You, you know, give us an understanding, Drew, for, for those that are new to listening to the show or, you know, new to getting to know you, um, who are you and sort of where do you fit in this land space?

Yeah, good question.

So I started, uh, doing land deals in 2020, June of 2020.

Went through one of the classic courses.

And I bought three parcels in the middle of the desert.

And I wasn't really willing to spend money on marketing.

I bought the cheapest land.com slots, like the ones that are on page 15 that nobody sees.

Talking about the deals itself, I mean, from 10 to 70, you know, are those, I'm assuming those are, what do you call them? Smaller deals, midsize deals, you know, is chasing a bigger spread the right way to go or, you know, going for something that is going to have a smaller spread the way to go? What is your thoughts on that?

At the right numbers, yeah.

Sure.

But even in a depreciating market where you're buying slightly too high and your margins are getting squeezed, maybe we're in that time right now, maybe that was 2024 and 2025, but even during that time, to me that's okay, because your margins are getting squeezed on the way down.

You're s- you're making smaller spreads.

But once we hit that trough, I think we're in it right now, and then it starts going up again, we're gonna see another expansion of your spreads, right? 'Cause you're buying in, and then while you're holding it and trying to sell it, the value's going up.

And so if you see the land business as a sideways curve that goes through a range, then the compressed spreads and the expanded spreads kind of equal out, right? So all we really care about is transaction volume.

We just want more people selling and more people buying, right? Because we are technically middlemen.

Yeah.

And I'm always having to have the perfect plan.

Yeah, so I graduated from high school.

I knew that I wanted to go off to a four-year university.

I wanted to pursue a communications degree.

And so I went toward UNA, fell in love with it, so spent all four years at UNA.

And I really thought at first I wanted to go into more like the public relations side of things, maybe a little bit of speech writing.

I knew I always had a passion for politics and the government relations, and specifically on a state level.

So when you look across the landscape of a community college system, and maybe it's the north or south, whatever's going on, what are the things that you're looking for from the colleges that would help them tell their story most effectively?

So tell me a little bit about the whole land business and how you do it, just so we get the gist of how it works, please.

Yeah, so think of similar business to CarMax.

So if you bring in, I had an old Mercedes worth 16 grand at the time I brought it to CarMax.

They offered me 8,000 for it.

At the time, it was too low of an offer.

It wasn't a good fit for me.

But if I would have said yes that day, I would have said yes because I wanted liquidity.

You can get that at 20accreditedinvestorsbook.com. Again, that's the number 20accreditedinvestorsbook.com.

Are these people like rich doctors, rich lawyers with a ton of capital?

Yeah, doctors, lawyers, Chick-fil-A owners, cousins.

Some people are in real estate.

Some people are not.

And we actually – it's been such a successful model that – we launched a fund it's a 506b so i cannot solicit this is not a solicitation um so it's for friends and family and essentially the old model the legacy model was i'm taking you know chick-fil-a owners money i'm deploying it into an operator's deal i split my cut let's say it's a buy for 100 sell for 200 let's say it sells for 180 we get 170 back after closing so deal made 70k let's say my cut i don't know let's just say i made 30k on that money partner would make 15 i would make 15 right and when you have the money partner they can roll their money a few times a year let's say two or three times a year that's when the returns become quite impressive right but the weakness of that model what i found after three four years of doing it is their emotions are tethered to the performance of that specific deal And it really wears on me to have to update somebody on a deal that's taking super long.

Hey, hurricane just went through, wiped out all the trees on the property.

We're sending a cleanup crew, but now it's damaged the value by 10% or whatever.

Would you say that it's true that it costs a lot of money to set up a fund and it has high maintenance ongoing costs as well?