Amen to what Manlobbi and Longtimebrk wrote. Our commercial real estate properties have been our lowest return and highest personal involvement investments. Put another way, the properties we bought after the GFC represent a considerable opportunity cost compared to what our same era parallel investments in equities have produced. It’s a circle of competence thing coupled with the capricious nature of the folks renting properties.

In an ironic way the properties have given insights into to some equity investment areas:
Waste management and Dollar Stores. When there are eight (8) medium sized commercial haul away construction dumpsters of stuff taken out of one (1) house, you get insights into how the Dopamine effects drive folks to repeatedly buy crap stuff. In this clean-up journey we also witnessed the role of landfill space. Siting and approving new landfills is quite difficult. If Waste Management or Republic Services ever have a market swoon to a Buffett type PE, I will be loading up the truck. There are hundreds of thousands homes with crap that someone will one day be hauling to a landfill. Landfill dumping fees continue to rise because of all the above factors.

Uwharrie