At the beginning of the year, we publicly announced our goal to close $20mm worth of transactions. Today we stand at $625k, embarrassingly far away from our initial goal.
The year is far from over, but Ryan and I strongly believe in transparency. We are still hunting. This deviation speaks to many failed attempts to purchase parks that never materialized. Entrepreneurship is hard even in established industries like real estate.
On the contrary, we have no capital to place within a specific time frame. We can focus on strong, cash flowing assets that fit our defined strategy. We don't mind sleeping on blow-up mattresses in communities for the next 5 years to make this work [our one year blow-up mattress anniversary is next month :)].
Our advantage in this industry is patience.
I'm of the view that the participants overbidding for properties today will not remain tomorrow. Interest will fade some. Attractive opportunities will arise for those that wait patiently and watch fervently.