tag:blogger.com,1999:blog-7800674.post4008975081963413193..comments2023-06-22T05:23:55.920-07:00Comments on Shaun's Real Estate Adventures: HML #28 Paid Off And Looking Towards 2014Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-7800674.post-49788469158112708352013-10-25T05:26:33.576-07:002013-10-25T05:26:33.576-07:00On the contrary. You are doing very well with you...On the contrary. You are doing very well with your hard money lending. You found some good people to work with. You did ok with most of your local stuff, although I don't recall all the details. I never liked your Oklahoma investment, though, but it was an interesting experiment. <br /><br />We have all learned a lot since, when was it when you started this blog, 2005? We are much better investors than at the peak of the market.Another Investornoreply@blogger.comtag:blogger.com,1999:blog-7800674.post-622949385665431962013-10-24T21:49:16.830-07:002013-10-24T21:49:16.830-07:00You know, I bet if I go back and look at all the c...You know, I bet if I go back and look at all the comments you've left year over the years, I would not find a single one approving any investment I've ever made. And yet, I've only lost money on one.Shaunhttps://www.blogger.com/profile/05654897560778650994noreply@blogger.comtag:blogger.com,1999:blog-7800674.post-32944869588815212722013-10-24T19:42:50.183-07:002013-10-24T19:42:50.183-07:00The general partner overpaid for this property. H...The general partner overpaid for this property. Had they understood the nature of the NOI and its variability, they would have applied a higher cap rate. The seller would not have accepted that offer, because there was another overly optimistic buyer in line behind your partnership. However, you and the rest of the partners would not be in this situation now.<br /><br />You are absolutely correct in your observation that apartments are a business. Operating apartments is management intensive. The GP's team had experience, but they either were not familiar with the local market or they were just overly optimistic with the numbers. Replacing sloppy management helps, but if the fundamentals aren't there, it's not enough.<br /><br />Another Investornoreply@blogger.com