“One day, into my house, a very young 17-year-old Hasidic Jew came by and gave me the Hebrew Bible -- in Hebrew,” Munger recalled at an event last year in Redlands, California, referring to Mayer.
They struck up a friendship and, years later, Munger suggested they partner to purchase buildings.
Loan documents for one of the first properties they bought show how things have improved. Occupancy increased to 98% last year, from 95% in 2019, while net operating income climbed 15% to $6.9 million.
Part of the strategy is to upgrade the complexes they buy, Munger said, noting they spent $600,000 on trees in the first year. There’s more money to be made taking care of the customer, he added.
“It’d be nice if I were Mother Teresa and did something I didn’t like doing, because I’m a noble soul,” Munger said. “But my life is organized so that time after time, what works for my pocketbook works for every moral teaching that I’ve been taught.”
This article was provided by Bloomberg News.