The ALX Show

Welcome to the ALX show your
premier source for DFW real

estate data and insights.

Let's get to it.

Brandon Giella: Hello Josh and
Patrick and welcome back to

another episode of the A LX Show.

Today we're gonna be talking about a new
asset class, a new type of real estate

investment opportunity that you guys
are tinkering about, thinking about.

Uh, so we're gonna be talking about
RV parks as investments and it's

something you guys are considering
looking into doing some due diligence.

Tell us about that.

What's up with that RV parks?

Good, bad, indifferent.

Why?

Josh and Patrick: Yeah, like
you said, it's, it's new for us.

One thing that we always focus on with,
with any investment we do is the people.

Um, we, we typically like to be
on the kind of administrative

side, the financial side.

Of projects and then it's, it's really
important that we've got great operators.

So in this case, we had, we had
a couple really, really strong

operators bring us the concept.

And so that caused us to
dig in a little bit and

learn about RV parts.

And I think what we found is we like 'em.

Um, you know, it's, it's still new.

We still got some, some,
uh, some work to do.

But, uh, really what we're talking
about is going out, finding land.

Um, somewhat rural, but not too far
away from a, a major, um, city center

and developing that land into, uh,
both short term and long term stay

RV park, it's exactly what it sounds.

It's, it's kind of like a, what you
think of as a, a, a camping ground, but

it's, uh, set up for RVs with fenced
in yards and you have, um, amenities.

Uh, you, you've got like a,
a public bathroom shower.

You've got some parks on site,
you get pickleball on site,

Brandon Giella: Nice.

That's fun.

Josh and Patrick: all, all, uh,
good visibility from major highway.

Uh, and then people come and stay.

And, and, and another reason why I like
about it's the management is pretty light.

So people come and stay for,
you know, short or long term.

And, uh, and it's all
managed electronically.

You have somebody nearby that
can take care of problems,

you know, as, as needed, but.

Uh, not, not a big management lift, which

is really music to our ears.

Uh,

Brandon Giella: Yeah, yeah,

Josh and Patrick: from multifamily.

I another big thing we like
about it is it's a land play.

If you buy the land at the right price
and you buy it within the path of

progress, then it's really minimal, uh,
development as far as infrastructure.

So you can operate it as an RV park.

You can get up and running,
uh, pretty quickly.

You can operate it as an RV park, and then
down the road you'd like to reposition it.

Um, into single family or
something else, then it's not

a whole lot of work to do that.

Brandon Giella: Cool.

So these, these properties are in Texas.

You're looking like close to
DFW or where, where are you?

Where are you trying to shoot?

Josh and Patrick: Yeah.

The opportunities that we've
seen so far in Texas, the primary

one is right outside of DFW.

So, uh, you know, as,

as far as I've been able to observe, and
this is gonna sound really intuitive.

I think there's two really
beneficial places that you want to

be location-wise for an RV park.

One is off of an interstate, uh, that's
a good stopping point for somebody.

Um, and if you're near a, you
know, a big hub, that's a benefit

to on along the interstate.

And the other one is obviously like
by, um, places where you can camp.

So national parks, state parks
that, so someone who's going on

an extended stay could stay there.

Uh, that kind of thing.

So,

you know, that's what kind of
where we've zeroed in on so far.

And I mean, you talk about home
affordability and, and how that's,

you know, getting further and
further away for a lot of people.

And, uh, and a lot of people, you
know, we're also seeing a trend where

people like the flexibility, where they
don't have to be tied down somewhere.

So if you're in an rv, um, it's, it's.

Relatively inexpensive.

You can get up and move around.

Um, it's cheap to park it and stay,
uh, for an extended period of time.

And these RV parks are, are
starting to pop up, um, around,

like I said, major metro areas.

So you could work in Dallas, have an
RV parked you know, in Greenville.

and It's not, a terrible commute.

It's not initially quick either,
but people are willing to do it

because you've got the freedom
to move around when you need to.

And it's, it's cheap rent.

You know, you gotta buy your rv.

Uh, but otherwise, it, it, it affords
you a lifestyle that's a little bit

less expensive and everybody, you
know, everybody values their freedom.

And there's,

there's certainly plenty of that.

Brandon Giella: Yeah, yeah, yeah, yeah.

I see a lot of, uh, um, I dunno, that
seems trendy for people my age especially

that are really trying to like slow down.

And so they've got young kids and
they're just like hustling right now, and

they're just like, I need to get away.

I need, you know, and RV Park is a
perfect example of trying to do that.

So, um, as an investor.

Thinking about these properties,
how do you see the return dynamics

relative to other kinds of, uh, real
estate assets or especially as part

of a, a larger portfolio mixture.

Josh and Patrick: Yeah, I, I think
a, an investment into an RV park

is gonna be pretty similar to.

Uh, what you'd see return wise
on a commercial alternative.

Um, and, uh, you know, they've, it's,
it's so much less labor intensive that

it's a, a little bit different of a, uh,
an opportunity because the development

side of it gets you in at a much lower
basis than you would otherwise, so.

Mm-hmm.

Um, it's a lot less capital
intensive so you can, um, you know.

Get into a project that's gonna
generate a similar yield, but

with a lot less capital to do it.

So that's probably the biggest
difference between an office

building and an RV park, is

to develop one's going to, you know, be.

One, 100th of the cost.

I think a difference too is you're, you're
not gonna see the appreciation pop like

you would on a value add, multifamily
or office or other commercial space.

You know?

It's just, it's, it's more once, once
you've developed it and it's operating, I.

Um, you're really buying into a, a cash
flow with probably a kind of a limited

upside for, for the next, the next group.

So it's, it's a safer, I think,
in investment in that way.

Um, but certainly not the same,
um, you know, potential upside that

you would in like a big, uh, like
I said, other, other commercial

properties, especially like multifamily

Brandon Giella: Yeah, you said before, uh,
that, uh, it's, it's like a quick to cash

flow kind of opportunity, and then on the
other end you've got a lot of different

exit opportunities and if anything else,
you have the land, but you could always

repurpose it like you kinda mentioned.

So it seems like it's a really, uh, I
don't know if the word is like dynamic

or like flexible kind of investment.

That's really, really cool.

Josh and Patrick: Well, it's interesting
because your, your development is

like, you're, you're putting in roads
and parking lot like, and that's it.

And then you've got like septic
utilities, that kind of thing,

and some lighted areas.

And all that.

It's a fencing.

And fencing.

That's a new thing now.

Now, like the newer parks that, because
everybody wants to bring their dog.

So the newer parks,

um, you've actually got a nice fence, um,
outlining your, your space so you can sit

outside, have some privacy,
or let your dog run around.

Brandon Giella: Huh, interesting.

Uh, do you guys rv, are you anybody RV or

Josh and Patrick: no, but I mean, gosh.

So now obviously digging into this big.

And we all knew this, but like, I
hadn't really like really put numbers

into my head mentally, but there's a
whole, an entire ecosystem out there

Brandon Giella: Huh.

Josh and Patrick: the RV world.

I

Brandon Giella: Okay.

Tell me about that.

Josh and Patrick: well, I, there's, you
know, entire trade organizations that are

focused on how do we grow the mm-hmm.

The RV lifestyle, you know?

Um, and people that do it.

I mean, a lot, a lot of people
will rent one and maybe go on a

vacation and do it, but there's.

Tons of people who that's their life
full time and they cruise the country and

they stop somewhere for a month or
two and then go on to the next spot.

And so, uh, one of the things that's
neat about these parks is, um, different

than like a hotel, which is just,
unless you're in an extended stay, but

just nightly, um, you know, um, rental
rates, you've got a longer term option.

So there's not necessarily the same risk
of vacancy because you're just trying

to fill something every single night.

You've got an option where you can
pay a daily rate at an RV park, but

they've also got monthly options.

And so, um, you can lock in,
uh, a, a tenant, so to speak,

for a longer term than you would
think when you first hear RV park

and you're thinking like short
term, have to manage a lot.

Um, and all that, but you know, you could

fill 70, 80% of your available space with
people who are gonna be there for at least

a month, if not two, or three or four.

Um, you know, nice way to do it.

Brandon Giella: Is this something that
you've seen other investors get into,

either institutionally or private, you
know, small, independent, like what's

the trend in this kind of category?

Because I, I, I don't know much about it.

Josh and Patrick: I, I don't
think we've seen that yet.

Uh, you know, it's not real scalable
I think at this point, right?

If you were to get some institutional
investors interested, you'd probably

need several of these going at once.

I mean, like, it's, it's not, it's not
real capital intensive to get going.

So if you've got these guys that
have a ton of money and they're

looking at placing it in different
place in different projects.

Um, RV parks, uh, one because
it, it, it is kind of coming on.

It's, it's not, it's not new, but over the
last, you know, I dunno, five, 10 years,

it's becoming more and more popular.

Um, but they're looking at,
well, we've got all this

money that we've got in place.

We, we really don't want, you know,
to, to do 2 million or, you know, two

and a half million dollars in order
to buy and develop one of these parks

is not really a good, an efficient
use of their resources or time.

Brandon Giella: Yeah.

Josh and Patrick: So, and, and the
returns, like I said, we're, we're not

looking at re like re returns are solid,
but we're not looking at, at returns that

are gonna be better than, than to go at,
at, you know, the, the, a great positioned

multifamily or or commercial asset that

will allow them to put a lot more of the
resources in one place, have the upside,

um, that those projects will bring.

And, uh, um, and the, the scalability
of being able to re repeat that.

Right, because you do have to
kind of get out of your everyday

analysis to like, like, like we did,

to like, okay, RV parks,
this is interesting.

Let's, let's learn about it.

You know,

so I, I think for now it's, it's more
gonna be small independent groups

that, that go after these, even
individuals, um, that maybe own some

land or, or have a friend or family

member that does, and they're just
thinking of something that they can,

that a way that they can cash flow on it.

Brandon Giella: I've, I, this is
somewhat related, uh, but, uh, a few

months ago I went to a wedding and
they recommended the, the wedding party

recommended that folks stay in this,
um, it was like two or three acres and

it had a bunch of tiny homes and some
like little yurts, you know, like little

glamping kind of situations on him.

And so we went there and I'd
never been to one of these before.

And, uh, we drove in and there
was like, um, I wanna say

like eight to 10 tiny homes.

And so there's very, very small ones.

And then there was like two
story ones that were like, you

know, a thousand square feet or
1500 square feet or something.

And, uh, I just thought it was so
fascinating that you could have.

Let's say two acres or three acres
and put this really beautiful

property on and it's basically like
you've got a hotel or you know,

something like that just on property.

And I can't imagine it's super
capital intensive to do something

like that or takes forever to do that.

I mean, they were very, very small
homes and it was really nice.

I loved it.

Josh and Patrick: It is the same
concept, what you're saying, like,

I mean, it is obviously different.

But tiny homes, you know, you see like
the, um, deliverable homes, like the,

just kind of the, they're not necessarily
tiny, but they're super basic and simple

prefab, and they, they come
and they deliver 'em on site.

Um, you can also like, I mean, it's
been around forever trailers, right?

But, um, you can also buy the RVs
if you wanted to as an investment

and rent it out and just park it
and, and, and rent it out if you

wanna do that too, then now you've
got, you know, additional assets that

you've gotta manage, which is, you know,
you gotta determine if you wanna do

that or not, if the return's worth it.

But I think it is a really, uh, yeah,
it's, it's a minimal, um, mindset.

It's people kind of getting away,
wanting a break maybe from like the

hustle of, of, of what they're used to.

Uh, it's, it's affordable.

Brandon Giella: Mm-hmm.

Josh and Patrick: and it just, it allows
people, I think what a lot of people are

looking for is just that, that freedom and
flexibility and, you know, a big thing.

We'll see kind of How that How
that changes now that there's a

lot of people, you know, back to
the office and things like that.

But, um, but I still think there's
always, there's going to be, uh, a steady

demand for that alternative, for, for

people that want a cheaper, um,
more flexible way of living.

And like you

said, like when you're building
these, uh, you're you, everything

you said, you keep in mind, you
want it to be a beautiful space.

You want it to incorporate
the nature around you.

You want to have a little
pond that you can fish out of.

You wanna have some walking trails, you
know, you want it to really be peaceful

and, um, just a fun, like nice little
getaway kind of resort style feel to it,

Brandon Giella: Hmm.

Josh and Patrick: Josh
mentioned the affordability of

it, and it triggered my mind.

So if you think about like
the, the downside risks to.

What, um, your underlying cash flow
generation of an RV park, which would

be the people leasing space from you.

So

the, the downside risk is, you know,
a difficult situation for the US

consumer that peels back, um, their
spending or the things that they can do.

And what it, it seems
attractive to me about RV parks.

Is that it's way different than a resort
or an airline or like more discretionary

things that are the first things to get
cut from a budget when things get tight.

Um, if, if you're concerned about
or uncertain about your income

over the next year and you want to
go on a vacation, you're probably

gonna cut the trip to Europe.

And so like a American Airlines and.

Uh, whatever resort company
like those are gonna be impacted

by that change in behavior.

But the RV that you can rent and go
pay $700 for a month to go stay, um,

and have, you know, limitless area
of where you can go when you do that,

like that's probably gonna be something
that can remain in people's budgets.

And so I don't think
there's a huge change in.

Like, uh, leasing, so to speak, based on
consumer power or how they're feeling.

Brandon Giella: I was, I, I laugh
first because you said fly to Europe.

'cause I'm flying to Europe on Tuesday
and I, you know, I'm counting all

the bills and the planning and all
that and I'm like, okay, this is.

There is a budget

Josh and Patrick: you
had just rented an rv.

Brandon Giella: going
Yeah, I was about to say.

Yeah, yeah, exactly.

Yeah, no, I like where
you're going with that.

Where it's like, this
actually is the budget option.

So, uh, if you're thinking about a, you
know, kind of like a downturn or changes

in people's spending patterns, this
actually is the better option for, you

know, any kind of, um, more dismal time.

So it's something to really have
in your portfolio 'cause it kind

of can balance out some of those
other risks that you might have.

Josh and Patrick: Yeah, you
said that a lot better than,

that's what I was trying to say.

In a lot more words.

Yeah.

In all investments, right?

Like especially alternative
stuff, real estate.

I, I think you want to, I
don't think I know, we all

know you wanna be diversified,

right?

So put some in apartments, um, you
know, put some, uh, potentially

in retail or development.

And we, we, we would always say
single family, like there's a lot of

different ways to do that, uh, but
diversify, um, in the different types.

Uh, and then, you know, some
that way, you know, some will,

some will hit when others don't.

But typically real estate says.

Pretty steady.

I know we we're coming out of a
difficult time, obviously we're all

aware of that, but over the long run,
um, it should be, you know, steadily

moving in the right direction.

So, uh, like this RV Park idea is
not something that we'd say, Hey, you

know, RV parks, that, that's it for us.

We're going all in.

It's

just, hey, hey, we had, uh, this
is a potential, um, opportunity,

something that, you know, is,
might be worth, uh, pursuing.

And like at the beginning when I said, and
we mean it, it's for us, it's all about.

Who we're working with.

I mean, the concept's gotta work.

Like the performer's gotta work.

The underwriting has to, to make sense.

There's gotta be a market for it.

We've got to be able, uh, to, to
go out and kind of visualize it.

But, um, also we've gotta see
the real da the data, and it's

gotta, uh, tell the right story.

Brandon Giella: That's right.

Yeah.

Josh and Patrick: but we don't
even, but the ver the very first

and most important thing to us
is, um, who are we working with?

So in this case, like I
said, we got two guys.

Got a ton of respect for, um,
that brought the concept to us.

And their vision is they just don't,
they don't want to just do one of these.

They want to

do five or 10 of these
and then package 'em up.

Um, and then that, you know,
that becomes, that, that

becomes a pretty appealing exit.

Um, but in all investments, I
think really what I'm getting

at is it's about the people.

It's about the people.

The concept needs to make sense,
like it needs to be feasible.

But then you need to bring in the right
people that are gonna get it done well.

And then when things do, you know,
get rocky, which oftentimes they

will, are they gonna stick it out?

Are they gonna do what they
need to, to, to make it right?

Are they gonna be committed,
competent, and caring.

Brandon Giella: That's right.

Josh and Patrick: And, and so,
and these guys check those boxes.

So when, when the people that you,
you meet are, are gonna potentially do

business with, do check those boxes,
then, you know, we're willing to, to dig

in, even though it's something like RVs
that, uh, we don't have a ton of, um.

You know, experience with, but we
do have a lot of experience on,

well, how can we set this deal up?

Can we set the deal up well then do we
have the operators to make it happen?

And um, and overall there's a concept.

Is it a good one?

Brandon Giella: Yeah.

Yeah.

It's cool that you know, a big
benefit of investing in real

estate is that it does diversify
a portfolio with a pretty stable.

You know, kind of asset class, and what
you're talking about is diversifying

that diversification even more so that
you're, you're finding different ways

to either de-risk or find, you know,
better, like cash flow opportunities

even within the real estate mix,
which I think is really, really cool.

Um, I'm curious, uh, what your.

Go NOCO decision criteria is on something
like this, like as you guys are kind

of analyzing this and projecting things
out and having conversations with

these great people that you trust and,
and working through that kind of, you

know, putting the deal together, what
are some things that you're looking at

or maybe worried about, hopeful for?

You know, what any kind of trigger
points, it's like, okay, I think this is

actually a really great opportunity if
we can figure this, you know, part out.

Anything like that.

Josh and Patrick: I think the,
the biggest one is what Josh has

already talked about is location.

Mm-hmm.

you know, are we looking for, um,
do we want something that's gonna

be management intensive on our side?

So what I mean by that is, is it gonna
be years of, uh, facilitating, you

know, whether on the capital side or the
asset management side before we start

to, um, really see any, any return?

Uh, or is it something that can
be relatively short on the front

end as far as getting it set up?

Um, and then handing it off to,
uh, to a great operator to let

it run and let it cash flow.

Because if you're, if you're starting
with a, just a piece of dirt and you're

trying to build a hundred unit apartment,
uh, you're gonna have a, a good year

of, um, planning and strategy and,
and, and getting, getting approval.

And, and that's, that's a
lot of work for everybody.

And then you're gonna have,
um, you know, another.

to 18 months of construction, you know,
depending on the complexity of the job

and, and before you really start to see
anything, come back on those projects.

And there's a lot of stuff that
goes in into that from, from the

administrative being the capital
side, just, just getting, um, you

know, money to and fro and especially
when it's set up on a draw system.

So there's, there's a
lot of work that goes

into that before you really get
to see any significant return.

So I think there's a place for that.

Um.

You know, it just depends on
where you are as a business or

where you are as an investor.

But like with us, with everything we
got going on with, with the private

credit fund and, um, you know, the,
the apartment portfolio that we

currently manage and, uh, and also
looking at, at these projects, we,

we've gotta decide, you know, what
do we have the, the capacity to do?

And, you know, what are some

things that, that don't turn into like
two or three year intensive jobs And we

can actually just do, just set it up.

And then, and then pass it off.

Uh, so, so that, that's a big thing for us

right now, just where
we are as a business.

Uh, the RV park allows us to do that.

Like you kind of just, you, you set it up.

There's still, you know, gonna have to
manage a little bit of a draw system,

but it's, uh, it's uh, you know, not
nearly as, as much as if you were

gonna build a building, you know,
you're putting in the roads and the

utilities and things like that, or, um,
you know, doesn't require a whole lot

of financial management on that side.

Um.

We like, we like that part of it.

I think the other thing is, you know,
we need to, we need to make sure we

represent investors in all these deals.

So we need to make sure that the

the current cash flow is, um,
attractive and appealing, I

mean, relative to the risk.

So I, I don't know, something like this.

Well, that, yeah, go ahead.

That's it.

The, the biggest financial
piece is occupancy.

I mean, that the, uh, I don't think

that you want

this.

To only work at 90% occupied or higher.

You know, it's not like a
traditional, you want more market?

Yeah.

Housing, you've gotta have a lot
more, because you're gonna have a

lot of seasonality in traffic and
you can have change in behavior

that impacts people or whatever.

So I, I want something like this to work.

Um, if you're a hundred percent occupied,
that's great, and like, enjoy the

excess cash that that's gonna spin off.

But I also wanted to work at 50%

Brandon Giella: Hmm.

Josh and Patrick: You know, I wanted
to be able to, to perform, to account

for those fluctuations, uh, which is a,
like a, you know, a really different,

um, vacancy factor than you'd have on

any other

residential type of, of investment.

Brandon Giella: So what I'm hearing is you
guys are on the hunt for land, essentially

land that you can develop into an RV park.

Is that, is that one of the needs that.

Maybe some of these guys that you're
working with are, are working on, or

is that the thing that you would want
to communicate to investors right

now, you know, or in your newsletter?

Um, please sign up for the
newsletter, alix realestate.com.

Uh, but if, uh, what would you, what
would you want to communicate to folks

out there is like, Hey, if you've got a
great piece of property, or if you've got,

you know, connections in the RV world and
wanting to build a park or five parks,

10 parks, is that anything like that?

Like, what is the need here?

Josh and Patrick: Yeah.

Yeah.

Land is, we're always
looking for great land

opportunities, and it doesn't have
to be just for RV parks, right?

You just figure out the highest
and best use for that land.

I.

Um, and, and a lot of it too depends on
where it is, if it's within city limits

and, you know, you're gonna have to, to
get something approved, uh, by the city.

So you have to figure, you know,
talk with them and figure out what

they're, um, interested in doing
with it or what, what they'll allow.

Uh, but it could be RV parks,
it could be storage, it could be

multifamily, it could be a commercial.

I mean, it could be anything, right?

We've, we've got, um, so many talented
people within our network, uh, that, you

know, we always refer to 'em as operators.

Uh, because we know our skill set
is more on the administrative side

and we need to work with great operators.

So we, we've got great operators that
could take down just about any project.

Um, so any, yeah, it, it land
is always valuable, right?

Land is the most valuable
thing in real estate.

I mean, you figure out how to

ca to cash flow property on
something that's really well located.

That's, that's it, right?

That's, um, that's the best you can do.

So, or find

something that you just happen.

The timing's right and it
appreciates like crazy.

'cause you got out in front of,
you know, where things were moving.

Um, but yeah, anybody that's got
land or is, is, is just curious.

Uh, maybe they're not ready to do
something, but just wants to know what,

what are the, what are the possibilities.

Um, Yeah.

we're always, always open,

um, to exploring that.

Brandon Giella: Cool.

Yeah.

If anybody listening is wanting to
hear what an investment opportunity

in RV parks might look like,
please reach out to the team.

Yeah, I think it'd be really cool.

Josh and Patrick: Yeah, and we're,
and like I said, we're, we're

just jumping into this, I mean,
but we will get to the bottom

of it.

We'll have

Brandon Giella: Yeah,
yeah, yeah, of course.

Josh and Patrick: up, right.

We'll have our proforma and we'll
have, we'll have all the, the we're,

and we're putting that together now.

But we thought it was an
interesting topic, not only for RVs,

um, but just, you know,
looking at investments, real

estate investments in general.

Um, and, and being open-minded, you
know, being, being willing to maybe go

outside, uh, of, of what you're used to.

That works for us because we know
that our core, where our core comp

competency is, um, and that can
translate into different project types.

Um, and that's what we enjoy.

We, we, we like learning about
new things and, and being able to,

to, uh, the, and the freedom
and the flexibility, speaking

up RV parks to diversify and,
and potentially, uh, invest,

uh, alongside great

operators

and.

And new and exciting things.

Brandon Giella: that's cool.

That's cool.

What I love about you guys is, uh,
that creativity, you know, it's just

like, Hey, God gave us these skills.

He's giving us these opportunities.

Let's figure out what we
can do with them, you know?

And turn something into like a really
positive creative, interesting.

Even if it's unique, even if it's like,
uh, maybe not the traditional kind

of way, even though you got plenty
of traditional investments as well.

But just being really open and I think
that's so cool and unique about you guys.

Josh and Patrick: Well, I, I
will say it, just on a personal

note to close this out here.

When in the last several

years, you know, we were very
single-minded in multifamily

for, what, five years?

Mm-hmm.

And, uh, and, and multifamily
is a great asset class.

Maybe, maybe the best, uh, you
know, in, in real estate, arguably.

Uh, but what we learned is when rates
shot up and, uh, transactions turned off.

Um, we were not well diversified, right?

So, so that, that dumb and it, it, it,
it was a positive in that we jumped

in and, and we, we learned a lot about
property management, um, became much

better asset managers, um, which, you
know, allows us to, to get out and, and

be more comfortable in doing different
types of projects because, uh, we

feel like we had to sharpen our skills
just on, on management in general.

Um, but the, the most important
lesson that we learned.

And, uh, that, you know, God willing,
we'll never forget, is you need to

be very well diversified, uh, until
you get to a certain size, right?

If you get to a certain size in multiple
markets, you know, there's an argument

that you can really be, be focused and,
and it depends on your skillset too.

But for our skillset and what we
enjoyed doing, um, we found that

it, it was very important to one, be
surrounded by, um, high character,

high talented, high talent operators.

Uh, and then, and then two, be flexible.

Look at all different
types of asset classes.

Uh, be open-minded, be really good
on the underwriting, know, um, how

to work a capital stack, uh, and then
continue to network on the investor

side so we know if we do our job and
we focus on those things, then we

know God will bring the, the people
and the plans and uh, and we can

merge together and we'll,
we'll be open about it.

RV parks.

Yeah.

We'll, we'll take a look.

Um, apartments, of course
we, we, we know those.

Um, but yeah, in land, we love land.

I

mean, land is, is such a valuable asset.

They're not making, you know,
god's not making more of it.

So, uh, you've heard that before.

Um, but, so yeah, we, we,

we, we, we are always open,

we land and the possibilities
that, you know, come with it.

Brandon Giella: Cool.

I love that.

Well keep us posted

on how this, uh, this.

I guess, I don't know, the, uh, due
diligence process, if you call it just

the exploration, the curiosity, how it's
going, and, uh, yeah, I'm, I'm excited

to see what people might think of it.

Josh and Patrick: Well, we, we'll
throw some numbers out there too.

Um, next time we, we go as,
as we get further, uh, down,

further kind of down the road here, we'll,

we'll put some so people can really have

some numbers to think about and

compare with some of the other, um mm-hmm.

Brandon Giella: Yeah, so by
the time this episode releases,

it might be a week or two.

And so by that time, if you've
got some more numbers, let's

throw it in the newsletter.

Um,

Josh and Patrick: Yeah, people need
to hear the numbers 'cause that that's

really where the rubber meets the

Brandon Giella: yeah.

Cool,

Josh and Patrick: we'll,
we'll, we'll have, we'll have

our proforma done and, and

we can really kind of get into
the details in the next time we

meet.

Brandon Giella: Awesome.

Awesome.

Okay, well I'm excited to hear
that and, uh, I guess we'll see

you next time on the a x Show.

Thanks, guys.

We'll see you then.

Josh and Patrick: All right.

See ya.