[spdrun]

Who cares? Make your own measurements, judge for yourself if the price is right. Realtors’ square footage quotes are to be taken with a huge grain of salt, and legality is irrelevant.

[spdrun]

Exactly — they need to institute eye testing and marksmanship lessons, perhaps from an ex-military instructor. Spraying and praying endangers everyone.

[spdrun]

Uh, if someone is bent on doing something illegal, do you think they’ll be so worried about buying a gun (or fire-axe, or iron pipe) legally? Come on.

Personally, I hope that the baboons get the book thrown at them legally, so it doesn’t come to someone resorting to vigilantism.

Lastly, why does it always seem to be a dept in California? From what I read, LAPD, Oakland, and BART-PD have 2x to 3x the officer-involved shooting rate of the NYPD.

[spdrun]

Not immune from a relative of the people who were shot pumping a few rounds into their kneecaps after the whole thing is long forgotten. Just enough damage to cripple for life, not kill of course.

[spdrun]

Hopefully, a jury won’t agree and will bankrupt their sorry asses into homelessness. At least the area has a nice, warm, climate for sleeping under a bridge.

[spdrun]

(and you can add scared cops with guns who shoot first check second to that list as well — one of the two LA mistake shootings was done in the victims back)

Scared cops? Trigger-happy baboons. Can’t handle the job, don’t take it. They deserve all of the lawsuits that are no doubt coming their way.

[spdrun]

The trigger-happy cretins who shot the innocent people would be strung up Iranian-style on the courthouse lawn in a just world. Good example for cops to be more careful in future and not engage in Crip-style drivebys.

As to the cop who set this thing off, he should be happy to know that they treat ex-cops reeeeealy well in the klink.

[spdrun]

Best revenge is living well…

Buy something in a “bad” area of DC, wait for it to go up, then either sell or rent it to a parasite. In short, assfuck them hard while twisting, and make money off THEIR blood, sweat, and tears.

[spdrun]

I’m still seeing fixer-uppers in the $100-200k range in Trinidad. But I’d call this a result of gentrification rather than a bubble per se. Guessing that SE across the Anacostia bridge will be next.

As with NYC, DC prices didn’t drop all that much after 2007-8. DC is becoming safer, gov’t jobs are available (we’ll see about sequestration), and commute times from the suburbs are obscene. All this argues for people living in the city if they work there, so there’s upward pressure on values.

[spdrun]

None of these have broken in my apartment in NYC in the almost 3.5 years that I’ve been there. Why would I have to fly out anyway if I can call a local plumber or appliance mechanic? Stove/fridge are electric and cheapies — in the worst case, I’d have a new unit delivered and arrange for delivery online or over the phone. This isn’t rocket science.

Anyway, the purpose of the apartment is to hold it for my own future use while turning a small profit. As far as cap rate, 7.5% seems to be the minimum considering my research on going rents. May be 8 or 8.5 if I get lucky.

Lastly, my offer is for a pretty average price for a short sale in that complex. However, I’ve seen regular sales go for 10-20% more (yeah, blah, blah, no short-sale discount). I probably could do some minor repairs and flip for $20-30k profit, worst case.

I know a good deal when I see one, and I have been able to profitably re-sell most expensive things that I’ve bought so far. Goes for cars, motorcycles, stocks, furniture. I fail to imagine that real estate will be any different.

[spdrun]

Which is why I picked a property that’s unlikely to have mechanical failures. Metal (not PEX-crap) plumbing. Common laundry and hot water appliances. Ground floor unit, so no risk of flooding out a unit below it. Electric self-contained wall heaters.

And as for anything, tenants will be screened VERY carefully, though perhaps in an unconventional manner.

This isn’t all that unusual. A client who works in the construction business in NYC owns two properties in Denver that he rents out, with a view to moving to one eventually after he retires. A lady whom I rented to (short term) now lives in the city, but still owns a place in Nevada from when she lived there. Renting it quite successfully.

[spdrun]

That condo has good appreciation potential/inflation protection and staying in SD for a while every year bothers me not at all.

[spdrun]

DC – have family, some work, and some good friends there, and the property is rented for 2+ years at a time to some very stable tenants. Going there occasionally is no big deal.

SD – fell in love with the area the first time I was out there in 2009. Buying something that may eventually make a good vacation pad (or perhaps that I can move to if I decide to go “west”), but can be rented right now and hopefully will go up in value as well. It’s a simple 1-bedroom unit in a relatively well-run complex. Electric heat, no central A/C, external hot water source. In short, very little to break, and the tenant will be signing a contract making repairs below $500 their responsibility.

NJ – it’s 30-40 minutes from where I live. No flying required, and right now the price is right.

Believe me, my madness may be intense, but there’s a small measure of method to it.

[spdrun]

7.5% cap for the one in SD. Closer to 9% in NJ. Could get theoretically 10%+, but that would involve areas where I don’t want to be involved.

[spdrun]

One is in NYC proper, the other in DC area. Offers out on a 3 unit + 1 commercial in NJ as well as a condo renting at 7.5% cap (or more) in a nicer part of SD. And yeah, if I don’t get the 3+1, I looked at several properties in the low to mid $100k range this weekend that I’m happy to offer on.

Lastly, stats came out today. NJ is down 0.9% Y-o-Y since last year, so hellz yeah the opportunities are good.

[Author]

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