Speak plainly
Don't waste people's time. No buzzwords or finance theater.
I started flipping houses in 2012 and fell in love with renovating old homes. I learned more ripping apart old homes than I ever did building new ones.
I never wanted to be a landlord, I just wanted to create great homes and go travel the world. After years of learning the trades, and see how different cultures treated housing, I decided to give rental properties a chance, but I wanted to do it right, I didnt want to be a slumlord. I wanted to create great units at fair prices.
Summer of 2019 I purchesed my first rental property with my brother and before I knew it, I had multiple properties, and residents. Every once in a while, I'd get an email from an investment firm. Their emails were confusing. They bragged about their AUM and IRR's and mention that they'd gone to Harvard or worked at some big company.
They were aliens. I did not speak their language. Spreadsheet jockeys who had never got their hands dirty.
Eventually, I gave in and sold one of my properties to them. It was a brutal six-month marathon. Piles of legal documents, constant renegotiations, and calls that made me feel uncomfortable. In the end I felt like I got ripped off.
We decided to build something better. Warren Buffet and Charlie Munger preach about inverting problems to find solutions. So we worked backwards from everything we hated about selling and managment to build a process that is direct, respectful, and fast.
We make offers in days, not months, let owners dictate when they close (quick, slow, or something in between), and leave the decisions up to you.
Life is too short to sell to a guy who's uses terms like "human capital".
Don't waste people's time. No buzzwords or finance theater.
We only buy in areas we love and hold for the long run.
Win-win deals for both parties
We work hard to honor the original design and build on it.
Life is too short for brilliant jerks and narcissists.
Buy great properties, put in great managment, and let them run.
Steven Niedbala
Owner