#238 - One $1 Million Farm or Four Smaller Farms—What Would You Choose? with Steve Hanson

Welcome to the land podcast, a platform for people looking to educate themselves in the world of land ownership, land investing, staying up to date with current land trends in the Midwest, and hearing from industry experts and professionals. On today's episode, we are back in the studio with Steve Hanson. We discuss: - Steve explains why he stepped away from outfitting and wanted to spend more time hunting again. - Steve describes how Iowa's nonresident draw and public-land camera rules shape hunting access. - Steve says premium Iowa hunting farms still command strong prices while average farms have plateaued. - Steve weighs access, wind, food, and neighboring buyers when evaluating a hunting property. - Steve recalls buying a $430-per-acre farm after passing on a $350-per-acre strip mine. - Steve explains why records matter when a chain of 1031 exchanges is eventually unwound. - Steve considers why higher rates and thin cash flow make land purchases harder to justify. - Steve connects Iowa's nitrate concerns, corn production, and stream buffers to land values. - Steve shares Iowa's right-hand fence rule and a 16.5-foot strip missing from a farm title. - Steve favors one $1 million farm over four smaller ones, despite attention from neighbors and drones. And so much more! Chapters: 0:00 One big farm or four smaller farms? 2:30 Why Steve stepped away from outfitting 7:34 Public-land trail cameras and hunting pressure 10:50 What premium Iowa hunting farms are worth 15:18 Steve's first farm and finding value 19:35 Tracking 1031 exchanges and tax basis 25:27 Can hunting land ever pencil out? 29:53 Iowa water quality and farmland values 36:22 How interest rates affect land deals 38:26 Fence law and hidden title problems 47:03 The big-farm tradeoff: control versus attention 50:28 Turning $100,000 into land equity Thanks again for all of the support from our partners—none of this would've been possible without them! - Buck Land Funding: https://www.firstbankers.com/bucklandfunding -Hawke Optics | Use Code WHTL for 15% off: https://bit.ly/hawkeoptics_ -OnX: https://bit.ly/onX_Hunt -Painted Arrow: bit.ly/PaintedArrow - Latitude Outdoors: https://www.latitudeoutdoors.com/ - Use code 'HOFER' to save 10% off at [www.theprairiefarm.com](https://www.theprairiefarm.com) - Massive potential tax savings: ASMLABS.Net