Business Buying Academy How to Buy and Manage Hundreds of Millions in Real Estate - Moses Kagan
Feb 28, 2025
Join Moses Kagan, a savvy real estate investor in Los Angeles managing hundreds of millions, as he shares his journey from a challenging first deal to insights on finding tenants. He dives into the math of acquisitions and the delicate balance between using personal vs. others' capital. Moses also offers lessons learned from family influences in real estate, discusses the hurdles posed by high interest rates, and critiques urban parking regulations, advocating for better city designs. His stories provide a fascinating glimpse into the complexities of real estate investment.
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First Deal Bought With Family Capital
- Moses bought his first 16-unit building in East LA with family capital and a 35% down payment.
- The conservative bank LTV and high equity cushion helped them survive the GFC rental downturn.
Underwrite Both LTV And DSCR
- Check both loan-to-value (LTV) and debt-service-coverage ratio (DSCR) when underwriting commercial loans.
- In high-rate periods DSCR can reduce usable LTV from 75% to nearer 65%.
Operations Trump Spreadsheet Obsession
- Operational skill can outweigh financial sophistication for small landlords.
- Good taste, conscientiousness, and timely repairs drive tenant demand and business stability.