Seems like everyday, I find myself explaining to brokers what it is that I want to buy. And I also hear from brokers that they read this blog.
So, at the risk of boring the hell out of my regular readers, figured I’d remind everyone what we’re looking for.
We want to buy older, dilapidated apartment buildings in improving neighborhoods in Los Angeles. Because we’re renovators, we not focused on the existing physical condition of the buildings, nor on the cap rate or GRM.
Our inspections are quick and focused on the big picture, not whether the light-switches work.
We pay cash and close quickly.
We never, ever re-trade or grind brokers on their commissions.
We’re happy for listing brokers to represent us. We’re also happy to pay buy-side commissions, so long as the numbers make sense.
If you have a building that seems like a fit, please send the address and the rent roll to moses@adaptiverealty.com, and I will get back to you quickly with a price. We treat all submissions as confidential.