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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...
Aromatic crystalline chad sanctuary
  04/23/18
Just ran the numbers. If they bought nine townhouses at 300...
shivering temple
  04/23/18
But what about rental income after debt is paid off?
Vermilion fluffy whorehouse
  04/23/18
No doubt that it's great to have. But let's say the propert...
shivering temple
  04/23/18
But if they liquidated their holdings they have 80-90 millio...
Aromatic crystalline chad sanctuary
  04/23/18
Are you saying that's a bad thing?
shivering temple
  04/23/18
of course it is. they should not have that much money.
disgusting histrionic site stain
  04/23/18
right. the real accidental millionaires are the ones who bou...
Boyish Center
  04/23/18
Your "model" here all depends on their leverage an...
Scarlet seedy alpha
  04/23/18
Maybe. Or maybe they paid cash for the properties. Regardl...
shivering temple
  04/23/18
I made a thread about this once. Imagine if your grandfat...
Vermilion fluffy whorehouse
  04/23/18
2 or 3? lol There's more with 10, 20 or 50. There's a ton...
Aromatic crystalline chad sanctuary
  04/23/18
You could hire a couple property managers and maintenance du...
Vermilion fluffy whorehouse
  04/23/18
Supers, property managers, a guy to do ordering of supplies,...
Aromatic crystalline chad sanctuary
  04/23/18
But a job in MFH is GOOD FOR YOUR CAREER.
Maniacal Lay Private Investor
  04/23/18
buy now before they're 12 million
Demanding gaping
  04/23/18
My parents bought a duplex in Brooklyn for $270k in 1988. It...
Appetizing henna electric furnace
  04/23/18
There are so many people like this. Heaven shines upon them.
Aromatic crystalline chad sanctuary
  04/23/18
What is the net profit on the duplex every year?
Vermilion fluffy whorehouse
  04/23/18
Like 50k.
Appetizing henna electric furnace
  04/23/18
That isn't a good return over 30 years
Bespoke Pink Newt Hospital
  04/23/18
Tcr. It's a 5% annual return, lol.
shivering temple
  04/23/18
This Armenian cat I know who was growing up in Brooklyn in t...
Yapping Avocado Rehab
  04/23/18
Not quite that cheap but yeah all the Hassids made millions ...
Appetizing henna electric furnace
  04/23/18
crazy man.
Yapping Avocado Rehab
  04/23/18
Tis true, tis true. Shmuel & Co happily own Williamsburg...
Aromatic crystalline chad sanctuary
  04/23/18
These people exist everywhere.
titillating dilemma feces
  04/23/18
Not to the extent they are present in NYC. NYC turned almost...
Aromatic crystalline chad sanctuary
  04/23/18
(Guy who hasn’t seen Rent yet)
Thriller Massive Messiness
  04/23/18
They should rename that musical Rent Control.
Aromatic crystalline chad sanctuary
  04/23/18
could we do this in Chicago? Chicago real estate is nowhere ...
Effete blood rage
  04/23/18
It isn't restricted land restricted like Manhattan is
Bespoke Pink Newt Hospital
  04/23/18
Too many alternative suburbs in Chicagoland
Stimulating senate
  04/23/18
My folks bought two apartments in the late 80s, for 80,000 e...
coral splenetic ticket booth
  04/23/18
400k? Surely can't be in Manhattan?
Aromatic crystalline chad sanctuary
  04/23/18
sounds like a CUCK!
cocky point
  04/23/18
LJL my apt would sell for more than 2x what I paid for it le...
violent useless brakes
  04/23/18
Wouldn’t you have to give the profit to daddy?
Green Masturbator
  04/23/18
ljl
Aromatic crystalline chad sanctuary
  04/23/18
?
violent useless brakes
  04/23/18
You paid for the apartment with daddy’s money so I assume he...
Green Masturbator
  04/23/18
Seems you are poorly informed.
violent useless brakes
  04/23/18
...
cocky point
  04/23/18
Just a couple hundred thousand more trucker dicks and maybe ...
violent useless brakes
  04/23/18
That’s why rent control doesn’t bother me so much. If those...
ocher locus pozpig
  04/23/18
This is an interesting point, but the people living in them ...
Aromatic crystalline chad sanctuary
  04/23/18
lol, you should visit California
Crimson Trump Supporter
  04/24/18


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Date: April 23rd, 2018 11:05 AM
Author: Aromatic crystalline chad sanctuary

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: shivering temple

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: Vermilion fluffy whorehouse

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: shivering temple

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: Aromatic crystalline chad sanctuary

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: shivering temple

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: disgusting histrionic site stain

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: Boyish Center

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: Scarlet seedy alpha

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: shivering temple

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: Vermilion fluffy whorehouse

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: Aromatic crystalline chad sanctuary

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: Vermilion fluffy whorehouse

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: Aromatic crystalline chad sanctuary

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: Maniacal Lay Private Investor

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: Demanding gaping

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: Appetizing henna electric furnace

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: Aromatic crystalline chad sanctuary

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: Vermilion fluffy whorehouse

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: Appetizing henna electric furnace

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: Bespoke Pink Newt Hospital

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: shivering temple

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: Yapping Avocado Rehab

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: Appetizing henna electric furnace

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: Yapping Avocado Rehab

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: Aromatic crystalline chad sanctuary

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: titillating dilemma feces

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: Aromatic crystalline chad sanctuary

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: Thriller Massive Messiness

(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: Aromatic crystalline chad sanctuary

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: Effete blood rage

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: Bespoke Pink Newt Hospital

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: Stimulating senate

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: coral splenetic ticket booth

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: Aromatic crystalline chad sanctuary

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: cocky point

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: violent useless brakes

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: Green Masturbator

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: Aromatic crystalline chad sanctuary

ljl

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



Reply Favorite

Date: April 23rd, 2018 5:53 PM
Author: violent useless brakes

?

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



Reply Favorite

Date: April 23rd, 2018 5:54 PM
Author: Green Masturbator

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: violent useless brakes

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: cocky point



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



Reply Favorite

Date: April 23rd, 2018 5:57 PM
Author: violent useless brakes

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: ocher locus pozpig

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: Aromatic crystalline chad sanctuary

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: Crimson Trump Supporter

lol, you should visit California

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