Was he betting on LA appreciation or was it already there? 

The condos in FL have the added benefits of amenities that the SFRs don't have, and that tenants want in that area - pools, tennis courts, fitness centers, jogging trails, bike paths, car wash areas, outdoor BBQ's, water views.

Bought a triplex in 2015 for $800k (Wash Park, Denver).

Wash, rinse, repeat. 

Now go wash those hands, ya stink bro....... 

We formulate our opinions and then we wash them through the prism of historical precedents and moderate accordingly.Institutionally, today, I can tell you from speaking to both lenders and equity, the concern is that there is very little spread between Class C assets and those in tertiary locations, and Class B and A in primary markets.

I would go to those big fish and clean their toilets, wash cars, make deliveries for pennies in return for their knowledge.

So its kind of a wash.

He said everything was working well although he couldn't tell how old the actual pump was.

My niece lives in one of my units, she washes dishes with water continuously running, at least she did until she got her first $150 water bill which is a 1/3 of her total rent.