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On competing with cowboys

Yesterday, while perusing the MLS, I came across a renovated duplex for sale in a neighborhood we like. Curious about the renovations, I checked the LADBS website to review the permits pulled. Of course, there were no permits on file for the rehab. This infuriated me. Why? Well, these units are going to compete for

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Thinking through investing in a hot market

As we look at making deals late in this expansion phase, I have been doing a lot of thinking about what, exactly, we risk by buying high. After all, we are (effectively) permanent holders, so it’s not exactly clear why we should care about prices going down after we acquire an asset. But I am

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Another successful Adaptive deal

We just closed on the refinancing of an 11 unit apartment building. We bought the building two years ago for $2.65MM, then spent another $900k renovating it, bringing the total investment to ~$3.55MM. Our net loan proceeds on the refi are $3.54MM and we’ve accumulated ~$250k in cash from operations since lease-up. So, today we’re

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Navigating a hot market by raising cheaper capital

Two days ago, I wrote about how hot the apartment market has got and promised to talk about how we, and others, are navigating it. Yesterday, I discussed a tactic that kind of works right now, though we can’t use it. Today I want to talk about another way to approach this hot market: By

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An effective tactic we just can’t use

Yesterday, I noted that pricing for apartment buildings in LA has become detached from the underlying cashflows the buildings can generate. But some deals are still getting done at (semi-)reasonable prices and I want to discuss how, and why it’s a problem for me. Right now, listing brokers and sellers are pricing properties very aggressively.

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