Zero chance we fix the housing shortage without letting in a lot more immigrant construction workers.

One of the observations upon which we’ve based our approach to real estate: The debt market occasionally stops functioning. If your strategy depends on getting a loan at any particular moment in time, you’re vulnerable.

Love this guy

Really interesting - would love to see this continued to ‘23. Hunter 🌆

Single most important factor in choosing a firm for which to work early in your career: Reps Want to maximize the number of deals you see go from conception to completion. That’s how you learn (on someone else’s dime).

Big public “thank you” to my friend Chris DeRose | Hotels, Housing, History for recommending Five Decembers, a virtually perfect detective novel set in Hawaii & East Asia in the 1940s. Can’t recommend it strongly enough.

Multifamily theater: Lipsticking & re-leasing a few units at higher rents, to prove “there’s meat on the bone for the next gal”

Going to blow some more minds: Haven’t used a transactional attorney on a real estate sale or purchase since like ‘12

And even more: We can generally underwrite an LA apartment deal using an address & a rent roll within 20 minutes, then produce a purchase agreement to send to the listing broker 10-15 minutes thereafter.

First half of this book perhaps the best description of small business entrepreneurship I’ve ever read. (Fair warning: Last ~15% of book not good at all.) H/t to my man Hunter 🌆 for recommending it.

We’ve done small discretionary funds & syndications, but the most efficient set up for us to raise $$, by far, has been one-off & programmatic joint ventures w rich people & family offices. You give up some control, but get ~all the capital from one highly-aligned partner.

Thanks to Beth Azor, “Canvassing Queen” for the kind words & to Shiloe Bear for being awesome. Link to Shiloh’s talk in the tweet below.

New talk for Reconvene '23: Up-to-the-minute market update from @kylematthewceo Goal is to raise our collective opportunity cost by giving us a sense for what strategies are working across the 19 markets Kyle’s agents cover. To learn more abt RC, go to Re-convene dot com

Most smaller GPs depend for their existence on fees relating to acquisitions. The longer this stalemate between buyers & sellers persists, the more those GPs will be tempted to go find new lines of work, increasing the risk to their LPs of "orphaned" deals.

Here's a picture of a dead possum reported to our maintenance team:

The harder you make evicting tenants who dishonor their lease obligations, the more rigorously landlords must screen prospective tenants

departures

I didn’t leave the Conservative Party, they abandoned me and the British people on the battlefield. Long live The Reclaim Party 🙏

Getting up early allows you to have breakfast, and the simpler you live, the happier you are.