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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...
sepia haunting home international law enforcement agency
  04/23/18
Just ran the numbers. If they bought nine townhouses at 300...
rough-skinned charcoal center
  04/23/18
But what about rental income after debt is paid off?
cerebral stag film dopamine
  04/23/18
No doubt that it's great to have. But let's say the propert...
rough-skinned charcoal center
  04/23/18
But if they liquidated their holdings they have 80-90 millio...
sepia haunting home international law enforcement agency
  04/23/18
Are you saying that's a bad thing?
rough-skinned charcoal center
  04/23/18
of course it is. they should not have that much money.
Bat shit crazy dog poop
  04/23/18
right. the real accidental millionaires are the ones who bou...
180 psychic piazza
  04/23/18
Your "model" here all depends on their leverage an...
Gaped Outnumbered Church Building
  04/23/18
Maybe. Or maybe they paid cash for the properties. Regardl...
rough-skinned charcoal center
  04/23/18
I made a thread about this once. Imagine if your grandfat...
cerebral stag film dopamine
  04/23/18
2 or 3? lol There's more with 10, 20 or 50. There's a ton...
sepia haunting home international law enforcement agency
  04/23/18
You could hire a couple property managers and maintenance du...
cerebral stag film dopamine
  04/23/18
Supers, property managers, a guy to do ordering of supplies,...
sepia haunting home international law enforcement agency
  04/23/18
But a job in MFH is GOOD FOR YOUR CAREER.
thriller translucent famous landscape painting patrolman
  04/23/18
buy now before they're 12 million
Pink insecure sanctuary
  04/23/18
My parents bought a duplex in Brooklyn for $270k in 1988. It...
big-titted duck-like travel guidebook
  04/23/18
There are so many people like this. Heaven shines upon them.
sepia haunting home international law enforcement agency
  04/23/18
What is the net profit on the duplex every year?
cerebral stag film dopamine
  04/23/18
Like 50k.
big-titted duck-like travel guidebook
  04/23/18
That isn't a good return over 30 years
Territorial Sickened Halford
  04/23/18
Tcr. It's a 5% annual return, lol.
rough-skinned charcoal center
  04/23/18
This Armenian cat I know who was growing up in Brooklyn in t...
Saffron Lay Regret
  04/23/18
Not quite that cheap but yeah all the Hassids made millions ...
big-titted duck-like travel guidebook
  04/23/18
crazy man.
Saffron Lay Regret
  04/23/18
Tis true, tis true. Shmuel & Co happily own Williamsburg...
sepia haunting home international law enforcement agency
  04/23/18
These people exist everywhere.
mind-boggling chartreuse stead quadroon
  04/23/18
Not to the extent they are present in NYC. NYC turned almost...
sepia haunting home international law enforcement agency
  04/23/18
(Guy who hasn’t seen Rent yet)
Hyperventilating laughsome giraffe faggotry
  04/23/18
They should rename that musical Rent Control.
sepia haunting home international law enforcement agency
  04/23/18
could we do this in Chicago? Chicago real estate is nowhere ...
Yapping twinkling uncleanness school
  04/23/18
It isn't restricted land restricted like Manhattan is
Territorial Sickened Halford
  04/23/18
Too many alternative suburbs in Chicagoland
frisky erotic stage community account
  04/23/18
My folks bought two apartments in the late 80s, for 80,000 e...
Insanely Creepy Field Voyeur
  04/23/18
400k? Surely can't be in Manhattan?
sepia haunting home international law enforcement agency
  04/23/18
sounds like a CUCK!
Violent Autistic Lettuce Crotch
  04/23/18
LJL my apt would sell for more than 2x what I paid for it le...
Exciting Indian Lodge
  04/23/18
Wouldn’t you have to give the profit to daddy?
Swashbuckling pit
  04/23/18
ljl
sepia haunting home international law enforcement agency
  04/23/18
?
Exciting Indian Lodge
  04/23/18
You paid for the apartment with daddy’s money so I assume he...
Swashbuckling pit
  04/23/18
Seems you are poorly informed.
Exciting Indian Lodge
  04/23/18
...
Violent Autistic Lettuce Crotch
  04/23/18
Just a couple hundred thousand more trucker dicks and maybe ...
Exciting Indian Lodge
  04/23/18
That’s why rent control doesn’t bother me so much. If those...
Submissive dragon legal warrant
  04/23/18
This is an interesting point, but the people living in them ...
sepia haunting home international law enforcement agency
  04/23/18
lol, you should visit California
Ungodly kitty deer antler
  04/24/18


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Reply Favorite

Date: April 23rd, 2018 11:05 AM
Author: sepia haunting home international law enforcement agency

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: rough-skinned charcoal center

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: cerebral stag film dopamine

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: rough-skinned charcoal center

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: sepia haunting home international law enforcement agency

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: rough-skinned charcoal center

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: Bat shit crazy dog poop

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: 180 psychic piazza

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: Gaped Outnumbered Church Building

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: rough-skinned charcoal center

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: cerebral stag film dopamine

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: sepia haunting home international law enforcement agency

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: cerebral stag film dopamine

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: sepia haunting home international law enforcement agency

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: thriller translucent famous landscape painting patrolman

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: Pink insecure sanctuary

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: big-titted duck-like travel guidebook

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: sepia haunting home international law enforcement agency

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: cerebral stag film dopamine

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: big-titted duck-like travel guidebook

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: Territorial Sickened Halford

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: rough-skinned charcoal center

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: Saffron Lay Regret

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: big-titted duck-like travel guidebook

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: Saffron Lay Regret

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: sepia haunting home international law enforcement agency

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: mind-boggling chartreuse stead quadroon

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: sepia haunting home international law enforcement agency

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: Hyperventilating laughsome giraffe faggotry

(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: sepia haunting home international law enforcement agency

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: Yapping twinkling uncleanness school

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: Territorial Sickened Halford

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: frisky erotic stage community account

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: Insanely Creepy Field Voyeur

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: sepia haunting home international law enforcement agency

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: Violent Autistic Lettuce Crotch

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: Exciting Indian Lodge

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: Swashbuckling pit

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: sepia haunting home international law enforcement agency

ljl

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



Reply Favorite

Date: April 23rd, 2018 5:53 PM
Author: Exciting Indian Lodge

?

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



Reply Favorite

Date: April 23rd, 2018 5:54 PM
Author: Swashbuckling pit

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: Exciting Indian Lodge

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: Violent Autistic Lettuce Crotch



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



Reply Favorite

Date: April 23rd, 2018 5:57 PM
Author: Exciting Indian Lodge

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: Submissive dragon legal warrant

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: sepia haunting home international law enforcement agency

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: Ungodly kitty deer antler

lol, you should visit California

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