Results for ‘Buying’ category

Bad news about open ceilings in LA apartments

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:

Found another good one

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

4443 Willow Brook is for sale (again)

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

A gap in the lending market

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

Genesis of a great deal

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.

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