Dan Lewin

A great summary of our business model and the opportunity we believe we will be able to scale in the coming years.

@BenBear @PaulSteidl @BuildCasa Ahh so technically it’s an sb-684 project. Thanks 👍

@Dan__Lewin @PaulSteidl @BuildCasa These are technically in multifamily eligible zone

1 -> 11 homes in LA Super proud of the work @PaulSteidl and our @BuildCasa team are doing to bring infill stater homes to great neighborhoods where people want to live like this project in Echo Park. Because of SB1123, this project is by right with a 60 day permitting shot clock. Even better, this project keeps the existing home and mirrors the historic zone look from the street.

@peterfuller23 @TracelightAI Interested in a code, looks great!

Today, I’m proud to announce our $3.6m seed round, and launch @TracelightAI to the world. Tracelight is the best AI agent for spreadsheet tasks. No waitlist - use Tracelight today. We’re giving away a month of our pro plan for free - comment and we will send you a code.

@TarunAmasa @OpenAI Interested

It’s official. We’ve raised $14m led by @OpenAI Startup Fund to bring AI to Excel. Endex is the first AI agent to live inside Excel. For the past year, we've been working with financial firms. Today we’re releasing it to the world. Our capacity is limited; comment below for an early invite 🧵

@nicochristie @Fundamental Please send me an invite code, this looks incredible

Comment for an invite code and I will send you one ASAP! We will need to scale this gradually as Shortcut is pretty token-hungry. Tryshortcut.ai A huge thanks to our special projects team of researchers and engineers at @Fundamental

Codes are limited at tryshortcut.ai Beyond doing your work, it also has near perfect feature parity on Excel. Directly edit, import, and export files. That means there is no reason to go back to Excel. It's like going back to VScode after Cursor.

@phil_mcalister Nice thread Phil

ReTwit Revival: It used to be pretty cool around here when people shared value-adding info and talked shop. Here's a thread like the good old days: An abridged version of the data-driven investment thesis used to acquire $1 - $2 billion annually in real estate: (1/x)

@seandsweeney This doesn’t maximize space. Could have a whole second floor of living space where the open air high ceiling above the living room is. It’s a cool apartment though!

I love this. In a high cost of living city, maximizing space like this makes a ton of sense. Would you live here?

@moseskagan Should talk to Orion or Moxie

Relatedly: We're doing a bad job managing an 8 unit student rental we own near USC, to the point where I'd like to give someone else a shot. Would be grateful for recommendations for PM companies down there that specialize in student rentals (which we do not).

@TKlatte Have a couple ADU projects starting in Long Beach next year, always looking to expand our GC network, let me know if you’d be interested to discuss.

Completed this 800 SF ADU in Long Beach yesterday. 2 beds and 2 baths for this client who wanted some extra rental income coming in to help in retirement. We kept 2 existing walls along the property line to grandfather the tight setbacks. Thrilled with how this one turned out.

Me when I try to build a triplex in a single-family neighborhood

@SeltzerWaterLLC 😏

I went to Dani’s queer bar and everyone there knew you

@NancySkinnerCA @cayimby You are the 🐐 @NancySkinnerCA

Excellent! The CA Assembly this evening approved my #CALeg #SB1211 - which would open the door for more accessory dwelling units (ADUs), also known as second units or backyard cottages, on properties with multifamily housing in CA. Next stop, Senate Floor for final vote.

@DonovanBuilds @BuildCasa @benbear @ReconveneLA Congrats Donovan, there’s a huge missing middle opportunity in CA! Let’s connect sometime soon and compare notes once you’re settled in.

Very excited to be joining @Buildcasa as their Head of Development to help establish and oversee development operations across California. I had the opportunity to meet @benbear at @reconveneLA last year and talk through their mission to bring 100,000 missing middle units in a state with a huge need for it. With the recent upzoning legal changes across the country, I think there is an unique opportunity to do the dirty work of finding, subdividing and developing scattered site lots, which now allow 2-10 units by-right that the mid to large size builders aren’t going to deal with.  To do it in California is another hurdle, but demand for starter homes seems endless there. Almost all the homes I see being sold in our target markets are 40+ years old. Some may be (slightly) remodeled, however there seems to be no new inventory of starter homes which I believe will be in high demand. The Buildcasa team already understands the SB 9 and SB 684 laws better than just about anyone in the country and are uniquely situated to capitalize on the tailwinds of all these properties that can suddenly pencil without taking unnecessary permitting risk. After consulting for them over the past month or so, I’m more bullish than ever. Their algorithm already identified 2MM+ infill sites that are applicable for being subdivided in California alone. The ability to scale combined with a superstar team is something I really look forward to doing since I’ve been a one-man development shop since I started. (plus no personal guarantees 😁) I’ll be moving to downtown Oakland over the next few weeks and looking forward to connecting with any #ReTwit members in the Bay Area. Also reach out if you’re a builder, developer or lender in any major metro of CA!

@SeltzerWaterSon The men who build America

Spring is construction season 🚧 🦺 🏗️

@atnissly Great work Austin

I left an institutional real estate private equity firm six years ago to start my own. Progress by the numbers, including deals under contract: - 19 buildings - 81 unit renovations - 196 units - $20mm capital raised - $8mm CapEx completed

@kylematthewsceo @blackstone 20 paragraph tweet on a hoax 🤦‍♂️

@Keith_Wasserman @ibuyrvparks That’s 6 words, Charles Barkley youtu.be/cegalOZqmEo?si…

@ibuyrvparks Outsourced real estate arm for families

If someone asks what we do at Gelt, I always say we help preserve and compound safely and tax efficiently investors’ hard earned capital via multifamily real estate investment; acting as an outsourced real estate investment arm for yourself, and or your family.

It's wild to me that many hundreds of University of California students sleep in cars every night for lack of affordable housing and this isn't a five-alarm emergency for university administrators and state legislators.

What everyone should know about housing policy: 1. Rents reflect the balance of supply of apartments and demand for those apartments in a given area. That’s it; there’s no magic. If you want lower rents, you can hope for a recession that destroys jobs and, therefore, demand. Or you can add supply. 2. There is no amount of money that any big city government could feasibly spend that would add materially to supply. This is because, depending on the location, new apartments cost $250,000-1,000,000 to develop… building even a few hundred of those starts to stress any city budget, and many big cities need tens or hundreds of thousands. 3. On the other hand, investors (including pension funds and endowments, insurance companies, rich families, etc.) can collectively **easily** provide enough capital to build as much housing as we need **so long as they are confident they can get a reasonable return**. To get those investors to fund the creation of the housing our society so desperately needs, we must do two things: 1. Dramatically reduce the time & complexity associated with securing governmental permission to develop housing. This means reviewing and simplifying the overlapping regulations that constrain housing production: zoning codes, building codes, parking, ADA, etc. But it also means changing the cultures within the relevant governmental agencies from “default no” to “how can we help you?”. 2. Provide certainty around on-going regulation of apartment operations. The way investors get a return from building rentals is as follows: They hire managers to lease the apartments, collect the rents, pay operating expenses and any mortgage payments, and then send the investors the cashflow that remains. But city governments all over the country have been restricting the manner in which apartment buildings can be operated in all kinds of ways. For example: Cities have been making it harder to screen tenants, while also making it much harder to evict tenants who don’t pay. You can see why both of those measures are politically popular. After all, who doesn’t want people to get second chances? And who wants anyone to get evicted? But, as a manager, the combination of those two regulations makes it much harder to predict, with any certainty, that the rent will get paid… and that makes it very difficult to get investors to provide capital to create more housing. Another example: Rent control. Again, I understand why renters love rent control and why politicians want to give it to them. But, if, as has been the case in NY, LA and San Francisco, city governments hold annual rent increases below the rate of growth in the operating expenses of the buildings, the cashflow payable to the investors shrinks… making them much less likely to invest capital in building more apartments. In conclusion: For ~every other good or service in the economy, we allow the market to function, and the result is that we have a surplus of choice at all price points (think of food or clothes or cars), which is spectacular for the consumer. If we want a surplus of choice at all price points in housing, we need to get comfortable with the idea of allowing the market to provide it. And that means allowing investors to build rental apartments *and* allowing them to operate those apartments in a manner consistent with making a reasonable profit.

Scattered Site SFR and Student Housing are two formerly niche asset classes that have gone mainstream in the last decade - we’ve got 20 projects and counting combining them. Thanks for the feature @bhargreaves and it’s an honor to be mentioned alongside @StudentRentPro!