Deal Sourcing and Underwriting: Understanding a Key Part of the Ballast Rock “Special Sauce”11/3/2021  A Comprehensive Look at Underwriting Process
At Ballast Rock we pride ourselves in our process-oriented approach to sourcing, underwriting, and acquiring real estate. The “secret sauce” to our success comes from our deep relationships with sellers and brokers in the Southeast, our attention to detail, and our boots on the ground approach to acquisition and management. In this educational article, we briefly discuss each of the steps involved from the moment we hear about opportunities to getting to the closing table and putting the property under management.
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 I recently had the pleasure of presenting to a large group of real estate investors in Dallas at the annual 506 Group Investor Forum. As a participant in a panel about late cycle investing, it was apparent that this subject is top of mind for many investors. Most investors have benefited from a ten-year bull run after the longest uninterrupted economic expansion in U.S. history. Many are now looking across the U.S. economy and globally at frothy prices in many asset classes and questioning how to position themselves and their portfolios for what is to come. In this article we will frame the stages of the business cycle, attempt to ascertain where the U.S. economy is in that cycle, and ultimately discuss things to consider when positioning one’s portfolio for late cycle investing and beyond. (1) I will make the case that though we are “late cycle,” we are not “end cycle.” As such, portfolio positioning should start to contemplate recession resilience, yet not let the hangover of the Great Recession drive us to fear-based investing, in particular when it comes to real estate.
Even for those with the earnings, wealth, and foresight to capably prepare, being financially ready for retirement can be a daunting task. Research on the subject is widespread and can become a winding labyrinth of vendors pitching their specific product solution. In this article we attempt to summarize some of what we believe to be the most relevant and interesting materials out there and provide the perspective that educates our investing decisions.
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