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  • Steven Fletcher

Picking the Path

There are many real estate strategies- the game is finding the one that most closely aligns with you and what you're trying to accomplish.


Each outlet has its perks and drawbacks. Accordingly, flippers operate differently than those who buy and hold.


One of the best ways to generate positive outcomes is by ensuring the development strategy meshes with the overarching thesis.


We buy 4-25~ unit apartment buildings in walkable urban cores, renovate them well, and hold them for a long time.


Why?


-Longer Runway- we seek out supply constrained markets where it's incredibly difficult (if not impossible) to build any more of these properties and intend to compound growth over decades.


-Control- we don't want the outcome of any project to be predicated on what somebody else would pay for it (can't predict what the market will look like a year from now). Instead, we focus on digging out and maintaining yields that we're comfortable receiving over many years.


-Operations- we know the the internal workings of each building, being that we've likely done extensive renovations to it- positioning us well as long-term operators.


-Longevity- we hope to create a generational portfolio of properties (with like minded partners) in great locations- hard to do if you're selling good assets every few years.

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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 y

Delivering Alpha

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 Acce

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