Peter Psathas

@CRELeasingLawTX Yes, have different accounts for this

Overwhelmed with my personal inbox. Has anyone ever created a personal email strictly for online shopping/ad emails and unsubscribed/resubscribed everything they've ever done? I wish THIS was something AI could help me with😆

@GoodGuyGuaranty @jaymart222

SPONY - plaintiff in the newest court challenge to rent control - just filed their opposition papers to the city's motion to dismiss. Nearly 21,000 words and worth reading. A kitchen-sink filing for a case that, I suspect, will land at SCOTUS. And my prediction below came true.

@paulswaney3 @MattKilby23 @jjkaplowitz

Nicotine isn’t the problem in tobacco Polonium-210 is It releases alpha particles (4 He 2) into your lungs @MattKilby23 @jjkaplowitz (I don’t want to even think about this sh!t any more but here I am)

I spoke with a property owner, owned a 3 family home. The home he lives in today, doesn’t own anything else. He purchased it in the 90s for ~$400k, today would be worth ~$1.9M. When he purchased it, the broker offered the next door property for $425k. He had the money. His wife objected, said managing 6 units would be too much. He wanted to buy it, and after 5 days of hand wringing he called the broker to buy it. Too late!, was already sold. If you read up to here, you probably thought “this is where he fucked up, waited too long” I don’t agree. He fucked up when he threw his hands up and didn’t look for something else similar nearby. He was emotional at the initial thought of losing the neighboring property that was offered to him and buried his head in the sand. It’s just sticks and bricks people. Win it, lose it. So what, move on.

@robbiehendricks What’s enrollment like the last 5 years? Has it been trending down?

Been working 4 years to start our first multifamily development. Shooting for 142 units adjacent to an existing property we own. Low hanging fruit. Demand through the roof. Our current property there is at 99.45% occupancy. Rents continue to grow in this market. Housing continues to get less affordable. Why? Because the local township and school district are so averse to new development that nothing can get approved or supported. Only 230 new apartments built in the last 20 years, despite a densely populated, high income submarket. Thankfully, we were pre-zoned multifamily dating back to the 90s. Unfortunately, new construction on this parcel doesn’t pencil without public support…and of course the city was not interested in helping us with a tax abatement. So we went to the state. They have a program (OAQDA) where we could secure a 100% tax abatement provided we built the new apartments with substantial energy efficient materials. Boom. Good to go! Or not. School district steps in and raises heck about it with the state. State can trump city, but they decided to bail on the tax abatement to avoid drama with the school district. Deal stalled, at least for the moment. Guess housing costs can keep going up.

@mattbaran @credealjunkie Nobody gets votes in a primary for getting out of the way.

@credealjunkie Sadly I don’t see anyone out there saying we should get rid of some of these laws. Part of the problem is ‘everyone else’ is an idiot.

Unfortunately, this is the problem with adding even more complicated state laws to modify already complicated local laws.

Your gut is having an inflammatory response to gluten. Likely the glyphosate we spray in the US on our wheat before harvest is irritating your gut and has for years. Another factor is petroleum based soaps are entering your gut. They all leave behind traces on dishes and glasses. I’m sure you will listen to your doctors, that’s best. Also, try switching your dish soap and dishwasher pods to non petroleum based alternatives. Checkout blueland. Make sure your past is imported as well. You can purchase imported flour too. Good idea to just eliminate wheat from your diet for a few months and see how you feel.

@Peter_Psathas I don’t know what that means. But I’m hoping it’s like lactose intolerance, just take a pill and it’s gone.

Just diagnosed with celiacs disease… which also means I’m now gay when I go to restaurants. “Is your chicken Alfredo gluten free?” 😑

@jaymart222 JUST UPZONE AND GTFO OF THE WAY

It certainly isn't pro-union or pro-worker to be using pension funds as property investment funds. There are other, safer, ways to finance housing via government resources. Pensions should not be the playthings of politicians to fulfill campaign promises of investing (or not) in things that don’t guarantee returns.

@bethanyjbabcock For the better!

@Peter_Psathas It absolutely changed me too.

The company was built because of my kids, not inspite of them.

@JulieChangRE The only place these work is outdoors

Oh my this is almost a nightmare to me seeing all this river rock in a shower Yes I've seen a lot of it in the wild. 9.9/10 looks in terrible condition from the stones themselves to the grout

@jandreini1 This sounds incredible. How do you manage these? Is there licensing? inspections?

Started doing real estate deals in Spain back in 2022 realizing that development spreads were 100-200 bps better than the US. Senior living communities did not exist as traditionally the elderly moved in with their children - a concept that universally does not always go well Interest rates are 2.5%, non-recourse and fixed for 15 years. The tax treaty the US has with Spain is only 5% if the profits are spent in Europe - this means you can re-invest or travel Europe because of the economic development. This project in Madrid became an oversubscribed community of retirees that are living their best lives, drinking cases of wine at lunch every day:

@shawngorham @irentdumpsters Ok so we’re agreed here? You’re going be a high end home remodeler with a $500k minimum. Then you’re going to invest your cash flow into acquiring and managing small bay warehouses.

@shawngorham @irentdumpsters You don’t need to be an ass kisser. Probably better that you qualify clients and fire them from time to time.

We finished a flip today - 3 bedrooms 2.5 baths 1700 sq feet all cosmetic (my first cosmetic flip ever) I will land at about $55,000 on rehab (including staging which we own) I am very positive a home remodeling company would sell this job to an owner for $100 a foot or $170,000, shoot even $80 a foot is $136,000 Best case scenario I make $70,000 on the flip. I have $75,000 cash down payment on a hard money loan + $55,000 in cash rehab out of pocket. So I am $130,000 out of pocket for 3-4 months IF I was the home remodeler and billed $136,000 less my $55,000 in direct costs = $81,000 IF I billed $170,000 gross profit would be $115,000 Sure overhead and costs would go up vs my $55,000 in direct costs. But you get the point - there is more money in being a home remodeler, with less risk, than being a home flipper

@SMB_Attorney Open bar?

I’m at an event right now with all lawyers. Painful. Wouldn’t wish this on my worst enemy

@SimpleCRE 83%IRR 1.05x EM

Comment from an email: "What the f*ck is IRR? Just tell me - is it a good deal or not?" Made (somewhat) in jest, but still a good reminder to keep it simple.

@acquisizioni Delete this

Horrible night sleep due to my demonic children Will likely be in goblin mode all day Someone pls warn my intern

@Tyleralley @RE_Ari18 Or something we tell younger people about. Grew up hearing about Savings & Loans

@RE_Ari18 This feels like one of those times where it doesn’t make sense on paper for them and then 10 years later they’re pretty happy they did it

There are groups buying unanchored strips with mid-credit tenants at 6% caps, some even lower. This is below the cost of debt. I'm a dinosaur in this space. There used to be a 300bps spread, debt vs cap rate. I don't see how these people can make money.