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Why I hate a partial renovation

And…. we’re back. Want to talk today about partially renovated buildings. This is a business model we see a lot: Guy buys an older building with low rents He turns over, say, 1/3 of the units and gets market rents for them He markets the building at a very low cap rate (eg a high

Why we won’t negotiate asking rents

“I know you’re asking $2500 / month. But I really like this apartment and I can only pay $2000. Can we make a deal?” “Sure. You know what? We searched high and low for months to buy this building, risked millions of dollars to buy and renovate it, spent 12 months of our lives on

Sneak preview of a new compound in Silver Lake

Have a small, new project opening up in Silver Lake shortly. We have: Two 1/1s Four 2/1s One 2/1 house The property is easily walkable from Sunset Junction (like, fall out of bed walkable). And the lot is elevated above the street and gated, so the property feels very safe and secure. The units themselves are special… fully

An apology and some thoughts on the future

Have been doing a bad job of updating the blog – mea culpa. In my defense: We have a lot going on here at Adaptive I’ve grown somewhat weary of seeing people read the blog and then compete with me On the second point: I’ve always known the blog would inspire competition. That’s life in the

The social implications of renovate vs. build

Right now: There is a ton of demand for apartments in LA; and There is a lot of capital seeking yield This represents an opportunity for entrepreneurs, like Jon and me, to make money by partnering with the capital to provide housing. Like most entrepreneurs in this space, we’re more or less agnostic about whether

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