We’re taught that we should never underwrite a commercial real estate deal based on future performance—but always on current performance. This is great advice, but sometimes it doesn’t match reality. Here’s an extreme example to make my point: What if you’re looking at an empty 10-unit apartment building? Technically, the net operating income (NOI) is actually …

I see a major shift in the real estate market as we become even more of a renter nation. Why is it happening? Is there a silver lining to this economic cloud? According to the U.S. Census Bureau, American homeownership plunged again in 2017 to its lowest rate since 1965. After the peak of 2004, when around …

A younger person recently asked me, “After 30 years of real estate investing, what would you do differently?” It’s a pretty good question, and it really made me think. At first, I was thinking like Frank Sinatra that I wouldn’t change a thing because “I did it my way.” I quickly woke up and realized …