How to profit on overpriced listings

Oakland didn't know how bad the stolen vehicle problem was. Then Flock license plate readers generated 210,000 alerts in six months! The volume was so high OPD called it "astronomical." See the full story. garryslist.org/posts/flock-f…

A buyer demanded $2.5M off the price the day before contingencies expired. Larry Taylor told him: "Don't let the door hit you on the way out." Then he tore the building down and sold the land for $110.2 million. The story behind the best deal of his 52-year career: In the late 70s, Larry's office was at 10100 Santa Monica Blvd. Every day he walked past 10,000 Santa Monica on his way to lunch. The first building ever built in Century City. He wanted it for 20 years. He tried to buy it twice. Lost both times. Third time, he got it. His institutional partner passed on the deal, so he syndicated it himself. $35 million all in. A colleague called and asked how he could be dumb enough to pay $300 a foot. What the colleague didn't know: Fox Sports was trapped in the building. They tried to relocate next to KTTV. The union shop blocked their non-union operation. They had no choice but to come back to Larry. So he made them an offer. He bought out every tenant in the building, rolled the cost into Fox's lease, and signed them to $6 million a year, triple net. A building with almost no income was suddenly worth $60 million. Then he found something bigger. The Century City North specific plan never mentioned residential. Everyone read that as a no. His land use attorney read it differently: "If it's not excluded, it's included." While the building sat under contract to sell for $55 million, Larry quietly entitled a 37-story, 352-unit residential tower designed by Richard Meier. He told no one. Then the buyer showed up. One day before contingencies expired: "We x-rayed the steel. Quake damage. We need $2.5 million off or we walk." They had no idea he was sitting on an entitlement. He let them walk. The entitlements vested. The building came down. The dirt sold for $110.2 million. Nearly 4x what the building was worth. His rules: Use due diligence to find every reason NOT to buy. Never accept a retrade. Always have more than one way to make money on a property. Never lose investor capital. After 52 years, Larry says Westside LA prices are the most attractive since the early 90s. "When the opportunities are the best is usually when there's blood running in the water." Full episode with Larry Taylor of Christina is live now on No Vacancy

What @REExchangor said Ish… Give $20K down & seller receives a $130K walkable note against a different property 185 payments of $700/month Say they ask ya for $40K down instead Say yes Have a note buyer purchase the 1st 50 payments for $20K Now you got 4 years with no payments, a note investor friend & probably a $6K cash rebate on the note Your welcome

since @thmoneycircle asked nicely, here's a thread of some of my more popular education-ish tweets mostly about distressed CRE debt👇🧵

Pure genius: Declaring the person who outbid everyone else as the “winner” 🤣