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Wendy Corr:
Well, hey there, folks, welcome to The Roundup. We are a Cowboy State Daily podcast, and we focus on really interesting people in the Cowboy State. Today - we had to make a couple of changes of plans because we originally had somebody else set for today, and they had something come up. So we got somebody who is just as awesome, and I can't wait to introduce the rest of the state to this up and coming entrepreneur who has really been changing the face, along with his his peers really been changing the face of the business landscape in Cody. So we're going to get to Jake in just a minute. First, I want to make sure that you all know about the Wyoming business alliances, business from the basement podcast. We like to cross promote with them, because they are providing such a great service. Jake Ivan off, if you've not been listening to the business from the basement podcast, I think you might have something to contribute there, but this is something that that business people in Wyoming can really get a lot of information from and start that conversation. So check out the Wyoming Business Alliance business from the basement podcast. They're a great resource and a great partner with us. But Now, speaking of business, and speaking of Wyoming business, I want to introduce the rest of the state here to Jake Ivanoff, Jake has been he's a Cody native, but he and his peers are just making such amazing things happen up here in the northwest part of the state. And Jake, again, Cody native. You. You grew up in Cody. Your parents came from other places, but you started out in Cody and went to college, came back and said, this, this is my purpose. And so Jake, welcome to the roundup.
Jake Ivanoff:
Thank you so much. It's a pleasure to be here, and I appreciate you taking the time for me. Absolutely. It just worked out so great to be able to shout out to Abby Roy, because Abby is our advertising admin. She rocks. She knows everybody, but she she is the one that said, Hey, you ought to talk to Jake. Ivan off, and I'm so glad that she did, Jake, you and I have talked before about real estate things when I was doing reporting and things like that. You have 307 Realty in Cody, but you've branched out of Cody as well. You kind of, you're a Park County, Park county wide and and more so than that, you've really got your fingers in a lot of things. So Jake, tell us a little bit about why real estate. Because as soon as you graduated from the University of Wyoming in 2007 you said, this is what I want tell us about that. Yeah, you know, when I was in Laramie, I was I didn't really know what I wanted to do, or I just know that
I wanted to do something that I could step into and and be challenged and never really have a ceiling. So getting into real estate was kind of, that is the market that I really was who's I was driven towards. One of my friends had started selling real estate in Laramie, and he was doing a good job. And he was like, Hey, you should start selling real estate here with us. And then in the back my mind. I'm thinking, you know, my parents, they were in they had real estate, they owned real estate, and they kind of bought some rentals and managed them and did all that, and invested in, invested in real estate and, and I thought, Man, I could go home and with the contacts I have there, I could find a brokerage and get my real estate license and, and I could just do that. So I remember, I just went to the registrar, and I changed my major to communications, because it was the fastest way out. And got my communications degree, actually a lot of it, and there was an emphasis on radio in that. So, so that helped. And then so I came back home and I graduated that may, and I had my real estate license by October, and sold my first house, like with the first newspaper had I put on so, which happened to be my family's farm up on the up at the end of the South Fork. So No kidding, that was the first thing you sold. Was your family's place. Yeah, yeah. It had been on the market for two or three years, and I put it in, I got the listing, I put it in the newspaper. I had two people call, and one ended up looking at my grandparents half, and that went under contract, and the other one wanted to see my grandparents half. And I was, they were like, Well, what about your parents? And I called them, and my dad's like, let's do it. So got them both sold. My goodness, that's success right out of the box that gives you, that gives you a launching pad. Yeah, I learned a really good lesson doing that, though, because I had, I'd closed on it. And I told my dad, Dad, I'm going to Belize, and we're gonna go on a fishing trip, and I want to get a new truck and and that's about the time those lots over in Liberty, they had the auction. He was like, let's go to this auction. And we went over there to that auction, and he's like, you're buying a lot. So I ended up spending all my money on a lot, and had to take a loan out, of course, but I had some responsibility, and I just didn't get to blow my money. So it was a good lesson.
Wendy Corr:
That's great. Yeah, your dad was your guiding light. And I think that that's fantastic on that. Yeah, so tell us about then the real estate market. Let's kind of jump into the meat of, I guess, newsy stuff before we kind of get back to to idealism and things like that, real estate market has changed. I mean, the last time that I talked to you for a news story, we were talking about COVID and the real estate market, because people were coming to to Wyoming, tell us a little bit about what you've seen since you got your real estate license in 2007 how have you seen this market change? You're pretty young to be able to say, you know, I've been in this business for a while now, and I can see it change because you've been in it for this really roller coaster ride.
Jake Ivanoff:
Yeah, getting in in 2007 and then 2008 2008 hitting was was pretty wild. I was kind of lucky at that time, because I was in a niche to where there's still some first time homebuyers and and they didn't have to sell anything. So I kind of, I was able to really work that angle. But 2008 to 2010 was pretty tough times. I don't remember exactly what year was the worst, but I just know that that it was slow. You know, 2013 started really looking kind of good. And then, you know, you get to 18 and 19, and everything is just running smoothly, and then COVID hit. And COVID was That was scary because, you know, I had a young family, and I had, you know, a new house and and they're telling us, we can't show properties. They're telling us, you know, it's all got to be on video. People didn't want you in their houses to show them. There were contracts dropping out of there's properties dropping out of contract, left and right. And then the crazy thing is, like, a month and a half after that, you couldn't you couldn't hardly take a breath, because people were just selling stuff so fast. So it's been a roller coaster and and now with interest rates, you know, now, you know, 2023 is probably, you know, some of the highest interest rates we've seen has not historically, but in my time. And it slowed things down, but it also didn't let the prices just keep running rampant. So we've at 307, real estate. We've been able to stay very busy. You know, 2024, has been one of our best years that we've had. And I you know, a lot of that is just because of our growth, a lot of our agents that we've been developing since, you know, 2013 and 15 and even 16, they're really, really, kind of hitting their stride and and it's, it's really all our agents that are doing, you know, putting up the numbers and doing such a Good job and being such good representatives of 307, real estate. But it's been, it's been, it's been pretty crazy. Now we're starting to see these interest rates come down. I think they've almost dropped the whole point since. They've actually gone up half a point down half a point now they're right. Now they're sitting around six and a half percent. I would love to see them anywhere between like five, five and even five eight. You know, I think that those are coming soon. For me, they probably can't come soon enough. But at the same time, it's, you don't want to see him drop any faster or any it's, it's, you don't really know exactly what the market's going to do, but the inflation of home prices in just in Cody was getting kind of out of control, and it's nice to see those kind of stabilize a little
Wendy Corr:
Absolutely. I know that other parts of the state were feeling the same thing, but Cody was like this epicenter of sky, high prices and there was nothing. There was nothing left in inventory, because everything had sold, and people were buying things blindly. Jake, what at what point did you go from just being a realtor to saying. I want to start my own real tea, and I want to bring on. You're talking about your agents that you have there, that you've been, been cultivating. At what point did you say I want to be the owner of this, and I want to bring people on. And I want to to spread this, this 307, real estate message,
Jake Ivanoff:
Pretty immediately. So, got my license in 2007 you have to work under a broker for two years. You know, 2008 by the time 2009 I was really kind of thinking, I can be doing this by myself and and I, I thought that would be a great idea. And 2010 is when I actually started 307 real AT T, which is different than 307 real estate right now, 307 realty is a Holdings Company that we have with some of our properties around town, some of our commercial properties, but we started 2000 real AT T in 2010
and I did that for, you know, two, three year, two years, I think maybe three. And at that time it was, it was a deal to where, you know, it was more of a lawn mowing company and a snow removal company than it was anything else. If you're not getting sales, I still needed to get have income coming. And I remember I had a snow shovel at one point and a push lawn mower, and then I ended up building that into, you know, three mowers. We had a bobcat tool cat that we used to do, to do the big do the bigger lots. I remember Harold Musser. She's a local businessman here in town. I He was my first account, and I went to him, and I was like, I wanted to do all the state buildings and his the old post office building. And I gave him bids. And he was like, okay, double your bids and make sure I'm the first guy on the list, and now you have state contracts. So now they, well, they look like state even though Harold is doing it, but, but now I had state contracts. So then I could go to any business in town and be like, Oh yeah, I do the force. I do Game and Fish. And I just kind of let that kind of, you know, work. And I had all my friends that you know, supported me and came and helped me. And, you know, if I ever needed any help, they would, I mean, they were always there. A lot of my friends worked for the Forest Service, on the Hot Shots crew or on the fire crew there. So all winter, they were helping me, you know, shovel snow, and we really earned it. It was we were mowing company and and a snow removal company at first 2013 hit. And then I ended up partnering with summers and boarding, and we ended up taking on the name 307 real estate. And then with those guys, it's kind of been, and then I got, you know, just the there was older agents here that, you know, done a lot of bigger deals. And, you know, I think they primarily did a lot of farm and ranch and large commercial stuff. And they were, they were really good and very good mentors. Um, I remember Bill voting telling me one time, you know, the only thing you need to do in your sales is just learn to shut up and listen, you know. And that's been some of the best, that's some of the best advice I've ever had, just because sometimes it's good to listen.
Wendy Corr:
I love the fact that it was handed down from one generation of of realtors to the next generation, but it was a it was a transition. It wasn't like we're going to take this Bye, bye. It was we want to take this, but we want to learn from you. And they're saying, we'll get this to you, but we want to teach you and that is something that I think is probably, I can't imagine a better scenario for the transition from one generation of business people and business leaders to the next,
Jake Ivanoff:
and even till this day, like Jim Sommers, if I'm if we're looking at a farm, or we're going to list something over In Burlington or Matisse, really, anywhere. He's my first call, and he's like, Oh, I sold that once. And, I mean, I don't think there's a farmer ranch he hasn't sold once up there. You know, that's if it's been sold. He's he knows about it so, and I still talk to those guys all the time. They're coming to the Christmas party this Sunday. And, yeah, I just just really, really got lucky with having them as mentor.
Wendy Corr:
Well, the other thing that I appreciate and what you're talking about getting your friends involved, because you guys put in the hard physical work. I mean, you bent your elbows and you were out there shoveling snow and things like that, because you aren't afraid of of, going out of the box, you weren't just focused on real estate. You're like, there's a lot more here to be done. There's an there's a niche I can, I can get in here. But you got your fire department friends because you were on the fire department for quite a few years. Weren't you tell us about that?
Jake Ivanoff:
Did nine years. It was good, it was it was hard. I'll tell you, people don't realize how, how much training and how much hard work that takes. I mean, we train almost weekly, and then when you're a rookie, you're training two times a week, and then on top of that, you're getting, I mean, you could get 300 calls a year, and you break that down. I mean, you're almost on a fire call every day. Those guys that are out there still doing that to this day. I mean, there's guys that have been doing it for 30 years and haven't missed a single year. They don't miss calls. I mean, they're still like, their their call rates still like 90% I mean, to be a a captain or a chief or assistant chief on on Cody's Fire Department is a full time, a full time job in itself. And you see those guys driving around don't be afraid to thank them, because that's a big deal. And it's very emotional job too, and they go through a lot. So
Wendy Corr:
yes, they do no and, and I think that's one of the things about Wyoming's firefighters. It's not just Cody, it's firefighters all over the state. They're volunteers, and they give up their time with their families in order to get out there and help help us and help those people who who have fires. Jake, tell us about the what you see now in the communities, in these small towns, in towns like Cody. So again, with the next generation of leaders coming up, what are the challenges that you're running into as a business person, besides just saying, I think, I think I can go this direction and not just staying within the box,
Jake Ivanoff:
getting the I mean, getting the money to do it, honestly, getting in and being able to buy something and have it make sense. I know there's the the next generations always looking to sell for as much as they can, to get out of it and be able to hire. And we're that's the biggest thing I find when we're buying a building, or we're buying, you know, in some sort of investment, is be able to get in and make it make sense. We work with a lot of buyers that are, you know, for instance, right now, you know, we have, well, you have, we have, we have a lot of buyers that they want to buy a hotel. And it's like, okay, well, let's break down the numbers. And, you know, you look at, you know, what's the rate? And I mean, you can make a cap rate look like a lot of things and a lot of different numbers, but at the end of the day, you got to go to the bank and say, How much am I going to make, or how much am I going to pay you a month? What's my electric bill? What's my gas bill, what's my overhead. And if that money that's left over is enough for you to live on, then that's, then it works, I guess, you know, I mean, that's, that's kind of the that's, that's probably the toughest hurdle for my age group and my demographic of friends is just finding a good deal, and it's so hard to find in Wyoming. And when you do find a good deal, everybody wants it, you know, so competition.
Wendy Corr:
Now, you did do something. You've done a couple of major things that have kind of been segmented. You purchased building, I guess, business plazas in both PAL and Cody. But you also purchased a set of buildings in downtown Cody, and you took over a motel and created a really hip restaurant in downtown Cody. So you became a restaurant tour and tell us, let's go to Blanca Tatanka here. Let's go to Blanca Tatanka. At what point did you say? You know what? This is, what Cody needs. We need a new restaurant in downtown Cody.
Jake Ivanoff:
So we bought that in 2021 so, I mean, I've been wanting that place for, oh, since 2015 and I remember always like mess with Mike Darby being like, if you sell that, let me know. Never having enough money to do it, of course. And and Mike Darby has been very, very good to us, too.
But you know, when, when COVID hit, I actually had a buyer for it, and there's two people that were looking at it, and they ended up going the other way. And, and then COVID hit, and those buyers backed out. And I saw Mike Darby at the local Mart, and I was like, Hey, how's that sale going? He's like, they backed out. And I was like, I'm going to try it. And he's like, do it. So I went to the bank. I told him, I Kind of had no experience. I had, you know, another full time job I was going to try to make it work. And they were super, super helpful, and they were open minded, and it was and it was actually Big Horn federal, or sunlight Federal Credit Union, who we ended up getting the loan with. And yeah, they just had a super open mind, and they looked at our business plan. Well, at that time they looked at my business plan, so then I put it under contract. While I had it under contract, my wife was like, Okay, so now, what are we going to do? Because she's a first grade teacher, and, you know, we have a fairly sizable real estate company, and I ended up having a really good friend that we've been kind of looking at restaurants, you know, and wanted to do a venue. And his name is Justin vanderworff. He's a really, he's he's got a extensive construction background. And he was like, Well, if we can put a restaurant in the front of where the cigarette barn is now, then I'm in and I was like, okay, and we ended up buying it and closing it, and we redid the whole hotel in the back. The Scout Inn is in the back, back there, and then owned it for like, two years. And the, I believe, poker friendly, who had the building in front, which wasn't, they were great. They were really good renters. They paid and they were, you know, they're friendly, and there was never a problem with them. But it was just really hard to sell hotel rooms and a brand new hotel when the front had smoker friendly on it, and people thought that it was a smoker friendly hotel, and that wasn't good. So when they moved out, that's kind of when Justin really took the bull by the horn. And I mean, a lot of that over there he was nights and weekends and working his butt off to do it. I helped when I could, but I'm not very good with I'm I'm more of a put it put it this way. He never wanted me to paint anything, because I would just be things would be everywhere. So, but yeah, we just had a vision. We brought in, you know, when, when it was kind of a shell, we brought my wife in. We're like, Jamie, this is what we're going to do. This how we're going to and she was like, you guys, you guys, need to hire somebody else to come and help you with the design. So we brought in Yancy Bonner. She owns Yancy interior here in town, and she killed it. She had renderings for us. And at that time, we were just like, you know, Yancy, you just do what you want to do. And she kept it in our budget. I mean, she was, she was, she did a great job staying within our budget, like I, I still think we probably owe her money, and just really wanted a nice place to downtown. But, yeah, she did such a great job for us and and then our finished product we had, we brought in Tanner Beamer, who, he's an actual managing partner. He's a 1/3 owner of the LLC that owns the Blanca, and he has done an amazing job with staff and food and drinks and and he's kind of the heartbeat of that place now. So it's been great.
Wendy Corr:
You're really kind of laying out a map for young entrepreneurs. It's, it's about finding partners, and that's what you've done. You've found the partners to make these things work, and that has grown your your little real estate empire is the wrong word, but, but you've got, you can, you can call it that Jake. You can call it a real estate empire, right? Why not? You have you've also then taken and you've seen a need, and you have filled a niche in business plazas. You've got one in Cody, and you've got one in Powell. And I can personally say the one in Powell has the cleanest bathrooms anywhere. That's just, it just, just want to put that in there. You've got a you've got a beautiful space for people to come and rent offices. But just like for small businesses, for small individual, you know, independent businesses, tell us about why you felt that was something that you that the communities needed.
Jake Ivanoff:
So I have a lot of my friends are, you know, counselors, there's telehealth counselors, there's therapists, even massage therapists, and then there's, there's people who, like, you know, work for the state or work for University of Wyoming that just needed an office. So we had about we had our office was in the front building, and the the space next to ours was empty and everything. It was just a good opportunity to be like, You know what? Let's let's clear this inside out. Let's start from a place. Slate. We had smoothies go in. They did a phenomenal job with their with their build out, and then we built out the back. And the back is basically, think there's seven or 812, by 20 offices and two suites. And the first people that went in there and rented, the first four were telehealth counselors. And then we had this, the Department of Ag did a little build out for themselves in there, which was amazing. And then we have massage therapists in there. So it's a nice quiet space, and it's, it's really turned out. It's turned out, well, I'm, I'm very impressed at the way that, you know, it rents. And I think it's, it's a it's, it's reasonable rent. I think you can go in there where you can go in on those back spaces, and for, you know, 450 bucks a month you can have, you know, all your and that includes everything. That includes your power or your utilities. It's heat. I mean, if you want to secure internet there, you have to do that most of those guys do just because they're telehealth conferences, but telehealth, but it just, it's just a plug and play. That's all you gotta do, 450 bucks a month, and it's done.
Wendy Corr:
It seems to me like there are more and more of these business plazas that are popping up because of the independent workers and the remote workers that people are that those sorts of careers that people are finding themselves in. What do you see then as the next step for not just 307 Realty, but also in 307 real estate, but also for the communities? Because the faces of the communities are changing. We don't have the brick and mortar buildings, and those those sorts of things are are shifting, and the downtowns are shifting. What do you see for the future of these small towns in Wyoming?
Jake Ivanoff:
I think that the office space stuff is coming back. I think the brick and mortar stuff is coming back.
With that in COVID, there was some opportunity to buy some of those buildings and get them turned but I I still think there's a pretty high value in having a space other than working in your home. I think that's more apparent than ever now. People like to get out of their house and, you know, get go have again. Just get a new routine and or a routine. I really like the idea of doing incubator spaces for companies that are just now starting, you know, I mean, one of, one of our counselors in there has already got two rooms in there because she's added, you know, added people that work underneath her license. And I'm sure she's going to be, you know, looking for another building here soon, just because she's going to outgrow it. But just having a space for these younger businesses and the or newer businesses to just get a place to start out of is is fairly important to just our business, you know, and economic well being of our towns, you gotta have a space for these people to start. You know, absolutely, and I think that that's fantastic that you're being able to provide something like that.
Wendy Corr:
The Community mindedness is, I think, what I see in an overall arch for the things that you're doing and and the businesses that you're growing, you do more than just business. Though you've been volunteer, you've been a volunteer. You've been on the Shoshone rec board, the recreation board. You have we talked about the volunteer fire department. You have been these and Lions Club, Cody Lions Club. You've been a big part of all of these things for so many years. What do you what's your advice to up and coming entrepreneurs, to people who want to get involved in the community? What is your advice to them? Because you've obviously been successful at it? Jake,
Jake Ivanoff:
yeah, I think just building relationships and that, I mean, and building relationships by getting on boards and, you know, just being a part of the community is huge. I mean, I originally started doing it because I was like, you know, I need to bring being 23 and and, and being a real estate agent wasn't I didn't know a lot, so I went and got on the planning and zoning board, and I learned a ton of stuff just sitting on that board. But then it also puts a little feather in your cap too. And you can, you know, say, Yeah, I was on the planning zoning board and I did this. And it just, and it does, it makes you better at what you do. And also, you know, just gives you the confidence to be able to go out there and, you know, stand behind what you're saying and know what you're saying. It's one thing to if you don't know, to be a. It's another thing, if you do know, and it's always handy.
Wendy Corr:
Yes, absolutely. What's the most fun part of your you've got so your fingers in so many pies over here. What's the most fun for you? When you get up in the morning, you say, This is what I really want to do today. What's the most fun for you?
Jake Ivanoff:
Really like to probably one of my favorite parts is like finding a, finding somebody that's, you know, working, doing a really good job at at their job, and being like, Hey, I think you'd be a really good real estate agent. And like, just developing businesses, or developing business with them, and and getting people to kind of step outside their box. I think that's probably my one of my one of my goals is, well, my goal with 307 real estate was to not be the best real estate agent on our team. I'd actually like to be the worst, because everyone's so much better, you know, at 307, but I think developing people, developing and just showing people like, Hey, you can do this, and, you know, you have the skills, you have the personality people like you, you know, and, but, yeah, I'd say that's probably my, the one thing I probably enjoy the most.
Wendy Corr:
That's fantastic. And then you've, obviously, you've got a busy home life. Your wife is a teacher. You've got three kids. What is your, what's, what's the best part of living in Cody as a as a guy with a young family?
Jake Ivanoff:
I mean, just, just sport, like going to sports, the the football games, you know, coaching our kids sports, you know, again, just all comes back to kind of community, you know, like you can't walk down the street, and your kids are over here talking to one of your friends and and then their friends are sitting there, you know, you go to we go to concert in the park, and we see our kids for about two minutes, and then they're gone, and they're hanging out with their friends. And then next thing you know, they're asking for sleepovers. And then, I mean, it's just a good place to raise your family. There's a ton of stuff to do. You know, we live up by the golf course. So, you know, we can go ride bikes, we can golf we can, you know, go hiking back on the trails. And it's just, it's very community orientated, or, well, family orientated, community. So it's, it's been, it's, it's, it's one of the best places, I think, to raise your kids. And I have my friends all the time that don't live here, you know the and we all knew it would happen by the time you hit 40, it's like, Hey, I'd really like to get back to Cody. How am I going to do that? You know,
Wendy Corr:
absolutely, I think people feel that way about Wyoming as a whole, about how do I you know, I've grown up here. I'm going to go do something else, but I want to come back. I want to come back to Wyoming. And you do have contacts throughout the rest of the state. You were on the northwest Wyoming Board of Realtors. You were actually realtor of the year in 2022 tell us, is that for the state of Wyoming? What was that?
Jake Ivanoff:
No, that's just for Big Horn County and Park County, and now it's some of hot springs County, and that's about all I could handle. That was a, that's a, that's a tough job, and it takes a lot of your time. And I think at the time, there was like 220 realtors in Cody. I actually did it three different times, just because I'm a glutton for punishment, you're the president of the of the board for three different times.
Wendy Corr:
Oh my gosh
Jake Ivanoff:
Yeah. And, but no, it's, it's a and again, that's another one of those things that you kind of gotta do. So you you know, there's a lot of stuff that you don't know, that you don't know, and it just makes you better at your industry, industry being a part of that. And, you know, you learn a lot of stuff that's going on at the state level, with real estate, you learn a lot of you know the why things are the way they are, and you make a lot of connections throughout the state.
Wendy Corr:
Well, Jake, this has been a really interesting conversation, and I'm so glad that you are part of this generation that's just making Wyoming business better. And thanks for what you're bringing to Cody and to Powell and to the to the state of Wyoming as a whole.
Jake Ivanoff:
Yeah, thank you very much for having me on here. I appreciate this, and I love you guys as I love your show. I love your writers. Yeah, we've been, we've had a lot of good luck with with you guys with Cowboy State daily. I think Leo came down and did a a review on our on Blanca de Tonka and I had friends from every corner of the state calling and being like, whoa, that's you're already there. This is pretty great.
Wendy Corr:
So that's awesome. I love that you've got a restaurant. I love that you have vision and and we appreciate what you're doing here. Jake, Jake, thanks for being on the show today.
Jake Ivanoff:
Thank you so much for having me.
Wendy Corr:
Absolutely. Thanks, yes. Well, folks, thank you for tuning in. We're so glad that you stuck with us, because this is such an interesting, interesting person who's making waves up here in Cody and in Park County and and by by reflection on the rest of Wyoming. So stay tuned for next week. By the way, this is episode 52 we have done one year's worth of the Roundup, and I am so thrilled to still know that there's a long list of people coming up in the next year of the Roundup, to be able to highlight, to be able to bring to you, if you've got an idea for somebody who should be on our show, please let me know. But until next week, don't forget check out the business from the basement podcast from the Wyoming Business Alliance. And folks. Have a wonderful week.
