Any back-story or "how they did got there" how did they accumulate their wealth and what is their lifestyle like. explanations accepted for extra credit.
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Currently a MD graduating high school this June
Shit
My friend was making 7 figures at a HF in his mid 20s.
What is he doing now?
He’s an angel investor now.
Still in school, but I have a buddy who’s put together, fundraised, and closed a RE deal in Chicago. Super smart and motivated guy, he was able to explain the rationale to me very simply (basically raising Section 8 rents to market thru gov forms and charging tenants for utilities). Best part about it is that he was born from immigrant parents with no connections whatsoever and had to cold-email people his deals until he found willing backers. He had some BS big4 job lined up out of school but decided to not do it and pursue finding more deals full-time after grad. Wishing the best for him and hopefully one day I can cut him an LP check of my own haha
Love that. Shows anything is possible
He closed one deal and “anything is possible” - ok buddy.
Wait. He closed a deal involving kicking poor people out of their homes?
why isn’t every landlord with rental property in cities with tight housing markets doing likewise?
Going more in-depth on the background of the deal, this is what I understand (not really a real estate guy like others on this site): The asset he bought was in a shit neighborhood (not 63rd but still VERY high in violent crimes), although it is one that he grew up close by and understood. Most institutional players would hire property managers for this building so that they couldn't get their hands dirty. My boy does it himself with some family friends he employed which makes the economics of the deal better (and also more money in his pocket).The building was also previously owned by some boomer who didn't fill out forms to keep the rents up to market, and city or state law says that rents for section 8 can be raised to market rates. That was the first thing he did, and since the government pays for it it won't affect the tenants.The only thing he did that effects the tenants is charging utilities, which he is allowed to do while the previous owner chose not to.Hope this gives some context
Define "success" and I think you will get more responses.
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