With the help of its carefully-selected operating partners, Macfarlan intends to aggregate a strategic portfolio of small to mid-sized high-yielding agricultural assets reaching a target size of ~50,000 acres, operate for targeted cash on cash return over 6-8%, and exit to an institutional investor achieving a projected 13-15% project-level IRR over the anticipated hold period of 8-10 years.On this episode, Jake and Trevor discuss:- The importance of a company mission- Investing in Farmland- Deal structures- Raising Capital- The importance of mentorshipLinks:Macfarlan Capital PartnersTrevor on TwitterTrevor on SubstackConnect & Invest with Jake:Follow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/Learn How to Invest with DoveHill: https://bit.ly/3yg8PwoTopics:(00:00:00) - Intro(00:02:07) - The impact of the Military on Trevor’s career(00:08:41) - The importance of a company having a Mission(00:10:53) - Choosing real estate as a career(00:18:17) - Lessons learned from the GFC(00:20:46) - Can you create generational wealth without significant leverage?(00:24:02) - Investing in Farmland(00:32:25) - The value of experience in RE(00:39:52) - Finding great operators(00:42:19) - Deal structures on Farmland acquisitions(00:49:25) - Crop share vs. lease models(00:51:15) - What’s surprised you most in doing due diligence on a farm deal?(00:53:27) - What does value-add look like in this asset class?(00:56:56) - Where have you seen things go wrong in your acquisition process?(00:58:52) - How are you fundraising?(01:00:06) - The experience of working in a father-son business(01:05:13) - The importance of reputation(01:13:41) - Mentorship(01:07:14) - What is your favorite hotel?