Results for ‘Success’ category

Thinking about expected value with Elon Musk

Just started reading the Elon Musk biography and am feeling inspired. In case you don’t know of him: Musk started and sold Zip2 and then PayPal, then started Tesla, SpaceX, and SolarCity. The latter three ventures push the boundaries of what is possible with technology in electric cars, space exploration and renewable energy, respectively. From a

What’s keeping me up at night

Do you know what’s keeping me up at night lately? It’s the following question: To what extent are apartments downtown and in Hollywood substitutes for the apartments we are renovating in East Hollywood, Silver Lake, Highland Park, etc.? I mean “substitutes” in the economic theory sense: “A product or service that satisfies the need of

Uh-oh… they’re baaaa-aaaccckkkk

We’ve now reached the point in the cycle where brokers describe their over-priced apartment deals as “condo conversion opportunities”. Why would a broker do this? Well, if your client demands a price so high that no buyer could actually achieve any kind of yield on their investment, you don’t really have many options. But, in all

807 N Madison is DONE

Am thrilled to announce the completion of yet another apartment repositioning project, this one the 10 unit front structure at 807 N. Madison. This deal has an interesting back-story. I helped the owners buy the building way back in 2012, pretty early in the history of Adaptive. In many ways, it was a typical Adaptive

Why I’m no longer a seller

Back when we started, Jon and I needed to sell renovated buildings. The reason was pretty simple: We needed the dough. When you’re in the money management business, you generally don’t see much in the way of money yourself until you make your partners money. They don’t take it on faith; they want cold hard

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