Gotham Gal: Question of the week

I am going to answer a question about a topic I rarely write about....real estate.

I know you've been involved with a few construction projects over the years. Let's talk about real estate, real estate development (as a biz), and real estate development (for personal property)

I love real estate. Owning a piece of property for personal use or even an investment can be a great place to park your cash if of course the location is right, the price is right and you are thinking long term. At least that is our strategy.

My first "aha" moment with real estate happened many years ago. A friend of ours owned a strip mall in Kansas City that was bequeathed to both him and his sister from their Grandparents. Skipping a generation with a gift is a benefit for tax purposes. Not sure what it is but I am pretty sure there is a benefit and perhaps that does not exist anymore but at one time it did. Regardless, every ten years, him and his sister would take out a new mortgage on the property. The property was completely rented out so they were receiving monthly revenues from this investment. By pulling money out of the property with a new mortgage every ten years, they were able to pull out a significant amount of cash to split and the revenues coming from the property paid the mortgage back and then some. In essence, the property was a constant source of income with a size-able kick every ten years. I thought it was brilliant. It was one of the moments where I said...note to self, buy real estate.

When we first got married, we bought our first apartment. We have purchased several pieces of property since. We like owning things that we can touch. More than likely over the next couple of years we will begin to buy more property for investment purposes that can generate revenue and go up in value over the years to come.

I also enjoy the project. The creative aspect of building something for personal use that I want our family to live in is rewarding. I like making decisions every day. I am good at seeing the vision. I know for many it is incredibly stressful to go through a process like that but I enjoy it. The key is really having a good group of people around you that you trust from the architect, designer and builder. One thing to keep in mind is every project takes a life on of its own. I don't care if you have done it ten times, the eleventh time is different. There are always mistakes, it never comes out exactly perfect but it generally comes out pretty damn good.

companies I have invested in

more investments →

books of the moment

Peggy Riley: Amity & Sorrow: A Novel
A mother drives for days with her daughters and ends up in a random Oklahoma town after crashing the car. They come from a polygamous community where there were 50 wives. The mother had grown up knowing life outside that community. Over time, after leaving, she almost becomes deprogrammed. The realization of what she did to her daughters who no nothing outside the world they came from including how to read. Then there is the family that brought them in. It is a fascinating story. Well written. Worthy read.
Charles Graeber: The Good Nurse: A True Story of Medicine, Madness, and Murder
An amazing true story of a male nurse who was arrested in 2002. I actually remember the story as I followed it in the papers. This nurse was a serial killer who had probably murdered over 400 patients that were under his care. A seriously well researched book. Great read.
Meg Wolitzer: The Interestings: A Novel
Wolitzer writes about a group of camp friends who all come from different walks of life (some on scholarship) as their friendships continue through their mid-50s. At the beginning the story seems trite but as you continue to read there is a lot of be said. The story is sticking with me. She makes the case that everything that happens to you from your childhood makes an impact on who you become or don't become. Worthy read.
Elizabeth Strout: The Burgess Boys: A Novel
Strouts last book won a Pulitzer. She focuses on family issues. I enjoyed this book much more than Olive Ketteredge which I found utterly depressing. This book follows two brothers and a sister who live in the shadow of their fathers accidental death. Like most siblings, all have turned out very different yet they are connected. I did not love any of the characters, like her last book, yet as The Burgess Boys moves forward and memories are revealed, it is an interesting perspective on human character.
Tamara Shopsin: Mumbai New York Scranton: A Memoir
Great book. A witty spare inventive personal diary of Tamara journey from Indian to New York to Scranton. Really really enjoyed the book.
Michael Lavigne: The Wanting: A Novel
An incredible book that tells the human side of the many layered issues in the Middle East. From immigrating to Israel from Moscow, to being a victim of a suicide bomber yet surviving, to being pulled into an Israeli radical group. Each character is connected. Very layered well written book. Powerful
Alessandro Piol: Tech and the City: The Making of New York's Startup Community
A history of the Internet that I lived through. Great job of recording what happened.
Amity Gaige: Schroder: A Novel
Not sure how much I loved this book. A father loses his child in divorce and decides to kidnap his own daughter. He is not a stable person but he obviously loves his daughter. His own childhood has made him a disconnected human being. An interesting journey but not sure I'd recommend.
Ernest Hemingway: The Old Man and the Sea
Classic.
Janice Steinberg: The Tin Horse: A Novel
a good novel that not only tells the tale of another dysfunctional jewish family in the early 30's but interweaves pieces of los angeles history throughout the book.