E38: Joshua Kagan: Locked Out of Real Estate? Why Land Is a Smart First Step to Owning Real Assets

Joshua Kagan is a real estate and fintech builder focused on expanding access to ownership for everyday people. He is the co-founder of Bonfire and the founder of Friendly Acres, a land-focused venture designed to help people exit stranded land assets while creating affordable pathways into real asset ownership.

In this episode of Fortunes of the Brave, Joshua shares how his journey from fix-and-flip investor to fintech founder reshaped his views on democratized access to real estate. Drawing on lessons from launching Bonfire during a volatile regulatory moment, he explains why land has emerged as one of the most practical and overlooked entry points for people who feel locked out of traditional real estate investing.

Joshua breaks down why rising home prices, higher interest rates, and student debt have turned the American Dream of ownership into what he calls an “American myth.” He explains how regulatory structures like Reg D offerings restrict non-accredited investors from accessing private real assets, and why that imbalance has accelerated wealth concentration over the last two decades.

The conversation dives deep into Friendly Acres and Smart Land Investors, where Joshua is tackling the problem from both sides of the market. For sellers, land often becomes a stranded asset that generates taxes but little liquidity. For buyers, land can serve as a lower-cost, lower-maintenance starting point for real asset ownership, often with seller financing and significantly reduced upfront capital requirements.

Beyond platforms and capital structures, Joshua emphasizes education as the real unlock. He shares first principles for evaluating land, including population growth, geography, slope, flood zones, and the long-term power of compound growth. The episode closes with a powerful reflection on curiosity, imposter syndrome, and why doing the work matters more than having the “perfect” background.

If you care about real assets, inclusive ownership, and building long-term wealth without gimmicks, this conversation offers a grounded and honest framework for thinking differently about land and access.

Key Takeaways:
• Reframe land as a viable first step into real asset ownership
• Understand how regulation limits access to private investments
• Recognize why stranded land assets create opportunity on both sides of the market
• Apply first-principle thinking when evaluating land deals
• Embrace action over perfection when building in capital-intensive spaces

Chapters:
• 00:00 – Introduction and guest background
• 02:35 – From first fix-and-flip to real estate builder
• 04:45 – Lessons learned from building Bonfire
• 07:33 – Why land is an overlooked entry point to ownership
• 09:57 – The problem with accredited-only investment access
• 13:00 – Solving stranded land assets with Friendly Acres
• 15:31 – Lowering barriers to entry and seller financing
• 18:19 – First principles of land investing
• 20:51 – Democratizing access to real estate
• 25:48 – Advice for builders facing imposter syndrome
• 30:50 – A life-changing story from Nepal
• 33:12 – Final reflections on belief, work, and ownership

Resources Mentioned:
• Friendly Acres
• Smart Land Investors
• Bonfire

Connect with Joshua:
• Website: https://www.friendlyacresland.com/
• LinkedIn:   / joshuakagan  

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