Results for ‘Building Adaptive’ category

Finishing up a really nice little deal

Regular readers know we’re not sellers; once we complete a renovation and lease the property back up, we refinance, return capital to our investors, then hold. The downside of this strategy is that it can take some time before Adaptive gets to participate in the cashflow generated from the property. Even when we are able

Why we focus on unlevered yield

Had someone write in and ask me why we focus on unlevered yield when we look at deals. To be clear, unlevered yield is calculated by dividing the forecast annual net operating income from a property by the cost total cost of buying and renovating it… in other words, treating the project like it will

Walking away from a potential homerun

Just walked away from a really nice deal and I’m still in mourning. Last week, we were offered the opportunity to buy a group of smaller buildings in a single portfolio, off market, through a broker with whom we’ve done business before. The numbers looked good and even got a little better after inspection. I

A great capital partner

Yesterday, a long-time capital partner and I finalized the operating agreement for the entity for a new deal we’re doing and, because the process unfolded in precisely the way I like to do business, I want to highlight it here: We brought the deal to this partner about a month ago, after we had inspected

My biggest management problem

Heard a really interesting interview with Brent Beshore recently that crystalized a big problem we have in our business. Brent was talking about how he loves the HVAC service business, because, as long as people live in variable climates, they will need machines to maintain comfortable air temperature, and someone is going to get paid

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