[Note: I wrote the email below to the Silver Lake neighborhood council, which is debating whether to support the gang injunction proposed for parts of Silver Lake and Echo Park.] To whom it may concern: I write to set out some experiences I’ve had in renovating an apartment complex on Silver Lake Blvd in hopes that they … Continue reading “My letter about a shooting”
Author: Moses Kagan
An interesting book
I’m the kind of dorky dude who reads business books (shocking, I know). Generally, I find them to be really awful… they’re almost always pitched at neophytes or dilettantes, not people actually in the trenches growing a business. That said, just finished one that’s pretty good: Business Brilliant, by Lewis Schiff. The book is an … Continue reading “An interesting book”
What do I think you should do?
Go buy a 2-4 unit apartment building in reasonable condition, at a reasonable price, with reasonable debt. Don’t sell it, even when the price goes up. Save money. When you’ve saved enough, buy another one. Do this four times, after which you won’t be able to get another 30 year fixed mortgage. Then move on … Continue reading “What do I think you should do?”
Looking for (another) assistant
Jon, my partner, is looking for someone to help him with our construction projects. The job entails sitting in the (new) office (in Echo Park) and dealing with suppliers. For example, you wouldn’t believe how hard it is to get the window guys to deliver the windows you ordered, rather than some other windows they … Continue reading “Looking for (another) assistant”
Where is the market going? Who cares?
I have no idea where the market is going? Anyone who says they know definitively and isn’t absolutely rolling in dough is bullshitting you, because, if you are certain the directions of prices in any market, you don’t spend your time talking to people in the media – you go make big bets on Wall Street. … Continue reading “Where is the market going? Who cares?”
Thoughts about rent control
A lot of people think I hate rent control. Not true. My feelings are conflicted: 1. I think society ought to do something to help the poorest among us afford decent housing; 2. The way LA does rent control is suboptimal, because: (1) it’s not means tested, so many beneficiaries are not particularly poor and … Continue reading “Thoughts about rent control”
What is a good NOI?
I see what people search on Google that brings them to my blog. This was a question yesterday that I thought begged for an answer. First, let’s review what “NOI” is. It’s “Net Operating Income”, or what’s left over after you take in your rents and pay out all of your expenses, including property taxes, … Continue reading “What is a good NOI?”
Catching up
There are a lot of new readers here recently. Welcome. You may have noticed that the topics here jump around some. I tend to write about whatever I’m working on at any given moment, and that can vary. But it’s important to me that you get what you are presumably here for – an education … Continue reading “Catching up”
1142 N. Virgil, sold
This triplex sale closed a while ago, but thought the numbers might interest you. Price was $701,000. Property was a newly-renovated triplex, with three 1/1s, each with parking and outdoor space. Estimated square footage was 1,800. Rents were $1700, $1600 and vacant. My estimate of the achievable rent on the vacant unit was $1800, all … Continue reading “1142 N. Virgil, sold”
5 Things You Must Do/Have to Get An Adaptive Apartment
We’ve been doing this for a while now and we’ve learned a lot about what makes a great building. Yes, the location is important. And the renovations have to be right. But a major part of making a building great for the people who live in it and manage it is making sure that the … Continue reading “5 Things You Must Do/Have to Get An Adaptive Apartment”