Had an interesting tour yesterday of a building we probably won’t buy. The reason it was interesting is that we were reminded, yet again, of how differently we look at acquisition targets. The broker began to give us a whole spiel about how many of the units had been renovated, what the rents were, how
Today, we’re putting the finishing touches on 830-832 Beaudry, a 7 unit building we renovated through Adaptive Realty Fund 3. This project ran into some hurdles and was delayed approximately three months past its scheduled completion date. Some of the delay was unavoidable, but most of it was the contractor failing to supply sufficient labor
Met with a guy yesterday who participated in the Highland Park building boom of the 1980s and early 1990s. Apparently deals worked like this: You would buy a piece of land for cash. Next, you would get the bank to appraise the land for a lot more than you paid for it. Then, the bank
Visited a smaller building we bought three months ago. About six months from now, these are going to be six of the nicest three bed units around, though you certainly can’t tell from how they look now!
When you’re in a hot market, every second thing you get from brokers is a development opportunity. That’s generally code for “over-price land”. And I’ll tell you what your first impulse is: To see if you can maybe buy the land on either side and have that make the project work. (That’s called “assemblage”.) But this