This one changed our business in less than 24 hours. The property was on the market and I inquired, but couldn't afford it, so we walked away (timing is everything). Yesterday, the seller called me. He told me what he actually wanted: he wants to keep the dirt. Perfect. So instead of forcing a purchase, we changed the structure. He keeps the land. We get a 30-year lease with two 5-year options. We take over his operating business. We develop the site. We run the business. We pay fair-market rent. That’s it. All agreed in principle. Now we’re hashing out the details as part of due diligence. And with one conversation, we just about doubled our total acreage under control and dramatically increased our revenue. That’s the lesson. Control does not mean I have to own it. Sometimes the best acquisition is not buying the real estate. It is controlling the operating rights, the customers, the revenue, the development rights, and the future economics. Be open. Listen to what the seller actually wants. Then structure the deal around that. Because sometimes an “on-market” property becomes an off-market operating deal the second you stop insisting on buying the dirt.

Thoughts on this layout? We don't have room for large semi access, but made it so we can accommodate box trucks and trailers. My plan is to condo this and sell off units. Open to any and all thoughts!

YOU WANT OPPORTUNITY? CREATE IT. You do not always need money to make money. Sometimes you need the right circumstances. An underused property. An existing customer base. A tired owner. A business that lost focus. Infrastructure that already exists. A long-term lease. Seller financing. An operator willing to do the work. That is opportunity. The mistake is thinking opportunity has to arrive fully formed. It usually doesn't. You create it. Find stranded pieces of economic value. Control them. Organize them into a business. Create revenue. Create EBITDA. Create a measurable path to profitability. Then bring in capital to compound what already exists. You do not necessarily have to be profitable on Day One. You need to show that the business is real, the revenue is real, the problems are identifiable, and there is a credible path from where you are today to where you are going. Money can accelerate a business. But money does not have to create the business. That is the difference. At THE YARDS, we believe opportunity is something you build. You want opportunity? Create it. THE YARDS can show you how.

For ground up new construction, interested in hearing what everyone is doing from a power perspective? We have used both single and 3 phase, typically with 200 amp service. It does add cost to bring in 3 phase and I am not sure the juice is worth the squeeze (pun intended). Anyone have any thoughts on this?

Cody Payne touched on the importance of rent comps in today's call. Just curious how many people build a sensitivity analysis in their underwriting. I find them invaluable in identifying and mitigating risk. Anyone else, or am I the only quant nerd in the community?