Ranch Investor Podcast
Have you ever wondered what it takes to be a Ranch Investor? We give unique insider-perspective to local and regional markets, as well as processes and procedures that prospective investors may take to accomplish their goals of becoming an investor, giving specific tools and aspects used to analyze ranch values and markets. Due-diligence, asset analysis, risk management, identifying opportunity, deal-flow, and transaction process are a few of the mentioned areas of topic. We interview industry experts and share our knowledge on how to invest in and manage your own ranching operation.
Ranch Investor Podcast
Breaking the Co-Ownership Myth: What People Really Want
Have you ever dreamed of owning a recreational ranch without the year-long commitment? If so, look no further than Pursuit Properties, led by Josh Green. Their team excels in the co-ownership model, enabling families to collectively enjoy incredible recreational properties. Eager to explore their platform further? Dive into this episode for all the details.
I'm Colter DeVries, owner of Ranch Investor Advisory and Brokerage Services. I'm an accredited land consultant with the Realtor Land Institute and proud member of ASFMRA.
Speaker 2:The Ranch Investor Podcast is the most downloaded and informative industry-specific content that intrigues while entertains.
Speaker 3:Today I'm going to be sharing a blogger whom I caught up with through the Eugene, which matters because I didn't grow up hunting and fishing. I came to hunting and fishing later in my life and I first worked out of undergrad in finance and I know private equity gets a bad name in certain circles, and for good reasons sometimes, but I did work in private equity and then I worked at an aerospace manufacturer as a CFO for a few years and so most of my professional training has been in finance and then company management and building through organic growth but also acquisitions. And really, as I was kind of stepping back in my own personal life and career as I was at this manufacturer, I was thinking about where I felt called to go and really felt the need to start a company and was talking with a couple of my college roommates about what we were seeing as problems in the world and seeing as opportunities for improvement. Pursuit was the fruit of those conversations. So the three of us three college roommates started Pursuit about two years ago and the reason I bring up playing ball sports is because what I'd seen in my own life was that there's really not a good way to start fishing and hunting unless your father teaches you to do it. My dad was not a fisherman or a hunter, although my in-laws were, and so I learned through my father in law what saw opportunities for us to create a better way for people to learn how to fish and hunt and have the appropriate land and water to do these sort of activities, as well as the people to instruct and the guides and then as well as the equipment rental.
Speaker 3:And so we started Pursuit, as first really call it the Uber for guides, that you should be able to go to Boseman and find a guide, and we quickly realized that that's a difficult place to start, and so we then pivoted to helping landowners turn their land into places that the public could enjoy.
Speaker 3:So we started working with many ranchers and helping ranchers to be able to entertain guests, mostly for fishing and hunting, but also for family vacations and people and guys trips or bachelor parties or whatever whatever people wanted to do on these open spaces, and we would bring the food, the equipment rental, the cleaning, the storefront to bear and we would then allow our landowners to monetize what they have to offer. And that's really when we started to see the real value of property and the difference in property and the difference in quality and property and also how people manage differently. And so that was really the beginning of what began Pursuit Properties, and we still have that marketplace. So PursuitOutsidecom is that marketplace, but Pursuit Properties is really now a different business I'll be connected but a different business where we are helping people, through co-ownership and ongoing management of property, to invest in and enjoy these big ranch and sometimes agricultural properties, and I'm happy to tell you more about that. I'm sure we will, but that's oh, you will, josh.
Speaker 1:I've got you for an hour, so you're gonna tell me more. I'm happy to. Are we still three partners doing this?
Speaker 3:So we've added, and so we're still three co-founders yeah, the two co-founders of mine. They have other jobs in addition to it. So one of my partners is he runs his family's metals manufacturing business and he's our attorney and he's in Philadelphia. And then our other co-founder is in California and he's an entrepreneur, also works at a VC firm, and so the two of them are very involved.
Speaker 3:But we've needed other help in addition to them, so we've hired other folks to help us and really our story is one of all having a similar vision, but knowing that we sit in different spots and have different talents and so trying to bring in the best in class in each individual category.
Speaker 1:Well, you sound like a glutton for punishment, josh, because, bringing in three high performing individuals with their own vision, how do you get people wrapped around the same vision? And so I'm guessing you approached, or why Combinator approached you. We'll get into why Combinator and what that is and how that got you started with this two-sided marketplace of pursuit outside. But how do you get team alignment around the same? Here's the problem. Here's the minimum viable product we're going to implement for market penetration, beta test and here's our total addressable market, the TAM, those things that why Combinator wants to see. How do you get three professionals, highly skilled individuals, to all agree to come together and say, yeah, this is the direction we're going to go?
Speaker 3:I think it's really helpful to be doing it with friends, because each of us has while I have a tremendous respect for both Trey and Tyler we each have a common thread that helps us put down our egos and know that each of us is coming from a place of trying to find and seek the truth, and so that's, I think, really helpful, because we're friends and we don't have that same I'd say competition. Then, and along those same lines, I think there's a humility there to hear good ideas and be comfortable with accepting the best. But it's really, then, I mean, it comes down to testing. It comes down to okay, what do we think the right tests are, and let's run a few of those and see what works and those that work. It's no pride in authorship, you just go with what works and the things that don't work you put down, and so where do you think the best one works and where do you think the perfect one doesn't?
Speaker 3:No-transcript. We've thankfully not had much debate about what to do and what order to do it in, because the ideas should speak for themselves in the fruit of what you're working on, and we've seen a lot of people want to learn how to fish and hunt. But we've also seen a lot of people that wanna own and enjoy these wonderful recreational ranches, and it's very hard to do so and there's an opportunity there, and so we've been able to validate that opportunity and each of us then feels confident that this is a good direction to go in. And then proof actually helps resolve a lot of those discussions pretty quickly.
Speaker 1:So that is challenge number one Is it sounds like you guys with pursuit outside, you guys came together and said here's the problem we're solving. We feel it ourselves, we've experienced ourselves. It must be let's extrapolate, it must be a larger problem and that problem is barriers to entry. And it sounds like you guys were coming at this with the barriers to entry for outside recreation. You weren't looking at it as necessarily the minimum viable product for a hunter or fisherman is public lands. I'm just gonna go buy some Coleman gear from Walmart and a $12 fishing pole from Walmart and I'm going to go access public lands. You'd mentioned guides and Boseman. That to me sounds like a more amenity driven experience, a more luxury type of a product. So barriers to entry for subjectively, that higher quality experience are difficult. Does that sum up the problem?
Speaker 3:Yeah, the problem that we were originally solving and you're right to put it in personal context, right, it's what we each personally experienced and then saw elsewhere which is when you don't even know what to go buy at Walmart or where to look for access to public water, or which waters have which trout or whatever you're gonna fish for, and then what lures to use or what flies to the buy. How do I cast all of those questions? All of that uncertainty creates just a higher and higher barrier that you feel like immensely you have to cross. And so, when we were looking at how to get involved, it was okay. So who can I hire to teach me, or what's out there that can teach me these things and make that a little easier? The guides are a natural first step, and so, when we were thinking about that problem, it was okay.
Speaker 3:How do I find a guy? Oh, I know what guys are good. How do I know who's overpriced? So how do I know all the questions around just who to trust? And for us it was. I don't have the time to spend reading blogs and all the information on the internet which, by the way, you can do and you can figure out yourself but for people that are working a lot, that are starting families, that are really busy, it's like I've got X amount of time to spend. How to figure this out? I know that I want to, but I don't have many hours. So what's the easy button? And oftentimes the easy button is guys, and so that's where we started, certainly.
Speaker 1:I mean we can all DIY a new undertaking, and my wife almost convinced me to use the University of YouTube to fix our washing machine last week and that would have been my new undertaking DIY. I probably could have done it. It comes with my opportunity cost and the learning curve. At the end of the day, it's no. Now let's just hire an appliance mechanic, a service tech, to come out and fix this, as most Americans do. You don't have to University of YouTube, everything. Some things it's important to do yourself.
Speaker 1:But I can see the demand side from where you're coming. At that, yeah, 330 million Americans there's a certain percentage who are gonna be like just give me a one stop shop, just click, I'm in Colorado, utah, montana, wyoming. I'm fishing with my buddies, I've got the gear, I've got the experience. I don't need to DIY it and invest 60 hours of education into this. So you got. I can see the demand side there. Now, on the two-sided marketplace, that seems very challenging in that. How do you come up with supply? Did you find, as you were testing and you're doing your beta test, that there was? Now you have to solve a problem for the demands or, sorry, for the supply side. What was the problem you'd be solving for the supply side? That seems like the harder, the bigger challenge to me.
Speaker 3:Yeah, so really, customers speak for themselves. If you can bring people customers, then they're willing to talk to you. I think that the question was really which sports to start in. I mean, there's more regulation in certain sports and public land and then there are in others. That was a barrier that we had to think through, and who holds the permit for the stretch of river on the Madison, for instance, or Picker River? The supply side was a challenge, but the customer side is really where we thought we needed to focus, because if you can bring somebody customer, they're more willing to talk to you, so that we focused on the customer side.
Speaker 3:Really, the complexity around the permitting was one of the main reasons why we pivoted towards then working with private landowners, because we wanted to find places that public could enjoy more easily, and private land then was a natural solution to that. That was really what then led us into let's go knock on doors for ranchers and farmers. That then is where we then heard their problem, which was hey, I want to monetize this stuff, I've got assets that people could use, but I'm not in hospitality, I don't have a whole infrastructure set up around that, I don't have insurance, I don't have a storefront, I would have to hire people to do this, and that's where we said okay, we'll help you. So we went and we helped with insurance and we helped with the cleaning and the equipment rental. That's then how we then pivoted into that second-party product piece, which was private land excursions.
Speaker 3:It was really to address some of those supply concerns around permitting but then it really quickly became oh, there's this bigger problem on the landowner side. That evolution was pretty natural from A to B, but then it was okay. Where are these really really high-quality places to fish and hunt in backcountry ski? Oftentimes those are properties that are owned by people that don't want you there. They don't want that for themselves.
Speaker 3:That then became the problem to solve, which was okay, you've got people that do not want you there, yet they have the most amazing fill-in-the-blank elk hunting or stretch of private water, or whatever the case. That then became a real question for us to say, okay, how would we solve that problem? Then it was okay, well, we need to help people that are friendly to us, or people that are open to using their property this way. We need to help them buy. Well, who can afford a $30 million range? Only a cent a millionaires plus? Well, okay, how do we then more open up that market? Well, through co-ownership. Well, what does a co-owner then need? A co-owner then needs the rules and the legal infrastructure and then the on-wing management, because these are small businesses, these are not. This is not a vacation home, this is something that has living, breathing animals on, that have income and expenses, capital expenses, a staff, and so you've got to run these things and think about these properties as small businesses, because that's what they are In some cases, big businesses.
Speaker 3:And so, as we were trying to solve that problem, then we said, oh, wow, there's a really big market there. How much property is tied up that is inaccessible to even what I'll say are normal wealthy people and there's just this gap of A knowledge about these properties and how to run them. But then B you talk to a doctor in a city about conservation easements and their eyes roll back and they're like what the heck are you talking about? And you said, man, what are you paying in terms of your personal income tax rate? Well, close to 40%. Oh, geez, like there's opportunities for you to defray some of this and you can have these as investment properties and enjoyment properties. And then you start to then see like the light bulb turn on and I'm saying, oh, wow, okay, there's this whole other landscape that I could potentially go and enjoy and invest in. That really I had no idea I could even do. And that's really what has led us to pursue properties.
Speaker 1:I'm kind of smirking. You said normal wealthy people.
Speaker 3:Well I mean look, these properties are still expensive. Accredited investors, right? Yes, right. And so I mean there's a risk in characterizing people that way, but I think I do it all the time I paint it.
Speaker 1:It's honest, it's honest to that.
Speaker 3:You know you still have to have some income to be able to afford even a fractional or co-ownership slice of something.
Speaker 1:But it is, josh, it is yet to catch up to me for stereotyping, putting people in boxes and painting with a broad brush. I'm uncancelable at this point. I do, I do, I do like the normal wealthy people and, as you said, the characterization of a broad class, general group of peoples that's not on me to define. That's on each individual to define their own place in life. But I love it. So this now leads into what we have tangent. We've taken a tangent into pursuit properties and you're coming up with a solution. I don't know if this is another two-sided marketplace or a service. At this point of 20 minutes of hearing your story, I'm wondering if this is no longer a two-sided marketplace or if it's more of a specialized boutique investment service. But what I do hear is that now the problem and this is almost complementary to unique experiences where you started the problem is some of these unique I don't know how to maybe the majority of these unique experiences are locked away. They are exclusive to private landowners and usually that's one individual who values that privacy, exclusivity, and they really have no need or desire for the additional income that they could get, they could receive, from monetizing that recreational enterprise. And if that is the problem. You're creating a product for a solution.
Speaker 1:I do take a lot of calls. People in California, outside of San Francisco and LA and San Diego, they've got some rural properties that have some sort of bird hunting or equestrian regenerative ag. There's many different Uh flavors, there's many different aspects to a farm, ranch, rural, recreational property, and that's I'm sure it's not just California, it's you know, it's, it can be Arkansas as well, and so there's a lot of people trying to solve this problem of maybe I, maybe I'm painting with too big of a brush here, but people feel locked out, shut out and put out from the, from the good experiences from from the private property. And then and then also just being a tourist doesn't, doesn't get it done. Being transactional, hire, guide you can. You can pay an outfit or a guide to go hunt private land. In Montana they have those leased up. Um, but you're saying people want more than just transactional, they want to be vested, they do.
Speaker 3:I think that if somebody just wants to rent everything in their life and there are definitely those people we're not the product for them. But if somebody wants to own the dirt, if somebody sees the value in, in being a steward of scarce resources and landowners, are these landowners steward? Scarce resources, be it food production or water, or beauty or wildlife, those are scarce resources. And and and unlike other people in white combinators that are working on exploring the universe, I don't think that we're gonna go live anywhere else in the universe in a long, for a long time.
Speaker 3:So you know, we need to use what we've got here on this planet for a while, and thus I think people want to have a stake in the dirt.
Speaker 3:Yet they realize that if they own the whole thing, then all of that responsibility falls on them.
Speaker 3:And maybe they're only going to get to these places three or four times a year and they feel like, maybe, shoot, I don't know that I can justify a big check if I'm only going to go someplace a few times a year, which is really then the benefit of co ownership, and then being able to, in lockstep, if they so decide, be able to monetize that property and say, okay, yeah, this year I'm not going to use the al-Qaunting, so sure I'm willing to make 10, 20, $50,000 extra, depending on where it is or what it is, or vice versa and say, no, this year I do want to use it and I don't want that extra income.
Speaker 3:And you know, I as the owner get to decide and you, pursuit, have to then follow my direction and we're happy to do that. We're happy to then just say, no, we're, we're going to keep this as private for that ownership group. So I do think that people want to invest it. I do think that they want some ability to share in some of these responsibilities. I do think that they also want some help and they know that these small businesses. It takes a real specialized knowledge for cattle and hay and wetland restoration and go down the list of what you need and so we can bring that to bear.
Speaker 1:So I'm going to jump back to why combinator kind of where this all started a little bit for you. Why combinator invests in tech companies, disruptive tech companies, technology that is scalable, and so when they invest in you, they expect market penetration. You're creating, you have product market fit and you're you're scaling and you've now entered a probably a larger TAM total addressable market. The the rural real estate is a very large number because nearly everywhere in the US has some recreational or conservation component to it. And so you've you've identified a bigger market that you are going to have product market fit in. What have you seen with? So co-ownership comes with investing. Investing comes with returns, risk free rates, opportunity, cost of capital. You're a finance guy, so this is your wheelhouse.
Speaker 1:I had on the podcast before this episode a gentleman who consults and helps with syndications, primarily commercial and, and I would say, permanent plantings fit into commercial. They are very much like like your downtown office where you're going to have to renovate it, improve cash flows, recapitalize it, sell it type deal. So he was beating me up about not having an annual yield that matches today's risk free rate of five to 6% on CDs, uh, treasuries. So one he. He did not like that. He didn't like that. Your annual yield was less than a risk free rate.
Speaker 1:Then I I came at him and said historically, land appreciates, appreciates. Compounded annual growth rate in Montana 46%. That's historical. I don't want to get into what happened over the last three years and you're definitely going to see some that are six to 11%. That's out there Seems to be. You can achieve that with the right improvements. How, when you can this, this new total addressable market, and you're asking people to invest in rural real estate, how are they responding with oh, by the way, your annual yield is zero in your longterm hold. Is we're going to say 8% it, it, it beats the equities market. It's lower risk return. Do they? Do they take that into account, that it's lower risk, lower volatility. It has great historical performance, or are they like no man? I'm getting 5% on my CDs and I've got this commercial building down the street that's going to pay me 18% IRR on three years. What you're offering me is only intangible benefits.
Speaker 3:Yeah. So there's several things there. First, back to white combinator they, I would say, try to just invest in good ideas and people that they think can execute them, and there's plenty of Y Combinator companies have died, and, yes, the TAM matters, but really they understand that good companies are actually flexible and humble and they try to. They seek truth and they go where the proof is not with being so wrong, with being so rigid that they must end where they started right. And so I think we try to embody that. And, yeah, we started and we did show them the TAM of what the outdoor recreation market is. And then we've moved it to your point, to a different market, albeit a hard asset market, not a software market, and so the reception, though, has been positive from our investors. You know, y Combinator being one A, because we've got good investors. They just want to support good businesses, and if it gets to be big, great, if not, you know, no problem. They want to support good businesses. And so, you know, moving into the hard asset or tech enabled hard asset, whatever you want to call us, I mean, I don't know what the right label is, but it was not something we faced any sort of like hard questions about, but what I will say that pitching are to your point about IRRs, you know, risk free rates.
Speaker 3:I'm not trying to sell a property as the best current market investment.
Speaker 3:What I'm trying to sell is and what we are trying to help people realize, is, that your dream as a human being is our mission and the way that that that is. I'll put that in a personal context. When I look at my life and I'm 40, when I look at my life when I'm 80, I hope that I can look back on my life and say that I spent my life with people that mattered, in places that were special, with them, assets that I steward into the future, that I could pass on to future generations. That's actually my dream. And if I look back and I say, man, I achieved that, I think, a full and happy life and I will felt like I used my talents and and was able to then deliver something to my kids and their kids. And so I say that you know this is not a I'm not trying to achieve. If you want to go get a 18% yield in the market, you can go do that, but what I'm trying to help you achieve is first the enjoyment factor and second, the long term appreciation.
Speaker 3:You can't discount the fact that these places are special and doing things in special places with special people creates a different type of return. That if you're looking for 18% yield and you're you're, you're just a cash seeker that which, by the way, I'm fine with right Then then fine, go do that. But these are these, the, the opportunity to own a slice of rare assets, scarce resources that you can enjoy. That's a different pitch and it's and it's not the same.
Speaker 1:I would agree. I mean there's there's a taste and preferences for everyone. Your product or my product would I sell as a broker? Ranches, the western lifestyle, the rural experience it's not. It's not for me personally. I I already have that with my family's place. I do want the 18% yield on commercial real estate. That's not for me. That product does work for me and that's where my money would go. I do have the opportunity, cost risk free rate Some CDs right now, of course, and so when I look at these western lands and the experience, I'm not willing to pay for that. But I'm different. You know I'm, I live here, I'm from here. This, this does have more value to someone other than me, right?
Speaker 3:And and and let me also be clear, I am talking to you from the standpoint of a customer, our clients, right, the people that want to buy a slice of the LLC that we start, that then goes and acquires the property and hires the staff, right, the the, the from a client perspective.
Speaker 3:Right, that's what I'm selling Now. I think it's important to say that in our ecosystem we have a need and a spot for investors and, by the way you know, we need investors that are looking to invest money, and there are a few deals that we've been working on that we will take investment on and I will give you, we will give, a 18%. You know, as you said, right, like so, there is a place for the investor mindset, but our clients that buy these properties and own them long term, you know that's not the primary piece for them, and I'm on that. I mean, we also have a place in our marketplace for brokers and, like you, and, and, and, sellers, and, and, and. We need the different pieces of this ecosystem to be successful and each of those pieces has a place to play.
Speaker 1:And that that takes out the the two sided marketplace, the problem of creating both supply and demand, because you're not having to ask landowners themselves hey, would you put your ranch on our marketplace for co ownership and then you'll have to vet them. So you're bringing a vetted boutique type product. You've already done the due diligence. It's one that you've hand selected. It's not. The supply isn't creating itself. You went out and you found the supply for people to invest in as as limited partners.
Speaker 3:So it's a. It's a little, I would say it's a little different from that, because we want to be working with brokers. We want to be working with with selling brokers and buy side, and so there is an aspect of us curating properties that we think are high quality recreational properties. So that is our guiding light, so we wanna find great places for recreation. Now, oftentimes there's other aspects to those properties. That involves agriculture and income and expense, but that's our guiding light and so, yes, we curate and we try to find those properties.
Speaker 3:Most of the time those are being sold by brokers, and brokers also then have kind of this roll-a-decks of people that they've come across that maybe aren't able to fully take down the property themselves or want to, and so, for whatever reason, they didn't transact on this one property. But given the opportunity to be one of the co-owners of the property, they could. So I'd say that there is an aspect of the two-sided marketplace here too, because we want brokers to be helping us with supply and men, because we can offer a slightly different mechanisms to transact, and that is by putting together these groups of co-owners 10 or less but then all buy into the LLC and then that LLC is the entity that goes and transacts and performs the ongoing maintenance and operation of the property.
Speaker 1:So now you really ruled me out of your product, josh, because you said 10 or less. I'm guessing that's a minimum of a million dollars.
Speaker 3:So it depends on the size of the property. You know, right now we're trying to determine where the right sweet spot is for size of property, for what people want. Does somebody want to spend a million dollars? Does somebody want to spend $5 million? Does somebody want to spend $500,000? These properties we don't.
Speaker 3:What we're doing right now I guess the best way to characterize it is we're taking something that people do at Hawke.
Speaker 3:So friends and family groups say, hey, I got a great property, we should all go in and buy this. Well then they you know they're doing that at Hawke and sometimes they're good planners and they've figured out all the voting rules and the economic rules and the usage rules and they've got a lot of that set up. Maybe people do, I've seen, sometimes they don't, and what we're doing is standardizing that so that there is a process for legal and usage rules and rights. And so we're basically forming these little mini clubs, the little mini hunting club and fishing club that people do kind of at Hawke. And then we're opening that for liquidity so that people could buy and sell those fractional shares and so that there is a way so that somebody that says, hey, I bought into this club eight years ago. But you know, I'd like to monetize, for whatever reason, and I need that money. Who can buy me out? And so we want to create that marketplace for the secondary sale of that share.
Speaker 3:And so when you talk about price tags, I don't want to be so bold as to say I know exactly where that lands with what customers are looking for right now in the market. We were testing that still I mean, we're still early. So, yes, a lot of these are expensive and, yes, there is a big price tag with it, but I can tell you that it's far less expensive than buying the whole thing yourself.
Speaker 1:One thing I've noticed with brokerage clientele and also as more alternative assets become decentralized, democratized, co-owned. So we know Picasso does it with second home ownership and masterworks, I think, does it with art and I'm sure there's other. You can probably do with coins and jewelry. I think there's some platforms out there too. If you want to invest in different alternative assets, have a certain amount of exposure to different areas of the economy, there's a way to do that now, thankfully, with online syndication sites With ranches, rural properties in particular.
Speaker 1:One thing I've noticed is people want the full control and I even hear this through my residential contacts selling residential real estate. People have a heartburn or sour taste in their mouth about HOAs and buying into a mini club, as you said, is kind of like an HOA. Me personally, I like HOAs. It protects your property value. I don't know what the grievance is with HOAs and having good regulation. Granted, that's coming from a libertarian who hates regulation in general, but that's my personal life. If I'm investing my house, if I'm gonna do my primary house, I actually do like HOA.
Speaker 1:I don't want someone's RV because an Eddie tapped outside of my neighbor's house for four months and I don't want them building some mini house in the backyard right next to me. I do like HROAs, and have you noticed that? Is there any pushback coming where people like well, God damn it, Josh, if I'm gonna buy a ranch, I wanna be the cowboy, I wanna crack my whip, shoot my gun, pee out the back door and drink whiskey whenever the hell I want you know.
Speaker 3:I think we've had a little bit of that. But what I'll tell you is that I think people are getting more accustomed to the fact that some of these things you just gotta share, and so the mitigating factor for us is we want you to do this with your friends and family, and while 80%, let's just say of our rules we want to be pretty standard because there's kind of a best way to do it, we do wanna allow some customization. So if you decide that everybody's allowed to pee off the back porch and shoot the gun and drink their whiskey off the back porch, so long as it's safe, I guess the- that's relative.
Speaker 3:Right, it's relative, but if everybody agrees in that small group, and then the size of the group matters and who's in the group, and you're shared alignment and how you enjoy those properties, if that's the rule that you wanna allow, then fine, you should allow that rule, and I tend to be fairly libertarian too, and so if you wanna customize those rules, okay.
Speaker 3:Now I think people, though, are willing to submit to some degree, especially when their buddies or their friends are doing this with them and they say, all right, well, I don't want my niece to see me pee off the backyard, the back porch. So you're probably right, I probably shouldn't do that all the time, and that's how we wanna. I, like Picasso, I think they've got a cool model in Ember, too, and I think it works really well in rural real estate, especially because there's oftentimes more lodging and there's more places to spread out, and you then don't have the same issue of who gets Christmas this year, because you've got multiple places and each person then has their deck to pee off of, and thus a little bit more privacy and exclusion, even though they're doing it with people that they hopefully wouldn't be around.
Speaker 1:Well, Josh, where do people find you pursuit properties?
Speaker 3:Yeah, so you can email me. I really like to hear from people and I like to hear the feedback. That's great, that's good and positive, but I actually really like to hear the negative feedback more, because it helps us shape our product. So you can always email me at josh at pursuit-propertiescom. You can also visit pursuit-propertiescom and you'll be able to see more of the product that we offer. We also have pursuit-outsidecom, but that's our original marketplace and so we are the same company under the same umbrella, albeit different products. But please email me. I would love to talk to anybody that's interested in any of these categories and if you say, hey, I've got an idea for you, or I think this is wrong or I think this is right, reach out. I'd love to schedule a time to chat with somebody. So it's josh at pursuit-propertiescom.
Speaker 1:And new website coming soon. You guys are getting ready to launch that, I hear.
Speaker 3:Yep, we're launching the properties website here soon, and so hopefully by the time of publishing this podcast it's up and beautifully laid out and everybody likes using it, and what we're hoping to do with that website, just to be clear, is understand what people want and offer real tangible opportunities to get real tangible feedback, and if our listings on that site aren't exactly what a customer wants, then we'd love that feedback. Also, we wanna make it clear that brokers and referrals we wanna incentivize, and so we wanna be working with brokers. We will pay commissions, we will pay referral fees, and so, from a supply side, we also wanna be taking those inbound requests too, of saying, all right, well, there's a landowner that maybe only wants to sell a third of their property, or maybe there's a broker that says, hey, I've got a couple of people that are interested in a property at X dollars, and so the co-ownership piece makes sense, or we wanna be building those conversations and relationships, and that's what the intent is of our site release.
Speaker 1:Well, I'm looking forward to seeing it, Josh, and is this for accredited investors only? Yes, I would say it is. You just kicked me out. I don't get to see it now.
Speaker 3:That's not true. I think there's a. I think somebody is gonna probably be an accredited investor to once transact in these spaces, but we'll see where it goes in the future. Right now it's for accredited investors. Yes.
Speaker 1:Yeah, because of finance regulations. So we can all thank our government for not allowing us to manage our investments how we best see fit.
Speaker 3:Yeah, well, we can take that up in next year's election to see what happens.
Speaker 1:Absolutely well, josh pursuit properties. Thanks for coming on Again. Anyone who has questions, please do reach out to Josh. Also, we've got the Discord channel for anonymous comments feedback. Be sure to visit Discord and mention this episode. There might be a thread there for this episode. Might be in just a general discussion, but keep it going. We'd definitely like to hear your feedback, both positive and negative. It all helps and there's a lot of people trying to solve this problem that Josh is working on. And definitely get engaged, not just with voting so you can manage your investments how you best see fit and not have the government direct you, but as well as rural properties, get engaged. Thanks, josh, for coming on. The Ranch Investor podcast yeah, thanks for having me.
Speaker 3:It's been an awesome experience. Appreciate your time.
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