He launched a small OZF to revitalize a vintage office building in a transitioning neighborhood.

but if you look at the Town of Portola you can buy a very livable house for 200k to 300k  basically same price as Cleveland for same vintage and quality..

This cashflow is quickly wiped out to as expenses stack up)My thesis and we execute this is:We buy newer vintage properties with seller financing about 10-15% below marketGreat asset/ property management - keeping expense ratios low.Paydown + 2-3% YoY appreciation gets to the 2x multiple in 5 years on exit after expenses.

There are 1920-1930 vintage properties  with recently updated mechanicals and a new roof and there are the same vintage properties that need work. 

You also need to understand the vintage of their deals.  

. :) You're like a vintage Ferrari Dino mate heheYou become more valuable as time goes onJay for President 🫡

The only thing interesting in 2024 WC defaults is the vintage year, which is over 35% 2021-2022, meaning a lot of recent borrowers threw in the towel in short order (no pun intended).

Vintage year is also very important, is this a c-class property (which it sounds like it is, maybe c-), B-class etc. 

Chimene ****Van Gundy, accused of defraudinginvestors who believed they were investing inher business buying, refurbishing and sellingmobile homes, will have to turn over the keysto her dream home.Bank records obtained by Adams show morethan a dozen payments totaling just less than$1 million DOLLARS went from Van Gundy’s company’saccount in 2017 to pay builder Vintage EstateHomes and for the down payment to a titlecompany.

Without their signatures, the deal was in jeopardy.After some negotiation, her older sister agreed to sign, but she had one unusual condition: she wanted to keep the home’s vintage crystal doorknobs.