Commercial real estate advisor specializing in minimizing risk and maximizing upside for investors buy and selling apartment buildings in Southern California.
@pat_hm
@SpiritofPines
Apparently you haven’t been to Los Angeles or Chicago. New York may Qi the record for the most expensive food , but surely not best
Only In CA:
Out-squatted: Handyman Flash Shelton will squat with your squatters until they leave :
As squatting becomes more of an issue in SoCal a man named Flash Shelton has taken on the alias of the Squatter Hunter, offering to remove squatters by any legal means necessary.
I got hung up on by at least five people today (didn’t get past my name and company/what we are). Then one call came (which lasted 48 minutes) changed the trajectory of the day. Keep dialing.
@ethonk_
@pat_hm
@SpiritofPines
Not sure if you’re referring to the cost of living or the cost of dining out. Chicago’s food scene competes with NY. You’re not going to the right places
Sunday lunch. You could wait for an hour to go some overhyped brunch spot or you could have this, courtesy of Raffi’s in Glendale. Thanks
@JoelSimaie
for the recommendation
Thanks to
@kenashley
and Sarah Malcolm. I’m happy to know that my dry sense of humor and attention to the local real estate market is of interest on the platform.
The whole Nar commission settlement is ridiculous. Many people commenting “I can do without engaging a realtor “maybe right but the a lot of people still need them. They’re called your parents, who can’t find their keys & your friends who make bad life decisions without guidance
The sale of Rose Ave. Apartments in Los Angeles may be the greatest real estate flip in recent history. Almost 22m seller profit for a three month hold
For all the LA operators and brokers on Retwit: Beverly Hills approved a 3.2 percent rent increase. Expect the same for Los Angeles. Hopefully that allows you to play catch up
Not sure if you’re seeing this yet, But property insurance premiums in CA are going to become a problem for many of your clients come renewal time. Just got off the phone with an insurance agent and none of the news was good. Let me know if you need any broker recommendations.
I attended
#MassimoCon
and I had a few breakthroughs:
1. MNPs in LA are going to sit on their hands for the foreseeable future.
2. Buyers in LA are going to sit on their hands for the foreseeable future (unless it's a screaming deal)
3. I've been playing too small.That ends now
Hot take : I worked for the railroad for twelve years before going full time into real estate to ensure that I’ll have a pension when I retire. I also married a high income W-2 earner. This makes me a genius .
#retwithumor
Can any CPAs on explain to me why MF owners hold apartments when they’re fully depreciated? In addition to the loss of the tax benefit, there’s also the fact that inflation outpaces appreciation and (with limited exceptions) rent growth. A $ today is worth less in a year.
#crazy
Recently got access to
@TreppWire
(thanks
@KidderMathews
). I understand why it’s pricey . They have the best property intel I’ve seen. I can find out who on Retwit is telling the truth (and lying) about their deals returns, who needs a life raft and who’s killing it out there RN
LA is proposing a lower rent cap limit increases to 3 percent. If you own/manage apartments in LA come to city council meeting located at 500 w temple on Tues. June 4th at 930am . If you can’t make it call in 877-266-8163 enter code 1336503 and select item 11 to leave comment
Much of Retwit: I bootstrapped my startup capital of my first investment
In real life : after graduating from college in I borrowed a million dollars from a family member to start my first business. When that venture failed, I was given a job at my father/family friends company.
For anyone with a work from the office mandate at their company tell your boss that you lose 2-3 hours a day where you could be working stuck in traffic especially in Los Angeles
My two-year-old son has picked up the habit of saying, “ nope not today”. I have to remind myself to have the same mindset when responding to the comment section in my tweets
The most active multifamily team in the past two years in the country works for a boutique firm in Chicago. 100+ transactions (all multifamily all in the city of Chicago ).
I wish people would go back to talking about real estate on this platform. Especially those who have a Ron DeSantis level education on Middle Eastern history.
Vacancy in LA county is up to 5.6 percent highest it’s been in two years , and two percent higher than the record low in October 2021. Not sure what this means for real estate hopefully it’s a good trend
Every time I read a pitch deck for an new construction development I see concerning trends :
-Unrealistic rent projections
-artificially low vacancy
-low operating expenses
-low property taxes
-unit mixes that are often not conducive for the neighborhood it’s being built in.
Andy Reid -LA native. Coached college and pro football for 38 years before winning a Super Bowl. Coached for the Eagles for 13 years despite enduring losses. Coach for the Chiefs for six seasons before winning his first Super Bowl as head coach at 61.
The interesting thing about Twitter is there are people of this platform you’d be happy to take out for a meal and a cigar if you’d met them in real life . And then there’s the other half who you’d drive across state lines to punch in the face if you had a free weekend.
My life’s most humbling experiences
-Parenthood (3x)
-Owning/operating an apartment building (2017-2020)
-Student teaching (2014)
-Yoga with a women’s group (many who were seniors) (today)
Anytime you think you’re having a bad day-remember this:
Just spoke with a South LA landlord who lost an eight unit to foreclosure in 2021. Last year I saw a NOD on a duplex he owns. On a call with him he shared with me that now he is the victim of identity theft.
#bethankful
After my first visit to Mosk courthouse yesterday I’ve learned the things I don’t want to do:
-Be a Landlord in LA
-Property Manager
-Eviction Attorney
-Eviction Court Judge
-Tenant attorney
-Interpreter
Imagine calling a property management company regarding a building they’re willing to sell (off market at a premium of course ) and them not being able to provide you with a rent roll. JFC.
@MultifamilyMad
That sentiment is what keeps romantic fools like myself chasing mom and pop apartment owners for listings when they’d rather leave it to their kids…
Listening to
@BobKnakal
inspires me to strive to be the best broker I can be
Listening to
@AoDespair
inspires me to be the best writer I can be and the importance of sticking to your guns even when it isn’t easy.
Find your muse and emulate them. That’s the key to success.
@Livinrentfree_
I may get blocked for this but here I go…in 2019/2020 I owned my house and apartment building. Was sleep deprived and overworked from working 50-60 hours and managing property. Today I own neither and happier. Next move is to owning a business not real estate. More profitable.
@XXL
Camron reminds me of the always fresh peer in high school who you see twenty years later at your high school reunion and hasn’t changed much for better or worse
Looking at recent Costar sales comps . If you’re principal owner using a broker who’s going to double end the deal isn’t in your best interest in todays environment.
Note: if you’re here to make dumb or negative comments about the challenges of Long Beach, this is going to be the last time I see your comments , so make it good. Saying that the city is unsafe without specific facts adds zero value to the thread.
I don’t want to hear anyone on Retwit brag about having money or how much real estate they own unless they have fly to an island on their PJ to avoid extradition type money.
Business development strategy:
Mailing property owners MAGA caps with your business cards attached to them .
Follow up call with how did you like your hat?