I love buildings built in the 1920s, but I rarely buy buildings built before that. Why? It has to do with how the buildings were built. By the 1920s, Los Angeles construction practices were not that different from today’s. Layouts, door width, ceiling height, spacing between studs, size of lumber used – all are quite similar to
Was at an inspection yesterday and got an interesting question from the listing broker, which I think deserves an answer here. The building in question, which was built in the late 1980s, had one earthquake shut-off valve installed on each bank of gas meters. For those who don’t know, an earthquake shut-off valve is a
Yesterday, we removed contingencies on the second deal for Adaptive Realty Fund 3. No matter how many times I do this, I still get a major hit of anxiety during the days leading up to the contingency removal. I obsessively check and re-check the diligence. I harass the contractors about their bids (Is this included?
Recently, the question of when to order the appraisal has caused problems for us on two deals, so I thought I would address it here. Just so everyone is clear on what we’re talking about: When you use a loan to buy a building, the bank requires an appraisal be conducted. Depending on the size
One of the interesting issues with managing other people’s money is having to decide how exactly to allocate that money among projects. At any given fund size, you need to decide whether you should do a small number of big deals or a large number of small deals. All the theory points toward diversifying. After