Greg Horowitz

@capybaraReborn @grok what is ATM

To put $IREN ATM into perspective. It would take 2.5 months at least to raise $6 billion for IREN based on current volume and share price given ATM is capped at 10% of VWAP. That’s also not what they’re going for. Last time, it took them 9 months to raise $1 billion ATM and the stock had a 10x run at the same time. The GPU news is what’s important here and that hyperscalers are now shopping for a deal that could bring another $2b+ in ARR for next year.

@molzer @opcares Loving your content. Big moves in store for you!

Successful meeting with @opcares City Manager about our proposed townhome development! Next up is planning commission. Can’t wait to break ground Q3/4 on 50 townhomes in my hometown. Molzer Development officially entering ground up 🫡

@ShaanVP Push the pace! @benmlevy

Frank Slootman is corporate David Goggins - I love it.

@ShaanVP Preach!

It’s cool how you can just do the exact opposite of grind-bro advice and your life improves Sir front row at the dance recital Date nights Have fun hobbies Enjoy a lazy morning It’s like those seeing eye puzzles. Gotta read the tweet cross eyed to get the real advice

@businessbarista DM

Peer accountability has completely changed my life. I have a 1:1 text conversation with an accountability buddy pinned on my phone for each of my core habits. Something I’ve realized, though, is it’s hard for people to find a buddy. So I want to try a little experiment. Reply "DM" below, and I’ll help pair you with an accountability buddy working on a similar habit.

@lariosj93 @realestatedude0 Sent you a DM. Hit me up when you’re free

@GrHorowitz @realestatedude0 Won’t let me message you without you following me lol

Best HM terms

@lariosj93 @realestatedude0 Where do you build? I can help you out with construction debt. Send me a DM

@realestatedude0 Oh wow. Do they offer ground up?

@shawngorham Great idea

I am going to do/try something I have never done. You have never heard of the Landis family. The dad, Ken, has no social media presence. The son is an anon lurker. They are some of the most active developers in So Cal. Last year they sold 160 new homes (probably kept more than they sold) and have 1200 lots in their pipeline. They have no investors, no partners, a family business built from zero. I met them in 2009 when we were flipping houses in So Cal. I think they were buying 20 a month at the time. I was buying one. These guys are the real deal. To my knowledge, and we speak often, they have never spoken publically. SO - here is the offer... Ken wrote a book. I think its a book worth reading and can add real value. He wants his book in more hands for the sole reason of helping people. Back to the Offer: Go to Amazon and buy a copy of the book. DM me a screenshot of your purchase and your email. I will BEG Steve and Ken to get on a private webinar for those who have bought the book. He hasnt agreed to it yet... BUT I will convince him. $20 to hear a real operator, builder speak. A builder who never speaks. Think of it as paying to go to an RE meet up, its less than the cost of a drink. My goal is to get 300 people on a webinar/zoom Go do it :)

@SeanODowd15 Great post. One point I’ll challenge you on is that you don’t need a $100mil portfolio to sell to an institutional fund. The biggest factor is their buy box though. Many funds require 1980 or newer, 3+ beds, etc. I’ve sold countless portfolios as small as 5 homes to inst players

I'm a big StripMallGuy fan (true story: Scholastic Capital would not exist without him) I also agree with the spirit of his post My goal here is to add some color below! First, SFR Yield Think of yield as the amount of cash generated by the investment. For a house, it's rent - expenses = profit. SFR yield is lower than many other real estate classes. You get less profit per dollar that you spend to purchase it So, why would people buy rental houses? Let's use a very rough but directional analogy: publicly traded stocks and bonds Buying a rental house is equivalent to buying AT&T stock, or a bond. It is perceived as a safer, dividend paying, high floor investment. There are certainly investors who prefer that! There are lots of folks who want this type of investment They might be later in life and want a high floor investment. It might be their kids college funds they are investing. Or they could have a lot of risk in their portfolio already and want less risk in their real estate allocation. Development, Multifamily deals, Strip Center Repositions are real estate, but an entirely different asset class than single family. Think of these are more akin to NVDA stock or Amazon stock. They aren't dividend plays, they're equity plays. The stock is also way more volatile and can go up or down a ton. This is an entirely different investment objective. I am extremely confident than SMG and I share multiple LPs. My strong guess is they have their "upside" money with him and their "bond" money with Scholastic! SFR Operators can be terrible This is a controversial take: I think most people should not be real estate investors Buying real estate is a multi year commitment to being an operator of a business. There will be a tenant who lives in your investment, or runs their business out of your investment You are now responsible for human beings who spend a significant part of their time at your investment property. Many new investors skip over this, which creates a really rough dynamic for both them and tenants. New investors tend to concentrate in SFR since the purchase price is lower. They are also most likely to run the business poorly, hurt margin, and hurt their customers (the tenants). Institutional SFR has better returns for a reason! The best ROI play in SFR is not available (typically) to mom & Pops Last point here: The highest ROI play in SFR is most likely building a portfolio of institutional level homes and selling it to Invitation, Tricon, Amherst, etc. Basically, a roll up strategy. An SFR operator (typically) needs >$100M of SFR to exit at a decent price point to these players. Very few mom and pop buyers are looking to build a $100M SFR portfolio (see the above: SFR is more like a bond). For that reason, the highest ROI play is not even on the table. How to maximize SFR returns: IMHO, which could be wrong, the best way to do SFR is: -Recognize that it is a more conservative/stable real estate class and lever it appropriately as a result -Run it like a data business from day 1 -build it for that roll up exit from day 1

I’m Marc Randolph, co-founder of Netflix & 6 other companies. This is my definition of success:

@BrianFeroldi Which companies are anti fragile in all 4 of these?

How to analyze a balance sheet quickly. Memorize these 4 ratios:

@LeGronkowski @NipseyHoussle @shawngorham @SFR_Investor @mu2myoc @CaseyMericle I’d be interested in this. Sending you a DM

@thesamparr Awesome interview

Today's pod: Kevin Ryan If there's a ratio of does epic sh*t while being udner the radar, this guy would be at the top. Founded: - Business Insider - MongoDB ($25b market cap) - Gilt - Zola - A bunch of others Launched dozens of companies a year. We talked all about how he comes up with ideas. How he researches them, the first 6-12 months, and then runs them. GET IT: mfmpod.com/how-this-billi…

@LiLoanofficer Absolutely. Where are you seeing rates today?

With an obvious hang-up in acquisitions and a near impossible task to meet the bid/ask spread. Would local investors be interested in a 3/5/7 yr i/o Loan? Premium pricing if the firm can takeover the management on the portfolio.

@ShaanVP Silo

Friday night - need a great show or movie. What’s good right now? Just finished hijack (loving it so far) - what’s next?

@MrJonesSTRs What is the typical ration of revenue to purchase price that you target on acquisitions?

Even if you self managed, this deal is a ~2.87% Cash on Cash return. Cheap debt made people think STRs are easy. They are not. You have to really know how to find and operate deals to generate double digit yield in this asset class.

This Airbnb made $194,000 in revenue last year. If you buy it for the current asking price, you’ll LOSE MONEY Time for a breakdown

@eugeneng Did the outflow in 2020 result in any losses to investors? It mentioned 28 banks “breaking the buck” at that time.

Also adding a chart of MMF share of MMF & Deposits over time, i.e. MMF/(MMF+Deposits) over time.

Janet Yellen on the risks of Money Market Funds (MMFs). With the shift away from lower deposit rates, excess cash has increasing been moving more to higher yielding MMFs. With that, the similar risk of bank runs/sprints could now shift to MMFs instead, and the structural vulnerabilities of MMFs are not sufficiently addressed. Something worth watching on this front.

@balajis How do you buy off exchange? Is there a wallet you recommend?

The BitSignal How do you ring the fire alarm on the internet? How do you show it’s not a false alarm? I am putting up the BitSignal. $1M in BTC to alert us to the stealth financial crisis. $1000 per tweet, for the best 1000. Reply with your charts, graphs, stats, memes! Bring attention to what is happening! Because the central bank, the banks, and the bank regulators have bankrupted all of us. They hid their insolvency from you, the depositors. And they're about to print $2T to hyperinflate the dollar. In the digital age this will happen very quickly. So buy Bitcoin *now* and get your coins off exchanges.

@SFR_Investor As of last month they were only buying 50/month across all markets. Going to be very low volume, but good to see them off the sidelines. Have seen other institutions bidding but searching for 25%+ discount to value

Don Mullen helped pioneer Wall Street's big bet on the US housing market. But as some deep-pocketed buyers start to get out, he's still all in. Read The Big Take ⬇ trib.al/1GfkZDa