Seger

@Jefffeldman How does one challenge to check if executable?

I got a really good debt quote on a portfolio. But it seemed to good to be true. You can't just accept a quote because it looks amazing. You first need to challenge, make sure executable. Only then does the quote actually matter.

@NWSTwinCities Disappointed in the forecasted accumulation accuracy for the Twin Cities.

***BLIZZARD CONTINUES TODAY*** Snow continues today with significant accumulations expected in southeastern MN and western WI. Winds will increase into this afternoon causing blowing snow and whiteout conditions. Travel will be very difficult to nearly impossible. #mnwx #wiwx

@charlierybak Josh and Hempel are class acts. It’s awesome to see their well deserved success

This conversation was really great. Josh shared a ton of wild behind-the-scenes details about what it actually takes to put together a commercial real estate deal, why “zombie buildings” are the biggest problem in downtown Minneapolis, and how he filled 100k square feet in 2025.

@Tazerface16 It means they can default on their delivery contracts without repercussions

So, Kuwait Petroleum just declared force majeure on all oil deliveries. If you understand what this means, please raise your hand?

@BuySellSMB Hire that kid asap

Best cold email from an SMU student.

@BeardyBrandon The Felix Dennis book stuck with me. Colorful guy and great read.

Name a book that will make someone rich if they simply followed the advice ... Go.

I’ve been down this rabbit hole. SBA by far the best option for acquisition loan of this size. Without SBA, your friend is looking at 30% down minimum, likely 5 year amortization, and over 9% rate. I’d recommend your friend pull data from SBA website to see which banks are active in that size/area. Whether or not they choose to go SBA.

@bluewmist Howmuchwillitsnow.com

What is the coolest website you've visited that no one knows about?

@mercurygurl I just throw away or take to Goodwill and don’t say anything.

Looking to expose more finance grifters who charge crazy fees to underperform. Comment below or DM me funds that don’t earn their fees and I’ll do a post

@joeybaum13 This is a feature not a bug

in the sub $5mm space, you are playing with a lot of unsophisticated buyers / sellers and can sometimes get a great deal. you're also playing with the dentist who doesn't know what a cap rate is and is happy to outbid you and buy that strip center for 20% more than what you would have paid.

@benkrsnak I’ll do my part to keep them going. I hope they’re in one of your buildings

@DallasAptGP This is the content I’m here for!

Every apartment operator is hunting for margin right now. Rents are flat. Insurance is up. Taxes are up. Most owners stare at the revenue line and hope. The smart ones look at the expense line and act. The first place we look, in good markets and bad, is the water bill. Your water bill is not a fixed tax. It is a controllable variable. If your water bill shows use of over 200 gallons per unit, per day, you are burning cash. We see deals in due diligence averaging 500 gallons. That is not "old plumbing." That is system failure. We target 130 to 160 gallons per unit, per day. Hitting this number does not require a miracle. It requires a specialized crew and a checklist. You can cut usage by 50% or more in less than a week. A crew of eight plumbers can sweep a 200-unit property in days. The scope is surgical. Toilets. Replace tanks with high-efficiency models (Toto Entrada CST244EF). Regulators. Install low-flow showerheads residents won't notice. The "silent" leaks. Replace angle stops. These drip for years, rotting subfloors and draining bank accounts. Main line. Fix underground leaks that never surface but spin the meter. Now the math: Take a 100-unit property in Dallas. Current usage: 300 gallons per unit, per day. Annual water bill: $120,500. We spend $100,000 on a full conservation sweep. We drop usage to 160 gallons per unit, per day. New annual bill: $64,250. Annual savings: $56,250. That is a 56% return on capital in Year 1. But the savings are only half the story. Real estate trades on a multiple of NOI. At a 6% cap rate, that $56,250 in savings adds $937,500 to your asset value. $100,000 in. $937,500 out. In a flat rent market, this is how you force appreciation. If you operate 100+ units in Texas and need to find margin immediately, DM me. We run the analysis. We find the leaks. You keep the equity.

@ChasingWaterfa8 Source? Thanks for posting

Here are some real estate PE fund performance numbers: 2011 bottom quartile fund = 9.63% IRR 2022 TOP quartile funds = 9.36 IRR 2021 median = 2.2% IRR 2022 = 4.85% IRR 2023 = 3.84% IRR

@resetbasis Appreciate your post. In your mind, what is fair for all those fees/structures mentioned?

People like Brandon post rage-bait on the assumption that people will be mad, but they'll be paying attention to me. Perhaps I can convert those eyeballs to LPs. Well, let's pay attention to Brandon's business. Brandon rose to internet fame through BiggerPockets, before leaving to start his own company called Open Door Capital. Open Door is a typical real estate syndicator selling the dream of passive income to retail LPs. If you're going to invest in a real estate syndication, you probably should know what the fees are. And while I thought you would never ask, I happen to have some insight into Open Door's fee structure. So, let's take a look. Let's assume Open Door buys a property for 30m Acquisition fee: 2.5% of the purchase price. Paid at closing. Asset Management Fee: 2% of gross revenue. This is paid out ahead of net cash flow, which means it's collected before LP pref is calculated. Property Management Fee: "at market" to a property management company the GP owns. Capital Transaction Fee (sale/refi): 2% of the gross proceeds. Meaning, this also gets paid out ahead of LP returns. Two important clarifications. - Deferred GP fees accrue interest at 10% per year - LP preferred return accrues, but does not compound Let's also assume the deal underperforms and generates a 0% irr, selling for roughly the 30m they paid. A not unheard of outcome in the sunbelt these days. LPs get their money back and the GP is out of the promote. However, because of the way the fees at Open Door are structured, the GP still earns roughly 3.6m dollars. Brandon's right. You need to get focused, lock in, and bilk mom and pop investors, as god intended.

@twolvestalk32 He is a great dude with a great family as well. I hope he settles here after his career is over.

Updated my girl on the Wolves. This is the kind of respect Mike Conley got in this state.

@GovTimWalz To be fair, they also slaughtered white women and children while the husbands were off fighting in the civil war…

163 years ago in Mankato, 38 Dakota men were hung in the largest mass execution in our nation’s history. I’m grateful to the riders who continue to remind us the importance of fighting for accountability and healing for the Dakota people. mprnews.org/story/2025/12/…

@BoringBiz_ Judgment builds capital. Capital builds wealth?

Path for every successful career First you get paid for labor You use labor to earn experience Then you get paid for experience You use experience to build expertise Then you get paid for expertise You use expertise to build judgment Then you get paid for your judgment

$8M deal 44% CoC Had to double check my numbers..

@kalezelden Love this

Five or so years ago I made myself a swear that I’d intentionally wear a jacket & tie for Sunday Mass, without fail. I’m not trying to be holier than thou, nor do I sit in judgment of those who come as they are. It’s simply my attempt to inject dignity into the commons. If I can’t dress up for Jesus, why do I dress up for class? If I can’t offer this small sacrifice of praise, what am I even doing. If I show up on public, why ruin it for everyone else? I’ve made a similar swear about leaving my house for errands, etc: I always wear a collar unless I’m jogging. I’m no fashionista, and I don’t have a ton of nice clothes, but as a 53yo I want to model adulthood to the young guys. I know this will be dismissed as quixotic or even precious, but I think these small actions can make a difference.