Thought everyone might enjoy a glimpse into how we handle investor relations here at Adaptive. Per the terms of the Adaptive Realty Fund 1 operating agreement, we are required to share quarterly financial reporting with our largest investor. In order to be fair to all of the investors, we decided to make the same financials available … Continue reading “Adaptive investor letter”
Category: Building Adaptive
When do you need a lawyer?
I spend an awful lot of time negotiating relatively small/low value agreements with other agents, tenants, owners, etc. Pretty often, I find myself drafting contract language, because the matter at hand is small enough that its not worth spending thousands of dollars on a lawyer. That’s obviously ok for my own deals. After all, I … Continue reading “When do you need a lawyer?”
As long as…
…people do things like this: http://losangeles.craigslist.org/lac/apa/3920818867.html …there will be work for Adaptive to do. Check out the remodeling choices (uh-oh). And the location (great). And now the asking rent (low). When I see something like this, I feel like this guy does in this situation:
The last 4 weeks
We brokered and / or acquired just under $7.8MM worth of Los Angeles apartment deals in the last four weeks, and there’s a lot more to come. We’ve done small deals (duplexes in Silver Lake and Echo Park), big deals (a 16 unit building in Highland Park), and tons of stuff in-between. We’ve still closing … Continue reading “The last 4 weeks”
Apologies for the lack of posts!
My wife, Lucy, and I just welcomed a new addition to our family: Baby Giles, age 8 days or so. I decided to take an extended paternity leave this time of 2.5 days. Am back in the office now and crazy busy with the deals we have in escrow for our funds / partners / … Continue reading “Apologies for the lack of posts!”
Dealing with buyer conflicts
One of the issues I deal with periodically is “buyer conflict”. By buyer conflict, I mean the situation where multiple buyers with whom we are working decide to offer on the same piece of property. As you might imagine, this presents a problem: We always want to help our clients get what they want, and … Continue reading “Dealing with buyer conflicts”
Navigating the broker/principal divide
One of the weird things about our business is that I am both a broker and a principal investor. That means I look at deals for other people and for myself. Who cares? Other brokers. Brokers make money as middlemen. Their goal is to know who’s selling and who’s buying and match the two together. Simple, … Continue reading “Navigating the broker/principal divide”
How I pick agents
Was just thinking about the commonalities among the sales agents we’ve recruited to Adaptive Realty, Inc. and thought it might make interesting for everyone. Here’s what we look for: 1. Integrity – This one is obvious. I can tolerate mistakes (the first time someone makes them; not the second). But I absolutely can not tolerate … Continue reading “How I pick agents”
Why I don’t write much about our funds
Got an email from a reader recently asking me why I don’t write more about the funds we run. Believe me, I’d love to! The problem is that I don’t want to run afoul of securities regulations, which prevent the open advertising / marketing of unregistered securities. The reasoning behind these regulations is sound: The … Continue reading “Why I don’t write much about our funds”
Fee for services
Lately, it feels like we’re spending a lot more time speaking with potential partners about fee-for-services deals, rather than straight brokerage. What do I mean by “fee for services”? Jon and I have relationships with certain investors where we help them buy and renovate apartment buildings in exchange for brokerage fees and cash payments from … Continue reading “Fee for services”