m. stanfield
@resetbasis
affordable housing. rubber mallet capital. http://resetbasis.substack.com
The fun part about buying real estate in liberal cities is watching the government invent new ways to slowly take your property.
Ahhh, yes. The age old tradition of bilking rich white people.
Bear case: This is a fad. Bull case: We are becoming generally worse as a society. More vain, more self-involved, less able to age with dignity, less agency. I lean towards the latter.
Pulte Homes net income: Q2 2024 - 809m Q2 2025 - 608m What’s more likely? A) Pulte smart, Powell dumb, rates should be lower B) Pulte freaking out over the income decline and acting like a child
Two data points that aren't directly related, but sure feel connected. 1. Spoke to a fund that is looking at a 95% equity loss. Almost a donut on an entire fund. 2. Core+ multifamily in Atlanta is trading at a 4cap, despite supply and rent decline. "Basis" is the narrative.
Here's the average rent in a 3-mile radius compared to the proposed rents. Market 50% AMI 60% AMI 1bed $903 $948 $1,137 2bed $1,020 $1,137 $1,365 3bed…
Starting a real estate business is deciding to eat a shit sandwich, with an optimistic view that the bread will get thicker over time.
Chicago out here spending 900k per unit on workforce housing. Great job guys.
If Union construction is a truly superior product, why does the government force you to buy it?
People like to talk about nuance in situations that rarely allow time for it. Yes, there’s gray area, but it usually boils down to this A person who has broken into a home has some type of plan for dealing with the homeowner. I’m not interested in finding out what that might be.
So if I come to take bread from your house and my kids are starving, you will murder me? Here is a scenario: You hear a sound from your kitchen. You walk in with your gun and you see me holding your bread and soda. I raise my hands and say "I am hungry". Will you shoot me?
- I call my boy, busy signal - Grab a PB&J and a Sprite, hop on my BMX bike, hope dude is home when I get to his house - Got the new WuTang CD in my backpack - Not back from practice yet, his mom makes me a snack - Sneak into the woods to smoke weed out of a hollowed out green…
Yea bro, works been totally nuts. Jammed to the tits, on the phone all day, just grinding, you know how it is. Been pretty sick. Me and Chad spun out and launched our own search fund. Remember Chad? Oh, wait, no. He’s a Deerfield friend, you wouldn’t know him. Anyway bro,…
Starting a company called Foreclose on Your Enemies You tell us a person you don't like, we find their home mortgage, and arrange for you to buy a piece of it. You get a steady return and a chance to profit on their downfall. Now accepting seed investors.
“The problem with the last revolution is it didn’t go far enough” - the dumbest guy you know
There's only two kinds of real estate; this shit isn't that complicated. There's special real estate and commodity real estate, and most people delude themselves into thinking the latter is the former. Special real estate is obvious. Great location, very difficult to replace.…
"We aren't running a pump and dump scheme" feels a lot like a thing a guy running a pump and dump scheme might say.
And then one day, the government said to the townspeople, “Take this land to build apartments. It is yours for free, and you shall never pay taxes.” Local vendors, inspired by the government’s benevolence, donated all the building supplies to the townspeople. The unions, a…