Rule 1 – Focus on three “plays”
 

• Occupancy Plays – Properties with vacancy or upcoming lease expirations that can be purchased, leased and sold for a profit. Such opportunities may result from poor operators, from owners who lack capital or equity or from lenders who want foreclosed assets off their books.
• Transformation Plays – Properties that can be converted physically in a way that increases value and generates a profit. These opportunities might range from unattractive properties that require a face-lift to functionally inadequate properties that can be redesigned to raw land sites or properties with excess land that can be developed.
• Basis Plays – Properties available at prices that are a good value and offer cash flow and appreciation over time.