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Two contradictory traits make a successful acquirer

Being an effective acquirer of real estate involves two contradictory skills: Pattern matching. By this I mean: The ability to rapidly compare a new potential deal to others you have done and identify commonalities with the successful ones. For example: If you show me a picture of a building and a price, I can very

What kind of returns do we generate?

“I’m looking for a 15-20% IRR… can you guys get me that?” No. And not because our projects are incapable of delivering returns like that. Under absolutely optimal conditions (like we’ve had over the past couple of years), we can. But I’m categorically unwilling to quote IRR numbers to anyone. Why? Because doing so requires

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

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