“Do you have anything in your portfolio that you’re considering selling?” I get that question at the end of almost every conversation I have with a broker. And it makes sense, right? You don’t get business without asking for it. But the answer is, most assuredly, “No, and I probably won’t sell ever again.” Once … Continue reading “Why would I sell?”
Category: Building Adaptive
Are there deals?
Someone asked me today whether there are any deals to do right now. My response, as always, was a question: “What are your return requirements?” If you need to get to an 8% / year unlevered yield, then I can probably put out $3-5MM / year (eg not very much). If you’re willing to live … Continue reading “Are there deals?”
How leasing impacts acquisitions
“Hey Jacob. What did we get for the last 2/1 we rented at X?” I think I ask that question of Jacob, who runs our management business, 4-5 times per week. Why? Because we’re constantly recycling the market information we glean from leasing back into our acquisitions underwriting. The go/no go decision on each deal is … Continue reading “How leasing impacts acquisitions”
A moment of appreciation
I know I write a post like this every six months or so, but… Can’t imagine being happier about my work situation than I am at Adaptive right now. Certainly, there are problems, like there are in every business. But I get to sit at my desk doing EXACTLY what I like to do… which … Continue reading “A moment of appreciation”
What happens to Adaptive in a downturn
“What happens to you guys in a down-turn?” A contractor with whom we do a LOT of business asked us this question yesterday. He’s concerned, because he’s basically given up working with anyone else in order to handle the volume we’re sending his way. (Incidentally, he’s not the only one: We have three contractors now … Continue reading “What happens to Adaptive in a downturn”
938 White Knoll is done
We’re just finishing up renovations on this 9 unit property on behalf of another investor group. The property is fully leased and, in my opinion, pretty damn awesome. Take a look at the before and after shots below:
One possible outcome for Adaptive
Have been doing some musing on the future of Adaptive. One likely outcome is that we keep doing exactly what we’re doing for, say, the next 30 years. We’ve demonstrated the ability to renovate 100-150 units / year. So, if we did that, we’d end up with ownership stakes in private partnerships owning, say, 4,000 … Continue reading “One possible outcome for Adaptive”
Another off-market deal
We just went under contract to buy a reasonably large non-rent control building in an area we like. The price isn’t a steal by any means, but it’s fair. The reason is that there was no auction. The broker, a reader of this blog, has been managing the building for the seller for a long … Continue reading “Another off-market deal”
The banking time-sink
[Sorry for the paucity of posts; was on vacation with my family last week. Now I’m back in the saddle… eg, my desk chair.] Regular readers know that we take our fiduciary obligations to our investors, both actual and implied, very seriously. Among the most important of these is our responsibility to act as responsible … Continue reading “The banking time-sink”
A new kind of deal for our brokerage
Today, one of the clients of our brokerage is closing on a really interesting fourplex deal. The minute I saw this one on the MLS, I liked it… it’s big, (mostly) non-rent controlled, in an interesting area, on a large lot (so plenty of parking and outdoor space), etc. The reason I’m writing about it … Continue reading “A new kind of deal for our brokerage”