Have been doing some thinking about what makes an “enlightened agent”. One very important skill / talent is knowing when/how to push a client and when to back off. What do I mean by “push”? I mean the times during the course of a deal where the client is unsure about whether to proceed and looks to … Continue reading “Knowing when to push and when not to”
Category: Brokerage
How to get started in real estate
Get a sales person license. Join a decent brokerage. Get your personal expenses under control so you can survive for 6 months without earning. Read voraciously to learn about the business. Hustle like crazy to bring in your first deal. Work your first deal as hard as you know how. Ask questions of your broker … Continue reading “How to get started in real estate”
1012 N. Virgil is sold
We’re very pleased to announce (belatedly!) the sale of 1012 N Virgil, a 4plex renovated by Adaptive Realty through our first investment fund. Here are the numbers: Purchased for $427,000 in November of 2012 Renovated for $380,000 Rent roll upon completion of $111,000 Approx. $40,000 in cash collected prior to sale Sold for $1,274,000 at … Continue reading “1012 N. Virgil is sold”
Interview with Justin Brown
Thought you guys might like to check out this video interview I did with Justin Brown.
When to ignore the cap rate
Have been looking at listings for mid-size apartment buildings today and ignoring the cap rates. Why? Isn’t cap rate the thing you should care about with investment real estate? Not when you’re working with brokers who don’t have a good grasp on calculating cap rates. Here’s an example: Looking at a 10 unit deal priced … Continue reading “When to ignore the cap rate”
Beware the East Hollywood Flood Zone
Seriously, it exists, despite the fact that East Hollywood is really far from any bodies of water. Because the Army Corps of Engineers created a flood zone around the intersection of Santa Monica and Hoover, banks will require that properties in the area carry flood insurance during the time the property is mortgaged. The problem … Continue reading “Beware the East Hollywood Flood Zone”
Inspection day (again)
We have a buyer inspecting one of the properties from Fund 1 today, so I thought this would be a good opportunity to discuss how you ought to behave when you, as a seller, attend a buyer’s inspection of your property. Here are the key things to keep in mind: Be honest. You never, ever … Continue reading “Inspection day (again)”
Are you…
Are you… Honest (this is 100% non-negotiable; you have to be able to put other peoples’ interests above your own) Smart (book- and street-) Personable Energetic Did you launch into a creative career after college and then find yourself with less cash than you wanted / needed as you entered your mid- to late-20’s? We … Continue reading “Are you…”
Surprisingly, there are still deals worth doing
Right now, our agents have three deals in escrow for various clients. Generally speaking, these are deals in emerging neighborhoods where the in-place cashflow is reasonable and there are good reasons to think that rents can be increased dramatically over the coming years. It is not easy to find these kinds of deals, but they … Continue reading “Surprisingly, there are still deals worth doing”
When the previous buyer backed out
We get this a lot: We help a client write on a building. Someone else wins the auction and goes into escrow. The winner cancels during his contingency period. The listing agent comes back to us, offering to go into escrow on the terms we offered previously. Very often, our client gets cold feet at … Continue reading “When the previous buyer backed out”