Results for ‘Development’ category

Rent vs. buy

This article in the Times is worth reading. The argument is basically that we’re entering bubble territory in single family home pricing in the main coastal cities. I think the rent estimates they’re using may not reflect the rents that are actually getting paid. That said, when I see small houses on small lots in

What’s wrong with downtown?

I just came from a conference called the “Future of Downtown”. Onstage were a whole bunch of the key players in the development boom downtown, including the head of Mack Urban, the West Coast guy for Brookfield, the head of EVOQ, etc. All the talk was about how great downtown is / will be. Cool

3210 Bellevue is done

Signed the last lease on Monday. We’re at $122,160 / year gross, a bit better than I expected when we bought the property last summer. I’m estimating the unlevered yield at around 8.7% / year… not amazing, but definitely a big win in today’s market. If lending markets were rational, I’d be able to refi

A terrible, terrible feeling

Was looking through some public records yesterday and came across this little bit of heartbreak: 1516 Micheltorena LLC was us, through our old entity, Better Dwellings. We purchased the property from Kinsling in September of 2010. We bled and sweated over that property, transforming it from a beat-up old dump into a beautiful place to live.

Why did I sell?

That’s how I feel about nearly every one of the deals I’ve ever sold (16 so far, 13 renovated through Better Dwellings and three completed through Fund 1). Why did I sell? Because I’ve always done deals with investor money, and investors always (understandably) want to get paid. And, because we don’t really make a

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