Had coffee with a competitor of mine yesterday. He said something that really resonated with me, something like: “I’m looking at some of these deals getting done and I feel like calling the buyers up and asking them what’s wrong with them.” That’s exactly how I feel right now. The benefit of doing sub-institutional scale deals … Continue reading “What’s wrong with buyers right now?”
Author: Moses Kagan
What a good deal looks like
Sometimes, this is what victory looks like: That’s a wire from Crown Escrow (a Silver Lake-based, family-owned escrow company which I strongly endorse, fyi) for $2.59MM, the net proceeds of our refinance of 201 N Ave 55, a 12 unit building we purchased in Highland Park in June 2014. As I believe I’ve mentioned here … Continue reading “What a good deal looks like”
Yet another irritating appraisal issue
Just had an annoying issue pop up on an appraisal one of my agents commissioned and thought I would share. This is a deal where we are representing the buyer of a somewhat run-down fourplex in an improving area. The buyer intends to spend some money upgrading the property post closing. However, the appraiser is … Continue reading “Yet another irritating appraisal issue”
First concept for interiors on our first true ground-up project
Am unreasonably excited today because we got the drawing below via email from our architect: That’s his first crack at the interiors on the new fourplex we’re building in Highland Park. Now, I’m quite certain that Jon is going to have a field-day marking this baby up (for example: that kitchen is pretty damn small!). … Continue reading “First concept for interiors on our first true ground-up project”
Keep talking
I spend an unbelievable amount of time either negotiating myself or quarterbacking other peoples’ negotiations. This doesn’t mean I’m good at it. In fact, I think I’m probably only an average negotiator, at best. But it does mean I’ve learned some things. And the most important of these is: Keep talking. Fairly often, I find … Continue reading “Keep talking”
More NIMBYism in Hollywoord
Here’s a ridiculous example of NIMBYism ruining our city. You ought to be able to build lots of apartments in already-dense areas on major commercial streets near subway stations. If you can’t build them there, where should you be able to build them? And, if someone wants to an answer “nowhere”, then that person has to be honest … Continue reading “More NIMBYism in Hollywoord”
The difficulty in building a money management business
Had an interesting dinner last night with a couple of guys who work for other people but are thinking about going out on their own to do deals. Found myself explaining the difficulty inherent in doing so and think it might interest you, my readers. The money management business is fundamentally amazing at scale. Here’s … Continue reading “The difficulty in building a money management business”
Clean up MacArthur Park!
Here in LA, we’re not exactly over-supplied with parkland. So it’s particularly galling that MacArthur Park, one of the true gems of the city, is in such an appalling state. It’s surrounded by dilapidated buildings, covered in garbage, and overflowing with illegal vendors and people sleeping rough. Yes, the area around MacArthur Park is a … Continue reading “Clean up MacArthur Park!”
Something I’m pretty bad at
I’m pretty bad at doing deals for myself and my family (as opposed to doing them on behalf of investors). Why? With investor deals, we’re not capital constrained. We raise all of the cash necessary up front and are therefore in a position to make optimal choices vis-a-vis renovations, etc. With family deals, I’m always … Continue reading “Something I’m pretty bad at”
420 N Commonwealth is done
Just finished a little triplex we renovated on behalf of another group. When they bought it, it was a diaster: Two units vacant, one occupied but falling apart. Now, it’s a beautiful little complex of three separate homes, each with parking and private outdoor space. The pics are below. Two of the units are rented. … Continue reading “420 N Commonwealth is done”