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  • Steven Fletcher

Some of the tinier nuances in real estate that you can only pick up by doing more deals and taking more reps:

-Best methods for sourcing opportunities (the big one)

-What roads/corridors/pockets to avoid (even if they’re in the right zip code)

-How to approach Historic & Neighborhood Associations

-How to maximize the inspection period

-How to find un-permitted work

-Handling encroachments

-How the permit office wants your applications to look (and read)

-How to (properly) execute utility transfers (we learned the hard way early on and our gas was cut off)

-Best practices for shopping insurance

-Handling vagrants around a property (so they don’t come back)

-Price per sq.ft metrics/general pricing for each portion of the renovation

-How to dig out more value during the renovation process (additional bedrooms, new lay-outs, large windows, outdoor spaces)

-The best materials to use

-How to address knob and tube wiring, cast iron plumbing, termites, and other unknowns

-Who to call if the property doesn’t have a public sewer tap

-Best ways to market to and source great tenants (use great leasing agents)

-Process of vetting service providers and who to avoid

-Which people to use for repairs vs. renovations

-What preventative maintenance is needed and how often

-How to expedite unit turnovers

-Best reporting methods

  • Steven Fletcher

Operating in secondary, supply-constrained markets can be a double-edged sword.

Supply-constraints can work on your behalf if you’re an existing owner in the market, but can also work against you if you’re looking to build a big portfolio.

With supply-constraints, comes less inventory, and less inventory ultimately leads to fewer transactions.

Need to work super hard to successfully enter the market and then even harder to stay top of funnel on anything that might trade.

Scale is the pain point within this scenario.

With that said, how do we solve for this?

1.)    Have a wider menu of investment strategies (within the multifamily space) that we’re willing to take on.

If we limited our criteria to turnkey properties, we’d maybe transact once every 2 years given our market dynamics.

Widening our criteria allows us to see more and provides more opportunities to create value.

2.)    Expand into new markets that exhibit the same characteristics that align with our thesis.

More neighborhoods, more inventory, more opportunities to dig out yield.

  • Steven Fletcher

A snippet from a Rick Zullo piece that I loved.

"There are precisely 4 ways to deliver alpha in investing

1.) Asymmetric Information

2.) Asymmetric Insight

3.) Asymmetric Value-Add

4.) Asymmetric Access

The best investors bring multiple asymmetric capabilities to the table, but the only way you earn #4 is by crushing #2-3."

Granular knowledge in the domain leads to better insights into how to source or add value.

Better insights equate to more effective value-add strategies.

Successfully executing on these strategies creates trust and more access as your process has been demonstrated to others.

It's all reps.

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