In general, I find managing apartments to be the most painful thing we do. No one calls up his landlord to thank her when everything is great in the apartment. But when something goes wrong, it’s like you just killed the person’s dog. So, why do we continue to manage, rather than outsourcing? Well, the
Yesterday, Curbed described Long Beach’s attempt to beautify the city by placing a $55 annual surcharge on vacant lots. The argument is that the fee will be used to pay for monitoring these lots, which can be magnets for blight and misbehavior. This fee does not go anywhere near far enough. At a time when
One of the mysteries of the present growth cycle is how rents have continued to grow at a rate exceeding wages. One partial / possible explanation is that, in contrast to previous growth cycles, the advent of US-based fracking has kept energy prices surprisingly low, leaving more cash in the pockets of potential renters. So,
Think we still have one unit left at the small building we just built on Ave 50, right near all the cool stuff in Highland Park. It’s a 3/2 with two parking spaces, laundry, AC, etc. for around $3000. Figueroa there is probably the most interesting retail corridor in the city right now… loads of
At this point in the cycle, when we consider a new deal, we spend a lot of time thinking about leverage. Mainly, we’re looking at how our pro forma unlevered yield (eg the cap rate we’re trying to hit post renovation) compares to the projected interest rate on the refinance we’ll do at that point.