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Got approvals on a 12 unit building. Demoing a 3 family to build it on that site. This thread will be the progress thread. Will try to keep it going in real time.
Marc Gilbert
8,601 posts
Marc Gilbert
@MarcSGilbert
Managing Partner of Twin Oaks. Buyer of mispriced/mismanaged #CRE. Income up, expenses down, refinance. Not selling any courses. DMs Open
- One of my all-time favorite gifts. An Excel shortcut coffee mug. Screams nerd, but still brings me joy every single morning.
- One of my favorite Covid eviction stories. Tenant stops paying rent and begins AirBNBing the apartment. Landlord uses a friend's account to book the apartment. Landlord sublets the apartment to a new tenant. Game over.
- Overheard a fellow real estate investor say: “I’m not poor, I just don’t have any money.” Few understand this.
- My tenant is complaining about the neighbors upstairs, but in reality we just had a 4.8 magnitude earthquake.
- Can we get your best deal ever in the replies? I’ll go first. Bought a five unit for $100k cash. Invested $15k in renovations and got it appraised fir $600k. Cashed out $400 in just about a year.
- I am knocking down a house to replace it with a new custom home. I’m going to keep this thread going throughout the process so you can see what goes into a project like this step-by-step.
- I’ve been a landlord long enough to know exactly how this broke. Soap holders are not meant to support 150+ pounds during rigorous physical activity.
- My followers know I have always avoided politics on this platform. I’m going to indulge in some commentary right now. I was born and raised in NJ. I am not an Israeli citizen. At age 18 I went to Israel for a gap year to study in Jerusalem. After my term of study… 1/X
- Here's the cute little 6-unit we closed on yesterday. In place 22% return including principal paydown. While I don't look for deals this small, I'll happily take a base hit if it lands on my desk.
- So you want to be a landlord? Finished an eviction against a prostitute and my began renovation. The workers had to remove the credit card reader she had mounted on the bedroom wall. Surprises lurk at every corner.
- I can mathematically prove (other's have time and time again) that underpricing listed real estate will yield a better final sales price than overpricing it.
- Brief update: I am in Israel with my family. Our return flight was cancelled. Along with the citizens of Israel, we remain resolute and will not cower to terrorists who murder, kidnap and rape seniors, women & children. While I would like to return home, we are not running away.
- Buying a property which is being sold for a loss? Consider buying the LLC instead and inheriting your seller's higher "inside basis" on the property held inside and depreciating at a faster rate. See IRS Section 754.