Periodically, I’m asked to answer the following question: What part of the real estate business is most attractive for a new entrepreneur right now?
So I think about this question a lot.
And my answer right now is: Condos for old people.
As I’ve said here before, I’m among the oldest Millennials. Therefore, I’m experiencing the various life milestones just ahead of a huge group of people. And my parents have just retired and are in the process of looking for somewhere in LA to live for at least six months out of the year.
Since my parents are doing this, I think it’s likely that many other Millennials’ parents will be doing it, too, several years from now.
So, if you’re thinking about what kind of project to do, consider what these kinds of aging Baby Boomers want / need in LA housing and figure out how to deliver it to them profitably.