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Be A Cowboy! - Feb 2025 (#55)

Howdy dear reader! Your dude Brent has thought what he's about to share many many times, but will now put it in words. I’m about to tell you why I want you to be a COWBOY! Why? Stay tuned…

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Motivation

The principal mark of genius is not perfection, but originality, the opening of new frontiers.

-Arthur Koestler

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Money

TLDR; MONEY is found easiest in the ‘untamed’ parts, the ‘Wild West.’ So be a cowboy!

As I was freezing my tail off in Montana last week I remembered a thought I’ve had over and over throughout my career. It’s going to sound wild, but I promise it’s true. And it may make you a bit uncomfortable. That comes with the territory… as you’ll see.

Back in the day in the U.S. it was common to tell the fortune seekers, the energetic young adults, and the starry-eyed immigrants to ‘Go West’! Why? Because YOU have a much higher chance of finding your fortune on the frontier. Frontiers were wild and sometimes dangerous places. Places where law wasn’t always settled and who-ran-what hadn’t really been firmed up yet. Back then if you were trying to start your own ranch it was going to be really difficult in an area that had been settled for a while. Land would be more expensive and your competitors in the area would have a multi year head start that would be tough to overcome. You could go west to the frontier and land became cheap (sometimes even free-ish... ) and there would be much much less competition.

In our day the frontiers are different. You don’t necessarily need to physically move yourself, you just need to find a field that’s the Wild West in its own way. Something that’s still wild and untamed! Something that when you get into people think your either brave or stupid! Nowadays there are many areas that are still the Wild West; places that haven’t been tamed yet. AI tools and cryptoassets are two obvious examples that come to mind but there are many, many others.

While I was in Billings last week, I met another Real Estate investor. He’d gotten into RV Parks after doing other Real Estate assets classes like I had. As we contrasted RV Parks with apartment buildings and self storage, he said those magic words. ‘RV Parks are the Wild West of commercial real estate right now.’ I heartily agreed. In other areas of commercial real estate there’s a lot that’s pretty set and standardized. There’s big players in the space that everyone knows. Everyone is adopting the same tech to the point it doesn’t give you an edge, it just helps you keep up. There’s standard fees and operating procedures.

In RV parks there’s almost NONE of that. There’s so few agents and brokers that everyone knows each other. How to set them up as an investment is completely unstandardized because so few people are doing it. The software and tech involved is pretty spotty and has not been widely adopted. There usually isn’t law and regulation specifically for RV Parks in most states. Most RV Park owners are mom and pops who buy themselves a retirement job, not investors. All the inefficiencies and messiness make it PERFECT. In business inefficiencies = making money!

So, if you’d like to make YOUR fortune, I challenge you to be a cowboy! Find the wild west! Chase that frontier! Although I would caution you to tread carefully. Just remember this lesson from the western films of old… if your not reeeal careful, sometimes cowboys get hurt... other times they get shot!… Entering the frontier might mean you take a few knocks along the way. Be prepared to get knocked off your horse and have the grit to get back in the saddle 😁 

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That’s all folks!

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