Let me tell you a little bit about my friend's dad. Frank, or "Latin Dad" as we like to call him. Here's someone who knows a great deal about owning and managing an investment property.
He's a 65 year old man who immigrated to the USA from El Salvador when he was only 3 years old. Although El Salvadorian by birth, he's a true San Franciscan by heart, having lived 62 years of his life in the city without even the slightest thought of ever leaving.
Some might call him old school. But he's just smart and hard working, that's all. He has an intense look in his eyes, a mixed expression of craziness and kindness. Now that I think about it, maybe eager would be a better word to describe this look. Why?
Well, during the course of his life, Frank has bought and sold several different types of properties (e.g. homes, apartment complexes, etc.) and now owns a mini-empire of buildings throughout the city and Bay Area.
Most of these properties are within a mile of each another, which makes it easy for him to keep an eye on the premises and to have them cleaned when needed. Although Frank might not always clean the buildings himself, he still loves to visit and make small talk with the tenants. One of his buildings is what we like to playfully call "Thug Mansion."
The notorious nickname has nothing to do with the tenants or the building itself. It's in good condition, actually. But since the building hinges on a lower income area, and because it's nice but just not that nice - we like to poke fun and get a good laugh out of calling it "Thug Mansion." In reality, it borders the affluent neighborhood of St. Francis Woods, which has some of the most expensive actual mansions in San Francisco - a beautiful neighborhood tucked up near Mount Davidson and West Portal.
That's just one of Latin Dad's achievements in the area. But some people might be surprised to learn that he wouldn't even think of owning a property and finding the same success outside of the city or in another state.
This decision is shrewd on his part. Or perhaps it's that old school charisma shining through. "How are you supposed to know what's going on with the building?" he says. Good tip!
Read more: Latin Dad's Strategies and then Latin Dad's Real Estate Tips