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Got approvals on a 12 unit building. Demoing a 3 family to build it on that site. This thread will be the progress thread. Will try to keep it going in real time.
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Marc Gilbert
8.6K posts
Marc Gilbert
@MarcSGilbert
Managing Partner of Twin Oaks. Buyer of mispriced/mismanaged #CRE. Income up, expenses down, refinance. Not selling any courses. DMs Open
Short Hills, NJ Katılım Ocak 2020
561 Takip Edilen37.5K Takipçiler
@realEstateTrent @Keith_Wasserman @fortworthchris @moseskagan @TyronMcDaniel @PinkPoloShorts That time where Jake started messing with everyone really turned me off to posting.
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Sometimes I miss the days where a nerdy post like this would quickly turn into a deep discussion involving @Keith_Wasserman, @fortworthchris, @moseskagan, @MarcSGilbert, @TyronMcDaniel , @PinkPoloShorts and so many others.
StripMallGuy@realEstateTrent
Crazy that your general contractor can have a dispute with a vendor you didn’t know existed, and that vendor can lien your property
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@DMAC_19 There's no retrofit code as far as I know. Never had an insurer bring this up.
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PSA to all apartment owners.
Check the railing heights of your building.
Majority of older buildings rail height is 36”
Current code and all insurance carriers will require a 42” railing height.
Most cost effective to add a 6” welded extension to the top of the railing.
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1) recycling
2) LED lights
3) Lift 'n' Peel packaging seals
In that order
Mr. Mike@mrmikeMTL
name a huge scam
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@khzny Guy walked backwards into an assemblage. Probably created a valuable asset having those two lots. I'm sure he'll cash the check and sell out on his values when the time comes to liquidate.
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Man makes life changing decision and risks his financial future to… *checks notes* … avoid an infill next door?
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What’s it gonna take to get @MarcSGilbert posting again? He’s definitely missed here…
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@SinaiLawFirm @DarkfireCapital I’m already blessed. The jump from three to five with the twins was steep though.
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@MarcSGilbert @DarkfireCapital 5 under 9 god bless you oh my god
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@BillAckman “I know it when I see it.”
-Justice Potter Stewart, SCOTUS
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Where is the line between free expression and the indecent and obscene?
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@CaseyMericle @UnsuspendMarc @dirtdog Sorry. I literally posted for my burner alt that it was my primary. This is my primary. 🙄
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HOW DO YOU FIND PROPERTY OWNERS TO CALL THEM?
I put this video together last year to show how I do that without a single pay wall.
So much of this info is available for free.
What systems do you use?
Share below and retweet so we can learn some best practices.
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When Keith asked for help in a time of true need, he was steamrolled with vindictive hate. I am beyond disheartened by the callous and cruel invective directed at him.
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@LA_Multi_Fam @MrNMath @jaybowman If that’s unclear, then the law is unconstitutionally vague and thus unenforceable. Overturn it!
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@MrNMath @jaybowman A lot of gray area on what is and isn’t harassment or pressure to move
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Rent control can be an interesting thing.
After a few years in a place the tenant falls quite a bit below market & starts getting tied to the place. They no longer can just pick up & move because it would be a financially bad decision to go & pay more for the same thing.
But they also start to feel a sense of “I been here a long time, this is my place”
People around them should think & act with them in mind first type mentality.
How dare we rent to a family with a child without installing carpets first!
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Here’s a new one for me. Someone takes issue with one of their neighbors and decided to send the message in a unique way. I probably can’t even evict for this in NJ.
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@CT_Friedman @AdamB1438 But it doesn’t seem like the bitcoin is collateral since they mandate a four year hold even if the loan is completely repaid. I’d like to know their motive in that.
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@AdamB1438 Maybe it’s a compromise over giving a cash out?
Lenders are reluctant to give a cash out. Sponsor would want to buy a different asset with the proceeds anyway. Compromise they get to buy 2mm of bitcoin but it has to stay in escrow and remain as collateral. Win win.
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This is one of the stupidest 4.5 minutes of television I've ever watched.
If you don't like the loan - don't make the loan.
If you like Bitcoin, buy Bitcoin.
Max Gagliardi@max_gagliardi
Multifamily refi with a BTC collateralized loan 🤯 Bitcoin is changing the way lenders think about underwriting real estate risk Every asset class is converging to Bitcoin
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@KTG_CRE One of these days I'll dig out the footage and upload it.
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@MarcSGilbert Oh My God. That's terrifying! And some epic not-so-smart!
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Just over a year ago, we were demolishing a building to make way for our new development. I swept the building with a manager and went to get coffee for our operator as he unloaded the equipment. I put my drone in the air becuase demo footage is awesome, and they got to work. About four minutes in, I hear some shouts and waved off the operator. When I went for coffee, a homeless person entered the building and went to sleep on the floor, with his shoes next to him. He ended up walking out of the building barefoot but unharmed as the excavator took his shoes in its last grab. My heart still races when I recall that day.
kristin geenty, sior@KTG_CRE
I was telling stories to my twitter turned IRL friend the hilarious @financeguy725 yesterday. We agreed, mishaps make the world go round. Gruesome stories of extreme stupidity are SO entertaining. Golden hour amusement. First cold day of the year, heating faltered for 3 tenants. But, we'll just talk about Tenant #1. Tenant number 1 has about 25Ksf suburban office. Office has funny smell. HVAC contractor called. 30MPH winds. HVAC man is NOT going on the roof (because his ladder will blow over). Never fear, Tenant has an idea! 15 minutes later the fire department arrives. They are hooking up to hydrant when Tenant says, maybe you can just use your bucket to get HVAC dude onto the roof. And they did! A belt slipped, melted, snapped. It smells when this happens. Employees are not to return to the office until unit is repaired. Have we talked about the supply chain? No? Just in time delivery isn't quite what it used to be. Fingers crossed for a 5 day expedited delivery. (And yes, the spectators who heard the fire call on their scanners were utterly disappointed. No visible flames.) @CarolWalshReal1 I hope this cheers your day. @StudentRentPro - not a frat bro cutting down a tree for parking but not bad. @MarcSGilbert - it's not that time that the power company ran their power line through your second floor but it's entertaining! Office/retail/industrial landlords love to talk about how little management they have. They might be exagerrating. 😉
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I guess the government is working overtime to help me prosecute the vandals we caught on our property.
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@multifamilydan @admsteiner Call was intentional. Hit me back. I’m still around but having five kids including 3 under 3 keeps my hands tied.
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@admsteiner @MarcSGilbert Had a missed call from him last week. Think it was a butt dial. 🍑📲😔
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@moseskagan I have one. Sometimes you buy a property with multiple liens, and buy the first position note to foreclose on yourself and wipe away the junior liens. Yup, I foreclosed on myself.
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This is going to be controversial, but:
The optimal number of foreclosures to have in a career might be >0, if you’re trying to maximize overall returns.
Notes:
1. Certainly all of the big RE PE shops have given keys back on many buildings.
2. One of my failings as an investor is that I am so terrified of losing $$ that I probably don’t take enough risk.
Jim Kittridge@JimKittridge
How many people pay a guru $5k-20k to learn from them only to see the guru go bankrupt? Another guru is getting foreclosed on here. Remember that just because they're good at marketing & selling the dream does not mean they are also good at business or finance.
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@gas_biz @MarcSGilbert got a coin laundry in one of his deals if I recall
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