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More deals, more complexity

Jon and I have, so far, built a career on building and renovating sub-institutional scale assets. (By this, I mean apartment properties with 4-27 units.) The upside is that the returns are better than anything I think you can achieve in LA with larger multifamily properties. The downside is that we have a ton of

An appreciation

Spent the long weekend in Jackson, WY at the wedding of one of my best friends from highschool. For the sake of this story, let’s call him “H”. H’s a super-successful dude. He started a hedge fund in his late 20s that did amazingly well, then provided all of the capital for my second through

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

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