Category: Uncategorized

Am headed to Costa Rica for vacation this week, so posting will be light (again). The good news is that we’ve got an interesting ground-up deal in contract and are circling another interesting repositioning play. You knew I couldn’t actually not work for a week, right?

Am heading down to Irvine with Jon to participate in a panel on mid-market acquisitions. So, in lieu of a longer post, here’s a group pic from the Adaptive holiday party last night… we’ve come a long way in three years!

Apologies for the lack of a post yesterday and for the short one today. Jon and I are headed out of town to take a look at a deal we might buy. Will I tell you where we’re going? No. Suffice it to say that, when we see a deal for $100/sq ft in an … Continue reading “What we’re doing today”

Buying a condo is about 1000x easier than buying an apartment building. Among the things you don’t have to worry about are: foundation, roof, rent control tenants, environmental issues, etc. But there are still some pretty important things to consider, things about which the vast (and I mean VAST) majority of agents know nothing. 1. … Continue reading “Some things to consider BEFORE buying a condo”

Had coffee with a competitor of mine yesterday. He said something that really resonated with me, something like: “I’m looking at some of these deals getting done and I feel like calling the buyers up and asking them what’s wrong with them.” That’s exactly how I feel right now. The benefit of doing sub-institutional scale deals … Continue reading “What’s wrong with buyers right now?”

Just finished a sweet little 5-unit in Highland Park on behalf of another group. This one had concrete floors on the ground floor, so we polished them. The effect is a little industrial in the pics, but really cool in person. If you’re interested in an amazing, reasonably-priced 3 bed apartment in Highland Park, reach … Continue reading “208 S Avenue 58 is done”

Was talking to someone about whether she should buy a house last night and it dawned on me: Most people, even really smart people, don’t understand what they’re doing when they buy a house with a mortgage. Most people think, when they get a mortgage on a home, that they’re borrowing against the home. Wrong. … Continue reading “What you’re borrowing against when you buy a single family home”

Two things to which I will definitely expose my kids well before they reach adulthood: Accounting. I know this is kind of lame, but accounting underpins the entire financial world. I regard it as a crime that learning basic accounting wasn’t required of me in highschool or college. Yeah, I would have protested at the time, … Continue reading “Two skills kids should have for life”

One of the themes to which we return again and again on this blog is the shift in consumer preferences from suburban, single-family homes to denser, urban apartments. I obviously love this shift, because it’s very good for our business. But, interestingly, the shift has not been good for housing sector, which is typically a … Continue reading “One effect of our preference for denser living”

Just quoted a 4plex fee-for-service deal for a long-standing client. The headline numbers are: All-in for ~$1.45MM, inclusive of all renovation expenses and an acceptable fee to Adaptive 10.7x GRM 7% cap $291 / sq ft When it’s done, I think the owner would be able to refi the property at 75% LTV, pull out … Continue reading “There are still deals”