The Truth About High Returns: Risk Never Disappears — It Just Hides
Lesson #3: Big Returns Carry Inherent Risk We had a 12-year track record with an average IRR of 42% through 2023. Strong numbers, but even the best track records don’t make you immune to risk. When conditions changed, the downside showed up fast. Big returns always carry inherent risk, and history is no guide to […]
The Perfect Storm in Multifamily: Fed Hikes, Falling Rents, and 50,000 New Units in Austin
Market cycles are inevitable in real estate, but the convergence of factors since 2022 has been unprecedented: aggressive Fed rate hikes, 40% valuation drops in some markets, and historic supply surges all hitting simultaneously. Austin alone had 50,000 units in the pipeline, driving rents and occupancy down just as borrowing costs spiked. The timing created […]