Results for ‘Selling’ category

Here’s a bad selling strategy

Take a look at this listing on Silver Ridge in Silver Lake: http://takesunset.com/2013/03/2338-silver-ridge-avenue-in-silver-lake/ Absolutely beautiful example of modernist design in an A+ location. So, why am I complaining about it? Take a look at those rents. They’re getting $2595 each, which implies they were rented pretty recently (if they’d been rented more than a year

Deadlines and documents

When we write offers for apartment buildings, we usually want a 17-21 day loan contingency. The concept is to give us some assurance that we will be able to get the loan we want before we irrevocably commit to doing the deal. Pretty standard. But lately, I’ve been running into the same problem over and over

How much is my apartment building worth?

The short answer is, if it’s in Los Angeles, its probably worth more now than it has ever been worth in the past. Why? Because everyone with cash and a brain is sick of getting 0.01% interest in his/her checking account and is therefore chasing yield by buying buildings, because even a so-so deal on

Micheltorena is sold

A few days ago we closed the sale of 1516 Micheltorena, an 8 unit building in Silver Lake. Here are the relevant numbers: Bought for $954k in September 2010 Renovated for $645k Total capital outlay of $1.6MM Stabilized rent roll of $215k / year Took roughly $200k in cash out of the building while we

Why a quiet marketing period makes sense

When it comes down to it, most brokers who sell residential properties don’t know a lot about marketing income property. (One easy way you can tell is that most of them don’t include information that is absolutely critical to an income property investor – like the rents! – in their MLS listings.) But why does

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