Jason Richards

I started investing in real estate at a young age and thought I knew it all. I was wrong, and I've learned over two decades that an established network of expert providers is essential to make it in this business. A thread of the contacts every property investor should have: 👇

@realEstateTrent You left out the next part: "By the way, please make sure you sign it in blue ink. After you scan and email it to me, please send the original signature page (in triplicate) via US mail so that we can have it for our files."

Just got off the phone with our title company: Title Company: "Can you please sign page three and send it back?" Me: "Sure, can I sign with Docusign?" Them: Long awkward pause. "Well, it's better if you print and then sign and then scan and then email back." Me: "Ok, but why is that better?" Them: Another pause. "It's our protocol." Me: "I am a bit confused. Unless it needs to be notarized, which this document doesn't, literally everyone else is fine with Docusign. Then I stop and realize this is pointless. "Ok sure I will print and sign." Them: "Perfect, thanks!"

@KenjiCapital Effectively worthless IMO - visual overload means no one will really look at it. Should just include the best highlights.

I've never seen a map in an Offering Memorandum like this before. Not sure what to think of it...😂

It's amazing what a city can accomplish with some vision and leadership. 1977 compared to last week. The old factory building under the vines in the original photo was repurposed as an event pavilion and is on the right of the green footbridge in the new photo.

@iononrecourse Understanding timber value can be a cheat code. I don’t, but I have many friends who do, and it’s a great strategy for buying land in the path of growth.

There was a time in the mid '90s when one could buy land in the Atlanta exurbs for less than the net proceeds from selling the timber on that land. The market moved fast and some sellers didn't realize what they had. Some of those parcels sell for 25k+ per acre now. I was too focused on another niche (dumb) to join in the fun. A lot of real estate investing looks obvious in the rear view mirror, but not at the time. This was one of those that was obvious at the time.

@housleyd Been to London a lot. Was there last month with family. I am sure I and my kids were waving our phones all over the place and this never crossed my mind.

What is this Ive never been to London, but this screams total BS

@DollarVanDave @DavidJLaw5 Well, this is where my commercial real estate mind comes into play - it's not about building costs but what the market will pay. I'm just coming at it from what a buyer will think about that house in that location. That said, all it takes is one person willing to jump to asking.

@SimpleCRE @DavidJLaw5 Wow 2m? Thats it. How much do you think that building was to construct

I usually don't like outbuildings to homes (prefer everything under one roof), but this is pretty sweet. 5K+ sf with gym, pickleball, basketball, golf simulator, sauna, workshop, multiple TV setups, kitchen and bathroom. I could spend some time in this one.

@DavidJLaw5 I do think it's a little high. If it were just five minutes closer to the town center or highway, you could start to argue the value of the land. But yes, I think it's more of a $2 million home.

@SimpleCRE that list price is nutz

@Tradr_G ha - that definitely looks more well-loved!

@SimpleCRE Looks nice. Let me fix it.

@GuyXre That is real - saw the photo in a home listing

@SimpleCRE Holy smokes is that real or AI generated?!? I just got all warm and fuzzy

@JeffGrenz @JulieChangRE I actually had that same thought - a few colorful supercars would make the space pop!

@SimpleCRE @JulieChangRE Something with wheels for example:

@JulieChangRE Fair observation, but I am not sure what I would do to spruce it up. Not an easy way to paint sections of it. Maybe some casual art on the walls? Or more furniture. I guess it depends on how much you want to keep it open for activity in the middle.

@SimpleCRE Why is it so colorless- printed in grayscale

@TheQuarterZip I support this

Swap out the pickleball court for a putting green.

@theDSOguy I hear that. Gets pretty hot here, too - I am curious with how this building would stand up to the humidity here (which is fierce) - doesn't appear to have insulation of any sort.

@SimpleCRE When it’s 100 degrees in Texas, indoor rec spaces start to look really inviting!

I have admittedly had a slow start to the year in terms of deal activity, but wow has the last week been crazy. Truly, more activity in one week than probably the last two months combined. Bring it!

@Peter_Psathas It's all in the timing with IRR!

@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.

@therookieclubb In this case, he just wanted someone he trusted to say "Yep - this is a good one." But generally speaking, I think you just need a good narrative describing the value proposition supported by some SIMPLE math. If you can't do that, it might not be a great deal to start with.

@SimpleCRE what do you show these types to convince them to write a check?

@barrettjoneill cap rate compression as a strategy is definitely a choice. Might as well take your cash to the roulette table.

@SimpleCRE Especially when the exit cap rate assumes 200 points of compression for absolutely no good reason.

@SullyBusiness I'm a pretty simple guy - if IRR is the only way a deal can be made to pencil, then it's probably not for me.

@SimpleCRE Of the handful of people I know personally with sizable real estate portfolios (off Twitter) I never hear them mention IRR. Like, not once.