I average around the 1% rule with my "fix and hold" deals, and I know others killing it with condo conversions, flips, new builds, high-end rentals, AirBnb & short term rentals, etc.

Coming from the Midwest, we had been hoping to find an old industrial building or warehouse ideally on a waterway, for easy conversion (5000+ sf base area, 20+ ft height or multiple floors, drive-up/drive-in access), but are clearly very late to the party.

After our conversation, I did look up and find an academic paper that generally found no consistent correlation between interest rates and cap rates.

The mentoring helps me to feel confident in conversing with home owners to provide them options in selling their homes.

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How could i do this conversion?

I saw this article in today's Washington Post and I thought I'd share.

http://www.washingtonpost.com/wp-dyn/content/article/2008/03/08/AR2008030802735.html

I'm not seeing tons of bandit signs all over the place (although there are a few) and there seem to be a lot of distressed properties around based on a few conversations I've had with people here and from doing my own research.I guess I'll find out more about the market after I've done more deals though!