Spent a bunch of time this weekend considering weekend homes. Don’t worry: I’m not about to get into that part of the real estate business. (For the record: I think buying a vacation home with a mortgage is totally insane, unless your personal balance sheet is very, very strong.) The analogy that got me going … Continue reading “Hudson Valley analogue?”
Category: Buying
Hi Moses…
Hi Moses It’s been about a month since escrow closed on my purchase of [redacted]. I want to thank you for directing me to David and let you know that I’m really pleased with the way he helped me find and manage the deal. The deal was great for multiple reasons including a foreclosure that … Continue reading “Hi Moses…”
What about the comps?
Had a client ask us to take a look at the comps on a small apartment building before making an offer. I think this brings up an interesting difference between our business (taking a rigorously quantitative approach to evaluating income producing real estate) and that of brokers who do single family homes. In the single … Continue reading “What about the comps?”
Our deal criteria
Have been reading Warren Buffett’s collected shareholder letters. Strongly recommend them to anyone interested in business / investing. One of the things that Buffett does in his letters is to set out his acquisition criteria. And, interestingly, as you read through the different years, you see that putting it in the letter works – he … Continue reading “Our deal criteria”
Stalemate
If you take a look at the apartment market in our areas, you will see a stalemate between buyers and sellers that is keeping properties on the market for longer than sellers would probably prefer. (I know I’m getting sick of staring at the same properties day after day!) For 2-4 unit deals: Many sellers … Continue reading “Stalemate”
Interesting fourplex deal
One of my agents ran across an interesting deal in an improving neighborhood in NELA. It needs a bit of work, say, $30k, but would work as a great owner user or investor property. If you are an owner-user, you could potentially use an FHA loan on it, which would allow you to buy with … Continue reading “Interesting fourplex deal”
Helping investors navigate a changing market
Here’s how I see the market for apartment buildings now: There are very few deals that make sense on their own, as simple cashflow plays. It’s not that they don’t exist, it’s just that you need to hunt a lot harder for them than before. But there are plenty of value-add plays, if you’re willing/able … Continue reading “Helping investors navigate a changing market”
Why the diligence matters
Yesterday, the LA Times had an absolutely horrific story about a couple who bought a duplex and then got slammed by LADBS. Here’s the piece. How could this poor couple have avoided the pickle they’re in? 1. Foundation inspection. The retaining wall issue in the back would have been apparent to anyone who does a … Continue reading “Why the diligence matters”
Why I love Mid City
Let’s be clear about what I mean by Mid-City: Everything north of the 10, east of La Cienega, south of Wilshire, and west of Western. Why do I love it? Because: 1. It’s central: The area I just described is roughly 10-15 minutes by car from all of the jobs on the Westside (in Beverly Hills, … Continue reading “Why I love Mid City”
What’s the new neighborhood?
I’m not telling. Last time I had a good idea regarding location, I opened my big fat mouth trying to look cool at some industry functions. My guess is that I created 3-4 competitors for myself just by doing that. So, now, when people ask me which areas I like, I play it a little … Continue reading “What’s the new neighborhood?”