Larry Connor: the work behind a small acquisition list

When Richard asked whether newcomers had missed their chance in apartments, Larry Connor described how many opportunities his team reviewed before buying. The interview reveals a filtering process behind a short purchase list.

From information to a property visit

Connor described receiving information on hundreds of communities, underwriting a smaller group, visiting fewer, and buying only a handful. Each stage required more work than the previous one. The numbers were his account of a typical year at the time of the interview.

Richard asks about remaining opportunity

Richard's question was whether existing owners were leaving room for better management. Connor answered that mismanaged communities continued to exist. A long screening list alone says little about investment quality. The interview ties selection to the operating opportunity the team believed it could evaluate.

In Richard's words

"there are so many people sitting on assets doing a horrible job managing them that there's opportunity everywhere" (Richard C. Wilson, recorded library conversation)

How to use this

Keep separate counts for opportunities received, studied, visited and purchased.
Record why a property leaves the process at each stage.

Questions and answers

Did Connor say his team bought everything it reviewed?

No. He described several stages of filtering before a small number of acquisitions.

Are the figures a current company report?

No. They describe the process Connor recalled in the interview.