Short essays on real estate private equity, operations, and markets.
Woodlawn Court Apartments, Elmira, New York — 274 units of workforce housing.
Read →I underwrite to terms available today, not where I hope rates are in two years.
Read →Days 1–30: triage. Walk every unit, occupied or not.
Read →It’s not replacing judgment — it’s replacing the hours we used to spend on the boring parts.
Read →Revenue is capped by the rent guidelines board. So every dollar saved on expenses drops straight to the bottom line.
Read →Turning a unit costs around $4,000 all-in. Here's how I run the process to cut that number down.
Read →Rent is due on the 1st, and a disciplined collections calendar is what separates steady cash flow from surprises.
Read →A small move in the exit cap swings the assumed sale price by a lot — so I read the spread between entry and exit before anything else.
Read →The city's January assessment is an opening offer, not a bill. Grieve it before March 1, every year.
Read →Before a lender asks about my business plan, they read one number. Here's how DSCR really works.
Read →Bridge debt costs more than agency debt because it does a different job — and the monthly burn is the real cost to underwrite.
Read →Print the rent roll, pull every lease file, and compare. You'll find money your leases already promised and nobody collected.
Read →One page, one hour, every week. That's the entire system for keeping a building on budget.
Read →