Results for ‘Development’ category

What you do before buying land for development (part 1)

Little known fact: Under federal law, if you buy a parcel of land that’s polluted, you become responsible for cleaning up the pollution, even if you weren’t the one who polluted it. I once was in escrow to buy a huge, sweet parcel on Sunset to develop into apartments. It turned out to be the

What’s a NNN (triple net) real estate deal?

Mostly, this blog covers apartment investing. That’s because apartments are the easiest part of the real estate game for new investors to enter and also the part that I know best. But there are other parts, some of them pretty interesting. Take NNN investing, for example. NNN (“triple net”) refers to a kind of commercial

How you get them to believe a $1MM building is now worth $2MM

When I re-position a building, the numbers often look something like this: I buy the building for $1MM, spend $500k on renovating it, and then ask a lender or buyer to believe that the building is now worth $2MM, based on the rents I am achieving from the new tenants. Now, obviously, the lender or

Inspection Day and Closing Day

Busy day today, so I thought I’d keep it kind of brief and just give you a run-down of what I’m up to: 1. Am helping clients with inspections on a beautiful 1920s fourplex they’re thinking of buying Boyle Heights using an FHA loan. We’ve been at this one once before, but one of the

LA’s crazy Metro system

Want to see something really insane? Check out the location of the Gold Line Extension stop at Pico / Aliso (the little red “A” on the map below): Can you figure out why I hate the placement of this station? Here’s a hint: Look at the use of the land on the north side of

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