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There are so many rich-by-real estate fucks in NYC

Like this one family I know started buying townhouses off of...
Self-absorbed mischievous church building headpube
  04/23/18
Just ran the numbers. If they bought nine townhouses at 300...
hyperactive candlestick maker
  04/23/18
But what about rental income after debt is paid off?
orange floppy sound barrier office
  04/23/18
No doubt that it's great to have. But let's say the propert...
hyperactive candlestick maker
  04/23/18
But if they liquidated their holdings they have 80-90 millio...
Self-absorbed mischievous church building headpube
  04/23/18
Are you saying that's a bad thing?
hyperactive candlestick maker
  04/23/18
of course it is. they should not have that much money.
cyan electric abode
  04/23/18
right. the real accidental millionaires are the ones who bou...
stimulating halford toaster
  04/23/18
Your "model" here all depends on their leverage an...
bright parlor community account
  04/23/18
Maybe. Or maybe they paid cash for the properties. Regardl...
hyperactive candlestick maker
  04/23/18
I made a thread about this once. Imagine if your grandfat...
orange floppy sound barrier office
  04/23/18
2 or 3? lol There's more with 10, 20 or 50. There's a ton...
Self-absorbed mischievous church building headpube
  04/23/18
You could hire a couple property managers and maintenance du...
orange floppy sound barrier office
  04/23/18
Supers, property managers, a guy to do ordering of supplies,...
Self-absorbed mischievous church building headpube
  04/23/18
But a job in MFH is GOOD FOR YOUR CAREER.
Wonderful chad trailer park
  04/23/18
buy now before they're 12 million
Razzle area jewess
  04/23/18
My parents bought a duplex in Brooklyn for $270k in 1988. It...
stirring hall
  04/23/18
There are so many people like this. Heaven shines upon them.
Self-absorbed mischievous church building headpube
  04/23/18
What is the net profit on the duplex every year?
orange floppy sound barrier office
  04/23/18
Like 50k.
stirring hall
  04/23/18
That isn't a good return over 30 years
swashbuckling very tactful national
  04/23/18
Tcr. It's a 5% annual return, lol.
hyperactive candlestick maker
  04/23/18
This Armenian cat I know who was growing up in Brooklyn in t...
Racy native
  04/23/18
Not quite that cheap but yeah all the Hassids made millions ...
stirring hall
  04/23/18
crazy man.
Racy native
  04/23/18
Tis true, tis true. Shmuel & Co happily own Williamsburg...
Self-absorbed mischievous church building headpube
  04/23/18
These people exist everywhere.
exhilarant base juggernaut
  04/23/18
Not to the extent they are present in NYC. NYC turned almost...
Self-absorbed mischievous church building headpube
  04/23/18
(Guy who hasn’t seen Rent yet)
Zippy set rigpig
  04/23/18
They should rename that musical Rent Control.
Self-absorbed mischievous church building headpube
  04/23/18
could we do this in Chicago? Chicago real estate is nowhere ...
twinkling house
  04/23/18
It isn't restricted land restricted like Manhattan is
swashbuckling very tactful national
  04/23/18
Too many alternative suburbs in Chicagoland
Laughsome jap
  04/23/18
My folks bought two apartments in the late 80s, for 80,000 e...
green insecure affirmative action sneaky criminal
  04/23/18
400k? Surely can't be in Manhattan?
Self-absorbed mischievous church building headpube
  04/23/18
sounds like a CUCK!
low-t deranged station
  04/23/18
LJL my apt would sell for more than 2x what I paid for it le...
maniacal unhinged place of business shrine
  04/23/18
Wouldn’t you have to give the profit to daddy?
passionate free-loading half-breed
  04/23/18
ljl
Self-absorbed mischievous church building headpube
  04/23/18
?
maniacal unhinged place of business shrine
  04/23/18
You paid for the apartment with daddy’s money so I assume he...
passionate free-loading half-breed
  04/23/18
Seems you are poorly informed.
maniacal unhinged place of business shrine
  04/23/18
...
low-t deranged station
  04/23/18
Just a couple hundred thousand more trucker dicks and maybe ...
maniacal unhinged place of business shrine
  04/23/18
That’s why rent control doesn’t bother me so much. If those...
primrose glittery dragon useless brakes
  04/23/18
This is an interesting point, but the people living in them ...
Self-absorbed mischievous church building headpube
  04/23/18
lol, you should visit California
poppy round eye
  04/24/18


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Reply Favorite

Date: April 23rd, 2018 11:05 AM
Author: Self-absorbed mischievous church building headpube

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)



Reply Favorite

Date: April 23rd, 2018 12:51 PM
Author: hyperactive candlestick maker

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)



Reply Favorite

Date: April 23rd, 2018 12:57 PM
Author: orange floppy sound barrier office

But what about rental income after debt is paid off?

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900692)



Reply Favorite

Date: April 23rd, 2018 1:00 PM
Author: hyperactive candlestick maker

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)



Reply Favorite

Date: April 23rd, 2018 2:25 PM
Author: Self-absorbed mischievous church building headpube

But if they liquidated their holdings they have 80-90 million.

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35901656)



Reply Favorite

Date: April 23rd, 2018 5:44 PM
Author: hyperactive candlestick maker

Are you saying that's a bad thing?

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903352)



Reply Favorite

Date: April 23rd, 2018 11:59 PM
Author: cyan electric abode

of course it is. they should not have that much money.

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35905986)



Reply Favorite

Date: April 23rd, 2018 12:59 PM
Author: stimulating halford toaster

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)



Reply Favorite

Date: April 23rd, 2018 6:19 PM
Author: bright parlor community account

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)



Reply Favorite

Date: April 23rd, 2018 10:13 PM
Author: hyperactive candlestick maker

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)



Reply Favorite

Date: April 23rd, 2018 11:11 AM
Author: orange floppy sound barrier office

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.

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35899665)



Reply Favorite

Date: April 23rd, 2018 11:13 AM
Author: Self-absorbed mischievous church building headpube

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.

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35899675)



Reply Favorite

Date: April 23rd, 2018 11:57 AM
Author: orange floppy sound barrier office

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)



Reply Favorite

Date: April 23rd, 2018 11:58 AM
Author: Self-absorbed mischievous church building headpube

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)



Reply Favorite

Date: April 23rd, 2018 5:32 PM
Author: Wonderful chad trailer park

But a job in MFH is GOOD FOR YOUR CAREER.

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903269)



Reply Favorite

Date: April 23rd, 2018 11:12 AM
Author: Razzle area jewess

buy now before they're 12 million

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35899670)



Reply Favorite

Date: April 23rd, 2018 11:15 AM
Author: stirring hall

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)



Reply Favorite

Date: April 23rd, 2018 11:18 AM
Author: Self-absorbed mischievous church building headpube

There are so many people like this. Heaven shines upon them.

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35899694)



Reply Favorite

Date: April 23rd, 2018 11:54 AM
Author: orange floppy sound barrier office

What is the net profit on the duplex every year?

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900072)



Reply Favorite

Date: April 23rd, 2018 1:07 PM
Author: stirring hall

Like 50k.

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900799)



Reply Favorite

Date: April 23rd, 2018 12:59 PM
Author: swashbuckling very tactful national

That isn't a good return over 30 years

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900716)



Reply Favorite

Date: April 23rd, 2018 1:10 PM
Author: hyperactive candlestick maker

Tcr. It's a 5% annual return, lol.

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900821)



Reply Favorite

Date: April 23rd, 2018 11:17 AM
Author: Racy native

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)



Reply Favorite

Date: April 23rd, 2018 11:18 AM
Author: stirring hall

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)



Reply Favorite

Date: April 23rd, 2018 11:19 AM
Author: Racy native

crazy man.



(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35899707)



Reply Favorite

Date: April 23rd, 2018 11:19 AM
Author: Self-absorbed mischievous church building headpube

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)



Reply Favorite

Date: April 23rd, 2018 11:57 AM
Author: exhilarant base juggernaut

These people exist everywhere.

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900118)



Reply Favorite

Date: April 23rd, 2018 11:59 AM
Author: Self-absorbed mischievous church building headpube

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)



Reply Favorite

Date: April 23rd, 2018 12:38 PM
Author: Zippy set rigpig

(Guy who hasn’t seen Rent yet)

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900519)



Reply Favorite

Date: April 23rd, 2018 12:39 PM
Author: Self-absorbed mischievous church building headpube

They should rename that musical Rent Control.

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900529)



Reply Favorite

Date: April 23rd, 2018 12:41 PM
Author: twinkling house

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)



Reply Favorite

Date: April 23rd, 2018 1:00 PM
Author: swashbuckling very tactful national

It isn't restricted land restricted like Manhattan is

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35900736)



Reply Favorite

Date: April 23rd, 2018 6:01 PM
Author: Laughsome jap

Too many alternative suburbs in Chicagoland

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903489)



Reply Favorite

Date: April 23rd, 2018 2:31 PM
Author: green insecure affirmative action sneaky criminal

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.

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35901692)



Reply Favorite

Date: April 23rd, 2018 4:22 PM
Author: Self-absorbed mischievous church building headpube

400k? Surely can't be in Manhattan?

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35902794)



Reply Favorite

Date: April 23rd, 2018 5:55 PM
Author: low-t deranged station

sounds like a CUCK!

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903439)



Reply Favorite

Date: April 23rd, 2018 5:37 PM
Author: maniacal unhinged place of business shrine

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)



Reply Favorite

Date: April 23rd, 2018 5:48 PM
Author: passionate free-loading half-breed

Wouldn’t you have to give the profit to daddy?

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903372)



Reply Favorite

Date: April 23rd, 2018 5:50 PM
Author: Self-absorbed mischievous church building headpube

ljl

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903399)



Reply Favorite

Date: April 23rd, 2018 5:53 PM
Author: maniacal unhinged place of business shrine

?

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903421)



Reply Favorite

Date: April 23rd, 2018 5:54 PM
Author: passionate free-loading half-breed

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)



Reply Favorite

Date: April 23rd, 2018 5:57 PM
Author: maniacal unhinged place of business shrine

Seems you are poorly informed.

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903462)



Reply Favorite

Date: April 23rd, 2018 5:54 PM
Author: low-t deranged station



(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35903432)



Reply Favorite

Date: April 23rd, 2018 5:57 PM
Author: maniacal unhinged place of business shrine

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)



Reply Favorite

Date: April 23rd, 2018 6:27 PM
Author: primrose glittery dragon useless brakes

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)



Reply Favorite

Date: April 23rd, 2018 11:57 PM
Author: Self-absorbed mischievous church building headpube

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)



Reply Favorite

Date: April 24th, 2018 1:43 AM
Author: poppy round eye

lol, you should visit California

(http://www.autoadmit.com/thread.php?thread_id=3957215&forum_id=2#35906531)