Regularly get asked the following questions: Are you planning to venture out to other cities? Start doing other product types (office, retail, etc.)? The answer to both is that I would love to branch out. Aside from the intellectual stimulation that comes from learning new things, expanding the pool of potential projects would allow us … Continue reading “Why we’re sticking to our knitting”
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A little thought experiment
Thought experiment regarding American population dispersion: Imagine you picked up all of the people who live in the United States, then allowed them to pick where you put them down, with no regard to where they lived before. How many would choose to be set back down in the Northeast and Upper Midwest? How many … Continue reading “A little thought experiment”
Finishing up another one
We’re just finishing a 6 unit deal in an area where we’ve done a ton of business, and thought you guys would like to see pics. The ads went up this past Monday (so, seven days ago) and already 5 of the 6 units are spoken for. Think the unlevered yield on this one is … Continue reading “Finishing up another one”
Help support more housing along the Expo Line
Am writing today with a request: That you click the link below and add your name to the long list of people and organizations in favor of adding more housing along the Expo Line in LA. Here’s the link. Regular readers know that LA’s housing crisis is basically the result of terrible land-use planning. We … Continue reading “Help support more housing along the Expo Line”
Finishing up a five unit
Just finished a cool five unit building in an area we know really, really well. It’s actually the third building we’ve done on the same block! To be honest, we knew this deal was a great one the moment we got it under contract… it was so good that the broker tried to chase us … Continue reading “Finishing up a five unit”
A really scary roof deck
Came across a listing for a renovated building yesterday that made me very scared for the potential new owner. To be clear, this was a nicely renovated building, with brand new systems, high-quality finishes, decent taste, etc. And the rents were pretty good – around $2500 for 2 beds with no parking, which, for the … Continue reading “A really scary roof deck”
Building a brand by accident
Without quite meaning to, Adaptive has built a brand. How do I know? Well, I get email messages like this: “I am reaching out to make contact as I have come across a few of your listings and think they are right up the lane I am looking for for my upcoming move to Los … Continue reading “Building a brand by accident”
Some advice for new graduates
Recently, have found myself giving advice to some recent college graduates beginning their careers in business. Figured I’d share here, since plenty of my readers are in the early stages of their careers and this is the advice I wish someone had given me. As always, my advice is worth what you’re paying for it. … Continue reading “Some advice for new graduates”
Why rich people should ignore conventional retirement advice
If you have a lot of capital, you should mostly ignore conventional retirement advice. Your standard retirement planner assumes that you are going to build up a portfolio of assets over your working life, then liquidate that portfolio to fund your retirement. Because you will need to begin to liquidate at a certain date (say, … Continue reading “Why rich people should ignore conventional retirement advice”
Two types of potential investors
When I speak with potential capital providers, I hear two very different ways of thinking about investing in our projects. The first group of investors thinks about things in terms of a return target. These investors trust us and like what we do. They are concerned about where we are in the real estate cycle … Continue reading “Two types of potential investors”