Building a PropTech Venture with a Virtual Team: Discount Lots President Paul Hersko (Part 5)

Sramana Mitra: What is your primary use case? City dwellers wanting to buy property outside the city? Paul Hersko: Yes, I would say so. Sramana Mitra: Were you self-financing still at this point?

Building a PropTech Venture with a Virtual Team: Discount Lots President Paul Hersko (Part 4)

Sramana Mitra: All of the properties are in Los Angeles? Paul Hersko: In the desert though, like near Joshua Tree. That’s how we started. We just bought a bunch of properties. Sramana Mitra: Why did you choose outside of Los Angeles area?

Building a PropTech Venture with a Virtual Team: Discount Lots President Paul Hersko (Part 3)

Sramana Mitra: How do you finance yourselves? Paul Hersko: We have a fund that we run. People can invest in our fund. Let’s say you invest $150,000. We take that money and purchase property with it and provide our investors a return. Then, we sell the land. Sramana Mitra: What behavior are you seeing in

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Building a PropTech Venture with a Virtual Team: Discount Lots President Paul Hersko (Part 2)

Paul Hersko: Then my entire life changed in 2019. My brother-in-law took me to this party. He said, “I have a good friend who owns this business. He’s our age. You might like him.” I started talking to him. I was learning about his business and he was like, “I have this company where I

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Building a PropTech Venture with a Virtual Team: Discount Lots President Paul Hersko (Part 1)

Paul and his co-founder have built a capital-efficient PropTech venture using primarily a virtual team. It’s an interesting niche that is largely underserved. Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background?