  9 ÿ# ÿ6ÿ ÿ79 7ÿ69ÿ6##9 ÿ "# 7 ÿ$9 5ÿS ÿ# 9 ÿ&# 798ÿ6ÿ ÿ97 ÿ7V ÿ 7 ÿ9ÿ  ' 5ÿ  ÿ,7 ! 76ÿ.6 ÿ"7 7  ÿ/9 7%ÿ4  ÿ ÿ7&#ÿ ÿ 1'7  ÿ,&ÿ"79 7ÿ. 9 ÿ/9 75ÿ/''917 8ÿ S ÿ97 Zÿ 98ÿ6ÿ'7 ÿ 7 ÿ 7#9%ÿ 7 ÿ" %ÿ  4 ÿ ÿ6ÿ,7 ! 76ÿ9 !ÿ97 9 ÿ ÿ'9' 98%ÿ66 9 ÿ7ÿ ,7 !6ÿT 7 ÿ9 ÿ7 ÿ# 97 7ÿ4 9 'ÿ ' 9   ÿ9 7ÿ6 98ÿ7 ÿ'9 ÿ 1 ' 7ÿ 7&7ÿ  9&# ÿÿÿ  ÿ7ÿ ÿ6ÿ" 7 7Zÿ6 ÿ 7 8ÿ 69ÿ97  ÿ 7

 ÿ 46 5ÿÿS ÿ97 ÿ 7W#79 9ÿ79 ÿ 7 ÿ ÿ7ÿ 97 %ÿ7 ÿ ÿ 98ÿ6ÿ ÿ79 7ÿÿ7ÿ9 ÿ7ÿ7 85ÿ2ÿ   #   ÿ 7

 6#ÿ  ÿ ÿ ÿ ÿ6ÿ ÿ97 %ÿ7ÿ ÿ "# 7 %ÿÿ ÿ4 ÿ6ÿ  7#%ÿÿ ÿ6ÿ ÿÿ'97 ÿ &7 ÿ6ÿ ÿÿ& !78#ÿ"

7 ÿ 7 79!ÿ ÿ79  7ÿ 985ÿTÿ47ÿ 9 ÿ 7ÿ ÿ69ÿ 9 !ÿ7 ÿ7ÿ79 8ÿ6#ÿ '97

ÿ$%9ÿ9 &5#ÿ,779 !ÿ 77 6ÿÿ'9 !%ÿ-7 ÿ ' 9  ÿ  7#9ÿ &98ÿ4 9 ÿ  9 ÿ&8ÿ"# #ÿ6ÿ ÿ ! ÿ 47 9ÿ69ÿ997 ÿ7 ÿ  !5 '7  ÿ^7 !ÿ\9 9ÿ7 ÿ"79 ÿ,97 5ÿT ÿ ÿ8 79ÿ  ÿ ÿ 7ÿ  98%ÿ ÿ79 ÿ   ÿ6ÿ 7#9ÿ %ÿ TXÿ*)""/ Y &98ÿ7 ÿ&7&8ÿ!   ÿ6# ÿ ÿ ÿ4  9 ÿ49ÿ 7ÿ& ÿ ,7 ! 76ÿ7 ÿ'7 8ÿÿ 1 ' 7ÿ ÿ  98ÿ4785ÿS ÿ # 79 ÿ7ÿ ÿ 7 5ÿTÿÿ ÿ ÿ ÿ ÿ" 7 7ÿ_ 7#9ÿ 97 Zÿ 9 ÿ 7 8ÿÿ ÿ6ÿ ##97ÿ 6 7 %ÿ7 ÿ ÿ S97ÿ 7ÿ 7ÿ'9 ÿ9 ÿ 697 ÿ ÿ ÿ9 7 #ÿ 9 ÿ'9' 98ÿ ! ÿ7ÿ 97ÿ  ÿ 7ÿ 9ÿ& 69 ÿ8#ÿ ` 9ÿ 7 ÿ7 8ÿ 9ÿÿ ÿ ÿ495

7 ÿ7# ÿ ÿ' 7ÿ7 5ÿS ÿ97 Zÿ   '9798ÿ 7 8ÿ ÿ ÿ6ÿ7ÿÿ4ÿ'7 %ÿ6 7#9 ÿ7 ÿ 1979 798ÿ79978ÿ6ÿ /- T)aS) /aÿ(`2 /ST(X 6 ÿ7 ÿ'& ÿ&8ÿ ÿ# W# ÿ 98ÿ6ÿ 97'' ÿ $9ÿ ÿ7ÿ  97ÿ8 79ÿ ÿ97 ÿ 7ÿ 7 ÿ ÿ97b ÿÿ 4

7 &7ÿ7 ÿ ÿ7ÿ79 7ÿ6ÿ   9 ÿ  &9 ÿ7 5 7ÿ  &95ÿÿS ÿ7997   ÿ 7ÿ74 ÿ ÿ97 ÿ4 9ÿ ÿ7 7 ÿ ÿ97 ÿ69ÿ ÿ46 ÿ4  ÿ71b ÿ ÿ S ÿ79&# ÿÿ 9 ÿ ÿ7ÿ97 ÿ'9' 98[ 98%ÿ46 %ÿ 79 ##97ÿ' 97 5ÿ#99 8ÿ ÿ97 ÿ 7 ÿ97b ÿ69ÿ  7 %ÿ& 7#8ÿ7 ÿ47 9ÿ9 #9 [7ÿ 1ÿ7ÿ ÿ 98ÿ  ÿ 7''917 8ÿ0ÿ'79ÿ6ÿ 7 ÿc/)"d%ÿ#b ÿ ÿ 7 ÿ69ÿ   ÿ7ÿ,7 ! 76ÿ7 ÿ'7 8%ÿ'7  ÿÿ7 ÿ ÿ  ÿ 97  ÿ7 7  5ÿ/ÿ 7ÿ  %ÿ 9 ÿÿ 7ÿ'7 ÿ ÿ ÿ 4  9 ÿ97 ÿ'9' 9 ÿ7 ÿ  ÿ   # ÿ'9  97 ÿ 777& ÿ697 5 7 ÿ # 6#ÿ 479 'ÿ69ÿ8 79ÿÿ  5


ÿ  ÿ 7 ÿ7 ÿ ÿ !8ÿ"# 7 ÿ$9 %ÿ ÿ6ÿ ÿÿ  8ÿ   9 ÿ79 7ÿ ÿ ÿ4 ÿ ÿ$7  7 ÿ 7#97ÿ 98%ÿ7 ÿ&7 !ÿÿ'9 #&7 ÿ' ' ÿ7 ÿ  7#9ÿ ÿ( ÿ6ÿ ÿ979 ÿ79978ÿ6ÿ46 ÿÿ& ÿ6# ÿ7 84 9 ÿ ÿ ÿ  7ÿ )5*5ÿ ÿ+ÿ ÿ6ÿ'97 ÿ6 98ÿ ÿ,7 ! 76ÿ9 !ÿ ÿ5+ÿ ÿ6ÿ-7 7 ÿ9 !ÿ ÿ,9 9ÿ,7 ! 76ÿ.6 ÿ"7 7  ÿ/9 7%ÿ4  ÿ&9 9ÿ ÿ50ÿ  ÿ7 9 ÿ,&ÿ"79 7ÿ. 9 ÿ' 1ÿ ÿ21 ' 78ÿ'97 %ÿ'9 ÿ  ÿ ÿ ÿ6ÿ ÿÿ' 7 #79ÿ !8ÿ "# 7 ÿ7  7'  58

01ÿ3ÿÿ 444567897 5 ÿÿÿÿ



Sul Ross State University, Spring 2009 (Volume 20) Sul Ross State University, Spring 2009 (Volume 20)

Center for Big Bend Studies Center for Big Bend Studies






Profile for Fay Ranches

Land Investor Magazine Article Compilation for Volumes 1-3 | Fay Ranches  

Land Investor Magazine Article Compilation for Volumes 1-3 | Fay Ranches  

Recommendations could not be loaded

Recommendations could not be loaded

Recommendations could not be loaded

Recommendations could not be loaded