Resources

People tend to gravitate to what they know or what seems familiar to them. When considering investments in rental properties, many people tend to commonly consider residential properties such as single-family homes and duplexes, as owning a home is most familiar to them.

Private equity real estate sponsors often make projections of the economic performance of the projects using a variety of metrics.

I have a close friend who married his second wife recently, both in their 80s. Each had established their wills and trusts prior to marriage, but not after. While they had had conversations about including one another in their plans, prior to an incapacitating medical emergency, they had not met with their attorney or their families to update the documentation of their final wishes.

My wife and I have often found ourselves owning more than one home. When opportunities have arisen, we have charged headlong into acquiring our next forever home. While selling one of our previous homes, we had an interested couple ask if they could rent the home prior to the purchase. The couple was new to town and did not have enough working history with their new employer, limiting their financing options. Ultimately we agreed to the proposed arrangement and reluctantly became landlords.

Our development and acquisitions teams scour through over a hundred deals before one is identified that meets our strict acquisition criteria. Each offer represents hundreds of hours of analytical effort, from market qualification, relationship building with brokers and owners, financial analysis, and business plan development.

Every year, our family embarks on a pilgrimage to the north shore of Maui to enjoy making memories, relaxing and playing together in warm sunshine and cool waves of the north shore. We knew that the last trip was going to be different.

Let me tell you about Glen. He's my mechanic. Yes, I have one mechanic. Whenever I need help fixing any of my cars or our kids’ cars for over 20 years, I only think of Glen. Why? Well, first, it's because I know making cars run right is definitely not at the top of my experience or skill set. And second, because I trust Gen and after a couple decades of great service and conversations, he's become my friend.

When each of our four kids neared driving age, we made a deal with them that when they accomplished a certain set of substantial goals we set (like reading and reporting on 50 personal development books), we would pay for half of what it cost them to buy their first car. That means they worked and saved up for the other half. And because they worked hard to accomplish something significant for our half, they felt like they earned and owned the entire car themselves...and indeed they did.

Hosting Rotary youth exchange students has become a passion of our family. Over the years we have hosted girls from Sweden, Italy, Japan and Germany, while getting to know other students from Belgium, France, India, and throughout Latin America. While apprehensive at first, our children have formed special and unique bonds with each student, which has shaped the way they approach new relationships.

When I was a kid I really got into collecting and trading postage stamps. I found it fascinating that I could pay a few cents for a little postage stamp that had limited production and when the demand for that stamp got strong enough I could sell that same stamp and it could be worth a few dollars. That’s the first time it dawned on me that the value of a one inch sticker with a picture had nothing to do with what I paid for it or the number marked on it…it had everything to do with the level of demand for that little piece of paper and glue. And that basic lesson is why today I still appreciate investing in assets where all the data foreshadows continued strength of demand drivers. And that's why I love investing in multifamily residential real estate.

The latest dramatic downturn in real estate values has been top of mind for many investors.

I had planned on taking advantage of the clear still skies by hiking in the afternoon when temperatures were expected to be a crisp 17 degrees F, a significant improvement over the weekend’s arctic-like high of 3. Earlier in the day I had received an email from our founder, Russ Wilkinson, who had shared a podcast focused on the winning ways of Kobe Bryant from one of his favorite podcasts, Founders. This year I committed to increasing my daily mileage by a mile or more and had intended to listen to the podcast while the sun was still out, catching up on work later in the evening.

A mentor once told me, “If you’re going to be biased, at least be biased based on data.”

When facing adversity, we are offered two choices, to own the cruelty life can serve up, or to turn and run from these challenges, avoiding the difficult reckoning.

The world of real estate investment is overrun by uncertainty after some of the most dramatic series of global economic changes we've seen in many years. Many fear that economic uncertainty is likely to persist again this year. Should investors stay on the sidelines or jump in now? What do you think will happen this year? If only we could know the future, we'd all be rich. Or could it be that knowing the future is not as important as knowing the fundamentals that drive success?

I was in the backyard of Ed Peckham, the Dean of Students of Cal State Northridge. He had invited me over with a few friends for a BBQ. Ed was probably in his sixties and I in my twenties. I remember telling him I had no idea how I was going to be able to ever afford a house.

Knowing we were moving from Los Angeles to Dallas in 2006, I decided I just had to buy a truck. Your first thought might be “Of course you would. Do in Texas as the Texans do!”