Anyone doing a real estate deal in LA quickly discovers that there is a ton of paperwork involved. Some other time I’ll do a detailed rant about all of the government forms involved. But, for now, it suffices to say that there are probably 100+ pages of forms that need to be reviewed and counter-signed … Continue reading “Trying out a transaction coordinator”
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Why you don’t close on Mondays
You never close real estate deals in California on Monday. Why? To close a deal, the escrow company generally needs to receive the funds from the buyer and the buyer’s bank the day before. Since you can’t wire money over the weekend, closing on a Monday would require that the buyer and the bank wire … Continue reading “Why you don’t close on Mondays”
Are apartments still worth buying?
This period of sustained, low interest rates is driving every sane person out of cash and into hard, income producing assets. Why? Because, after inflation, keeping your money in cash right now is basically like lighting 1-2% of it on fire each year. This has been true since 2009, but I think most people are … Continue reading “Are apartments still worth buying?”
Down with CEQA
The NY Times had a great piece yesterday on the legislature’s attempt to reform California Environmental Quality Act (“CEQA”). When then-Governor Ronald Reagan signed CEQA in the 1970’s, it may have been a good law. Now it’s an abomination that allows anyone who believes any project will negatively impact the environment to sue to halt … Continue reading “Down with CEQA”
What makes a great investor?
Just had what I think is an interesting debate over on Facebook with my friend Conor Neu, a very successful trader. Thought it was worth re-printing in part here: I originally wrote: “Success as an investor is about figuring out how to take big bets where you lay the risk off on someone else and … Continue reading “What makes a great investor?”
More thoughts on Toland?
We’re still discussing this property: Toland Offering Memorandum We’ve had two very useful contributions so far. You can check them out here. Want to get involved? Take a look at the original post, then put in your $0.02. Do you like the property? Is it cheap or expensive? What should a buyer be looking for? We … Continue reading “More thoughts on Toland?”
Who’s in?
We’re still looking for readers to contribute to our multi-family analysis from yesterday. Are you interested in learning how the pros evaluate property? Take a look at the questions I posted yesterday, grab the marketing package on the property: Toland Offering Memorandum. And post some observations / comments for the rest of us…
Collaborative sleuthing?
I’d like to try an experiment which will 100% definitely fail if you (my readers) don’t get involved. So, basically, I’m putting myself out here publicly and I’m going to have egg on my face if no one feels motivated to help. Here’s the experiment: I’ve posted a listing below. I would like us, as … Continue reading “Collaborative sleuthing?”
Right now, you need soft eyes
There are no perfect deals right now. Think about it: People don’t generally sell perfect buildings where everything is going great. They definitely don’t right now, when the alternative to owning the building is to hold the money in their money-market account earning 0.25%. Does that mean you shouldn’t buy anything? No. There are definitely … Continue reading “Right now, you need soft eyes”
I blew up yesterday
Yesterday wasn’t my best day as a broker. I got an email from a client letting me know that the loan broker I set her up with was not being responsive. Having gone through this once before with this loan broker and client, I saw red. Why did I see red? Many loan brokers pay … Continue reading “I blew up yesterday”