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One of the hardest things to do when buying a property is figuring out what price to offer. You obviously want to pay the lowest price possible. But most owners are not willing or able to take a loss. So you need to consider what the owner paid for the property. There many different tools … Continue reading “How to find out what an LA property owner paid”

How would you like to be in a business where the law dictates that your biggest expense grows more slowly than your revenue? That’s what happens for owners of rent controlled apartment buildings with under-market tenants in Los Angeles. Here’s how: As an apartment building owner, your biggest operating expense every year is the property … Continue reading “How Prop 13 advantages Los Angeles apartment owners”

If you live and work in California and you don’t own real estate, you’re getting screwed. Let me explain: California residents, furious about rapidly increasing property taxes in the 1970’s, passed Proposition 13 in 1978. The law does the following: Causes real estate to be assessed for tax purposes at the time of purchase Limits … Continue reading “Prop 13: Why California residents should own real estate”

I’m a real estate guy. It’s in my blood. My great grandfather, Morris, owned apartment blocks in the Bronx and a building in Manhattan. My grandfather, Leonard, owned commercial and multifamily in Rockland County, NY and was also a broker. My parents own several small apartment buildings in upstate NY. I grew up answering calls … Continue reading “My first post”