Real Estate

I’ve worked with many buyers who don’t have a permanent contract but still dream of owning a home. In this piece I’ll explain, from practical experience and market data, how to obtenir un prêt immobilier en CDD — what banks look for, which documents make the difference, and how to build a file that convinces an underwriter despite the absence of a CDI.Why lenders treat CDD borrowers differentlyAs soon as I review a loan file with a CDD...

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I underwrite office-to-residential conversions the way I underwrite any high-uncertainty real estate play: layer in conservative assumptions, build in optionality, and make sure the math holds up across a range of interest-rate and leasing scenarios. Converting offices to apartments can be an attractive path to capture housing demand, but it’s also a regulatory, construction and market puzzle. Below I walk through the practical steps I use —...

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I often get asked whether it's better to structure a 1031 exchange into a Delaware Statutory Trust (DST) or to buy replacement property directly. Both routes can satisfy the like‑kind requirement for a 1031 exchange, but they feel very different in terms of control, fees, cash flow, liquidity and exit paths. Below I walk through the practical trade‑offs I use when advising investors, with concrete comparisons and the kinds of questions you...

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When I first explored rental arbitrage, I treated it like a financial experiment: could I capture the upfront cash flow benefits of short-term rentals without the capital barrier of buying properties? The answer, with the right strategy and partners, was yes — and one of the most reliable ways to scale that approach has been to pair rental arbitrage with Airbnb Plus. In this article I’ll walk you through what works, what doesn’t, and the...

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When I underwrite a property with obvious deferred maintenance, the first question I ask myself is not “how much will the repairs cost?” but “how will the market re-price the asset?” Repairs matter because they affect cash flow, liability, and a buyer’s required return. In practice the market responds not only by reducing near-term NOI but by increasing the cap rate a buyer applies — a cap rate “haircut” that’s often larger...

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When I started evaluating office-to-residential conversion deals several years ago, I quickly realized they live at the intersection of three disciplines investors frequently underweight: zoning and land-use law, construction feasibility, and rent/market economics. You can't simply take a mid-rise office block, slap in some kitchens and call it a day. The devil — and the value — is in the details. In this piece I walk through the practical...

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When I first started analyzing rental properties, I treated the math on paper like it told the whole story: purchase price, rent, mortgage payment, taxes, and a tidy cap rate. Reality, as I learned the hard way, is messier. Maintenance, vacancies and capital expenditures (CapEx) quietly erode returns in ways that aren’t obvious from purchase spreadsheets or flashy listing photos. In this article I’ll walk through the hidden cost categories...

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I review syndication offers regularly, and one thing I’ve learned is that the headline returns rarely tell the whole story. When sponsors pitch a deal, they often lead with attractive IRRs or projected cash yields — but the promise on paper can hide complex distribution mechanics, sponsor incentives, and dilution risks that materially change my realized return. In this piece I’ll walk you through how I evaluate a syndication offer,...

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Interest rate moves are the kind of macro event that feel abstract until they show up in your bank account or property valuation reports. Over the last decade I’ve watched several rate cycles and advised investors on how to adapt underwriting, debt management, and asset-level operations. In this piece I want to walk you through precisely when rising rates really bite commercial real estate (CRE) values, what drives the timing and magnitude of...

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Why rental yield and inflation matter — and why the simple answer rarely worksI get asked a version of the same question a lot: “What rental yield do I need to beat inflation in my city?” It’s an important question, because inflation quietly erodes the purchasing power of rent checks and property values alike. But the answer isn’t a single number you can apply everywhere. The yield you need depends on your financing, taxes, local...

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