The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 21 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Boyd: Real estate firms are wrong to treat asset management as secondary
“Julia leads asset management and it's not normal for a co-CEO to run asset management in a real estate business. It's usually the investment folks and secondary is asset management. We believe that's wrong.”
Boyd: Strict Rent Control Raises Rates on Market-Rate Units
“We do not love strict rent control because it's just challenging. And honestly, it raises the rent on those units that are open to market.”
Boyd: IEC gut-renovates apartment units in 15 days for $15,000
“We bonus our construction teams on renovating units, and typically it's about 12 to 15 days to completely gut renovate an apartment. This is going from shag carpet and pink tile and an old lampshade to a completely renovated unit in 15 days, call it, maybe spe…”
Boyd: Real estate investors underestimate risk of long-term property holds
“I think real estate in general underestimates how much more risk you add on by taking on an additional seven years of holding a building.”
Boyd: One-person shows in private equity are flawed and hurt returns
“I really think there's benefits in terms of returns. To having a team that's empowered and not having it be this one person show. We can all name a lot of private equity firms where there's really just one name that's talked about. And I think that's a real fa…”
Boyd: Coastal wage growth will outperform inland markets in tenant resiliency
“I think if you're in Boise, I don't think the wages are moving up at the same level that they do on the coast, and I think that's something that will pay dividends in the coming years. In terms of resiliency of our residents.”
Boyd: Early Interstate Equities returns matched or beat TA Associates
“These returns are on par or in some cases better than what TA was doing.”
Boyd: Seattle Tech Salaries Have Achieved Parity with Silicon Valley
“And that's something we're really excited about as well as the tech presence and the salaries have parity in Seattle to Silicon Valley, which is really attractive to us.”
Boyd: Unit renovation pacing forecasts recessions before macro data shows it
“You can actually forecast recessions by looking at how aggressively we're renovating our units because the data comes in from the property level versus us seeing it in the macro environment.”
Boyd: Co-CEO structure lets leaders remain active practitioners
“There's a lot of benefits to it, and I realize you can do it wrong, but CEOing sometimes is very lonely, and it does take you away from being a practitioner in your vertical, and so for us, we'll divide up the CEO duty, and that allows me to go into the invest…”
Boyd: Office and retail properties currently require all-equity financing
“The good news for apartments is we can still get loans. We can get really nice loans still. But if you're in Retail or office. There's just no loan. You've got to do all your deals, all equity, which is pretty wild.”
Boyd: 85% of US Apartment Buildings Are Family-Owned
“Apartments, 85% of the asset class are owned by families, and families have other things going on in their life, especially if they inherited an apartment project.”
Boyd: Interstate Equities sold most of its portfolio in 2007
“We made a fortunate call in 2007 and we sold most of our portfolio the year that we joined.”
Boyd: IEC rewards deal-sourcing brokers with disposition listings
“Another piece of it is because we don't own assets indefinitely, we'll then sell that asset three, five, six years later and use that broker again when we sell it. And so someone who brings us a deal, they'll make twice as much. If they bring it to somebody el…”
Boyd: About 50% of American apartment residents move every year
“It turns out about 50% of residents move every year in America.”
Boyd: IEC targets about a 20% return on cost for renovations
“So when we're renovating, we want to keep ourselves to a high standard of about a 20% return on cost.”
Boyd: IEC acquired apartments from a potato peeling factory pension plan
“The ownership Was a potato peeling factory out of the Midwest, and this is the retirement plan for the line workers at the manufacturing company. They own one or two pieces of real estate, but a really large potato peeling business. They knew nothing really mu…”
Boyd: IEC unlocked $5M in value by renting 45 neglected garages
“So we had a 400 unit building we acquired from a large fund that folks would know, and we discovered that 45 of the garages had been locked for the entire ownership, locked off from rental. And just nobody had thought to ask, we should unlock these garages and…”
Boyd: IEC maintains earthquake insurance across its entire portfolio
“We have earthquake policy on the entire portfolio, which most groups don't.”