Regular readers may remember 1947 Clinton St: It’s the gigantic fourplex at the corner of Alvarado and Clinton acquired by Adaptive Realty Fund 1 roughly a year ago. When we bought the property, it was in rough shape due to roughly 30 years of neglect by the previous owner. Pretty much everything that can wear … Continue reading “1947 Clinton St is on the market”
Author: Moses Kagan
My last 12 months brokering
Thought you might be interested in some rough stats on deals I’ve personally brokered in the last 12 months. The raw numbers: 17 deals 94 total apartments $14,284,000 in total value All of the above were apartment deals ranging in size from several duplexes in Silver Lake and Echo Park up through a 16 unit … Continue reading “My last 12 months brokering”
Silver Lake one beds – get ’em while they last
Just opened a new project for a fee for service client on Silver Lake Blvd. Take a look at these units: http://losangeles.craigslist.org/lac/apa/4151779381.html I spent two weeks right before Christmas 2012 helping our partner close on what was a terribly neglected, blighted property in a great location. It’s amazing to see what Jon has done with the … Continue reading “Silver Lake one beds – get ’em while they last”
My first worth-while conference
Attended RealShare yesterday at the Westin Downtown. I’ve been to a bunch of conferences before and never really got much out of them. This one was different: 1. Met a family that makes bridge loans of the type that Jon and I can use to make our deals potentially much more capital-efficient. 2. Ran into … Continue reading “My first worth-while conference”
Hi Moses…
Hi Moses It’s been about a month since escrow closed on my purchase of [redacted]. I want to thank you for directing me to David and let you know that I’m really pleased with the way he helped me find and manage the deal. The deal was great for multiple reasons including a foreclosure that … Continue reading “Hi Moses…”
Is a rent controlled tenancy an asset?
Interesting story from NY over the weekend about a court case which will determine whether a rent-controlled tenancy is an asset. Here is a simplified version: Woman in NYC has a rent controlled apartment She runs up large credit card bills She files Chapter 7 bankruptcy to get the creditors to charge off her debts … Continue reading “Is a rent controlled tenancy an asset?”
New units coming on line
We are just finishing a Silver Lake triplex we renovated on a fee-for-service basis for a very nice family. We put the upper two units online this weekend and we’re getting a ton of interest. Here’s the Craigslist ad. If you’re interested in an incredible, newly-renovated 3 bed / 1 bath apartment in the hills … Continue reading “New units coming on line”
What about the comps?
Had a client ask us to take a look at the comps on a small apartment building before making an offer. I think this brings up an interesting difference between our business (taking a rigorously quantitative approach to evaluating income producing real estate) and that of brokers who do single family homes. In the single … Continue reading “What about the comps?”
Fund 1, Project 3 nearing completion
Regular readers will know that we completed and stabilized two deals for Adaptive Realty Fund 1 in September. I am happy to report (and I expect my investors will be even happier!) that rents on both projects came in materially above what we expected when we began the projects nearly a year ago. Our third … Continue reading “Fund 1, Project 3 nearing completion”
Debt yield explained
Was at a conference on syndication yesterday and came across an interesting idea: debt yield. Debt yield is yet another test lenders use to determine whether or not they should make a loan on a 5+ unit deal. The math looks like this: Divide the building’s NOI by the proposed loan amount. The resulting quotient … Continue reading “Debt yield explained”