Ian Stroud

Seller: I’ve had offers at X You: An offer without a closing is a buyer realizing that price won’t pencil Did you offer any further concessions to make the deal work for both sides? (Pause, don’t say a word)

@GenZMultifamily Idk man I heard about a guy who had his porch stolen in Detroit

You know what can’t be stolen? A small multifamily building like this in the great state of Ohio.

@Carson_CRE @TopherNOW You’re right to push back.

@MultifamilyIan @TopherNOW It sounds like Ian trying to speak like Claude.

AI slop has gotten bad enough that LinkedIn is reportedly taking action. Even wilder: Cloudflare says 57.4% of requests to websites it hosts are now bots, vs. 42.6% from humans. Hoping this tips the scales back towards authentic, in-person relationships. One can hope.

We’ve been underwriting a deal recently, 100+ doors, owner wants a little over $9M. Sounds good, in general. It’s in line with comps and supported by the broader market, assuming everything comes out as we’d expect. Problem is, unless he sent us the financials for the wrong property, we’re looking at an NOI of ~$90k. That’s without taking into account tax reassessment upon sale, property management fees, CapEx, etc. Market cap rate is around ~7%, maybe a little under. We haven’t run into a gap that big in a while.

@Ryan_D_Anderson @CNviolations I don’t think you watched the whole video

@CNviolations That mother is a literal demon. She should be hanged publicly

Dude 😑

There are only half the jobs on the coast because the water. Bullish on Indiana.

@cmclymer @grok is this true, and how much did the Odyssey cost to produce?

The Odyssey is now up to $328M in six days. Chris Nolan's first flop. It's a damn shame.

@credealjunkie No, we have to make 112-page OMs, trust me, all of the info is relevant, believe me, everybody says so

Brokers whose OMs are too large to send via email.

@AdamHKlein The most recent South Park blooper reel?

I’ve attended multiple city council meetings in various municipalities throughout South Florida in the past 10 weeks. Any guesses what the most commonly talked about topic across all the meetings was?

@robbiehendricks The BUSINESS CARDS?!

@MultifamilyIan I remember going to NMHC and being passed out pamphlets and business cards with “off market deals” on them.

@coleruudjohnson I do three sets of head butting a rock to failure every morning because of this 🤌

If you're in real estate.. You need to intentionally lower your IQ. (Not joking) I meet people every month with no CRM, no understanding of AI or even Zapier, and no education, absolutely crushing it. You'll meet people with quite literally less than 1 brain cell making multiple 7-figures per year. All the overthinking, overanalyzing, and overplanning is what stalls a real estate business. You really just need to talk to as many people as possible and spend 90%+ of your time trying to put deals together. That's it. If you're spending your day in spreadsheets & AI but your dealboard is dry, pick up the phone. (This excludes certain niches within real estate of course)

@jakecrandall My god For me: - 20 yrs old - senior in college - $0 salary - I lived at school, wife lived at her parent’s house At my first (post-bachelor’s) job I made $45k, and my wife made about the same These people are fine

When we had our first kid: - I was 24 - my salary was $60K - my wife was getting her PhD and making $29K We rented a nice enough house in Nashville, did a nanny share, and it’s been great. We’ve since had 2 other children. Adopting another and we’ve never made as much money in a year as this couple in Charlotte. And I feel like we’re able to do a ton of what we want and like to do! Have kids!

@realestatedude0 The fridge is upside down

Spot the issue

@GenZMultifamily But they gave you a tip, right?

Earlier I sent a text to 11 tenants telling them I am sending my guy Saturday morning to service all the ac units. Even asked them to let him inspect the furnace and I will replace the filter for them and pay for it. So far, only 1 “Thank you Mr. landlord”

@CaseyMericle I’ll give you $2.50 for it, but I want 90% seller carry at 1% for 134 years, and you to cover the 10% as an LP.

Dude pumps NFTs & various wild crypto for years & wonders why peeps can’t afford stuff 😂 My bored ape is worth 6 dollas bruh

@GenZMultifamily 🫵😎🤘

@MultifamilyIan Thank you bro. And 8 units🤝

Went under contract Sunday morning. Flying out tomorrow, and I scheduled everything for Wednesday so it all gets done at once. 12:30 at the property: -Inspector -Appraiser -My Roofer & HVAC guy -My agent and the seller -GenZMultifamily The inspector will cover all of it, but I learned my lesson. Paying my own roofer and HVAC guy a few hundred bucks for their professional opinion is worth it imo. This will be my largest building so far. Have to see it in person to get a feel for the place and will check up on my other places as well.

@robbiehendricks 100%. Not to mention that size market is so insanely fragmented, the opportunity to get a handful of properties within 5 minutes’ drivetime is huge. Get ~5 properties around 10-20 units, one PM can manage all of them together.

Young RE Guys: It’s much easier to find great deals when they’re smaller. 1-24 units or so. That market is inefficient and big capital doesn’t touch it. That’s your chance to break in. You have mispriced and poorly operated deals everywhere. Once you succeed in those little ones, I know you naturally want to go bigger. You have a track record and can probably put together a bit of capital. However, once you get into 100+ unit deals in better areas, you’re competing in a more efficient market against investors with more capital, a lower cost of capital, and better systems. Margins go down. Risk goes up. Staff needs go up. Debt goes up. Impact of macro environment is far more pronounced. It’s important to think about whether or not “going big” is right for you. There are real tradeoffs, and you need multiple competitive advantages for it to be worth it. For some, the best play is being that skilled operator in the smaller deal sizes, owning that little market, and piecing together a couple hundred units without investors. Very often, those guys make just as much as the big boy investors/syndicators with less/no investors, much less debt, much less risk, and more flexibility.

@KenjiCapital @robbiehendricks @resetbasis Good stuff going on in Indy, bullish for sure

@robbiehendricks @resetbasis Nice to see Indy at the top of the list, where I bought my first few properties 10 years ago. Still own a few units there today, but planning to sell a house next month.

This is our thesis, and it has been since we started buying multifamily in Cincinnati 13 years ago. 4 of our target markets now find themselves in the Top 7 of population growth - Indy, Columbus, Louisville, and Cincinnati. As @resetbasis says, price is the ultimate amenity. You can easily get a gorgeous 2 bedroom apartment in a good school, low crime submarket of Cincinnati for $1500/month. Your dollar goes much further in these Midwestern cities. And while we already have gobs of jobs from Fortune 500 companies, more and more employers are making the move. Why not go where your staff can afford to live and raise a family? It's a no brainer. As jobs continue to flow, the renaissance of the Midwest is only going to pick up steam.