Moses Kagan
@moseskagan
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Owns $200MM of apartment buildings (w investors). Manages 1,000 apartments. Co-founder: @reconvenela & @reseedpartners . Join my mailing list here ⬇️
Los Angeles, CA
Joined February 2008
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Pinned Tweet
Our strategy is simply to do what smart families have always done:
- Acquire great assets in supply-constrained mkts
- Leverage them conservatively
- Steward them well
- Refinance them opportunistically to return capital tax-efficiently
- Hold them indefinitely
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The guy I know who is the best at friendships (also a spectacular salesman) keeps proposing plans. I asked him why once & he told me:
People get busy. If you want to be their friend, don’t take it personally & keep asking.
He did this with me & he eventually became one of the…
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A rule I've followed, with great success, my entire life:
Tolerate odd behavior in highly-intelligent friends & acquaintances.
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$44,000 ***PER TENT***
Is the City of Los Angeles joking?
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Property listed for 6 months at $4.6MM
We finally offer $4.2MM
Seller wants to think about it for a few days
Seller comes back at $5.2MM
Have a good weekend everyone
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The best way to cut outdoor drug dealing in SF:
Simply subject the dealers to the same permitting rules every other business there navigates
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An observation, as my peers & I move into our 40s:
People who “don’t care about $$” often begin to care very much about $$ when they realize, sometimes too late, that their lives have become constrained by its absence.
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My 10 year old son just told me he’s selling our company (my life’s work) as soon as he’s in charge, so that he can start a better company.
How’s your morning going?
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Let me give another concrete example from my own life:
My custody arrangement for my older kids post-divorce meant that I had to auto-decline ~50% of weekend social invitations I received for like 10 yrs.
So grateful for the people who kept inviting me, anyway.
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0% chance CA solves our housing crisis by building affordable housing at $1,000,000 per unit.
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Take this from someone who learned it the hard way:
If you text your buddy asking how he’s doing & he replies “I’m in a dark place”, you don’t text back “Sorry dude, let me know if I can help”.
You get in your f’ing car & go find him immediately.
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@HiCaseyV
I met him while he was falling down drunk at Cheetah’s. He gave me a fist bump & said “Kiefer respect”
One of the weirder interactions of my life.
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People have this weird blindspot, where they assume life in other countries is like life in America.
It’s not. In China, if the government doesn’t like you, you just disappear.
No warning, due process, no nothing.
Are TikTok’s key execs or their families still in China?
If…
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Something no one tells you about getting into your 40s:
Your friends start getting into positions of authority in their chosen fields, massively strengthening your collective network, creating interesting new opportunities for everyone.
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Can’t believe I have to write this:
People who work hard & accumulate enough $$ to live through retirement without burdening their families or society, then pass what remains on to their offspring are to be praised, not vilified.
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~2 years into Covid, and ~18 months since we learned the disease is transmitted through the air, the Los Angeles Department of Building & Safety still requires all submitted plans to be quarantined for several days before a plan-checker can review them.
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Am writing w incredibly sad news:
Our friend
@ArtemTepler
is no longer w us.
Will post a link to GoFundMe below to help his partner & young daughter. Hope you will join me in giving what you can.
Pls like, RTs, etc. for distribution, so we can raise as much $ as possible.
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Almost every time:
500s credit score applicant picks the more expensive unit that would stretch his monthly income.
700s credit score applicant wants the cheaper one, well within his means.
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Our policy on employees who leave:
If you give us 2+ yrs of good work & enough notice for us to find & train a replacement, you get added to our unofficial "alumni network", which means:
We do whatever we can, within reason, to help you along in your career.
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The NY Times published a very long story today abt Houston’s relative success in re-housing homeless people.
~No mention of the fact that Houston’s unusually lax approach to zoning means more supply & therefore lower rents, making re-housing people *much* easier.
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Some Things I've Learned in Business (Sometimes the Hard Way), a thread:
1. Wealth comes from solving problems - you can solve small problems for lots of people, big problems for few people or big problems for lots of people (avoid small problems for few people!)
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Our policy on employees who leave:
If you give us 2+ yrs of good work & enough notice for us to find & train a replacement, you get added to our unofficial "alumni network", which means:
We do whatever we can, within reason, to help you along in your career.
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Unpopular opinion:
The American credit scoring system is one of the under-appreciated marvels of the modern world.
It enables trust among strangers at scale, and therefore reduces costs & increases commerce, to everyone’s benefit (even those w low scores).
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Very sad I have to write this, but:
Selling goods or services to willing customers at a profit isn’t evil or even icky.
It’s admirable & the root of most human progress over the past few hundred years.
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Last yr during
@REconveneLA
,
@realEstateTrent
offered to donate $20 / RT to a charity of my choice up to $15k.
I matched & we raised $30k for
@BTSLosAngeles
& Prep for Prep.
Shoe’s on the other foot now :)
$1/like of this tweet (to $16k), to “Trent”’s fav charity.
Let’s go!
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Central irony of the modern American housing market:
Renters blame developers, who add to supply, for high rents, rather than the politicians who restrict supply.
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Like many of you, I'm having a pretty crappy day. But here's a little good news:
The Real Estate Twitter community just raised enough $$ to put
@ArtemTepler
's 2-yr-old daughter through college.
(If you would like to contribute, the link is below.)
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Am posting this, from my friend Eric Weatherholtz, as a pic & not tagging him, in order to maximize distribution from the algorithm.
It’s a ~priceless insight.
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Huberman a reminder of two eternal truths:
1. Most men placed in positions of “spiritual” authority will be tempted to use that power to have s*x w many women,
&
2. (In part, for this reason) If you make any man into an idol, you are very likely to be disappointed
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The game, in case no one took the time to explain it to you:
As quickly & efficiently as possible, transmute your labor into ownership of scarce and / or productive assets.
(Hence: “capital”-ism.)
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Am divorced.
My ex & I have the two older boys alternating Thanksgivings.
This is an “off year” for me & I already miss them terribly, even tho I’m w my wife & youngest & will be surrounded by family & friends.
Thinking of other folks in the same position & sending good vibes.
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A msg for children of immigrants (like me):
Those weird businesses your parents had (ours was small apt buildings)? The old cars they drove to save $? That pressure they put on you to get good grades?
1. That experience was *deeply* American
&
2. Your parents are heroes
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I hope all you builders will internalize this:
The kind of person who can make a building appear from nothing, despite the many obstacles in the path of that happening, is also the kind of person who can rebuild a good life after going broke.
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For those entering their 30s having taken a couple swings in start-ups w/o having made life-changing $$:
Maybe take those tech skills & use them to build wealth in a more traditional business.
Really want to avoid hitting 40 with nothing to show for ~2 decades of work.
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Take Peter Thiel’s key idea from Zero to 1 and invert it:
Consciously go into a niche where many fairly mediocre people do well & just outcompete them.
Pretty much guarantees you won’t be a billionaire.
Pretty much guarantees you’ll end up ~rich.
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For those tuning in recently:
Last yr, we helped a Ukrainian refugee family settle in LA & start a handyman biz:
Had them over for 7/4.
Happy to report:
- they’ve stopped advertising, bc they & their employees are so slammed w work, &
- all 3 sons now speak perfect English
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Started a new biz & hope you can help spread the word:
You all know I love RE deals & teaching. Have tried to combine my passions in different ways over the yrs, including on this feed.
The new biz,
@reseedpartners
, is by far my most ambitious try:
A strong group of…
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Want to add that I really fucked up here.
We texted yesterday, he told me he was in a dark place and I offered help but didn't follow up aggressively.
Going to carry that one for the rest of my life.
If you're in a dark place PLS REACH OUT to people who love you or, if you…
Am writing w incredibly sad news:
Our friend
@ArtemTepler
is no longer w us.
Will post a link to GoFundMe below to help his partner & young daughter. Hope you will join me in giving what you can.
Pls like, RTs, etc. for distribution, so we can raise as much $ as possible.
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@emanumiller
Sincerely appreciate the journalists who attended, did not look away, & will now tell the world what they saw.
I would not have the strength.
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Say it with me:
There is no amount of $$
any local government
could feasibly spend
that would make a material difference
to our housing crisis.
The only solution:
Let the private sector build build build.
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The vast majority of humans who have ever lived did so under the heals of tyrants of one type or another.
The freedom bequeathed to us by our Founders is unbelievably rare in historical or global terms.
We need to be vigilant in protecting it.
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Results of an incredibly unscientific poll of my high-achieving, all-male prep school friend group:
Everyone who heard his parents fighting about $$ devoted his career to making $$.
Everyone who didn’t, didn’t.
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A rule I've followed, with great results, my entire life:
Tolerate odd behavior in highly-intelligent friends & acquaintances.
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An eviction process requiring six months and tens of thousands of dollars in legal fees for a landlord to recover her apartment from a tenant who doesn't pay rent is unjust.
(It also means landlords can't afford to give people second and third chances.)
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Take Peter Thiel’s key idea from Zero to 1 and invert it:
Consciously go into a niche where many fairly mediocre people do well & just outcompete them.
Pretty much guarantees you won’t be a billionaire.
Pretty much guarantees you’ll end up ~rich.
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I'll write this over & over again:
1. Success in America is almost always a multigenerational game
2. If you were born without much, you have an opportunity to be the one who puts your family on a better trajectory, and thereby earn the title "Founder"
We're rooting for you.
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Single dumbest concept floating around X:
“Hoarding wealth”
Under modern capitalism, rich people don’t bury chests of silver & gold.
Their $$ is mostly put to use financing the businesses, buildings, planes, etc. that comprise our economy, making all of us better-off.
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The single best way to red pill someone:
Give her a job requiring regular interaction with state and local government in California.
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If you’re currently working hard to give your kids advantages, pretty crazy to spend your time resenting people whose parents did the same for them.
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Owner of our main landscaping co:
Came here illegally (legal now), built a little company w 3-4 employees, does maybe $300-400k in revenue, works outside every day all day, owns two homes in CA worth probably $2.5MM.
American dream.
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In case anyone is thinking of having kids: Here’s our kitchen right now
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Wish they taught this in school:
If you begin your career focused on building wealth, you can easily pursue something else later.
If you begin your career focused on something else, gets harder & harder to build wealth.
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We've been managing apartment buildings in LA for like 12 yrs. There's not much we haven't seen.
And yet: Yesterday, one of our managers spent her day trying to figure out which tenant owns this unauthorized pig.
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@hunterjones23
Willing to bet that kid's going to grow up to be a contributing member of society, too
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My great-grandfather Morris, who fled a pogrom in Ukraine & settled in NYC around 1910.
He candled eggs at night, sold dairy from a pushcart, opened a grocery store, then a few more, then bought buildings.
$$ from the sale of last his building was the downpayment for my first.
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Wish I had known when entering adulthood:
Few things are harder than raising kids with no help & no money to pay for it.
If you choose to build your life far away from your family & your partner's family, better get rich fast.
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Every new requirement in the building code (solar, fire safety, stormwater, etc.) increases cost of construction & reduces rate of supply growth.
Therefore, each proposed requirement must be viewed thru this lens:
Is this important enough to justify raising rents for everyone?
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Posting this as a pic & without tagging my friend “at mhprvmvp” in order to maximize distribution from the algo, bc the message is so important.
Do not give up on life; your kids need you.
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Imagine taxing house cleaners & home health aids & school janitors who show up to work every day and bust their a*sses & spending the $$ like this.
Just breathtaking levels of disrespect for the tax payers.
Anyway, here's the article:
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Pretty bleak time for us Jews.
Want to thank all the non-Jews, some friends, some of whom I don’t know at all, who have reached out to check on me, share their sadness, and express their support.
Means a lot.
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Lenny lighting a menorah his grandfather made.
Happy Hanukkah everyone.
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Did Adam Neumann lay off a large chunk of his multifamily holdings on a16z, *right* before the value fell through the floor due to rate hikes?
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@Jack_Raines
This is not controversial, except among a small group of vocal online over-produced elites
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Was with a bunch of serious real estate players a few days ago, and the following question was asked:
If you had $20MM coming out of a sale to place via 1031 exchange, what would you buy?
One of the most sophisticated guys there said he would just pay the taxes.
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One path to riches:
Make yourself into the kind of person who can mediate between the World of Spreadsheets & the World of Pickup Trucks
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The game, in case no one took the time to explain it to you:
As quickly & efficiently as possible, transmute your labor into ownership of scarce and / or productive assets.
(Hence: “capital”-ism.)
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Every morning, before I put my car in reverse to back out of the driveway, I pause to visualize our neighbors’ 3 yr old running unsupervised on the sidewalk behind me.
Now I hope you will, too.
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We’re not fixing the housing shortage without letting in a lot more immigrant construction workers.
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We manage more than 100 apartment buildings in Los Angeles.
What is the single most important factor limiting our ability to push asking rents for our vacant apartments?
Lots of new supply coming on-line in the neighborhood.
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It's so much worse than I thought:
In addition to the $44k / tent to build this disaster, they're spending $3MM / yr operating ~90 tents, which is $33k / yr / tent.
You can rent one of my 1 bed apartments in Silver Lake for like $28k / yr.
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This flooring is an abomination.
Stop using it immediately, if not sooner.
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Pics of a bungalow court we just finished renovating.
Took way too long & cost way too much (in fact, it's one of the projects that pushed us out of value-add).
But, man, did it turn out well.
Let's see how it rents.
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The LA bargain:
Tolerate high state taxes, poorly-run govt, disorder on the streets.
In exchange, live in a walkable neighborhood, with a dynamic economy, with perfect weather, 25 min from the beach on a Sunday morning.
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This is an incredible clip, applicable to real estate or, really, any other career.
*Strongly* encourage you to watch it.
Mr. Beast was so obsessed with YouTube that he talked growth strategy with friends on Skype every day for more than 1,000 days. By the end, everybody in the group had more than 1 million subscribers.
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Someone should write “How I Got Rich”, a book of interviews (possibly anonymous) with people who have got rich in a wide range of fields.
Would be a fascinating & valuable read, particularly for young people considering which path to take in life.
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I reject, in the strongest possible terms, the de-growth nonsense smuggled into today’s NY Times by a sociology professor whose salary I unfortunately contribute to paying.
The only real limits on California’s growth & prosperity are those imposed by NIMBY ding dongs.
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Everyone say it with me:
"If I could accurately predict interest rates, I would be trading bonds, not hustling real estate deals."
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Most of the world's most talented, ambitious young people would move here in a second, if we just let them.
(...and enrich us all.)
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Something we need to do a better job teaching young people:
Any job where the lion's share of the compensation comes in the form of social capital or intellectual stimulation is fundamentally a job for people with rich families.
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Every once in awhile, it occurs to me there are tens of thousands of small business owners out there, quietly:
Serving customers
Making payroll
Paying on-time for materials, rent, insurance, etc.
Taking care of their families
These people are heroes
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Every Jew should recognize that what they’re doing to Asian kids right now is what they did to us from like 1910-1970.
Harvard University won’t require SAT or ACT through 2026, a landmark step in push to limit role of standardized tests in admissions
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Something bothering me a lot recently:
Our civilization relies on infrastructure (the Interstate Highway System, Diablo Canyon, the Hoover Dam, the LA aqueduct, etc.) which we could not build today, due to the de facto veto our political system grants to ding dong de-growthers.
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@jacobin
Nationalize Jacobin. A publicly owned communist magazine could be shut down & never heard from again.
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How to raise money for your first real estate deal
Many beginners find a deal, tie it up, then start trying to raise capital. That’s a good way to end up with a busted deal & egg all over your face.
Instead, you want to let your initial capital base dictate the kind type & size…
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Recently had two bids submitted for some work on landings:
1. ~$25k
2. $6,500
Confronted with "2", "1" offered to match "2".
Careful out there, everyone.
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Ground up development is generally a lagging indicator of demand exceeding supply.
Which is to say:
The new building in your neighborhood isn’t raising your rent.
The high rents in your neighborhood are raising the building.
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@CoriBush
Awful take, particularly from an elected official.
The freedom this country provides is intended for everyone.
That we have fallen far short of this ideal does not invalidate it; it just means we all need to work harder to make it true.
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The CEO of the boutique M&A shop at which I started my career couldn't have built an LBO model, run comps, or made a Powerpoint deck to save his life.
So, why was he the CEO?
Because at that biz, & every other biz, power flows to those who make the cash register ring.
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Most important takeaway from our short trip to Mexico City (besides the five pounds I now need to lose):
American cities should immediately plant a lot more trees.
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