Drew McAllister | CRE

@HSchenewark @shawngorham Makes me want to cry a little.

@shawngorham @DMAC_19 I was ticked filling up at $2.99 this week

Found the cheapest gas in CA!

@Sanjeevbhatiala Absolutely applies to real estate. Talk is cheap. Finding a buyer willing to pay “X” price is what it’s worth at that time.

@DMAC_19 Heard a great conversation with the former Goldman CEO Lloyd Blankfein on the Stay Tuned podcast, where he noted that the true price of any asset is only found by putting it on the market and seeing what it trades for. Definitely applies with real estate.

Nearly impossible to get people to understand that market value is not the same as a non-transactional appraisal. 99.9% of the time non-transactional appraisals are higher. And sometimes SIGNIFICANTLY higher than what it’s really worth.

@CREwithGarrett “Yeah but we just had an appraisal done last year…” Famous last words.

@DMAC_19 Appraisals are often done to satisfy a lender, not to reflect what a buyer will actually pay. Market value gets set when a motivated seller and a motivated buyer agree on a number. Those two figures can be miles apart, and it catches people off guard every time they try to sell.

10% move in the 5 year in a month. Going to kill a lot of purchases and refinances who didn’t lock.

@decksidestories I’ll take it over the $6.50 Chevron around the corner.

@DMAC_19 ARCO. You get what you pay for

Anyone else not realize Chuck Norris was 86 years old?! RIP

@Live_Under_Par I hate it, but that’s an interestingly smart tactic.

@DMAC_19 We have an agent in our market that loves to get luxury properties pre-appraised so that he can say “Listed below appraised value”

@shawngorham This is unheard of.

@DMAC_19 It was crazy, we were grocery shopping, walk out and there was NO line in the gas. Pulled right in, pumped. I also would never wait in line

@ModestDayTrader What!? Where? TBird country is gods country haha!

@DMAC_19 I have one cheaper ... Exon 91 $5.25 , 87 $4.85 ... when you come back to Tbird country

@mortgagetruth In what state!?

We have them. Just don’t impound the taxes and insurance. And put 20% down.

@submasterstrat How much cash are you putting out on each deal in those 12 months?

Put Land under contract and state on the contract that You have 12 months to close. Increase value by changing zoning or platting a subdivision Sell it to a builder and double close. Never take title. Very simple

@Lu_gonerogue @MattSeedorff @FBILosAngeles Tweet of the year.

@MattSeedorff @FBILosAngeles Lmfaooo cant spell FRAUD without spelling Glendale 😭😭😭😭

JUST IN: @FBILosAngeles releases images of those arrested Thursday in the mortgage fraud case.

@shawngorham Didn’t want to sit in line for an hour….had a 4, 2 and 1 year old in the car after dinner 😂

@DMAC_19 Costco was $5.09 yesterday

@credealjunkie Me now: I ask Claude to make sure there are no formula errors.

Kid’s dropping truth: My 11yr old: What’s that website do? Me: This is a spreadsheet, it helps me value properties. Her: How? Me: I tell it how much income and expenses the property has, and it tells me how much we should pay. Her: Wow that’s a lot lines, how do you keep track of everything? Me: It’s tricky but I’ve been doing this a long time, I have a lot of practice. And we use the same template for every new investment. Her: Yeah but what if there’s a mistake in the spreadsheet and you don’t notice and you pay too much? Me: Well, that’s a phenomenal question kid.

There’s a special place in my heart for people who drive 45 on the freeway.

@m__spal 100%.

@DMAC_19 Totally. Too often deals stall because someone assumes they know best. Just sharing the full picture keeps everyone aligned and avoids wasted time later.

Brokers let their egos get in the way far too often. Should present every offer you get and recommend countering all offers. Give the Seller as many data points as possible. Chopping the process off before it even gets started benefits no one.

Said Seller is the listing brokers partner 😂 Lose / lose here. But in general I normsllly just chalk it up as an L and move on. Not worth the effort and don’t like to go around other brokers unless I see it as 100% necessary or my client asks me too. Reputation is important.

@DMAC_19 Agreed. How do you suggest circumventing said brokers?

@GenZMultifamily Wouldn’t make it a day in a locker room.

@DMAC_19 Literally🤣

Shocker

@CREMattSD Lucky this is right off the freeway by my house. The chevron on the next block is $1.00 more per gallon.

@DMAC_19 It’s astonishing how much gas prices vary from one gas station to another. I’ve also noticed that lower-income neighborhoods have significantly higher prices.