NYPD Narcotics Officer Amasses $400M RE Portfolio
https://therealdeal.com/2019/06/17/this-ex-nyc-dr…
https://www.bloomberg.com/news/features/2019-06-1…
RE is one of those sectors with relatively few barriers to entry. We've all heard plenty of stories of people of all walks of life turning side hustles of smallMFor even single family units into considerable fortunes. But THIS has to be the craziest story I've ever heard of. And before you scream "dirty cop", when you look at the prices he paid a few decades ago, it's totally believable. Though I imagine the chutzpah and street knowledge that comes with being a cop had its share of advantages for this type of investment (especially Red Hook in the 70s....damn). But hey, leverage whatever you've got. His humility and approach is something to be admired as well.
Of courseNYC, especially neighborhoods like Red Hook, have had a unique set of circumstances over the last 50 years. But still, it goes to show that with enough patience and perseverance, you never know what's down the line. Slow and steady wins the race in RE.
Comments (10)
Pretty cool. And refreshing to hear about a landlord who laments raising his tenants' rents.
He's also in a position where he doesn't need the money and can actually empathize with other peoples' situations rather than his own financial gain. Most small landlords actually need the additional rent to pay for repairs and upgrades to a building.
This is pretty incredible to read about. I love stories like this
A police officer would have a huge advantage while investing in SFR/MFconsidering they will know every nook and cranny of the city and how crime is trending in different areas.
Also almost half of his portfolio was bought from the Port Authority, so he may have had some inside knowledge about the properties or the sale process ahead of time.
- Learn more
- |Suggested Resource
Learn More300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.
Learn moreVero sapiente qui tenetur dolor. Laborum maxime aut corporis. At enim similique sunt porro quia magnam ratione. Cumque labore sit esse in rerum eum. Accusamus velit sed sit officiis consequuntur quia.
Illo assumenda dicta error vel ex minima. Est amet ad laudantium libero atque excepturi in. Tenetur consequuntur architecto minus odit. Doloribus qui officiis reiciendis perferendis maxime earum quisquam. Pariatur quam et soluta repellendus assumenda cupiditate laborum. Eius et exercitationem nemo illo ducimus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus:6 financial modeling lessons free($199 value)
orUnlockwith your social account...