Nick’s May 2022 Investor Update Letter

A lot has changed since we did our very first deal in Ithaca. Back then we were concerned with a singular project and finding solutions to optimize our business. Because we logged the time and did careful, thorough work, we were successful. We grew.

In the early days, I wasn’t writing letters to partners reporting on a large, multi-million dollar portfolio. But I am now.

This is a window of how I communicate with our partners and investors. Here’s an edited version of one of my recent letters to our partners. These people have entrusted us with their money, and I don’t take that lightly. This will give you a look at my mindset. These are the sorts of things you need to think about when you are growing and scaling your business.

Study this, and if there are any questions or gaps in your knowledge — do some research and check out my Real Estate Masterclass.

Now, let’s begin the letter

To our partners,

Several months have passed since my last update and a lot has changed.

  • 2021 was a growth year as we acquired 32 properties totaling 862,654 square feet at a basis of $56.3 million.
  • So far in 2022 we’ve acquired 8 properties totaling 243,546 square feet at a basis of $17.7 million.

Our team has grown to 40 individuals, from acquisitions to closing to management and maintenance. Our systems have vastly improved and our marketing, revenue management, leasing and customer experience has drastically improved. I strongly believe our team is the best in the business at driving revenue and managing costs.

We’ve taken what we’ve learned and started scaling our systems. It’s been exciting. And challenging.

Sign up to read the rest

The full investor letter is for newsletter subscribers only.
Sign up and get it immediately along with my deal breakdowns.

    We won't send you spam. Unsubscribe at any time.