Introduction

Axel Ragnarsson: There's a shortage of housing throughout the nation. Every market is quote unquote supply constrained, but there are different levels to that. He says you should be increasing your exit cap rate by 10 basis points or so per year for five years in order to try and mitigate downside risk. "I'm going to just try and start with my thoughts at a very high level and then continue to narrow them down," he says.

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