In my opinion, the only way to bring LA rents down is to get more apartments onto the market. Given the city’s byzantine entitlement process, the fastest way to get apartments onto the market is through the adaptive reuse ordinance, which allows developers to convert old buildings downtown (and a few other places) into apartments … Continue reading “How to get more affordable apartments in LA”
Author: Moses Kagan
New intern?
My current intern, Adrian, is taking a break from working with me in order to get his grades up during his last semester in college. Therefore, am looking to bring on a new intern to handle some research and writing for Kagansblog and our development business. The ideal candidate would be a college student with … Continue reading “New intern?”
Attack of the killer Seller Addendum
Recently, I’ve noticed a new trend rearing its ugly head in apartment deals in LA: the Seller Addendum. What’s a Seller Addendum? It’s an addition to the normal sale and purchase agreement that severely limits Seller’s liability during and after the sale process. For example, the Seller Addendum might limit damages to which Buyer is … Continue reading “Attack of the killer Seller Addendum”
Why culture matters to us
While I’ve never personally lost money on a deal (knock wood), most people in our business have, and I’m sure it will happen to me, too. When that day happens, I imagine that my investors are going to have two questions: Did you do a thorough job investigating / underwriting the deal? During the whole … Continue reading “Why culture matters to us”
It’s starting again…
The culture I’m trying to create
I used to read the pieces written by Silicon Valley entrepreneur-types about company culture with skepticism. After all, I personally have never required much external motivation to work hard, collaborate with colleagues, and generally try to behave honorably. I always figured if you hired a bunch of people like that, your culture would be fine. … Continue reading “The culture I’m trying to create”
Sacramento learning
Am writing this from the airport in Sacto, waiting to head back to LA to see Lucy and K-Man and then get back to work. Spent a lot of time today touring a very large apartment complex for some clients interested in buying it. We did a very thorough walk-through, which will, I think, result … Continue reading “Sacramento learning”
Going to Sacramento
Jon and I are going to look at a few large apartment complexes up in Sacramento this evening / tomorrow. We’ve never done 100+ unit deals before and we’ve never done anything outside of our little area, so it’s going to be kind of interesting. Here’s the question I keep turning over in my mind: … Continue reading “Going to Sacramento”
We’re hiring
We’re growing and looking to find great people for two new positions within our organization. If you recommend someone and we end up hiring her / him, I’ll pay you $250 or donate $500 to the charity of your choice. Property manager: Help us manage a portfolio of approximately 100 units in the Silver Lake … Continue reading “We’re hiring”
How much is my apartment building worth?
The short answer is, if it’s in Los Angeles, its probably worth more now than it has ever been worth in the past. Why? Because everyone with cash and a brain is sick of getting 0.01% interest in his/her checking account and is therefore chasing yield by buying buildings, because even a so-so deal on … Continue reading “How much is my apartment building worth?”