Underwriting the Google Way: Building Maps. Not Numbers
Friday, November 16
In this post, I go in-depth on how to develop a filtering mechanism to separate the wheat from the chaff. Essentially, how we at Boardwalk continue to refine our underwriting process and move away from "death by Excel."A must read! You can check it out on our blog at: Underwriting the Google Way:...
The Promote – How the Real Money Is Made In Real Estate Private Equity
Tuesday, October 02
The key term to a real estate private equity deal is the sponsor “promote”. It’s industry jargon – don’t you love fancy terms! – for the sponsor’s disproportionate share of profits in a real estate deal, provided the project hits certain return benchmarks.The promote is often expressed in the for...
The Cap Rate Is Dead, Long Live the Cap Rate!
Tuesday, August 28
The cap rate is the single most abused and misunderstood metric in commercial real estate. It’s shocking how newbies and experienced investors alike continue to refer to it as the be-all-and-end-all metric.The cap rate is nothing more than a measure of value at a moment in time. That’s it! It do...
Developing The All-Weather Real Estate Portfolio
Tuesday, July 17
The concept of the all-weather portfolio was developed by Ray Dalio. The mythical beginnings of this strategy start with President Nixon taking the U.S. off the gold standard and makes for compelling reading. We continuously ask ourselves the question at the heart of the all-weather portfolio (al...
The Power of Focus – 100x Results with 10x Less Effort
Tuesday, June 19
How should we focus our energies?This topic has been at the back of my mind every day as we are actively expanding into a new market (more on that later).It is no secret that I am a big fan of checklists. In fact, one of my favorite books is called The Checklist Manifesto. I highly recommend it a...
Deal Screening Checklist for Passive Multifamily Investors
Monday, May 14
This post was inspired by the frequent comments we’ve received from our passive investors. Joe Stampone’s excellent blog provided the inspiration to dig deeper into a topic that is near and dear to our heart.Even till a few years ago, passive investing in private real estate deals was only access...