Got this message today from my brother Justin: “We just closed on the sale of the ‘Seabird,’ our 12-unit apartment building 99 yards from the wide white-sand beach in Pompano Beach. We bought the property from a bank in 2011 for $515,000. We put a few hundred thousand in it over the years, but much of that was from cash flow. So our sale price of $1.325 million still netted us very healthy capital gains. Specifically, we’re distributing just shy of $770,000, including just over $667,000 in capital gains.”
Justin has been building a very impressive real estate portfolio since he quit working for me in 2009 and went out on his own to make his fortune in real estate. I’ve been investing with him since then, and it’s been the best passive real estate experience I’ve ever had. Not just in terms of ROI, but in promises kept and communication.