Forgive me for the lack of posts the last few days. Have been snowed under with work, in part because we recently parted ways with my assistant. The bad news is that we’ve had to do a bit of scrambling to pick up the slack caused by her departure. The good news is that we’re … Continue reading “Looking for a new assistant”
Category: Building Adaptive
Hello agents!
It has recently come to my attention that many Los Angeles real estate agents read this blog. It’s not that surprising. After all, as we have discussed here many times, apartment deals, particularly in rent controlled areas like LA, are very, very different from single family or condo deals. And the multifamily training provided to … Continue reading “Hello agents!”
Trying (and failing) to hire a part-time bookkeeper
We’re currently looking for a part-time bookkeeper. Our job posting asks people to send a short covering note letting us know why they’re interested in the job, whether they view it as a long-term or short-term opportunity, and to tell us their three favorite bands. So far, of the approx. 50 resumes I have received, … Continue reading “Trying (and failing) to hire a part-time bookkeeper”
Why I’m no longer a seller
Back when we started, Jon and I needed to sell renovated buildings. The reason was pretty simple: We needed the dough. When you’re in the money management business, you generally don’t see much in the way of money yourself until you make your partners money. They don’t take it on faith; they want cold hard … Continue reading “Why I’m no longer a seller”
There’s no substitute for hustle
In our business, there is a lot of money to be made. I personally know agents who have cleared north of $1MM in gross commissions in good years. I know a guy who owns one of the midsize brokerages in LA and I think he clears $5-10MM / year. Obviously, huge asset managers like Blackstone, etc. … Continue reading “There’s no substitute for hustle”
The essential passivity of the rehabber
By far the most annoying part of my business is this: I am at the mercy of the market. We’ve got every trick in the book for maximizing the rents, and therefore the value, of apartment buildings. We can take the ugliest building in the world and turn it into the kind of place that … Continue reading “The essential passivity of the rehabber”
A great real estate story
One of our agents just bought his first apartment building, it’s an awesome story, and I thought I’d share it with you. When David Brundige came to work with us a few years ago, I knew he was exceptionally smart and entrepreneurial, since we had gone to college together. On the other hand, he knew … Continue reading “A great real estate story”
Some thoughts on the New Year
Just getting back to the office after a wonderful break and thought I’d take the opportunity to offer some thoughts and make some predictions on the LA market in 2015. Here they are, in no particular order: 1. Interest rates will rise, but prices won’t fall. Classic real estate finance math clearly shows that, all … Continue reading “Some thoughts on the New Year”
Why rents in Highland Park are rising so quickly
Obviously there is a bunch of controversy around the renovation of apartment buildings in Highland Park (“HLP”) by our company and others. So far, the reporting on this topic has focused on the human aspect without really getting into the root economic / political issues driving gentrification in HLP. To understand why rents are rising fast … Continue reading “Why rents in Highland Park are rising so quickly”
Some thoughts on rents going up in Highland Park
The last few weeks have seen a ton of interest / debate / protest about the rapid gentrification of Highland Park. We have been receiving media inquiries and I thought I’d take the time to share my thoughts here. We have learned a lot, both from our day-to-day business and also the reaction to our agent’s bike … Continue reading “Some thoughts on rents going up in Highland Park”