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In, out, and (possibly) back into the brokerage business

Regular readers of this blog have probably noticed a shift in our business here at Adaptive. When I first started writing, roughly five years ago, we were knowledge-rich but capital poor. We knew a ton about buying, renovating, leasing, managing and selling apartment buildings from our experience doing 12 deals between 2008-2012 through Better Dwellings. But

The importance of a diligence checklist

The diligence process for a multifamily building is complex. In essence, you are buying a small business, often using a lot of debt. And, if you’re buying the kind of beat-up buildings in which we specialize, often you’re doing the deal with missing / incorrect information from the seller. To make sure you don’t miss

What a successful deal looks like

Just finished stabilizing a deal and thought you all would like to see some numbers. Bought this large, non-rent control property in late 2015. Renovated and re-tenanted it, with everything finishing up in the last week or so. All in for about $3.6MM. New rent roll is $369k (so, 9.8x GRM). Looking like roughly a 7.8% unlevered

Competing with cowboys

We spend a lot of time looking at rental listings to ascertain market pricing for apartments of various types in different neighborhoods. Recently, we’ve seen a lot of renovated product come onto the market. Out of interest, I often check to see who owns the buildings and whether they’ve pulled the relevant permits for the renovations. Very, very

Why the zoning matters, even if you’re not building

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

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