@jayparsons Agreed. I always set rents off area median household income and area med household size. Size drove the unit mix.
Figure the rent you can get and then build to that.
Build the Taj Mahal and hope people pay $5,000 a month, and you end up with the wrong product.
@credealjunkie Good lesson. Brokers remember who explained their number and who just wasted their time.
CRE is a people business. The successful shops I worked in all had really great relationships with brokers, capital, lenders, investors, etc.
@realEstateTrent Wait for your pitch.
Some of the developers I worked for as a young analyst did deals they probably shouldn't have. The numbers were tight and everything had to go perfect. Some ended up upside down.
The deals you pass on count too.
@KieranM91480061 My only thoughts. Berhalter lacked confidence on the ball on several occasions and was a large reason why we struggled in possession in the first half. He was much better in second half