Though he prefers to reposition existing multifamily properties, he has also subdivided land, built homes, and constructed self-storage.

This is literally the entire reason these companies exists - to get this stuff right.As for why, I have no idea why there has been an uptick.

There is an abnormally low amount of new construction occurring on the coast in comparison to the demand and the existing inventory can be quite dated, especially for those coming from areas like California.

Interesting about the wind-down structure, I'll look into that more. some existing HMLs that don't have cooperating banks right now and probably would be glad to have it.  

Sounds like they are dumping a bad 1031 property into a REIT and spreading the financial burden upon existing REIT members. 

Having watched many prior co-workers get paid, cash their check at the casino, and promptly deposit it all into a slot machine I can tell you with pretty good certainty that casinos don't have a positive effect on disposable income and good use of the existing income in the area surrounding :)Are there solid local employers OTHER than the casino in a 15-minute drive? 

Similarly, looking up deeds of trust, licenses, or other public loan documents, as is often recommended here, will only confirm that the company exists - not that you are speaking to a legitimate representative.

Even if you manage to find an office with an existing tenant, their lease could be approaching expiration, and without plans to renew, it can take an incredibly long time to secure a new tenant for the space.

One lot has a 2 bed and one bath cottage that was an existing STR. 

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