If you’re at all active in real estate, your email account is spammed daily by brokers announcing the closings of their latest deals. Why do they do this? Because doing so: Shows everyone in the market how active the broker is Keeps the brokers’ name in front of potential clients, increasing the chances potential clients call
When you make an offer on a building, what you’re really saying to the owner is: “Please give me the exclusive right to consider buying your building at this price for the next 21 (or 30 or 60) days.” For an owner to accept, she needs to be ok with your price and, crucially, as
Most people think that the way to get ahead is to get a job and work hard. Their salary goes up a bit. They save a little money. They immediately go buy a house with the biggest mortgage they can get. They think the loan is against the house, but really it’s a loan against
Sometimes clients ask me why we’re so focused on Northeast LA (Silver Lake, Echo Park, Highland Park, etc.). After all, LA is a big place and there are plenty of other places to buy apartment buildings. So why the focus on the hipster areas? Hint: It ain’t because we love asymmetrical haircuts, beards and artisanal pickles.
Back in the 1980s, Japanese companies flush with cash acquired a ton of office buildings (and maybe hotels, too?) in LA at very high prices. In the recession of the early-to-mid-1990s, they got their asses handed to them. Now, there is a wave of Chinese developers flush with cash buying up office buildings, hotels, and