NYPD Narcotics Officer Amasses $400M RE Portfolio
https://therealdeal.com/2019/06/17/this-ex-nyc-dr…
https://www.bloomberg.com/news/features/2019-06-1…
RE is one of those sectors with relatively few barriers to entry. We've all heard plenty of stories of people of all walks of life turning side hustles of small MF or even single family units into considerable fortunes. But THIS has to be the craziest story I've ever heard of. And before you scream "dirty cop", when you look at the prices he paid a few decades ago, it's totally believable. Though I imagine the chutzpah and street knowledge that comes with being a cop had its share of advantages for this type of investment (especially Red Hook in the 70s....damn). But hey, leverage whatever you've got. His humility and approach is something to be admired as well.
Of course NYC, especially neighborhoods like Red Hook, have had a unique set of circumstances over the last 50 years. But still, it goes to show that with enough patience and perseverance, you never know what's down the line. Slow and steady wins the race in RE.
Pretty cool. And refreshing to hear about a landlord who laments raising his tenants' rents.
He's also in a position where he doesn't need the money and can actually empathize with other peoples' situations rather than his own financial gain. Most small landlords actually need the additional rent to pay for repairs and upgrades to a building.
This is pretty incredible to read about. I love stories like this
A police officer would have a huge advantage while investing in SFR/MF considering they will know every nook and cranny of the city and how crime is trending in different areas.
Also almost half of his portfolio was bought from the Port Authority, so he may have had some inside knowledge about the properties or the sale process ahead of time.
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