Ryan Haggerty

@PatCarino Apparently this is a very well-known couture brand that's been in vogue since the 1980s, so I suppose it's working out quite well 🤔

Imagine paying some of the highest retail rent in the world for the eyeballs that come with this street level location… then making the windows opaque?! I wonder how trying to create the sense of exclusivity is working out for the them.

@tovihomie Archaeological** lol

@tovihomie This looks like an architectural dig, could've fooled me~

I'm out here adding ADU's to an existing multifam building pursuant to CA state law (Gov't Code §65852.2). What are you doing today? --- (E) 84-unit building + 9 new attached ADU's for 93 units total after completion. Klump Ave. North Hollywood, CA 9:41 AM Thursday, 5/21/26

@DDrolapas *six walkthrough requests 24 hours after posting*

San Francisco be like room for rent, $5000 per month. The room:

@JMGregorchuk @tovihomie Oh my god it's coming to life in front of our very eyes,,,

@tovihomie Building a koi pond bridge!

@DavidPiotrowski I've actually heard several owners recently tell me they get a good response from actually putting up a yard sign for rent (both were in trendier, pedestrian-friendly pockets, so probably not super representative of their usual effectiveness).

Landlords: What’s your go-to source for marketing and advertising your unit? Have you found any particular channel to be especially good for attracting quality tenants? Tenants: What source do you use to look for a rental, and why do you prefer that source?

@ItsKasum @ICSC That's 42,000 more than the average broker during the work week, well done 🚶

Come at me bro @ICSC

@moseskagan Minimizing downside is maximizing upside's less sexy but equally important sister 🧐

Because real estate deals generally lack the potential to go to the moon (like start-ups or crypto or whatever): As an investor looking to maximize expected returns, you want to focus disproportionately on removing the subset of outcomes where you go to zero. - For ~monthly, longer-form writing on the business of real estate, join my mailing list: moseskagan.com

@CTourtellotte @RobertMSterling @losangelenolife Actual feedback from people who provide swathes of housing supply comes second to policy initiatives and election slogans, Chris, come on - even ones with seventeen rooftop water features 🤔

@RobertMSterling @losangelenolife Hey I’m in this article!

Literally everyone in the RE industry told them this would happen, and they still went ahead with it.

@DavidPiotrowski Interesting, but have you instead considered doubling current spending, increasing already-exorbitant taxation (equitably, of course!), and status quo leadership? 🤔

Los Angeles has a spending problem. This, coupled with waste and inefficient government, is a recipe for disaster. We need new leadership who will make vast changes to policies and grueling regulations. The current mayor and city council is not the answer.

I had an exchange client write on a similarly dilapidated building nearby in Gardena and it went for OVER-asking at almost $1M, needing a total gut job... People pay for Location, Location, Location. (5 minutes from the beach doesn't hurt either)

@LA_Multi_Fam I believe both of these were pre-HSTPA (2019), because vacancy control KILLED any sense of offering cash for keys, of course.

@RHMultifamily Wow! What was the situation? On rent regulated in Manhattan you can’t increase upon vacancy right?

It does amaze me how many landlord attorneys do not understand math on cash for keys buyouts. A client of mine recently was told by their eviction attorney he should consider paying $100K on a 1BR apartment in a C-ish area. Yes the tenant paid $900 rent, and a bump to $1,800 market rent may seem like a lot. However $100K is silly and you still have downtime and reno costs. Let's conservatively call it $140K total cost with their buyout, reno and downtime. Several ways to look at it: 1. Will take 10.8 years to pay back that $140K cost with the additional rent bump. $900 per month X 12 = $10,800. Very long time. In 11 years a lot can happen and most would bet on doing nothing. 2. Currently properties sell at roughly 9 X gross in the area. So your added value of that additional $10,800 X 9 GRM would be $97,200. That is a loss in this market if you are thinking short term. 3. 7.7 yield on cost. Much better ways to use that level of cash. The math is very hard to work out right now for both tenants and owners.

@TAYVAY_ These beautiful historic facades could make amazing and charming rental units with some interior upgrades, which is why it's so sad to see legislation MANDATE that they become impossible to operate. Then council members run around wondering where the good housing stock is 🙃

This deal just hit market in Hollywood. 196 Units It was part of and Opp Zone fund that was started in 2019 by the sellers. Given it has not been 10 years since they bought it, you can tell that the 'faith' that values will reach 2019 levels by 2029 in Los Angeles are low. This is what happens when it becomes impossible to run and maintain a master metered building, where the city removes the 2% rent increases to keep up with costs. The insurance costs are likely $1500+ per unit and the expense ratio, on a STABILIZED building are probably 55%. Oh and the city/state is looking to get rid of RUBS which is the only thing that would make this building even operable at a profit if your looking forward. Crazy times in Los Angeles Real Estate.

@robbiehendricks Telling potential clients "please don't bother me before you google it yourself 😒" is a hilarious approach.

I can’t believe this was real: “Before requesting a call, please ask your questions to our IR bot first. If you don’t get your questions answered, we’d be happy to schedule a call!” Brother, if this is how you’re using AI you’re about to get dog walked by people that still build relationships. Please don’t do this. I get having an AI bot as added utility, but do not make it some gatekeeper to human interaction.

@ItsKasum Prize money funding new acquisitions 🤔

Why is the Hot Dog Eating champ at a real estate convention. Genuinely curious

@orenbj And being in the heart of Burbank you would NEVER know it. Unless, maybe, if you were trying to park to go to the AMC 16 on a Saturday...

Texas' third most populous city densitymogged by Burbank

@BarryRoland19 Against the apparent logic of a majority of architecture firms and developers of apartments, people still would like to live in human-scale, charming, character-rich stock if given the chance.

A few facts: Can never have too many plants Natural materials, like wood, weather beautifully, developing character over time and add visual interest to spaces This is an unbeatable outdoor color palette A morning cappuccino actually tastes better here

@SinaiLawFirm Probably proportionally the same considering his income to a standard suit ordering his $6.70 latte each morning 🤔

Thinking about the dude who ordered delivery of an erewhon smoothie every morning (prob +$35 after fees) when I was in my previous office He was working for citadel

What every voter and apparently, the NY Times Editorial Board, should know about housing policy: 1. Rents reflect the balance of supply of apartments and demand for those apartments in a given area. That’s it; there’s no magic. If you want lower rents, you can hope for a recession that destroys jobs and, therefore, demand. Or you can add supply. 2. There is no amount of money that any big city government could feasibly spend that would add materially to supply. This is because, depending on the location, new apartments cost $250,000-1,000,000 to develop… building even a few hundred of those starts to stress any city budget, and many big cities need tens or hundreds of thousands. 3. On the other hand, investors (including pension funds and endowments, insurance companies, rich families, etc.) can collectively **easily** provide enough capital to build as much housing as we need **so long as they are confident they can get a reasonable return**. To get those investors to fund the creation of the housing our society needs, we must do two things: 1. Dramatically reduce the time & complexity associated with securing governmental permission to develop housing. This means reviewing and simplifying the overlapping regulations that constrain housing production: zoning codes, building codes, parking, ADA, etc. But it also means changing the cultures within the relevant governmental agencies from “default no” to “how can we help you?”. 2. Provide certainty around on-going regulation of apartment operations. The way investors get a return from building rentals is as follows: They hire managers to lease the apartments, collect the rents, pay operating expenses and any mortgage payments, and then send the investors the cashflow that remains. But governments all over the country have been restricting the manner in which apartment buildings can be operated in all kinds of ways. For example: Cities have been making it harder to screen tenants, while also making it much harder to evict tenants who don’t pay. You can see why both of those measures are politically popular. After all, who doesn’t want people to get second chances? And who wants anyone to get evicted? But, as a manager, the combination of those two regulations makes it much harder to predict, with any certainty, that the rent will get paid… and that makes it very difficult to get investors to provide capital to create more housing. Another example: Rent control. Again, I understand why renters love rent control and why politicians want to give it to them. But, if, as has been the case in NY, LA and San Francisco, city governments hold annual rent increases below the rate of growth in the operating expenses of the buildings, the cashflow payable to the investors shrinks… making them much less likely to invest capital in building more apartments. In conclusion: For ~every other good or service in the economy, we allow the market to function, and the result is that we have a surplus of choice at all price points (think of food or clothes or cars), which is spectacular for the consumer. If we want a surplus of choice at all price points in housing, we need to get comfortable with the idea of allowing the market to provide it. And that means allowing investors to build rental apartments *and* allowing them to operate those apartments in a manner consistent with making a reasonable profit. Remember: Every developer of rentals is either a landlord-in-waiting or hoping to sell to one.