I have a very clear vision for my career. I have know where I want to go (I want Adaptive to be a huge company) and I know what I have to do to make that happen (a series of very good deals for the people who trust me with their money, so that they will
Years ago, when we were still working on the Better Dwellings portfolio, before we started Adaptive, I remember having a conversation which I now realize contributed to my bias towards holding real estate permanently. Can’t remember who it was, but the person told me about checks he receives each quarter. The source of the funds?
The traditional real estate private equity model is broken. Here is how it works now: Sponsor finds deal Sponsor raises equity from investors, then uses as much debt as possible (to enhance the returns to investors) Sponsor adds value to deal (renovating, building ground-up, whatever) Sponsor sells deal as quickly as possible, pays off the
Have been spending a lot of time over the past few weeks speaking with capital partners, both existing and prospective. Yesterday, a guy who has backed us for a lot of years said something that really stuck with me. He said something like: “The way you describe your business has really changed over the past
Was browsing the LinkedIn newsfeed yesterday and came across a video a guy had posted of his latest acquisition, which included the name of the neighborhood in which it is located. The video had a ton of likes and comments (mostly from brokers) and I admit to feeling a bit jealous. (Side note: If you