One of the bad habits I’m prone to falling into is failing to grow my network of capital providers. For any given deal, if we’re not deploying a discretionary fund, it’s easiest to reach out to the 3-4 families with whom we do the most business and get one of them to write the check.
Regularly get asked the following questions: Are you planning to venture out to other cities? Start doing other product types (office, retail, etc.)? The answer to both is that I would love to branch out. Aside from the intellectual stimulation that comes from learning new things, expanding the pool of potential projects would allow us
Recently, have found myself giving advice to some recent college graduates beginning their careers in business. Figured I’d share here, since plenty of my readers are in the early stages of their careers and this is the advice I wish someone had given me. As always, my advice is worth what you’re paying for it.
Our business model allows us to generate yields which are consistently 200 basis points in excess of “market”. In other words, if any random ding dong can buy a 4% cap, then we can reliably create a 6% by doing what we do. But, right now, a 6% isn’t that great. Why? Well, interest rates
Repositioning an apartment building requires obtaining the consent of a huge number of people and institutions, from tenants to contractors to city inspectors and on and on. This consent doesn’t necessarily have to be enthusiastic. But you still need it, because not getting it can screw up your project massively. So, a big part of