There are only two sources of yield in any real estate deal.
Macro market. Value drivers.
I like to say it this way: it's yield you hope for versus yield you create.
Value drivers are internal. Things you control, things you can force, expenses you can cut, income you can push up. You always want the ability to pull those levers yourself instead of leaning on outside factors.
But you can't ignore the macro market either, even though it's out of your hands. People love depending on cap rate compression, rates coming down, some general market tailwind bailing them out.
If your entire strategy depends on hoping for that, you're probably going to lose money.
What's the one lever in your deals right now that's actually inside your control?