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I'm not going to tweet about politics. I'm not going to tweet about politics. I'm not going to tweet about politics.
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Texas Developer
2.8K posts
Texas Developer
@TxRErodeo
Former wall street analyst turned real estate developer. Lots to get done this month on the development front - let's go!
Texas Katılım Mayıs 2019
477 Takip Edilen1.3K Takipçiler
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Anyone that has invested with ODC can write a review on their experience, good or bad, here: investclearly.com/sponsors/open-…
Robbie Hendricks@robbiehendricks
I’d like to give Brandon Turner sincere credit for this post on IG. He fully owned up to the loss of LP capital publicly. Explained his responsibility, which is the most important, along with the market factors the affected the downfall of this deal. This is exactly how a sponsor should transparently communicate when something like this happens. It doesn’t make the loss of capital easier, but I have true respect for people that take ownership. The guru class has butchered the handling of their errors over the past 5 years. Brandon is the first one I’ve seen to step forward and address it. Credit where credit is due. Bravo.
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Hey @HowardRoark90. Happy MD.
We put friends on to someone else’s deal we invested in three years ago. Turns out to be a shitty deal on a good day and a fraud every other day.
We continue to allocate a portion of our side of deals to make our friends whole. Won’t stop hustling to make up for that intro until they’re repaid.
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@RetailBrokerHTX I think that died with the novel corona virus of two thousand and nineteen
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@TxRErodeo Oof. I can only imagine the level of seriousness the 6 AM Walmart crowd possess.
I thought they were 24 hours? Tells you how little I shop at odd hours.
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My wife thinks this is my third beer but I started the smoker at 6:45 this AM
🤷♂️
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@RetailBrokerHTX Walmart at 6am open on Memorial Day is pros only
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@lgsguy We’re just selling commercial pads, half the site under contract, beyond diligence, and half the remainder under LOI at 170% original pro forma.
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Also, in the market today on a rich land deal two years in the making. Investor group we’ve courted for a decade finally bit, commenting they’ve not seen a land deal this de-risked before.
Their proposal? Effectively want 80% of the pie.
Pass (the beers).
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@ScottChoppin Then and now aren’t really comparable situations
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This recession is much worse for multifamily than 2008.
We saw the biggest hit in for-sale housing markets in 2008, where multi was flat, slightly up, or slightly down depending on your regional focus.
Plus, multi had the advantage in 2008, of people exiting the for-sale markets to go back in the multi, or people stayed in multi generally.
This recession and multi parallels 2008 and for sale, in that there’s a complete shutdown of the Equity markets.
Keith Wasserman@Keith_Wasserman
Real estate GP’s, this has been a vicious cycle. I spoke to one of the largest real estate owners in Los Angeles the other day. I asked him which cycle was tougher… 2009 or this current one. By far this one he said. 2009 bounced back faster. This one is definitely deeper and longer. I’ve had two industry friends take their own lives during this current cycle who were magnificent developers and even better people/mentors). We definitely have our own internal struggles in the Gelt portfolio. That being said, those that make it through unscathed (maybe with some deep battle scars) and continue to play defense with existing assets and not forget offense acquiring assets when the liquidity has exited the building will be handsomely rewarded in the long run. Definitely more fun when there were no fires and everything was going up and to the right. But these times are the times to double down on transparency with investors, double down on new acquisitions, and work hard on preserving investor capital. Brutal time to find good deals and then put them together. Investors might not be happy now, but if you make it out unscathed and preserve capital you will be greatly lauded in the long run. Wanted to share the below message we received from a long term LP that makes us want to dig in and continue our track record of never having a capital call or losing a single dollar of principal for investors over 17 years.
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@MrScottHendrix @Dallas_Matters @KirkPWatson I’m not sure why Austin expected TC to improve anything base on his prior performance
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Some facts about Austin’s current city government. 1) City staff are either sobering up or running scared. 2) T.C. Broadnax has utterly failed to improve city finances 2 yrs into the job. 3) @KirkPWatson continues to coast in office and avoid leadership. statesman.com/news/local/art…
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The politics of Major League Baseball have prevented the creation of a third Texas team. Generally speaking, the league will defer to those teams that command attention from a geographic area.
Rangers/Astros have indicated they won’t agree to a new team entering Texas. I think it has become more difficult as valuations have MTM higher on recent minority stake transactions.
The Oakland A’s begged to move to SV for a decade but the SF Giants would not sign off. Eventually, they left for Vegas.
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@humantransit Absolutely nuts there’s only 1 pro sports team in that region
Between Austin and San Antone, there’s nearly 5.5 million people and tons of corporate presence. Especially a baseball team
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US cities take note: Austin is prospering despite not letting Big Sports team owners extort billions from taxpayers by constantly threatening to leave town.
You can have just as much fun and civic pride rooting for minor leagues, and the tickets are cheaper!
YIMBYLAND@YIMBYLAND
Austin population officially hits 1,000,000 and we still don’t have a Big 4 pro sports team.
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@AnAmericanGal3 Why order new trash trucks that are “too big” for our alleys?
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Why tear down a building that we already own, and incur debt for the unforeseeable future. Who really is pushing this? People need to be honest with the taxpayer. Because they're the ones who are going to be on the hook.
Chris Putnam@DallasXCEO
What should happen to Dallas City Hall - Preservation or Destruction? It's the most hotly debated subject in Dallas. Take the poll and let your voice be heard! @DallasExpress
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@jakeclarkre establish brokers when contract signed. They’re in at execution or must be paid by their client
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Do you pay a broker a commission if they come into the deal late?
You own the property and sourced the buyer yourself. Two months later, the buyer brings in a broker friend to advise and help them through the deal.
Assuming there was no broker agreement upfront, would you pay that broker a commission?
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@DanielHerrold My favorite thing in the world are these ski towns that desperately need affordable housing but won't accept your affordable housing project after 2+ years of work.
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Had an interesting call with a private equity shop discussing workforce housing shortages in both Montana and Deer Valley.
Huge demand; very little projects ongoing.
We've got a project in Deer Valley we're working on which led to the convo...
They're actively looking for JV opportunities in the Deer Valley area for new vertical development.
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@bavedikian @CRELeasingLawTX Same thing with prediction markets
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Legalized sports betting destroys the lives of young men. It will turn out to be one of the most harmful public policy decisions ever.
I saw a video of a young man with a massive following (his name is Alex Eubank) talking about how a casino offered him $80K/month for a brand deal.
He explains that he turned it down because in order for the casino to make money, his audience has to lose money. And whatever they pay him, his audience will lose much more.
He talks about how these casinos target influencers with young, impressionable audiences to take advantage of them, and that no amount of money would convince him to take the deal.
Mad respect to this young man.
The NFL, NBA, and MLB should take notes.
Going all in on promoting sports betting to their fans is a disgrace. It’s a morally bankrupt move to drive profits by taking money from young, impressionable, often struggling, men.
They should be ashamed.
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Dallas needs to be restructured so a mayor can lead. Currently, we hire objectively incompetent city managers who have no business getting the job and now a multi-decade legacy of failure. Then, we tolerate their incompetence until we send them off with a golden parachute.
Every. Fucking. Time.
Dallas is dying. The time to act is now.
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I’m pointing out the dumb things @CityofDallas does. One of the only ppl doing so.
But I don’t want to be Mayor.
Then again…😏
Pamela Evans@AnAmericanGal3
And Dallas before it goes too much further
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@zimm3rmann @KevCoons @chillywilly214 Some strategic cutting of wires around this building could materially impact internet service in a large portion of the US.
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@KevCoons @chillywilly214 The building is called Equinix Infomart these days. And yes, definitely the most important internet exchange point in the state - it’s where a carrier / ISP like AT&T would connect to the network of Spectrum, or AWS, Google, etc.
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