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Reading @Molson_Hart adventures in real estate reminded me of our first deal.
We spent 6 months wandering Barcelona looking for off market lofts until we finally struck gold. Like all good deals, it took some insane turns
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We spent 6 months wandering Barcelona looking for off market lofts until we finally struck gold. Like all good deals, it took some insane turns
Poblenou is a "trendy" district in Barcelona, about 15 minutes from the beach. We were early 30& #39;s and knew it& #39;s where we wanted to be.
It is redeveloping, but it& #39;s full of mid century office buildings, and much of it still looks like this: 2/
It is redeveloping, but it& #39;s full of mid century office buildings, and much of it still looks like this: 2/
Perched atop the midcentury loading docks and offices are penthouse lofts with views of the mediterranean and the city.
You technically can& #39;t live in them, and commercial mortgages are expensive. So instead of paying €600K for a penthouse, you might get it for €400K. 3/
You technically can& #39;t live in them, and commercial mortgages are expensive. So instead of paying €600K for a penthouse, you might get it for €400K. 3/
We spent 6 months visiting on-market lofts, and meeting every loading dock security guard. One day one of them called, an owner is looking to unload his loft, very motivated.
The only issue, a DJ (and his cat) are squatting there running clandestine nightclub. Ok. 4/
The only issue, a DJ (and his cat) are squatting there running clandestine nightclub. Ok. 4/
Getting a squatter out in Spain can take months. We agreed to a price, and told the owner we& #39;ll put the money in escrow until he gets the DJ out.
14 months later, my pregnant wife and I are in Florence for a trade show. We get the call on a Friday. DJ out Monday. 5/
14 months later, my pregnant wife and I are in Florence for a trade show. We get the call on a Friday. DJ out Monday. 5/
The real estate market jumped quite a bit that year. Now we were worried owner will pay the penalty and put the loft on the market.
We call the bank, we need to sign this Monday or the seller is going to back out. Banker says it usually takes 3 weeks. 6/
We call the bank, we need to sign this Monday or the seller is going to back out. Banker says it usually takes 3 weeks. 6/
Monday morning, police come, DJ goes. Banker says he found a notary willing to go express, printing docs as we speak.
Owner signs, we later find out neighbors paid 40% more just 6 months ago.
Being nice people, we tell owner he has 2-3 days to clear out the loft. 7/
Owner signs, we later find out neighbors paid 40% more just 6 months ago.
Being nice people, we tell owner he has 2-3 days to clear out the loft. 7/
We show up the next morning to bid out contractors, owner is sleeping on the couch. Weird.
He calls us two days later, angry, says he& #39;s taking the whole kitchen. Rookie mistake on our part.
Contractors laughed, in the end it was a win for us, the kitchen was horrible. 8/
He calls us two days later, angry, says he& #39;s taking the whole kitchen. Rookie mistake on our part.
Contractors laughed, in the end it was a win for us, the kitchen was horrible. 8/
4 weeks later, contractors done. Here I am first day in the new kitchen, and views from the loft.
Adventure doesn& #39;t stop there. First weekend in the apartment, woken up at 3 AM, apparently ANOTHER clandestine DJ lives below us.
Our due diligence didn& #39;t catch that. 9/
Adventure doesn& #39;t stop there. First weekend in the apartment, woken up at 3 AM, apparently ANOTHER clandestine DJ lives below us.
Our due diligence didn& #39;t catch that. 9/
A few weeks later we had our first son (pic, enjoying loft living).
We hung on for 14 months but the constant partying was too crazy.
The DJ neighbor was being evicted, police came every weekend...but we couldn& #39;t wait it out. We decided to move.
We hung on for 14 months but the constant partying was too crazy.
The DJ neighbor was being evicted, police came every weekend...but we couldn& #39;t wait it out. We decided to move.
Loft rented within weeks, now we have a 14 cap in the middle of Barcelona.
Dedicating time to something that isn& #39;t core can feel like a waste, but you never know where it might lead.
It was our dream house, but the investment helped us with financial freedom. 10/
Dedicating time to something that isn& #39;t core can feel like a waste, but you never know where it might lead.
It was our dream house, but the investment helped us with financial freedom. 10/
