Results for ‘Buying’ category

Long term holds

Why do real estate private equity investors sell assets? After all, most private owners of real estate generating really nice cashflow hold forever. And selling forces you to either re-place the capital via a 1031 exchange under duress (eg with a short window) or to pay huge tax bills. So, again, why do the smartest

Where our deals come from

Spent some time this morning looking back at all the deals we’ve done to see if I could learn anything about how we have historically sourced. Here are the numbers: Total deals done (as a buyer myself or as part of our fee-for-service business): 81 Of the total, number that were brokered: 74 Total number

A difference between brokers and principals

Got a phone call today from a great pair of brokers with whom I have long-standing, mutually-profitable relationships. They were calling to congratulate me on closing our most recent deal. On the call, I told them again how much I appreciate their continued help (particularly on this deal, which got a little hairy). But also

All-in on LA

Have been thinking about how amazing it is that a person can own land in LA. I know that’s a weird thing to think about, but stay with me. Land is permanent and, increasing density aside, they’re not making more of it. It’s pretty amazing to me that, through actions taken in the course of

Imagining a cashflow monster

Regular readers know I’m an avid follower of Berkshire Hathaway, Warren Buffett’s company. One interesting thing about BH is that Buffett never issues dividends. His argument is that he can find better uses for cash the company generates than the investors could on their own (particularly given that dividends are subject to taxes at the

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