When someone joins Adaptive, one of the things I tell her is that she should not worry too much about making a mistake. The reasons are that (i) we can fix pretty much any mistake, so long as we know about it*; and (ii) Jon and I make bigger mistakes than any of our employees
Further to my earlier post about the amount of opportunity available for Millennials who want to seize it… thought I’d share with you the experience of one of our leasing agents this weekend. Keep in mind this woman has a full-time job she works during the week. Instead of sitting around all weekend (like I
Today I want to talk about a little-discussed area of money management: How to handle call-downs. First, what’s a call-down? In most real estate deals, the investors don’t send all their money for the whole deal on the day of closing. Instead, they agree to commit a specific total amount to the project and then leave
Here’s a question we wrestle with all the time: When should lease-up begin? You’d think this would have an easy answer: When construction is done. But you’d be wrong. Usually, buildings are “showable” (eg look pretty close to complete) 2-4 weeks before the construction is actually done. And, after carrying the building with no cashflow
We’re closing today on what will become either our second or third ground-up project (depending on how you want to count this one). In going through the design / permitting process, I’ve already learned a pretty valuable lesson, which I’ll share here. I always wondered why investors wanted to see a higher pro forma yield on