Jake Wurzak Profile picture
Apr 2 10 tweets 2 min read Twitter logo Read on Twitter
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.
What is guaranteed, is that if you aren’t open to let these connections happen and if you have a bad reputation for being a jerk they most certainly won’t.
I have met countless folks in RE including PE RE that have been total assholes - incredibly guarded and likely untrustworthy. Don’t be that person - you will miss out on far too much.
Real estate is about the long game, wealth and success are not built overnight. You may be concerned about “exposing” your secret sauce or a secret deal your chasing. However in my view the opportunities in doing so far outweigh the potential risks of not.
Meaning, what’s the worst that happens - someone screws you on one deal or one idea. What’s the best that happens - you do something that changes your life and leads to fifty deals.
In the former example you just move on cut your losses and never interact with that person again. In the latter example you totally crush it and surpass your wildest dreams.
This is not a zero sum game. When you figure that out your flow compounds and you win.

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More from @JWurzak

Apr 4
Millions in savings if you buy construction materials direct for your real estate projects.

I learned how when I started flipping houses, and We are still doing it with a $1.5 billion + track record.

Here's the strategy for how we buy this stuff 🧵 ImageImageImage
1/ The idea is simple, yet powerful: Cut out the middle man, and unlock the deals that big players enjoy.

Go direct, and build relationships with the manufacture reps. The upside is in putting in the work.

With careful execution, you could save millions over time!
2/ Start by focusing on cultivating a relationship with the manufacturer. Research the key players in your industry and identify the manufacturer rep on LinkedIn for your target market. Set up a call or meeting to discuss your vision.
Read 11 tweets
Apr 3
Most of the STR design interiors I see are uninspired.

By drawing inspiration from boutique hotels, STR owners can improve their revenue performance and differentiate their properties.

Here are some design tips that can help you create magical moments in your STR property: ImageImage
Mix and match styles: Don't be afraid to mix and match furniture styles, textures, and materials to create an eclectic and interesting look. Consider combining modern and vintage pieces, metal and wood accents, and various fabrics and patterns to add depth and interest. ImageImage
Play with scale: Use furniture pieces that are oversized or undersized to create a sense of drama and whimsy. For example, a large, sculptural light fixture can make a bold statement in a small space, while a tiny accent table can add a touch of charm to a larger room. Image
Read 10 tweets
Mar 1
In my view it’s important not to negotiate on asset/investment management fees.

These are integral to supporting our business and paying overheard for our investment firm.

Negotiating on this is in many cases short term thinking.

Some thoughts…🧵
1. It’s ok for your investment firm to be profitable. That’s the point of starting a business and you won’t survive long term if you aren’t.

People on the team won’t stay.

You will never be able to keep up.

Sourcing new opportunities will suffer.
2. Larger firms (BX Starwood etc) have the privilege to negotiate special deals for anchor investors but that only comes at a massive level of scale.
Read 8 tweets
Feb 28
Many developers enter into Guaranteed Maximum Price construction contracts.

What people don't fully appreciate is that the price is "Guaranteed".

Here are some reasons why and what to look out for.
In a guaranteed maximum price (GMP) construction contract, the contractor agrees to complete the project for a price that is not to exceed a specified amount, regardless of any cost overruns that may occur.
GMP is based on the Contract Documents, which include drawings and specifications.

If something is missing from the drawings or specs, it likely is not included in the GMP.

Unless the contract has "reasonably inferable" language, that often ends up being disputed.
Read 7 tweets
Feb 27
Coaches and mentors serve different purposes in business, although they aim to help individuals improve their skills and achieve their goals.

I have had mentors and Coaches in my life, which has propelled me professionally in incredibly impactful ways.

The difference is 👇
A coach is typically a professional who provides guidance and support to help someone improve their performance in a specific area, such as leadership or sales.

They work on specific skills or behaviors and may use training to help their clients reach their goals.
2/ A mentor, on the other hand, is usually a more experienced individual who provides guidance, advice, and wisdom to help someone develop their career.
Read 7 tweets
Feb 25
We once got screwed on a deal by our Billionaire partner.

The mistake was assuming we had the same objectives because we were partners.

We didn't - he had a completely different agenda.

Here's the story.

🧵
We were selling a hotel.

The location was A+, the performance was stellar, and there was tremendous interest. The numbers were big, massive.

One of the high bidders approached us to stay in the deal for 25% and manage.
This is common, the asset was successful for many years (we developed it) - we were interested.
Read 21 tweets

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