Thread by @jt_ryder

Just finished every @moseskagan podcast interview since 2019.

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.

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.”

3/ The key to good business is a “seedless web of deserved trust” with teammates, customers, & investors. (Munger’s phrase.)

If you are a key to their success, they will be to yours.

4/ Curate your online presence with honesty, consistency, and heartfelt engagement.

Get from online to in-person in ways you can add value to people's lives.

In doing so, you might cultivate a “digital country club” and grow together.

Harness #retwit as an encyclopedia.

5/ Be an eager student of business and life.

Whether from higher education or self-education, do what you can to learn with what you have where you are.

Read non-fiction and fiction. Read like crazy.

But no education (or lack of it) qualifies or disqualifies you from RE.

6/ Be sure, but not too sure.

Make "probability-weighted" decisions based on market data and past performance, but understand you can’t predict the future.

“Not all good investment decisions turn out good, and not all bad turn out bad.”

7/ Play the long game when it comes to risk.

Can your property survive a 20-25% drop in rent? If not, wait.
Can you invest with modest debt? If not, wait.

“Wealth is built slowly via compounding.”

8/ Put yourself in a position where you are solely responsible for positive outcomes.

At some point, you have to take a position.

This is where wealth is built.

9/ Know *your* number when you buy a property.

This way you can evaluate opportunities quickly.

"Unlevered yield on cost" boils down Adaptive's entire investment strategy.

What's your number?

“Keep doing the same thing until it stops working or you are rich.”

10/ If you are looking to start in RE private equity from a standing stop, here are 2 ways to embark:

1 - become an analyst to underwrite deals.
2 - become a broker to start doing deals.

It’s an incredible business to be in, so begin now and consistency will win out.

Cheers.