Have some bad news for those of you who love vaulted ceilings in apartments… they’re almost always illegal in LA. First, what do I mean by vaulted ceilings? They’re the ones where you can look up and see the structure of the roof. Here’s an example: Beautiful, right? So, why should that be illegal? Two reasons:
Is it really hard to find deals right now? Yes, it is. The market for income property continues to be very hot. And yet we just went into contract on a 12 unit with optimally-sized units and parking in a good location for ~$200 / sq ft. That’s a good deal now, but it also
Don’t get excited. I’m not breaking my prohibition against selling any more properties. 4443 Willow Brook is a 10 unit complex Jon and I renovated in 2010-11 via our old entity, Better Dwellings. We sold it in 2012 for $2.1MM, which was around 10x the rent. Whoops. We made a bunch of money on the
Today I want to talk about a major gap I see in the lending market. As a real estate entrepreneur, your choices for loans generally boil down to: Bank loans, which cost in the range of 3.5-4.5% but are painful to get (because of the underwriting process) and take 30-60 days to close; or Private
Today, we’re closing on a 4plex that warrants some special attention. It’s in a good neighborhood, it’s ~4700 sq ft, and we’re buying it for $810k, or $172 / sq ft. That’s a great deal in a neighborhood where the cheapest comp I can find in the last six months sold for $300 / sq.