Don't Be Trapped by Your Own Success
We recently celebrated the closing of 720 Belmont with a round of golf that included the listing agent, the seller and my cousin, the Student Manager of Quarterbacks at USC. During the round we toasted our teamwork which allowed us to close the property at 99% of the listed price of $1,695,000. Long Beach resident and multi-family specialist Ryan Rayburn, took the property to market at a record setting $282,500 for studios in the Recreation Park submarket. Ryan generated offers from usual suspects in Long Beach and 1031 exchange investors in the South Bay.
In addition to a successful transaction, we also enjoyed getting to know the owner and why they decided to sell this property. Over the last 40 years, he’d amassed quite a portfolio of income properties and acquired a love for golf. For 30 of those years, he focused on growing his portfolio by buying small multi-family properties in good locations. He was hands-on in his management and knew every system of the properties. After 30 years of building a portfolio, he spent the last 10 years enjoying the cash flow and was ready to enjoy the spoils of his hard work. With a nice piece of land in Hawaii, and views of a beautiful golf course, our client had his sights set on relieving his management duties and playing a lot more golf. For many of our clients, needs change, and for this one, we got to participate in a new solution that helped him meet his new goals.
This is the sort of work we enjoy and pride ourselves on being a part of. Thank you to our client, the buyer and their representatives, and congratulations Ryan Rayburn, on a job well done!
