Tom Prince: How is he doing?

[Chick]

I am in real estate and have dealt with properties in Long Beach.  A 14 unit complex for $1.5 million is an average unit value of under $110,000 per apartment.  Long Beach has undergone a decade long gentrification, and you could not possibly get an apartment (1 BR) there for under $110,000 unless it was in one of the parts of the Long Beach that is still a combat zone.  Now, tell me if I'm lying Bob.

Here is just one, good insight.....hopefully you're into some other type of work now.


  Raymond 
  Property ID: 15365874   
 
 
 
 
Raymond
1228 Raymond Avenue
Long Beach, CA 90804
County: Los Angeles 
   For more information, click to email:
Tim Black
   (909) 463-6708 Ext: 3 
   
   
 
 American Dream Homes Realty
 
 
   Photos 
 
Image 1 of 1 
 
 
 
Front view - Click to Enlarge (1 MB)
 
 
     For Sale  Active   
 
Primary Type: Multifamily
Garden/Low-Rise
No. Units: 12 Building Size: 4,082 SF
Lot Size: 0.14 Acres
Occupancy: 100.00%
Price: $1,299,000 Price/Unit: $108,250.00
GRM: 11.83
Cap Rate: 6.00%
Date Last Verified: 10/9/2007
Property ID: 15365874
 
 
Find Out More... 
 
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 Map
 Demographics
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 Additional Information   
 
 
 
 
 
Property Description:
12 units. All 1bed/1bath. Completely remodeled about 3 years ago. New windows,doors,cabinets,counter tops,ceramic tile,flooring,stoves and keyless security gate. Updated electrical including new meters, cooper plumbing, sewer & gas lines and new stucco and paint. Propoerty is in graet condition. Actual expenses are very low. Laundry Room for extra cash income. Laundry Equipment is owned and being sold "AS-IS" and included in the price.

Location Description:
Excellent rental neighborhood. Close to ocean and downtown shopping. Commission Split: 2%   
 
 
 
 
  Financial Summary  Actual   
Net Operating Income: $77,940
 
 
     Unit Mix Information 
No Unit Mix Information Provided 
 
     Debt & Equity Information
No Debt & Equity Information Provided 
 
 
 

 
10/2/2007

--------------------------------------------------------------------------------
 
The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. 
 
 

[Bear]

1.5 million for a 14 unit complex, that is a dump. Condo's alone go for that.

You're a dick

[G o a t b o y]

GRM: 11.83
Cap Rate: 6.00%
Date Last Verified: 10/9/2007
Property ID: 15365874
 
 

Sucker deal.

[Chick]

Oh, hey...look at that another one...

 
  16 units apt.  
  Property ID: 15012920  
 
 
 
 
16 units apt.
1614 cherry ave
Long Beach, CA 90813
County: Los Angeles  
   For more information, click to email:
Choeun Kem
   (562) 599-7376
    
    
 
 pacific delta realty,inc
 
 
   Photos  
 
  
 
 
 
 
 
 
     For Sale  Active    
 
Primary Type: Multifamily
Garden/Low-Rise
No. Units: 16
Building Size: 9,328 SF
Lot Size: 8,499 SF

Price: $1,505,000 Price/Unit: $94,062.50

Cap Rate: 8.50%
Year Built: 1962
Date Last Verified: 10/15/2007
Property ID: 15012920
 
 
Find Out More...  
 
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 Print Summary
 Print ALL
 
  
 
 
 
 
 
 
 Additional Information  
  
 
 
 
 
Property Description:
two storie one building 14-1/1 and 2-2/1 and 8garages.total actual rent
$11780/m units mix 2-2/1/14-1/1..

Location Description:
easy torent close to retail stores.

 
 
 
 
  Financial Summary  Actual    
Net Operating Income: $130,560
 
 
     Unit Mix Information  
No Unit Mix Information Provided  
 
     Debt & Equity Information
No Debt & Equity Information Provided  
 
 
 

[Grundle]

Here is just one, good insight.....hopefully you're into some other type of work now.


  Raymond 
  Property ID: 15365874   
 
 
 
 
Raymond
1228 Raymond Avenue
Long Beach, CA 90804
County: Los Angeles 
   For more information, click to email:
Tim Black
   (909) 463-6708 Ext: 3 
   
   
 
 American Dream Homes Realty
 
 
   Photos 
 
Image 1 of 1 
 
 
 
Front view - Click to Enlarge (1 MB)
 
 
     For Sale  Active   
 
Primary Type: Multifamily
Garden/Low-Rise
No. Units: 12 Building Size: 4,082 SF
Lot Size: 0.14 Acres
Occupancy: 100.00%
Price: $1,299,000 Price/Unit: $108,250.00
GRM: 11.83
Cap Rate: 6.00%
Date Last Verified: 10/9/2007
Property ID: 15365874
 
 
Find Out More... 
 
     Options 
 
 
  Email Listing
 Map
 Demographics
 Print Summary
 Print ALL
 
 
 
 
 
 
 
 
 Additional Information   
 
 
 
 
 
Property Description:
12 units. All 1bed/1bath. Completely remodeled about 3 years ago. New windows,doors,cabinets,counter tops,ceramic tile,flooring,stoves and keyless security gate. Updated electrical including new meters, cooper plumbing, sewer & gas lines and new stucco and paint. Propoerty is in graet condition. Actual expenses are very low. Laundry Room for extra cash income. Laundry Equipment is owned and being sold "AS-IS" and included in the price.

Location Description:
Excellent rental neighborhood. Close to ocean and downtown shopping. Commission Split: 2%   
 
 
 

Chick,


Tom's 14 unit $1.5 million dollar complex just shrunk to a 12 unit $1.2 million dollar complex!  You better hurry up and invest before the place totally disappears off the face of the map!

[Old-Skool]

Wow....now everyone on here is not only 280 Lbs with 3% bodyfat....they are also real estate moguls and MBA's.............

PS. If you can get a consistent rental income in a depressed area, your profit margin can actually be HIGHER due to lower property taxes. 

[20inch calves]

Wow....now everyone on here is not only 280 Lbs with 3% bodyfat....they are also real estate moguls and MBA's.............

PS. If you can get a consistent rental income in a depressed area, your profit margin can actually be HIGHER due to lower property taxes. 

i agree. i think everyone on here just likes to get bob going. i think its great that tom's making a good living. more power to him

[G o a t b o y]

Wow....now everyone on here is not only 280 Lbs with 3% bodyfat....they are also real estate moguls and MBA's.............

PS. If you can get a consistent rental income in a depressed area, your profit margin can actually be HIGHER due to lower property taxes. 

The problem with that is if the area is likely to decline further, the property value will go to shit and the deal will be a loser overall. 

[Old-Skool]

Goatboy.....depends on your purchase price.....and if you are buying property to flip it or as a long term rental income investment....hey brother, even "slumlords" got $$$$ 

[Old-Skool]

PS. That cockroach from one of the apartments?  LOL

[gtbro1]

  He almost died for you bitches!

[JediKnight]

Chick,,,,,Long Beach is a shitty area..very high crime area.

[Chick]

Chick,,,,,Long Beach is a shitty area..very high crime area.

Not my preferred spot to live, but they do very well with rental property...to each their own.

[JediKnight]

Good luck to him and his family then.

[G o a t b o y]

Not my preferred spot to live, but they do very well with rental property...to each their own.

Not if they're buying at a 6 cap rate.  Hell, at that they actualy reduce the cash-on-cash by putting debt on it, which is the exact opposite of how it is suposed to work.     What did they do, put together a bullshit proforma to fool the investors, put little or no money of their own in, and rake in management fees and GP fees?

[tleilaxutank]

Ha, that's rich.

I live in RHODE ISLAND and a 110,000 condo unit is a slum..

[Hedgehog]

BWAHGAGHAHAHAHAH ARE YOU FUCKING SERIOUS?! WHat the fuck is the M shirt?

It's the Team Mower shirt.

No kidding.

[rocket]

Why all the hatred on the TP?

Gather round kids, its time for some onlyme style getbig history...

TP was erratic and extremely unfair on the boards.  This wasn't even on getbig where being hideously defensive might make sense.  This was on mayhem where they were all stepping lightly around the pro's so as not to offend them.  People would get banned and shot down by TP all the time for nothing.  It wasn't like was here, we're not talking about off the topic discussion, we're talking about fans who are just interested in things.  I really don't know and am only speculating but he was very prone to moodswings and to me either drugs or dieting are to blame.  I'm sure he's an ok guy now that he's away from that.

In height of his douchebaggianocity he posted a thread where he claimed that he would back titus up against a UFC fighter.  Most of the people who read it, read it on mayhem but Tom quickly came down from whatever "mood swing" he was on and cannibalised the thread, claiming that getbig made up the post.  Now maybe getbig deserves a bit of flack at times but in this particular case it was a stone cold lie that getbig made it up.  There are former mayhem members here who will back up the fact that they all read it on mayhem.

The worst part is/was where he lied to Chick saying he didn't post it.  I've got nothing against Chick so listening to him defend TP is an irritant and I think we've said our piece on that matter.  I guess there is a possibility that TP literally didn't remember doing it.

Anyway, despite that, it is in the past and I hope TP is doing fine.  Its getbig history so if you ask for it you shall receive. 

I wish hedgehog would archive a post like this so he can just repost it when people ask - he seems to have some mower stuff ready to paste in

[davidpaul]

rocket he also had an argument with mcjeff about the Golds gym sign, and actually started shit with him in golds, because of something Jeff posted on mayhem.

Good times.

[G o a t b o y]

but he was very prone to moodswings and to me either drugs or dieting are to blame.  I'm sure he's an ok guy now that he's away from that.

That's an understatement.  He was moodier than a pregnant bitch on meth. 

[bigdumbbell]

+ 8 garages? nice  garages here rent 4 $325. a month

[rocket]

rocket he also had an argument with mcjeff about the Golds gym sign, and actually started shit with him in golds, because of something Jeff posted on mayhem.

Good times.

Hah, I don't remember that one, I hope McFarland drops in.  History is far more interesting than the current state of affairs.

[insidescoop]

Not my preferred spot to live, but they do very well with rental property...to each their own.

Rentals in depressed areas even with what looks like good numbers on paper equates to the type of tenants that want to live in such an area...problem tenants, which is what makes it a bad area in the first place.....not to mention to tie up all that capital in an area which will take decades to see a decent appreciation....but still, where did TP get that downpayment, Bob?  No 100% financing in commercial real estate......

Are rich wives/in laws that prevalent in bodybuilding?

[Jizzacked]

the first property listed I think works out to like a little over 333 sq ft. per unit. 

I am on the east coast, do people really live in such tight quarters like that to be in the heart of california culture?

[NJ_Slinky]

hahaha, 6 cap in an area anchored by subsidized housing.  I bet that block's FAR is already at max, lol.

Chick is so stupid, love it.

green card - leverage