Just finishing a 4plex in a really cool, up-and-coming neighborhood that we renovated on behalf of an outside investor. Was reviewing the original pro forma and revising in light of what I believe the rents will be… and got an annoying surprise. Based on the original pro forma, this was not a deal that we … Continue reading “Some mildly annoying numbers”
Category: Building Adaptive
Appreciating Bloomberg’s Q&A with Henry Kravitz
It’s rare I read something in the business press that is directly relevant to me. After all, the number of people trying to build asset management businesses is vanishingly small; so small that it’s rarely worth anyone’s time to cater to us. So, it was with great interest that I read Bloomberg’s interview with Henry Kravitz, … Continue reading “Appreciating Bloomberg’s Q&A with Henry Kravitz”
Why we don’t sell
Pretty much every time I speak with a broker who is pitching me a deal to buy, she asks me if I intend to flip the deal when I’m done renovating. The reason for the question is obvious: There’s kind of a custom where, if a broker gets you a deal, you’re expected to hire … Continue reading “Why we don’t sell”
Beware fake Adaptive ads on Craigslist
Recently, we’ve had a little burst of scammers copying our rental ads and using them to rip people off. I suppose on some level, this is flattering… they probably feel like the pics of our units will get people fired up enough to wire money to Nigeria or where-ever the hell the scammer live. But I’m … Continue reading “Beware fake Adaptive ads on Craigslist”
Dealing with leasing anxiety
We’re going through a period of intense leasing, with multiple new buildings opening up over the course of, say, 3-4 months. Long term, this is a good thing. It means we’re finishing projects we started, in some cases, years ago, fulfilling the promises we made to investors. And, in a lot of cases, it means … Continue reading “Dealing with leasing anxiety”
The money coursing through Adaptive
Yesterday, in the afternoon, I signed seven new residential leases for an average of roughly $2500 / month. It got me thinking about how weird it is that we consider leases on a monthly payment basis and about how much money is actually going through our office each month. After all, those seven leases represented … Continue reading “The money coursing through Adaptive”
4424 Burns is done
Yet another renovation project. This one is walking distance to Virgil Village / Sunset Junction. The building is a mix of 3 bed / 2 bath and 1 bed / 1 bath units. The 3/2s, pictured below, are really impressive. I think they’re the best 3 beds we’ve ever done… great ceiling height, great windows, all the … Continue reading “4424 Burns is done”
4234 Lockwood is done
This one was an absolute bear. But now it’s done and I think you’ll agree it looks dope. It’s also right in Virgil Village, a short walk from Sunset Junction… so, near enough to the action without being too crazy. The building is a mix of 1 bed, 2 bed, and 3 bed units. We … Continue reading “4234 Lockwood is done”
My random meeting policy pays off
Had a really interesting meeting yesterday that opened my eyes to a large new market. The meeting was with someone who came across our company via our ads for apartments, found the blog, and reached out. Regular readers know I’ll take pretty much any meeting, so long as the person is willing to come to … Continue reading “My random meeting policy pays off”
Today at Adaptive
Apologies for the sporadic posting; we have a lot of things cooking this week. In case you wonder what life is like here at Adaptive, today we are: Attending an appraisal of 830-832 N Beaudry, a building we renovated via Fund 3 and which we are now refinancing; Attending an HPOZ meeting to figure out … Continue reading “Today at Adaptive”