as1415

And what’s the number of deals they’ve bought total? The strategy is not about avoiding the broker…it’s about avoiding the competition. I would bring a broker in the deal even if it’s sourced in house off market to facilitate the transaction and work with the owner and PM. They take a smaller fee though.

@DDrolapas Here’s a list of all the deals I’ve bought this way:

A buyer hired two people to cold call property owners to cut deals directly with them and avoid paying broker commissions. Here’s a thread of all the deals they’ve bought implementing this strategy:

@credealjunkie Wow phoenix

There's an adage in real estate that price follows volume. The rental market is no different - dramatic difference in available apartments (via Zillow search) vs population in the Sunbelt vs Bay Area.

@DDrolapas There’s needs to be an accounting standard or regulatory body like SEC that is required by lenders. Not required by law but if an owner wants to sell to the largest buyer pool then they must use accounting standards set by the governing body

I think there should be fines implemented for putting the rent and expense info wrong on a commercial deal in the MLS. This happens all the time and would offer more comp transparency to the industry. For instance, there are deals that get marketed at 6 caps because they factor in current owners prop 13 property tax base. It's more like a 4 cap with actual correct underwriting.

@credealjunkie If it’s that great of deal why aren’t they taking it to market?

Just got quoted a 5% buyers rep fee for an off market deal. Is anyone pay that level of fee? Context: $5 million deal, in my market but outside my regular product type so it’s genuinely not something I would have seen otherwise.

@robbiehendricks Did he have it under contract when he brought it to you? Is that a requirement?

We had someone bring us a 300+ unit deal last year off market. Exceptional basis and location, very neglected asset. Will be all-in for around $16-17M. Value at stabilization should be $35M. For bringing us the deal, we gave him a big chunk of the GP. Over the life of the deal, I’d estimate that he’ll make around $1.5M between cash flow and sale proceeds. Please feel free to think of us when you have a deal on the hook that you’d like some help on closing. We take good care of folks and we’re happy to do it for the right deal. Buy Box Breakdown: • Cincinnati Columbus Dayton Indianapolis Louisville Lexington and surrounding submarkets. Tertiary markets near those cities are good, too. • 80+ units ideally, portfolios of smaller properties is fine. • C & B property in (ideally) B locations. Ideally 1980s+, but we'll look at 60s-70s in decent areas. • We are conservative underwriters, so with sincere respect, please don't send broker OMs that ignore property tax reassessments and silly goose things like that. We don't get caught on that stuff, so better to just market it publicly. • But when you do bring us a good one, we close. We only retrade supermaterial issues like structural stuff that blows up the underwriting. Can provide references from every broker we've dealt with and all sellers. • Can close cash up to about $10-15M if that moves the needle. • Can underwrite and get an LOI out within 24 hours. Happy to chat about it in the DMs and schedule a call. Onward!

@credealjunkie What’re you passing on?

Just got the look on a SF multifamily deal with four vacant units. Working on another one with 11 vacant. Why so many vacancies? Two reasons: CA Prop 13 and SF rent control. Meanwhile new apartment listings are getting 100+ inquiries. This housing crunch if self-inflicted.

@credealjunkie Didn’t it already come out

When they write the story of the 2024 - [?] San Francisco real estate boom, Mar - May 2026 will go down as the craziest three month stretch on record, ever. If you don't believe me, bookmark this post and check back when the May rental data reports come out.

@regardingsemi This is how you do research. Speaking with sales reps.

$SNOW is going to murder earnings tomorrow. AI has opened up an abstracted data and BI layer inside every enterprise that previously didn’t exist. Cortex is an incredible product too. I was talking to a Snowflake sales rep at a conference last month, and they said they’ve never been busier. Earnings will kill, what the market reaction will be...I'm not sure.

@credealjunkie Like a cash flow split from day 1 or something similar. It makes no sense that a 2x return can make more than a 3x return for the GP.

@_0ldtimer_ What’s something better? Weird segment of the market it kind of fits. Getting shrunk all the time though may be only a matter of time

A nuance on doing super low/no leverage deals as a GP. Low leverage means lower IRR, so it’s harder to hit the spread over pref that gets you into the promote. Lower risk for the LP, lower upside for the GP for the same work. Doesn’t mean these are bad deals to do, but there’s a reason many GPs push highly leveraged and structured deals - they’re generally incentivized to do so.

@FundamentEdge Are you aware of any agents that can run qualitative screens across transcripts, filings and presentations? Any public document essentially. Would be great to be able to see which companies have accounting flags and then have commentary in footnotes/MD&A related to the issue

As an analytical showcase, I had my agents create a ~140 page IPO primer on SpaceX $SPCX ahead of IPO in 2 weeks. This is NOT meant to be investment advice and while I ran validation agents on this document, I would be surprised if there are not some errors in these pages. These reports will become even more powerful with an institutional grade data stack and deterministic validation. That said, to me, the ability of agents to create reports like this with effectively the touch of a button is a powerful exhibition of how far agents have evolved. Full document available for download in replies. (Love any feedback on document in the replies, this is a highly iterative process, as always!)

@neppy 20-21 yr old is the graduate age for undergrad. 24yr olds should be earning 30% more than entry level roles

Average rent is now $1,900 a month. Landlords want you earning triple that to qualify. Show me the 24 year old making $68K a year straight out of college. I'll wait

@ThinkAppraiser They do. Unless earnings are growing faster than the stock price the valuation is becoming more rich and less attractive for fresh capital

Honest question: if people make a lot of money with solid stocks, why don’t they just reinvest more money into those solid stocks? Why are people constantly chasing the next hot stock?

@credealjunkie Good. They can’t have it all go their way

@SinaiLawFirm typically fees are the same but the preferred is higher to compensate for the lack of a track record.

If I invest with a syndicator/GP without a proven track record, does that generally mean their fees are lower? If their fees are about the same as the GPs with a track record, why would anyone invest with someone like that?

@credealjunkie @threadreaderapp unroll

You're in CRE. You know you’re behind on AI. But you don't know where to start. This post is for you. I've spent 200+ hours building CRE tools in Claude as a non-technical person. I use them every day on live deals. Here's the Claude Starter Kit I wish I had on day 1: Disclaimer: Claude will blow your mind, but will NOT solve your operational challenges on day 1. Tinker, fail, have fun, learn the basics and go from there. You know your business and will figure out where to focus, where to plug in to address your specific pain points. But you can't get there if you don't start. I promise the payoff will come. It has for me and just keeps compounding. Here are five simple use cases, broken down by role, that show what Claude can do. I included pre-made prompts so you can start right away. ACQUISITIONS 1) PDF => Excel The simplest of all AI tricks, this is the one that got me hooked. Drop a PDF rent roll into Claude and see it turn it into Excel. PROMPT: Turn this rent roll into one clean Excel workbook. Include unit number, tenant name, unit type, square footage, current rent, market rent, move-in date, past-due balance, and a live upside column (market minus current). Add annual totals at the bottom and flag any tenant below 20% of market. Next steps: This doesn’t just work for rent rolls of course. Drop in an OM and ask for the Pro Forma in excel, the lease abstract, whatever. This one you’ll find uses for right away. 2. Create neighborhood amenity maps for pitch decks This was my first Skill, created out of pure annoyance that I couldn’t get Claude to easily recreate those POI maps it takes hours to create in Powerpoint. But Claude is so good now, the Skill I built is already obsolete. PROMPT: Create a branded amenity map for [property address]. Show transit stations, hotels, museums, major retailers, and restaurants within a 5-block radius. Show a maximum of five amenities for each category. Produce it as a standalone HTML file with a dark-mode sidebar and light-mode map tiles so I can open it in my browser and screenshot for a pitch deck. (want my actual Skill that creates a more OM-ready version of the map? Shoot me a DM). Next steps: These maps are amazing. Upload your Excel pipeline into Claude and ask for a dynamic map with key stats about each Pipeline property. You’ll be amazed at what comes up. DUE DILIGENCE 3) Turn site visit voice notes into structured DD reports Here’s another immediate winner. Ever leave a site walk, sit down at your desk, stare at half a page of scribbled notes and some janky iPhone photos and realize you lost 80% of what you just saw? No more. Lots of ways to work this into your process, but here’s an easy one. After the walk, go sit in your car and verbally brain dump everything you can remember into Claude. Just hit the voice record button and it will transcribe to text. Next, copy the text into a new chat with the following prompt: Organize this site visit transcript into a structured DD report. Categorize findings by roof, envelope, plumbing, electrical, HVAC, elevator, life safety, structural, and interior/common areas. For each category, summarize condition, flag urgency (immediate / Year 1 / defer), include estimated costs if discussed, and note where a vendor bid is still needed. List any categories not covered. Distribute to your partners and they immediate know what you know. Next steps: Record vendor feedback on site, drop third party reports into a running DD chat, there are dozens of ways to use Claude for DD but this simple brain dump exercise is the way to start. 4. Read any third-party report in plain English Our latest SRA report was 67 pages. The PCA was 113. The ESA was 387. Claude is good enough now to pick up the most important elements of these reports and call them out, summarize and explain in plan English. By all means double check the work, but this will save you a tremendous amount of time. PROMPT: Summarize this report in plain English for an underwriting audience. What are the key findings, what would worry a lender, what capex should I add to my model, and what DD action items should go on my follow-up list? Flag anything that could move pricing. Next steps: Drop in any PDF, ask the same thing. Earnings reports and transcripts, SEC filings, OMs, market studies, etc. Bonus Prompt for work order reports: Review this work order history and tell me what systemic issues the building has. Call out turnover patterns by unit, recurring maintenance categories, emergency response time red flags, and anything that points to deferred capex. Be underwriting-focused, not descriptive. DATA/TREND ANALYSIS 5) Crunch any dataset As a data hobbyist / nerd, this one also hooked me. Claude runs code beneath what we all see, so as long as we ask the right questions, the math is (usually) right and Excel charts are a thing of the past. Try this: Navigate to ApartmentList. com’s data page and download their nationwide rent estimates. Upload the CSV to Claude and ask the following: Analyze rent trends for Austin, Houston, Dallas and San Antonio, normalizing data from 2020-2026, 2022-2026, 2024-2026 and for the past 12 months. Pick any city you want, any time period. Immediate market insights. I find these side by side city comparisons a super helpful way to see how certain factors (Covid, immigration, etc) impact cities differently. I can now choose any combo, for any time period with a simple text prompt. Next steps: dump your expensive, janky CoStar data in and let Claude make sense of it. -- If you got this far, you’re well on your way. Now, here are three tips for general Claude usage I figured out the hard way (ie trial and error). 1) Ask Claude to help This is actually tips 1-100, it totally unlocked my Claude usage. It turns out Claude is much better at using itself than you are, so ask it how. “I want you to help me underwrite deals without losing my personal touch, how can we work together?” “I need to collect rental comp data without breaking any laws – how can you help?” Rather than trying to brute force Claude into following your low-brow human instructions, get Claude to write the prompts, write the instructions, create you a step-by-step guide. Embrace the fact that this is, for our purposes, the smartest thing you’ll ever come in contact with – so use the hell out of it. 2) Use Projects for work you do more than once A Project is a workspace where Claude can more easily do the same thing over and over again. Projects accrue memory so it doesn't lose the script, and you can even have Claude write itself instructions to perform better and create (for example) due diligence reports in the same format every time. I have projects for: Deal underwriting, rental comp collection, portfolio analysis, due diligence and others. For now, don’t worry too much about whether to use Chat or CoWork – you’ll figure that out in time and you can move projects and chats back and forth between the two. 3) Promote good outputs back into your project knowledge An early frustration of mine was that Claude’s output was inconsistent. I’d ask for a DD report and the categories would be different every time, the graphs looked different, etc. This is an easy fix. Grind through with Claude what you want the output to look like - remember you can relentless correct and improve and Claude will just happily chug along like the good little sycophant it is and keep making the report better. Once you have the format you like, save it and upload it back into the project main page and ask Claude to add the report to its memory so whenever you ask for “DD report” you get the same thing. There are more advanced and cleaner ways to do this with Skills, etc but this is an easy start.

@ThinkAppraiser Why do you have to be single?

If I was single and lived near this area, I’d invest here if the rents made sense Only a matter of time before the home prices here shoot up

@Cincy231 @realEstateTrent No it’s an indication of the amount of capital needed to raise.

@realEstateTrent I always thought GP incentives are misaligned with LPs. For example, acquisition fees are a percentage of the purchase price. Therefore the higher the purchase price, the bigger the fee, but high purchase price is no indication of how good a deal is.

Most GPs are just making macro bets

@shawngorham @grok what is this referring to

Watching Jacob and Brandon defend themselves this weekend is a masterclass in what not to do

@coleruudjohnson Pics or it didn’t happen

$700,000 fee on a multi-family building. $350,000 fee on a self-storage facility. $175,000 on a single-family house. If you're an investor (SFR, Land, or Commercial) & want to find the deepest discounts on deals in your market, you'll want to bookmark this. I'm going to give you 3 steps that if you follow, you can have homerun properties like the ones above in your pipeline next week. 1) Data Deep Dive There are a few tools our clients & us are using to source the deals like the ones mentioned above & pictured below. -- Scraping hot leads from the county daily. We built a tool internally, which we call Atlas, by using Manus to build a scraper that runs 24/7 to pull hot leads from our county. (Probate, Divorce, Fire Damage, & More) -- Property Condition Ranking. We used Manus + CHAT GPT 4o + Google Streetview & Satellite image API to rank residential & commercial assets based on exterior condition from 1-10 (Takes about 2 hours to build) -- We then pull general records from List Source for residential, Data Tree for land, and Reonomy for Commercial properties. -- We clean up all of this data with Open Corporates & Easy Button Skip-Trace to get behind LLCs and find real property owners, and get accurate contact information. Store all of this data in a system like REI Sift, and your data environment is in a good place. 2) Marketing -- Outbound dialing works amazingly for all asset classes. Follow TCPA rules, & then hammer the phones. My real estate company currently employs anywhere from 20 to 50 agents, who we pay $4.50 / hour each to make dials for us. Some days we get 30+ leads. -- For single-family & land targeted direct mail to any properties that show up on 2+ lists at the same time is life changing. You can mix in PPC as well once your budget is above $10,000 / month. FB ads can work too. -- For commercial, using video postcards that you can order in bulk from Alibaba, which play a video when they open it will increase conversion rates big time. 3) Inking Contracts All of the above works if you work your pipeline. You can follow every step here, but if you don't work with each seller and build real relationships and solve real problems, it doesn't matter. P.S. -- I'm doing a free live Zoom call this coming Tuesday, the 26th, walking through all of this and a ton more If you aren't sourcing as many deals as you'd like, you'll want to be there. (Link below in the comments)