Right now, as an investor, the key question is: “How much longer does the present growth cycle have to run?” If we’re approaching the end of this cycle, then investors ought to batten down the hatches, de-lever, horde cash, and get ready to bargain-hunt. If, on the other hand, we’re still looking at 2, 3,

Regular readers know that I approve all of our tenants personally. Why? Well, I’m the one who’s going to have to deal with going to eviction court if they turn out to be screw-ups, so it’s best that I sign off on them upfront. But there’s another reason, too: Reviewing all the tenant applications gives

Have been spending some time looking at new neighborhoods around LA for possible investments. Many of the areas I’m reviewing were developed later than the areas in which we’ve traditionally done business. Because they were developed later, when zoning codes were better established and enforced, the apartment buildings I’m reviewing tend to be grouped near

Was talking to someone yesterday regarding the frothy pricing in the LA market. She made the reasonable observation that pricing in big city markets seems to be on a long, one way rise. This is a version of an argument I hear a lot: Millennials don’t want to move to the suburbs, because they prefer city

Do you know who is in the cat bird seat right now? Entrepreneurs with retail concepts that require very large spaces and have the ability to drive customers themselves, without need for “walk-in” traffic. Why? Well, retailers are generally getting slaughtered right now; who wants to go to the mall when Amazon will deliver whatever