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There are so many rich-by-real estate fucks in NYC
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Date: April 23rd, 2018 11:05 AM Author: Cracking house police squad Like this one family I know started buying townhouses off of CPW in the late 70s/early 80s for 200-400k a pop. Now, admittedly that wasn't very cheap back then, but they have 9 of them now and each is worth about 10-15 million dollars. Others who even owned small homes in neighborhoods like Forest Hills or Fresh Meadows who bought homes at normal middle class prices now sit on 3 bed, 2 bath, 1500 sq ft homes that go for over a million bucks. Crazy. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35899635) |
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Date: April 23rd, 2018 12:51 PM Author: Green Beady-eyed Azn Hospital Just ran the numbers. If they bought nine townhouses at 300k apiece 40 years ago, that would be about 9% annual appreciation. Granted they could make money from renting them out along the way, but rental yields are usually pretty low in NYC. Not much better than the stock market, if at all. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900639) |
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Date: April 23rd, 2018 12:57 PM Author: Ruddy legend school But what about rental income after debt is paid off? (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900692) |
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Date: April 23rd, 2018 1:00 PM Author: Green Beady-eyed Azn Hospital No doubt that it's great to have. But let's say the properties are increasing at 9% per year. Cap rates in NY are so low that rent will only add a couple of percent to that figure. So maybe the total return is 12%. Comparable to what you could get in the stock market, with a lot more liquidity and arguably a lot less risk. Certainly you could spread your funds out over hundreds or thousands of stocks as opposed to nine buildings in the same neighborhood. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900734) |
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Date: April 23rd, 2018 2:25 PM Author: Cracking house police squad But if they liquidated their holdings they have 80-90 million. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35901656) |
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Date: April 23rd, 2018 5:44 PM Author: Green Beady-eyed Azn Hospital Are you saying that's a bad thing? (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903352) |
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Date: April 23rd, 2018 11:59 PM Author: sienna dopamine partner of course it is. they should not have that much money. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35905986) |
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Date: April 23rd, 2018 12:59 PM Author: Metal Electric Mexican right. the real accidental millionaires are the ones who bought residential property to live in without giving price appreciation a thought and who also would have never put that money into the stock market. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900725) |
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Date: April 23rd, 2018 6:19 PM Author: boyish property rigor Your "model" here all depends on their leverage and how they financed. If they bought 9 townhouses and only put down 500k and had shitloads of low/good interest to deduct, then they made considerably more than 9% returns. Somebody who snatched up CPW townhouses in the late 70s probably got shit interest rates, but I would assume they refinanced their balls off all through the 80s/90s/00s, so they may still owe a couple million, but have like 100M of new equity off of a tiny nut. And all their places are basically instarents to the lowest risk tenants on the planet. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903608) |
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Date: April 23rd, 2018 10:13 PM Author: Green Beady-eyed Azn Hospital Maybe. Or maybe they paid cash for the properties. Regardless, they could have bought stocks on margin if they wanted to juice their returns. Granted that's risky too. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35905142) |
Date: April 23rd, 2018 11:11 AM Author: Ruddy legend school I made a thread about this once.
Imagine if your grandfather bought some pre-war 20 unit walkup building when NYC was a dump and property was cheap. If your family kept the building and operated it, and assuming you had no debt on it any more, that one building would generate like $450-500k per year in net income after expenses. Now imagine a family that had 2 or 3 of these buildings. There must be a bunch of families like this out there. |
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Date: April 23rd, 2018 11:13 AM Author: Cracking house police squad 2 or 3? lol
There's more with 10, 20 or 50. There's a ton of little RE corps all over the fucking city generating millions upon millions passively for people who simply invested when the city was a bankrupt Sodom on the Hudson. Well, score one for foresight. |
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Date: April 23rd, 2018 11:57 AM Author: Ruddy legend school You could hire a couple property managers and maintenance dudes and just kick back and enjoy your nearly passive income. Blows my mind that some people have this level of inter-generational passive income. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900103) |
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Date: April 23rd, 2018 11:58 AM Author: Cracking house police squad Supers, property managers, a guy to do ordering of supplies, a person to schedule maintenance, an accountant and a few lawyers for taxes/violations. All this can be done for chump change compared to the $ you bring in. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900134) |
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Date: April 23rd, 2018 5:32 PM Author: violet titillating parlour keepsake machete But a job in MFH is GOOD FOR YOUR CAREER. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903269) |
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Date: April 23rd, 2018 11:12 AM Author: Appetizing den buy now before they're 12 million (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35899670) |
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Date: April 23rd, 2018 11:15 AM Author: alcoholic salmon son of senegal persian My parents bought a duplex in Brooklyn for $270k in 1988. Its worth like $1.2 million now. My mom lives in a rent regulated apartment where her rent is $890 a month. She lives off the rent and does nothing but plan new trips which she takes every 3 months. 180 life. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35899680) |
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Date: April 23rd, 2018 11:18 AM Author: Cracking house police squad There are so many people like this. Heaven shines upon them. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35899694) |
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Date: April 23rd, 2018 11:54 AM Author: Ruddy legend school What is the net profit on the duplex every year? (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900072) |
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Date: April 23rd, 2018 1:07 PM Author: alcoholic salmon son of senegal persian Like 50k. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900799) |
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Date: April 23rd, 2018 12:59 PM Author: canary abusive abode That isn't a good return over 30 years (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900716) |
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Date: April 23rd, 2018 1:10 PM Author: Green Beady-eyed Azn Hospital Tcr. It's a 5% annual return, lol. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900821) |
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Date: April 23rd, 2018 11:17 AM Author: Dark swashbuckling hall This Armenian cat I know who was growing up in Brooklyn in the eighties was saying that people were getting brownstones there for 10, 20, 30k - all the Hasids bought tons. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35899689) |
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Date: April 23rd, 2018 11:18 AM Author: alcoholic salmon son of senegal persian Not quite that cheap but yeah all the Hassids made millions off that shit. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35899698) |
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Date: April 23rd, 2018 11:19 AM Author: Dark swashbuckling hall crazy man.
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Date: April 23rd, 2018 11:19 AM Author: Cracking house police squad Tis true, tis true. Shmuel & Co happily own Williamsburg now, one of the hottest nabes in nyc. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35899700) |
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Date: April 23rd, 2018 11:57 AM Author: soggy obsidian lodge stain These people exist everywhere. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900118) |
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Date: April 23rd, 2018 11:59 AM Author: Cracking house police squad Not to the extent they are present in NYC. NYC turned almost an entire generation of city dwellers from paupers into varying degrees of millionaire. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900139) |
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Date: April 23rd, 2018 12:38 PM Author: cyan mediation stag film (Guy who hasn’t seen Rent yet) (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900519) |
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Date: April 23rd, 2018 12:39 PM Author: Cracking house police squad They should rename that musical Rent Control. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900529) |
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Date: April 23rd, 2018 12:41 PM Author: cream dingle berry kitty could we do this in Chicago? Chicago real estate is nowhere near coastal prices and the city is a real powerbottom at the moment due to pensions. But people still want to live there and it doesn't have Detroit's single-industry concentration problem. Seems like it could pwn in a couple decades (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900545) |
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Date: April 23rd, 2018 1:00 PM Author: canary abusive abode It isn't restricted land restricted like Manhattan is (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900736) |
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Date: April 23rd, 2018 6:01 PM Author: Zombie-like dead public bath Too many alternative suburbs in Chicagoland (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903489) |
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Date: April 23rd, 2018 2:31 PM Author: High-end excitant queen of the night rehab My folks bought two apartments in the late 80s, for 80,000 each. They're going for about 400,000 each now.
My dad wanted to buy a house for 300,000 in the early 00s, but got pressured out of it by other members of our family. It sold for 1.7 million, and the devil knows how much it's worth right now. |
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Date: April 23rd, 2018 4:22 PM Author: Cracking house police squad 400k? Surely can't be in Manhattan? (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35902794) |
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Date: April 23rd, 2018 5:55 PM Author: Bronze deer antler karate sounds like a CUCK! (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903439) |
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Date: April 23rd, 2018 5:37 PM Author: Indecent Orange Striped Hyena LJL my apt would sell for more than 2x what I paid for it less than a decade ago. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903299) |
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Date: April 23rd, 2018 5:48 PM Author: ruby trailer park digit ratio Wouldn’t you have to give the profit to daddy? (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903372) |
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Date: April 23rd, 2018 5:50 PM Author: Cracking house police squad ljl (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903399) |
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Date: April 23rd, 2018 5:53 PM Author: Indecent Orange Striped Hyena ? (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903421) |
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Date: April 23rd, 2018 5:54 PM Author: ruby trailer park digit ratio You paid for the apartment with daddy’s money so I assume he would get the profit from a sale (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903433) |
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Date: April 23rd, 2018 5:57 PM Author: Indecent Orange Striped Hyena Seems you are poorly informed. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903462) |
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Date: April 23rd, 2018 5:54 PM Author: Bronze deer antler karate (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903432) |
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Date: April 23rd, 2018 5:57 PM Author: Indecent Orange Striped Hyena Just a couple hundred thousand more trucker dicks and maybe you can buy a sad studio! (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903457) |
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Date: April 23rd, 2018 6:27 PM Author: silver vibrant shrine That’s why rent control doesn’t bother me so much. If those people bought the apartment they were living in they would have made a lot more money. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903661) |
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Date: April 23rd, 2018 11:57 PM Author: Cracking house police squad This is an interesting point, but the people living in them never intended to rent-to-own, these were definitely subsistence level renters whose rent is now frozen at a rate that is maybe like 10-20 percent of "market value". Additionally I've met many rent control people and they are the SCUM of the earth no one would miss. Not all, but a LOT of them. (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35905971) |
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Date: April 24th, 2018 1:43 AM Author: vigorous boltzmann office lol, you should visit California (http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35906531) |