Blog
Who I Want to Lend to
In my niche of lending to investors in single family residences and 2-4 unit properties, there are a few different types of borrowers. They can be segmented based on the type and volume of deals they do. Typical deal types are: Fix and FlipsBRRR Deals –buy, renovate,...
Non Performing Loans: Trade Construction, Adverse Selection & Marshmallows
I’ve previously discussed purchasing a basket of nonperforming second mortgages a few years ago. Below is a discussion of the reasoning behind the trade. My hope is this will begin to help you better understand how I broadly think about trade construction as...
Abracadabra Portfolio
I recently read James Rickards book: The New Great Depression, Winners and Losers in a Post Pandemic World. Rickards lays out his portfolio allocation for this current time period, what he calls the New Great Depression. Here’s the portfolio: While I personally try...
Hard Money Loans—shelter from the storm
We had a loan payoff last Friday that underscores my post COVID business plan. First some context: I began to (again) make hard money loans for a few reasons when COVID hit my radar. As the Fed pumped liquidity into the system, real yields on risk assets collapsed. ...
What Baseball Card Collecting Taught Me About Real Estate Investing
Lesson 1: Informational advantages matter especially when trading with serious kids, err ahh I mean counterparties. As a boy, I traded baseball and basketball cards with other kids. We took it seriously. They were all well informed about the values of the cards we...
The Equity Yield Curve in Private Markets
Like many, I belatedly came across the Nomad Investment Partnership letters this past year. Nick Sleep’s idea of an equity yield curve rings true to me and is consistent with my experience. For those unfamiliar, the idea is that “patience has a value, and that...
The Money Trust is Dead, Long Live the Money Trust
I´m a community bank guy. Ok, ok yeah I worked for Citigroup for a bit in my 20's, but at heart I am a community bank guy. I recently took a small long position in my personal account in County Bancorp, Inc. (ICBK). Nicolet Bankshares, Inc. (NCBS) is...
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