willseye

@PaulCharchian Quick question, in guillotine are you allowed to pick up a free agent the night before?

Kevin O'Connell has announced that Jordan Addison is out. Jalen Nailor is expected to start in his place against San Francisco.

@Birdman_21 @PaulCharchian @MBFantasyLife Would like to know the same thing. When are projected scores be populated.

@PaulCharchian @MBFantasyLife Any idea when projected scores will populate?

My weekly rankings are now integrated into @MBFantasyLife. Check 'em out here: fantasylife.com/tools/nfl-rank…

@PaulCharchian @btxj Paul - Quick question how come there isn’t any projections shown for the players in the guillotine leagues right now?

In the new episode of Chop: The Guillotine League Podcast, @btxj and I find you find players to target in the brutal late rounds of your draft. open.spotify.com/episode/2OogyS…

@Stealx Makes sense. I’ll DM you. I have a few things in Chicago that I wouldn’t mind running by you.

@willseye City of Chicago

Average rent for Chicago Class A apartments reached $3,100/month for the first time There’s no end in sight for rents to continue to grow in Chicago Why? Chicago averages around 4k new units every year, but development is slowing drastically to 500-1000 units Supply and demand. Demand is growing, supply is falling off a cliff Developers want to build and increase supply in Chicago, but you can thank NIMBY groups like “Old Town Friends for Responsible Development” from slowing development A developer is ready to build a 36 story, 500 unit building The group is asking the developer to cut the tower to 10 stories Want cheaper rents in Chicago, build more units

@MultifamilyMad This is such a great post because it’s very real for some operators out there.

It’s 2025. You’re sitting at home on your couch at 3 in the morning because you can’t sleep. The apartment building you bought in 2022 with all of your family and friends money is at 70% occupancy. Your bridge loan is due in 30 days and the new debt quote you just received is for 25% less than you bought the property for and the interest rate is higher than what you have now. You’re on your fourth property manager and you just found out that they have been pocketing rent each month putting you at 60% economic occupancy. Your roof at the property is also leaking and you never put any money in reserves. Your wife left you for some guy named Jay Gajavelli who has way more units than you. You have no one to thank other than yourself for going to Brad Sumroks seminar for $15k which you took out of your 401k to attend.

@TheDukeofDirt Adam Neumann - Flow 🤣🤣🤣

@credealjunkie Interesting. What’s the deal size?

Terms on the table from a well known REPE firm for an off market multifamily deal. Seem fair? 2.5% ack fee 1.0% aum fee (on equity) 8.0% construction mgmt fee 1.5% disposition fee if deal IRR > 18% No carry

@multifamilyman_ Absolutely agree with this. Great post.

You know why so many “operating” platforms are struggling right now? Because they grew too fast. The biggest management groups - property or asset - are not the best. Property Management groups aren’t meant to consume 50,000 additional units in a year. The business model just doesn’t work. Do you understand how hard it is to hire on-site staff? Most properties are struggling to retain staff. It’s not uncommon to cycle through several maintenance folks and a manager in a year timeframe. And that’s on 1 property. Now image 100 more properties. The 3rd party managers taking on all these poorly operating deals aren’t going to do better. Sure, there reporting software is better, but they do not have the systems and reach to recruit and maintain staff at scale. Plus, the difficult assets have additional problems (like crime and poor collections). Who wants to work at an unsafe property? That’s why so many are failing right now. The infrastructure doesn’t match. The asset/investment managing world isn’t much different. They can’t control and correct the issues on-site and on the entity level at scale. Many of the LP platforms who chose to ride with fast growing groups can’t handle the problems. They aren’t set up to. They think sticking a brand name property management group is going to solve there problem. The irony it’s the same issues that will only be resolved through shedding assets. Take on what you can handle.

@RandallHouseRE I’ll caveat that, you need to be careful with that short term liquidity. I’ve experienced it firsthand, those that are moving with a small check usually owe a much larger amount to their previous landlord.

What has helped consistently drive apartment leasing activity in our Portfolio the last 2-years? Tax Returns. People use that liquidity to pick up and move in many markets.

@RandallHouseRE This is 1000% accurate. I see it first hand, there’s no saving these syndicators.

Why aren’t people acknowledging: If rates come down 1%-2%, that isn’t enough for the tens of thousands of dollars in cap-ex their Class-C trash needs, every.single.year. Rates won’t salvage assets they overpaid for.

@kellyinvegas @spanky Chateau Eza (in between nice and Monaco) best views in Côte d’Azur. It won’t disappoint.

@spanky Really enjoyed Monaco. Worth a day while you’re there

Planning a trip to France this summer with the family. Any downlow must-sees?