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The surreal experience of turning down capital

Last week, I had three different, current investors separately ask me if I could take more of their capital. Sadly, right now, I can’t. While we’re deploying a fund, we’re fiduciaries for that fund, so I’m not going to take any capital for rivalrous deals (5+ units, LA County). And, while I can see some

Businesses to avoid: Remote, single-family home rentals

Was just reminded by a Curbed article about a mind-bogglingly stupid trend in real estate investment and figured I’d share why I think it’s so dumb. Here’s the deal: Many people working in big, coastal cities feel locked out of the property market, both for owner-occupancy and also for investment Online platforms have sprung up

Our internship program paid off handsomely

During this past summer, we had two interns from Princeton (where I got by BA) come and work with us for a month each. We created the (paid!) intern program mostly because neither Jon nor I knew that real estate private equity existed when we were in college, and we wanted to give some motivated

And… I’m back

Going to try to get back to writing, both because it brings new people into our world and also because it helps me clarify my thinking. Figured I’d start with an update on Adaptive. Long-time followers of our company know that we started Adaptive in 2012 with one employee, $0 in assets under management, and

The deals I’m proudest of

People often ask me where I get my deals. More and more, we get them off-market, from agents with whom we have pre-existing relationships. But those aren’t the deals I’m proudest of. After all, it doesn’t take a genius to decide to buy a building for $235 / sq ft when it would cost $350