In our business, there is a lot of money to be made. I personally know agents who have cleared north of $1MM in gross commissions in good years. I know a guy who owns one of the midsize brokerages in LA and I think he clears $5-10MM / year. Obviously, huge asset managers like Blackstone, etc.
David Walentas of Two Trees Management. Who’s that? Walentas was in the business as small-time owner / developer in NY in the 1970s. Then, in the early 1980s, he made a deal to buy a bunch of warehouses in a then-ignored part of Brooklyn called DUMBO (“Down Under the Manhattan Bridge Overpass”) for something like
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
When I first broke off from my job in investment banking and went into business for myself, I negotiated like a jerk. I was convinced that winning the early rounds of negotiations about setting things up was incredibly important, because doing so would set a precedent for how things would be in the future. I
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