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I believe we’re in a little opportunity window to buy strong assets right now, at least in our market. If you can put together deals that cash flow excellently with fixed debt, I think it’s a buy at this stage in the cycle. Personal opinion, of course.

Me: I’ll give you 50 a door. Seller: I want 100 a door. Me: The property is 50% occupied and needs 25 a door in renovation. Seller: Ok I’ll take 75 a door. Me: So you want me to take all the risk, do all the work, lease it up, and make zero dollars? Seller: <blank stare>

How I feel when I see other GPs post how “investor first” their deal is and how they “don’t eat until after the investors eat”. Their fee structure: 3% acquisition fee 1% guarantor fee 5% construction mgmt fee 2% asset mgmt fee 1% refinance fee 2% disposition fee