That’s where we’ve seen capital calls and some real losses.The operators who’ve held up best seem to be the ones who used conservative leverage, kept strong reserves, and didn’t rely on continued explosive growth in already hot markets.If supply continues to get absorbed and capital markets normalize, I think deals structured carefully over the last couple of years could look pretty smart in hindsight.

Over the years, through house hacks, smart financing, and buying in markets I understood, our portfolio has grown steadily… not explosively.

And that had been the result of a lucky purchase in California just before the 1970s price explosion.  

Will there actually be a population explosion?

.🤠 4) McKinney, TX (Dallas‑Fort Worth Metro)Thesis:McKinney is part of the explosive Texas growth story.

That’s not explosive growth—but it is steady, incremental progress.

But we see tremendous opportunities because many other competitors never even open the proverbial portajohn door because so many times it has been a taco bell explosion that they also miss a lot of the brand new/clean and shiny opportunities because they did not want to do the work to even see what they had.For those in real estate i ask you, how many who take the easy road - such as wholesaling off MLS have been able to retire off wholesaling?

Adaptive Reuse Becomes a Core Investment StrategyOne of the most transformative trends of 2025 was the explosion of adaptive reuse projects, especially office-to-residential conversions.70,700 apartment units were delivered from former office buildings — a record and nearly triple 2022 levelsRoughly 25,000 total apartments were created through adaptive reuse in 2025Conversions included former hotels, schools, warehouses, and industrial assetsPerhaps most telling office conversions now represent 42% of all future adaptive reuse projects in the pipeline.

Nashville and its surrounding cities, including Clarksville, have seen an explosion in population growth since Covid. 

Erosion of wealth for most, explosion of wealth for the few.