Jon, my partner, is looking for someone to help him with our construction projects. The job entails sitting in the (new) office (in Echo Park) and dealing with suppliers. For example, you wouldn’t believe how hard it is to get the window guys to deliver the windows you ordered, rather than some other windows they
I do a large number of relatively small deals. I do this because that’s the part of the market where there a mis-priced / poorly managed assets that present opportunities for me and my investors to make money. The downside is that I end up doing a lot of deals with brokers I’ve never met.
I was trying to buy a small office building in East Hollywood. Because it was a former gas station, we were concerned it was contaminated. I spent an enormous amount of time trying to structure a deal that would put the risk on the owner, not me. Eventually, it became clear I couldn’t do it
Adaptive is a weird company, in the sense that we do a ton of deals in very small area (basically, from East Hollywood through Silver Lake, Echo Park, and over into Highland Park). Why do we limit ourselves like this? Surely there are other places where it’s easier to find screwed-up apartment buildings to buy…
This blog is mainly about the rules and numbers underlying the Los Angeles apartment business. Regular readers know all about the whole process, from identifying deals, through renovating, leasing and management. I’m not going to sugar-coat it: This business can be a real slog sometimes. (All businesses are; no one gives you money for free.)