(Lots of new followers, so:)

Am a partner at Adaptive Realty, an LA-based real estate private equity shop.

We're weird:

- Focused on sub-institutional scale multifamily in like 6 neighborhoods

- Full gut-rehabs (not lipstick on pigs)

- Our hold period is "forever"

(con't)
We've been renovating apartment buildings since 2008. Here are some pictures:
Have completed ~100 projects at this point. More pics:
If you're interested in learning more about us, please join the mailing list at kagansblog.com/mailing-list
More pics:

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More from @moseskagan

31 Mar
Nights & weekends service business idea

The problem: Building owners & property management don’t have an easy way to make sure their leasing teams are doing good work.

The solution: Your ghost-shopping service

(Thread)
The service:

On a regular basis (weekly, monthly, whatever), you reach out to relevant leasing agents to ask questions, book a tour, see apartment, (maybe) submit an application.

Then, you write up a detailed report about the whole process.
Your report includes details like:

- how long it took agent to respond

- whether she showed up to the appointment

- whether she was knowledgeable about the unit & the lease

- how the apartment looked (clean, painted, etc), including pics
Read 6 tweets
11 Mar
Some Things I've Learned in Business (Sometimes the Hard Way), a thread:

1. Wealth comes from solving problems - you can solve small problems for lots of people, big problems for few people or big problems for lots of people (avoid small problems for few people!)
2. As quickly as you can, figure out how to work for yourself
3. If you have to work for someone else, figure out how she makes money and then help her make more of it
Read 26 tweets
3 Mar
The success of Zillow, Apartments dot com, etc. in aggregating tenant demand & charging landlords for it is creating a new tech business opportunity.

(Thread...)
No small / medium sized LLs have marketing departments, yet we will now have to figure out how best to spend marketing budgets.
The key property management software companies (Appfolio, Yardi, Buildium, etc.) are primarily management & accounting focused.

They have marketing functionality, but it’s pretty rudimentary.
Read 5 tweets
28 Dec 20
1. Everyone has heard me recommend Risk Game by Frances Greenberger.

Why?

It's a lesson in the importance of a differentiated lense, which is:

The ability to see the same things other see in a way that they don't.
2. FG was buying apt buildings in NY, just like many competitors, so he had no edge.

Then, a friend taught him about co-op conversions (selling off the units as quasi-condos).

Due to mkt conditions in NYC, there was a huge spread btwn per unit pricing as apts & as co-ops
3. That spread became FG's margin. And there was so much margin that he could afford to pay much more for apt buildings than his competitors.

His competitors were in a knife fight over 1% of yield; he had a bazooka.
Read 4 tweets
7 Dec 20
1/
Just in the last few weeks, I've realized how thoroughly the combination of new no- and low-code tech & remote hiring is going to revolutionize small business.

We're not even particularly backwards, and there are cost & time savings everywhere I look.

A few implications:
2/

Fully-realizing the benefits of these two forces requires a real mindshift inside the org.

Think the shortcut is to show everyone in the org what is possible.

Once they internalize it, they will spot opportunities for process improvement.
3/

Even with everyone looking for opps, there is still the need for specialists.

I'm sure there will be two types:

- internal experts (people in accounting or operations roles who get energized by this kind of work) and

- consultants
Read 5 tweets
23 Nov 20
(Lots of new followers, so:)

I run Adaptive Realty, a real estate PE shop with ~$135MM in AUM, focused on renovating small apartment buildings in Los Angeles.

We're weird:
- Extremely narrow mkt / asset focus
- Full gut rehabs (not lipstick)
- Permanent hold (we never sell)
Instead of selling:

When a project is done, we refinance to return the vast majority of capital to our investors.

Then, we and our investors hold the property quasi-permanently, taking quarterly free cashflow distros and refinancing opportunistically.
Here are some examples of our work:
Read 4 tweets

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