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Barrett Linburg Profile picture
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24 Oct, 4 tweets, 2 min read
Great to wake up on Sunday with lots of new followers thank to @StudentRentPro and a co-sign from @moseskagan

More followers means more engagement means I get to keep learning from the great #retwit community

Here is how I look at every deal I have ever done

I like to get in the weeds on deals that other people may be scared of like totally vacant 100+ unit deals in an Opportunity Zone

I was also an accidentla preservationist and di my frst HTC deal a few years ago

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More from @DallasAptGP

Barrett Linburg Profile picture
25 Oct
Here is a story about how everything fell into place on one deal in 2015. Cedar Square Apartments. It made my partners and investors our first "real" money.
1/12
I am always on the hunt for my next deal.

One of the ways I search is on MLS. I always dream that a residential broker will misprice a big apartment deal.

2/12
It happened in 2015. The 116-unit deal in Cockrell Hill was listed by a cousin of one of the owners.

They asked $19k/unit which I was eager to buy it for
3/12
Read 12 tweets
Barrett Linburg Profile picture
12 Oct
I do heavy value add multifamily deals and talk about "Stabilized Unlevered Yield on Cost" as the most important underwriting metric. It is super simple and often misunderstood.

Thread below
Like many things in business...part of the confusion comes from different people calling it different things.

In school my professor just called it ROC. As in: "What's the ROC?"

I've heard “yield on cost”, “unlevered return on cost”, and several other variations.
Bottom line...it is simple "back of the envelope" math.

Numerator: NOI after you have done all of the required rehab and gotten the project leased up at market rents

Denominator: Purchase Price + Rehab Costs + Closing/Deal Costs
Read 10 tweets
Barrett Linburg Profile picture
11 Oct
About me:
My professional career has been entirely focused on Dallas Apartments.

I am Dallas born/raised.

Have an awesome wife and 6yo daughter. SMU BBA & MBA. Sober since 2003. About to turn 40. Like golf, skiing, scuba, and hiking
The "sober since 2003" part is paramount. I quit drinking 4/28/2003 because I had a problem and my life was going nowhere.

I got help and continue to do so. I am glad to help others.
I started my CRE career as an analyst with a small balance mortgage brokerage in 2005. I worked on Apartments, hotels (SBA 7a/504), and NNN deals.

Market was white hot and I got lots of deal experience. Saw easy money being made.
Read 12 tweets
Barrett Linburg Profile picture
17 Sep
Opportunity Zones are great tax enhancement tool for BRRRR deals

Tax deferral until 2026. Tax reduction of 10%? No capital gains!?!

THREAD BELOW explaining the tax benefits and how to do an OZ deal
1/15
I have done a big/complex OZ deal where I raised money from outside investors but I am not a CPA or attorney. I leaned on them heavily and paid them well.

If you do one then you need to consult a CPA and attorney. There is no hack to avoid that with these deals
2/15
If you have sold something (almost anything) in the past 6 months then you likely have a capital gain. All markets have been on fire. Crypto, NFT, RE, Stock, etc.

Unless you do some planning, you are going to owe taxes on that gain in April 2022
3/15
Read 15 tweets
Barrett Linburg Profile picture
10 Sep
The prettiest deal I've ever been part of was a Historic Tax Credit deal. I am not an expert in these but it got over the finish line and the numbers worked out pretty well. It was hard but not so tough that I wouldn't do it again.

Thread below
1/12
I first walked Bella Villa in 2015 and it was a DUMP. So bad that I sent the deal to a home builder and thought he'd tear it down and build 3 spec houses.

Luckily, he didn't try. As it turns out, the neighborhood had already taken notice and probably wouldn't have let him
2/12
It had deteriorated further by 2017. The physical asset was in horrible shape but the rents would be high if we could put it back together.

The building had tons of character and is well located in the middle of the M-streets neighborhood where very few apartments exist.
3/12
Read 12 tweets
Barrett Linburg Profile picture
8 Sep
Some new followers thanks to engagement from some very generous #CRETwit pros. Here is a little about me.

I am a Dallas Apartment guy.

Dallas born/raised. Awesome wife and 6yo daughter. SMU BBA & MBA. Sober since 2003. About to turn 40. Like golf, skiing, scuba, and hiking
The "Sober since 2003" part is paramount. I quit drinking 4/28/2003 because I had a problem and my life was going nowhere.

I got help and continue to do so. I am glad to help others.

By continuing to choose sobriety I am able to have a great family, business, and relationships
I started dating my wife after I got sober once I transferred to SMU. We dated for a long time before we got married and then had an amazing wedding in the Cayman Islands in 2009.

Our only daughter was born in 2015 and she is incredibly smart and gets lots of attention
Read 13 tweets

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