My friends and family know that my live-and-let-live attitude towards mostly everyone and every situation has a few loopholes: Neo-cons, people like Michael Vick, and Yankees (not necessarily in that order every day).
So this story in the NY Times last week elicited zero sympathy from me for Alex Rodriguez and a whole lot for his rental unit tenants: http://www.nytimes.com/2007/12/07/sports/baseball/07roberts.html?ei=5118&en=3a2e4ce3f336e25a&ex=1354683600&partner=rssaol&emc=rss&pagewanted=print
Seems A-Rod is known as “Tight-Rod” to the tenants who can’t understand how he’ll fight for every million dollars he feel entitled to while not understanding the distress he causes to low income families when the 16 apartment complexes he owns double the $50 late fees for tardy rent payments to $100. Plus there are lots of tenant complaints that seemingly go un-addressed, contributing to poor living conditions.
The article also discusses how little he gives to charity compared to other comparable earning athletes like Derk Jeter and Tiger Woods. But here’s my favorite part of the story, which gleefully fits in with my general theme of discussing how the downturn in the market affects everyone:
Did A-Rod opt out as a Yankee only to realize he needed a bailout?
It was a flipper’s heyday when A-Rod plunged into real estate. In August 2004, he wrote the foreword for a book by Dolf de Roos called “Real Estate Riches: How to Become Rich Using Your Banker’s Money.”
“When I landed my well-publicized 10-year, $252 million contract, I set about finding an investment vehicle that would ensure my financial fitness long after baseball,” Alex wrote, adding that de Roos’s book gave “me the confidence to form Newport Property Ventures. I began by investing in a small duplex in an emerging area of South Florida, which led to the acquisition of several other income-producing properties.”
He didn’t just acquire. He binged. Property records indicate A-Rod’s company paid $58.7 million for Tampa complexes between 2004 and early this year. Those same properties, according to the county appraiser, have a current market value of $46.3 million.
Slump? Remember, A-Rod never uses that word in baseball.
Have a nice day!