I’m not telling. Last time I had a good idea regarding location, I opened my big fat mouth trying to look cool at some industry functions. My guess is that I created 3-4 competitors for myself just by doing that. So, now, when people ask me which areas I like, I play it a little
Go buy a 2-4 unit apartment building in reasonable condition, at a reasonable price, with reasonable debt. Don’t sell it, even when the price goes up. Save money. When you’ve saved enough, buy another one. Do this four times, after which you won’t be able to get another 30 year fixed mortgage. Then move on
I have no idea where the market is going? Anyone who says they know definitively and isn’t absolutely rolling in dough is bullshitting you, because, if you are certain the directions of prices in any market, you don’t spend your time talking to people in the media – you go make big bets on Wall Street.
Want to pick up on something I wrote a few days ago. I mentioned that one of the attractions for Lucy and me about buying and living in a small apartment building is that it will allow us to get by on one salary for as long as our kids need Lucy to be home. One
I was trying to buy a small office building in East Hollywood. Because it was a former gas station, we were concerned it was contaminated. I spent an enormous amount of time trying to structure a deal that would put the risk on the owner, not me. Eventually, it became clear I couldn’t do it