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“Bob” almost went broke in real estate during the Great Recession.
Then he bought a property, sold it, became the lender, and brokered it twice.
He was back on his feet.
Comeback story below:
#cre #retwit
Then he bought a property, sold it, became the lender, and brokered it twice.
He was back on his feet.
Comeback story below:
#cre #retwit
A single unit franchisee drive thru building hit the market for $350K.
Seller was willing to “carry back” a loan for $250K at 6% interest only, so Bob needed $100K for down payment.
Seller was willing to “carry back” a loan for $250K at 6% interest only, so Bob needed $100K for down payment.
Bob put the property in contract, brought in a friend for the $100K down payment, and closed on the property.
Have you ever wondered why anyone cares about space?
The "space race" to the moon is actually a massive real estate play.
Below I will detail the politics, what's at stake, and why it's a winner take all situation:
#retwit #Creil
The "space race" to the moon is actually a massive real estate play.
Below I will detail the politics, what's at stake, and why it's a winner take all situation:
#retwit #Creil
The US & it's allies (ARTEMIS) are racing against a China / Russia partnership to be the first to develop real estate on the moon.
These parties agreed on “The Outer Space Treaty” which is basically a “first come, first serve approach” to lunar development and mining.
These parties agreed on “The Outer Space Treaty” which is basically a “first come, first serve approach” to lunar development and mining.
Why?
The moon has all the elements required for survival – water (in the form of ice), a process for creating oxygen (lunar dirt) ,building materials for a base (lunar dirt), and the ability to generate power (silicon).
The moon has all the elements required for survival – water (in the form of ice), a process for creating oxygen (lunar dirt) ,building materials for a base (lunar dirt), and the ability to generate power (silicon).
🧵 The Deal that Signaled a Changing Market.
The sale of this development site changed so many things for our development site sales practice. The property was put on the market at a time when the market was rapidly changing.
#TestimonialTuesday #retwit
The sale of this development site changed so many things for our development site sales practice. The property was put on the market at a time when the market was rapidly changing.
#TestimonialTuesday #retwit
2/7 We anticipated a price in the mid $400s per square foot and quickly the bidding escalated to the point where we obtained over $600 per buildable foot. Based on this, we went to several other sellers, letting them know that they could get prices that were well in excess
3/7 of what other brokers were telling them. We went on to sell several of those sites at these escalated prices and soon thereafter developed a reputation for being able to hit the highest prices in the marketplace.
🧵When Partners Don’t See Eye-to-Eye:
509 West 38th Street was a 125’ x 100’ development site upon which sat an auto body repair shop with a large billboard which provided additional income.
#TestimonialTuesday #retwit
509 West 38th Street was a 125’ x 100’ development site upon which sat an auto body repair shop with a large billboard which provided additional income.
#TestimonialTuesday #retwit
2/8 The lease on the property and the billboard had expired and were being rented on a month-to-month basis. The site was purchased by a partnership of Meadow Partners & Iliad Realty.
3/8 Meadow was majority owner, Iliad had a first right of refusal to purchase the site if the site was going to be sold.
When the site was acquired, the intention was to build a residential rental property in the booming Hudson Yards neighborhood.
When the site was acquired, the intention was to build a residential rental property in the booming Hudson Yards neighborhood.
Another in a series of "Thoughts for the Day," July 30, 2006
The thought for today involves being cognizant of the fragility of life and making sure we live that life the way we intend to.
#MondayMotivation #retwit twitter.com/i/web/status/1…
The thought for today involves being cognizant of the fragility of life and making sure we live that life the way we intend to.
#MondayMotivation #retwit twitter.com/i/web/status/1…
2/10 It is easy to lose sight of the fact that time is passing, days go by in the blink of an eye. Before we know another week, month and year have passed. But have we taken the time to really appreciate what we have, and have we achieved the things most important to us?
3/10 So, in these busy lives that we lead, how can we try to maximize the quality of our lives? Many years ago, my dad was diagnosed w/ pancreatic cancer. During the last 2 months of my dad's life, he was in the hospital & my daily visits w/ him really provided me with clarity.
Get ready for Part 2 of the breakdown of #CRE Purchase and Sale Agreements (PSAs).
Today we'll do a deep dive into the burning issue all of #retwit has been waiting to understand: casualty and condemnation.
Today we'll do a deep dive into the burning issue all of #retwit has been waiting to understand: casualty and condemnation.
If you missed Part 1 - you can find it here to get an overview of #CRE PSAs.
Casualty and condemnation provisions address two critical yet unlikely situations that could arise before closing: (i) property damage, and (ii) eminent domain proceedings. Let's take a closer look at these concepts.
Lots of cold calling posts lately.
I am not a 100 calls/day caller. It's ok. If I make 5 calls/day average then jump to 30, big upside.
My thing? I count connections, not calls: meeting scheduled. 2nd call, market update/valuation, shared joke. However, I define it.
#cre
I am not a 100 calls/day caller. It's ok. If I make 5 calls/day average then jump to 30, big upside.
My thing? I count connections, not calls: meeting scheduled. 2nd call, market update/valuation, shared joke. However, I define it.
#cre
Scripts are good for cold calling. Better? Energy.
A monotone reading of a script doesn't engage.
Hesitancy doesn't engage, nor does steam rolling.
Use the old tricks to increase connection. 1.Stand up, jump around before a la Tony Robbins.
2. Smile while talking.
#coldcall #cre
A monotone reading of a script doesn't engage.
Hesitancy doesn't engage, nor does steam rolling.
Use the old tricks to increase connection. 1.Stand up, jump around before a la Tony Robbins.
2. Smile while talking.
#coldcall #cre
Now you've jumped around to pump your pre-calls energy, you are smiling on the phone. And NO One is taking your calls.
It's OKAY! A great note on this from @BobKnakal-If someone talks to you for 20 min, they're probably talking to everyone. Better to connect on 3rd-10th call
It's OKAY! A great note on this from @BobKnakal-If someone talks to you for 20 min, they're probably talking to everyone. Better to connect on 3rd-10th call
Today's #CRE term spotlight: Equity Multiple. It's a less common measure but an important counter to the typical IRR standard used in many real estate transactions. Let's dive in! #realestateinvesting
The Equity Multiple represents the gross return an investor receives compared to their initial investment, regardless of time. It's a simple way to gauge overall returns based on the total distributions received relative to capital invested.
Example: An investor seeking a minimum equity multiple of 1.50x on a $1,000,000 investment would require a return of $1,500,000. This indicates that for every dollar invested, they expect to get $1.50 back in gross returns. So why is this used?
1031 exchange buyer took this down, got debt from a life insurance company, and was a local buyer.
Rent was only $2/ft. annually, price per foot entry point was only $46 - outstanding intrinsic value.
“If you don’t know how many square feet are in an acre, go figure it out, and until then, you have no business being in real estate.”This foundational comment formed the basis of my real estate investing career —a quick 🧵 on what I learned for #retwit . 👇
When I was 16 years old, I decided to learn about real estate investing first hand by buying a house, fixing it, and flipping it (this was before there were an annoying amount of TV shows on the topic).
Fortunately, the most prominent real estate developer in Philadelphia, “B,” a family friend, was gracious enough to spend a Sunday morning with me. His intentions - to 🤯 my ego, show me what I don't know, and teach me business and life lessons that would stick with me.
Below is an incredible story thread about a great deal gone wrong.
In what used to be one of the best locations in the world.
And what it took to save the deal from disaster.
Goes a little something like this:
#retwit #cre
In what used to be one of the best locations in the world.
And what it took to save the deal from disaster.
Goes a little something like this:
#retwit #cre
The year is 2017 and the subject project is a leasehold interest shopping center with a strong tenant line up that includes Starbuck’s, Chase, Burger King, Subway, and other nationals backed by franchisees.
It is one of the most well known locations in America on Michigan Avenue in Chicago centered above Millennium Park, home of “The Bean” sculpture.
Are you open or are you closed? In evaluating risk vs upside I decided early on to be open to relationships, open to share ideas and open to learn from others. Some thoughts for #retwit 👇🏻
I believe in karma and my approach is to learn, support, share and most importantly not be an ego filled asshole. In some real estate circles, believe it or not, this is actually contrarian.
Some of the best deals of my career have come from relationships - actually almost all of them. In Business, you just never know who you are going to meet that might have a profound impact on your life - financially or strategically.
🧵Buckle in for this one! 2 for the price of 4!
In land assemblage, the whole is usually worth more than the sum of the parts. In these transactions, due to two unusually shaped properties and different zoning districts, the sum of the parts were worth more than the whole.
In land assemblage, the whole is usually worth more than the sum of the parts. In these transactions, due to two unusually shaped properties and different zoning districts, the sum of the parts were worth more than the whole.
2/12 Suggesting a tax lot subdivision, and a joint venture development strategy, which left one of the unwilling sellers with a retail condo interest, were keys to maximizing the value of all the component properties.
#cre #retwit #TestimonialTuesday
#cre #retwit #TestimonialTuesday
🧵Another in the series of "Thoughts for the Day":
What are you working on today?
Sunday, March 12, 2006
Our business is a busy one with many moving parts. We all have more on our plates than we can possibly accomplish, and new things pop-up all the time. #MondayMorning
What are you working on today?
Sunday, March 12, 2006
Our business is a busy one with many moving parts. We all have more on our plates than we can possibly accomplish, and new things pop-up all the time. #MondayMorning
2/10 How do you succeed? How do you cope? How do you achieve your goals? How do you not get caught up in the swirl of the daily whirlwind? I offer a couple of one-word answers: think, plan, discipline, focus.
#cre #retwit #MondayMotivation
#cre #retwit #MondayMotivation
3/10 “There is nothing so useless as doing efficiently that which should not be done at all.” – Peter Drucker
People who are not performing up to expectations are simply doing ineffective things all day.
#cre #retwit #MondayMotivation
People who are not performing up to expectations are simply doing ineffective things all day.
#cre #retwit #MondayMotivation
WHY THEY DON'T BUILD MORE APARTMENT FOR FAMILIES
Really fun new Odd Lots.
@tracyalloway and I talked to @MarketUrbanism and @bobbyfijan about why developers will sooner put in a billiard room or climbing gym than a unit where someone with kids can live bloomberg.com/news/articles/…
Really fun new Odd Lots.
@tracyalloway and I talked to @MarketUrbanism and @bobbyfijan about why developers will sooner put in a billiard room or climbing gym than a unit where someone with kids can live bloomberg.com/news/articles/…
@tracyalloway @MarketUrbanism @bobbyfijan Among the things we discussed:
-- European vs. American design regulations
-- European vs. American construction materials
-- How and why developers make certain floorplan choices
-- Do families actually want to stay in the city?
-- What family-friendly floorplans look like
++
-- European vs. American design regulations
-- European vs. American construction materials
-- How and why developers make certain floorplan choices
-- Do families actually want to stay in the city?
-- What family-friendly floorplans look like
++
@tracyalloway @MarketUrbanism @bobbyfijan Anyway. I don't know all the people in YIMBY Twitter, or Urbanism Twitter, or #RETwit, but it's for all them.
Find it on all the apps:
podcasts.apple.com/us/podcast/why…
Find it on all the apps:
podcasts.apple.com/us/podcast/why…
“I’m not the one to lease this property going forward.”
After 2 years with zero leasing on an asset I owned with partners, I was listening to a podcast where I was reminded the definition of insanity is doing the same thing again and again.
After 2 years with zero leasing on an asset I owned with partners, I was listening to a podcast where I was reminded the definition of insanity is doing the same thing again and again.
I had offered broker incentives, I had prospected thru FB, IG, Craigslist,canvassed, had broker parties, chamber mtgs, you name it!
NO leases.
Listening to the podcast, the message was- DO SOMETHING DIFFERENTLY!!
I decided I needed to bring someone else in to lease it! 🤦♀️
NO leases.
Listening to the podcast, the message was- DO SOMETHING DIFFERENTLY!!
I decided I needed to bring someone else in to lease it! 🤦♀️
Me! The Canvassing Queen. Trainer to many leasing agents around the country!
Me!
I can’t lease my own property!
I need to hire another company to lease MY OWN center!
Really?
What would people say?
Should I care?
I called my partners.
Me!
I can’t lease my own property!
I need to hire another company to lease MY OWN center!
Really?
What would people say?
Should I care?
I called my partners.
1/5 Did you know ChatGPT can help with property descriptions? Give it the address, a few highlights & it'll give you a great starting point. Say goodbye to writer's block & hello to saved time for you and your admin.
2/5 Lease abstraction just got simple with ChatGPT! Copy & paste a lease, and ask it for the critical info summarized in a table with 2 columns. Short leases only for now, but my guess is it'll be reading 20-100 page docs in no time.
#REtwit Code of Conduct
Not an expert, but have had a couple of buddies ask me about “the rules” of RETwit, NO RULES just codes to tweet by!
#REtwit OG’s would you add anything else here ?
🧵🧵🧵🧵🧵
Not an expert, but have had a couple of buddies ask me about “the rules” of RETwit, NO RULES just codes to tweet by!
#REtwit OG’s would you add anything else here ?
🧵🧵🧵🧵🧵
#REtwit Code of Conduct
1. Always be honest about the numbers you share. It doesn’t serve the community to have BULLSHIT values/profits/returns/ projections circulated.
1. Always be honest about the numbers you share. It doesn’t serve the community to have BULLSHIT values/profits/returns/ projections circulated.
#REtwit Code of Conduct
2. There are BIG players with small followings & small players w/ HUGE followings. Treat everyone squarely and use discretion.
Judge a RETwit profile by the content and quality of its questions & tweets, can’t hide stupid.
2. There are BIG players with small followings & small players w/ HUGE followings. Treat everyone squarely and use discretion.
Judge a RETwit profile by the content and quality of its questions & tweets, can’t hide stupid.
Very quick #retwit thread on an 8-unit project that I was a part of:
2022 was quite a crazy year for us. We closed on the property late 2021 and had most of our renovations done by Feb 22'. Per our bridge loan, we couldn't roll into permanent until ~April. Time was ticking.
2022 was quite a crazy year for us. We closed on the property late 2021 and had most of our renovations done by Feb 22'. Per our bridge loan, we couldn't roll into permanent until ~April. Time was ticking.
We, fortunately, had a great capital partner in hand and rolled our bridge into a permanent 30-year at blended 5.5% interest. We did our underwriting for 4.75% - so not terrible but we missed our target.
However, our initial investment into family-friendly amenities worked.
However, our initial investment into family-friendly amenities worked.
Thanks to some inspiration from @bobbyfijan, we opted to spend $ on adding yards and a common space. We serve Class-C tenants in an area still turning around. We added security cameras and a safe place for single moms & small families to have a protected play area.
So cool when someone on #retwit teaches you a concept & you run across it.
@MattLasky asked me about credit on interest rate cap counterparties for diff quotes we got.
Buy downgraded interest rate cap if accepted by lender. A- on S&P & A3 Moody’s vs A+ & A1 respectively.
@MattLasky asked me about credit on interest rate cap counterparties for diff quotes we got.
Buy downgraded interest rate cap if accepted by lender. A- on S&P & A3 Moody’s vs A+ & A1 respectively.
$47k savings using downgraded credit; actually sub A- S&P & A3 Moody’s.
If the lender is fine with the “lower trigger downgrade requirement”, will run with it.
@CREGraveDancer @DallasAptGP
If the lender is fine with the “lower trigger downgrade requirement”, will run with it.
@CREGraveDancer @DallasAptGP
For bridge debt, eg a 3-yr term w/ two (2) 1-yr extensions, interest rate is typically SOFR + spread (basis points aka bps eg 300 or 3%)
So by buying an interest rate cap for let’s say x yrs, you put a ceiling or “cap” on the SOFR & fix your all-in rate for x yrs.
So by buying an interest rate cap for let’s say x yrs, you put a ceiling or “cap” on the SOFR & fix your all-in rate for x yrs.
The BRRRR method is great, but leaves a lot of equity 'trapped' in the deal
Here's a strategy that you can use to do a BRRR with very little money and tap into that equity shortly after without paying taxes on your gains
THREAD🧵 (warning, long) #REtwit
Here's a strategy that you can use to do a BRRR with very little money and tap into that equity shortly after without paying taxes on your gains
THREAD🧵 (warning, long) #REtwit
1. Let's say you find an off-market four-unit building that needs work
You see similar 4units in good condition selling for 500k in the same area
You walk through it and decide it needs 50k worth of work, so you make an offer for 70% of ARV minus rehab which equals $300k
You see similar 4units in good condition selling for 500k in the same area
You walk through it and decide it needs 50k worth of work, so you make an offer for 70% of ARV minus rehab which equals $300k
2. Offer accepted - now you get a hard money loan for the entire project so you only need to come out of pocket a few thousand bucks for closing costs and float some carrying costs throughout
You hire trustworthy laborers and spend some nights there painting to save some money
You hire trustworthy laborers and spend some nights there painting to save some money
Just finished every @moseskagan podcast interview since 2019.
Here are the top 10 things I learned from one of #retwit's most prominent voices 🧵:
Here are the top 10 things I learned from one of #retwit's most prominent voices 🧵:
1/ Think generationally as much as your life allows.
The past → know where you came from.
The future → build investments to pass them down.
Don't sell. Create generational wealth with real estate.
The past → know where you came from.
The future → build investments to pass them down.
Don't sell. Create generational wealth with real estate.
2/ Build your RE investment strategy in “supply-constrained markets” where you can set yourself up to control management.
Be a one-trick pony & specialize in those markets.
“Diversification is for those who are already wealthy.”
Be a one-trick pony & specialize in those markets.
“Diversification is for those who are already wealthy.”
NEWBIE TIPS- Single Family Investing #REtwit
Though I rarely buy single family homes anymore, for a time, it was all I did. Here are couple things that I learned
🧵🧵🧵
Though I rarely buy single family homes anymore, for a time, it was all I did. Here are couple things that I learned
🧵🧵🧵
#1 SF Investing Tip- Set up a “buying farm” Robert Allen explains this well here. Easier to know everything about 1 area than chasing deals all over your city.
instagram.com/reel/Cgfck6FDr…
instagram.com/reel/Cgfck6FDr…
#2 SF Investing Tip- Drive Buying Farm once a week.
Look for sign of vacancy
- Tall Grass
- deferred maintenance
- no cars in driveway ( week to week)
-get to know neighbors
- look for any change of occupancy in the buying farm
Look for sign of vacancy
- Tall Grass
- deferred maintenance
- no cars in driveway ( week to week)
-get to know neighbors
- look for any change of occupancy in the buying farm
THREAD: The Best Way to Get Started in Cold Calling for Commercial Real Estate.
#ColdCalls #CRE #REtwit
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#ColdCalls #CRE #REtwit
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The best possible advice that I could give to a broker starting out is to get on the phone as much as possible. The more time you spend dialing has a direct correlation with the amount of money you are able to make. Here is how I would recommend that you get started.
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(2/x)
First, you are going to need a way to access phone numbers. The best way to do this is through Costar and you will likely want to join a brokerage that provides these tools for you. Find your asset class and then find the 50 owners who own the most of your asset class.
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