January 2020 was a busy month for our team. We rebooted our BRE Investment website finally, moving our site off of Squarespace and onto WordPress. It’s allowed us more flexibility in creating more customized content.
On our site, we’ve rolled out with a Sample Documents section for our would-be clients, along with a Marketing Packages section that highlights some of the marketing package designs I’m especially proud of (plus we hit record prices when selling those properties). Let me know what you think?
Things at BRE, after 15 years, are humming along pretty nicely. When I bought my first property in Echo Park at 1157 Bellevue Avenue, Los Angeles, CA 90026 when I was 20 years old, I never thought I would be in real estate this long. I thought I’d be an architect or attorney, but real estate sucked me in.
I was talking to my girlfriend Kayla about Echo Park, and how it has changed over the years. The retail turnover has been interesting to watch. Example: My mother Eileen’s business, which was called Lot 1 Cafe, is now gone and has been replaced by Monty’s Good Burger. I had a vegan burger at Monty’s while reminiscing about the neighborhood’s changes.
One of the main changes I’m seeing, other than the retail turnover, is that the homeless situation feels like it has really exploded in Echo Park more than most parts of the city.
I was looking at the stats, and it seems LA just doesn’t house homeless like other major cities. NYC leads the charge in keeping homeless camps from forming, by creating housing for them. LA is leading major cities in the number of homeless that are on the streets, and it’s showing. Check out this NY Times article on the topic.
It’s a sad situation, but Echo Park feels completely taken over by this issue. And some properties that we’re involved in are being negatively impacted by the homeless tents surrounding them… it’s really affecting the rents and property values for some of our clients.
Anyways, check out one of the apartments we just leased at 2161 Ewing Street (despite the increasing homeless population growing around it). We rented that apartment for $3,600 per month in under two weeks. Details below.
On a personal note, to get away from all the craziness of the city and holidays, I went to several National Parks in January with Kayla and my kids, camping at the Grand Canyon, Sequoia and the Redwoods. Our part of the country is really amazing and refreshing. Our next stops are Lassen Volcanic, and properly camping in Joshua Tree (which I’ve never done).
And while doing all of this, I’ve been looking for great real estate investment opportunities for me, my family and friends. Everyone is trying to find a great deal and flip a property, so many of our buyers have been interested in syndicates. I’ve flipped 10 properties with my close friends.
Right now, I’m looking into an apartment building in the south Silver Lake area. It should give us a 19.7% cash-on-cash return within 18-24 months. I’m going to be reaching out to my inner circle to raise the money for this one. Would you be interested in an equity position? Let me know and I’ll send you the Private Placement Memorandum I’m finalizing.
If you’ve read this far… thank you. Let me know what you think about any and all of this. And as always, I would love to help you with your real estate needs… condo, home or apartment building. We can help with leasing, management, and selling.