quitting retwit anon (ex Industrial RE ANON)

I told guys at Investment Committee that make $5MM-$10MM a year that Cap rates don’t matter and was immediately fired.

@SukritGanesh Honestly if that was right behind my house I’d burn it down.

A dozen homeowners shut down a highly popular pickleball complex. Among the complaints were that the noise made it difficult to sleep (as if people were playing pickleball at 11 pm) & that street parking was an issue (even though every house has a driveway). NIMBYism is cancer!

I work in both, there’s generally a threshold I think 1 acre where requirements change drastically. But CA has much stricter and complex system. ran by the state not city. CA you have beefier program, inspection and reporting. Permits tied to the state issuing a wdid. We treat the water in ca before discharging too. Very expensive bio treatment basins. They aren’t just big detention basins.

@JeffGrenz @JMGregorchuk @LA_Multi_Fam Because it doesn't (typically) rain that often in LA, they care about SWPPP less than the South does. When I was working in Texas, it was a culture shock how big of a deal it was.

“Hey boss the guys need to take a dump” Lots of little details to line up when you’re doing a project without a GC 😬

@Atomic_Ferret @nates_motel 110% chance

97% chance it is not legal to register in California. If it a CARB approves swap with the door jamb sticker and that engine is fresh, it is worth what he is asking for it in CA. CARB has “reinterpreted” their own regulations so many times it is a nightmare to try to legally swap a vehicle.

I beg your fucking pardon????

@nates_motel Someone has a smog guy

@JohnnyDramaChas As long as it’s not watered down for 2026

Entourage star Adrian Grenier reveals him and Jeremy Piven are ready for a reboot. Is this something you might be interested in?

@twallyweb Nice

Selling limited edition hats for $500 a pop

@hitsamty Thierry’s thirst is real

As a sometime-broadcaster I am forever in awe of this crew: their mix of banter, humor, genuine insight and then the ability to pivot into raw moments like this

@aussieflya @BarryRoland19 Hahaha I feels it

@YOCspread @BarryRoland19 Change order law: Remove the whole scope of work -' "it's the same amount of work, no credit" Add even 1% - "price doubles" I don't make the rules 🤣

One of my favorite negotiation "tactics" is controlling the flow of information. Say I'm planning on doing a full re-pipe of an apartment building. I'll typically ask my contractor to bid out just the most expensive option (usually copper), instead of asking him to bid numerous materials (like copper and PEX) simultaneously. Why? I don't want him to narrow the gap between the two, padding the one he'd rather not do, and essentially steering me towards the one he prefers. I'm also establishing a ceiling. The PEX should not be more expensive. If it is, then the copper is easily the value play. If it's cheaper, now I have two real options. Never give your counter-party a built-in way to game the comparison.

@DDrolapas I always joke that every industrial developer 2019-2022 went way over budget in that crazy Covid era but rents were up like 50% so there’s that

Everyone looks like a genius when rents go up 15% a year.

@contractorkeith Cost plus 50% because you Don’t care

What’s your move? You get a call: “We need an estimate for a small project, but it needs to be cheap because we don’t have any money”

@CollinRugg Show me the contract and scope right now

NEW: California's wildlife crossing bridge is $21 million over budget, a year late, and still not complete. The project began in 2022 and, according to City Journal, the price tag on the project is now $114 million. The bridge was built so animals like butterflies can use it, according to Wallis Annenberg Wildlife Crossing leader Beth Pratt. Pratt claims the $21 million overage is due to inflation, tariffs, and labor problems. Insane.

@credealjunkie 100% only the have nots will be doped up and watching love is blind, on some kind of UBI entertained just enough where they are comfortable.

The more time I spend in Latin America, the more I’m convinced this is the likely path for the US. Small, wealthy class of elites and then everyone else, crumbling infrastructure and economy dominated by an openly grifting state. Not quite socialism, not quite capitalism, an ugly middle ground where the social contract has completely eroded. @rhunterh was on this trend a while ago, took me a while to come around but there’s too much evidence to ignore.

@ThinkAppraiser BART janitor

If you make more than $200,000 a year, what is your job?

@BMW E92’s just went up about 20%

The heartbeat of a new era.​ The new BMW i3.​ #BMWi3 #BMW #BMWNewEra #NeueKlasse #BMWGroup​ The maximum range of the BMW i3 50 xDrive Limousine (2026) will be up to 900 kilometers (WLTP). Since no binding WLTP values are currently available, these are preliminary values. Furthermore, the real life values depend on various factors, e.g. cargo weight, driving style, route, weather conditions, auxiliary electrical consumption (including air conditioning), tires, battery state of health.

@ChadGriffiths 6 hours

How long do you give this new business before it’s converted back into industrial space?

When they paved my street it was summer and I was freaking out at anyone who was doing hard turns and marking the asphalt with fresh tire marks. Was telling all my neighbors to only turn the steering wheel while the car is moving to reduce the asphalt damage when you go full lock. They all still think I’m nuts. Probably am.

Peak suburban living is the unreasonable amount of joy from driving down a freshly paved street

@TAYVAY_ 1000 people employed? Is that normal for MF? Just seems like A ton of bodies!

His dad was an accountant who bought a 4-unit building on the side. Today they own 33,000 apartments across 7 states, employ 1,000 people, and close $1 billion in transactions a year. I just sat down with Jeff Gleiberman of MG properties for No Vacancy. He oversees one of the largest private multifamily portfolios in the country. And the way they built it should be studied. It started with Jeff's father Mark in 1992. He was a tax accountant. Saw the advantages of real estate. Bought a 4-unit building by himself in San Diego. Then pooled money from both grandparents and two friends. Bought a 38-unit in Vista. That was the beginning. No fund. No institution. Just family money and a thesis. 35 years later, MG Properties has acquired 220+ properties. They have 2,400 individual investors. They manage everything in-house. Asset management. Property management. Construction. Legal. Tax. Marketing. All under one roof. And here's the part that stopped me: They have never lost money for a private investor. Not once. Jeff says the secret is boring. Fixed-rate debt. 60 to 70% leverage. 10-year holds. Interest only. And they put a minimum of 10% of their own family capital into every single deal. "We analyze 700 to 800 deals a year. The goal is to buy the 15 best." When I asked Jeff about their biggest mistake, he pointed to two deals before the Great Recession where they took on higher leverage than usual. Both were their worst performers. That lesson reshaped their entire strategy. "If you have an 80% loan and values drop 20%, you have no equity left. It doesn't incentivize you to do the right things." So they pulled back. Stayed disciplined. And kept growing while others got wiped out. They haven't changed their promote structure since day one. 8% preferred. 80/20 split. 1031 exchange options for every investor. Some of their original partners are on their fourth and fifth exchanges. When I asked Jeff what gives MG its edge, he didn't say scale or capital or market timing. He said hyper-specialization and ultra discipline. "My father always taught me, you're only as good as who you surround yourself with." 5 lessons from Jeff Gleiberman: 1. Specialize relentlessly. MG only buys existing apartments. 220+ times. That focus built a 33,000-unit portfolio. 2. Protect the downside first. Low leverage and fixed-rate debt kept them alive through four market cycles. 3. Skin in the game is non-negotiable. 10% minimum of their own capital in every deal aligns incentives permanently. 4. Reputation compounds. They win deals against Blackstone and Starwood because sellers trust them to close. 5. See everything, buy almost nothing. 800 deals analyzed per year. 15 purchased. Selectivity is the strategy. One of the most disciplined operators I've ever met. And he's just getting started. Full episode live now.

@CaseyMericle Here you go mate x.com/yocspread/stat…

Am I missing it? Can’t hardly find any new REtwit posts on my timeline Even in lists it’s like a whole educational ecosystem disappeared

When the REIT who trades at a discount to NAV has to decide between A) buying back shares and shrinking the company or B) doing 6 cap stabilized development deals in tier 1’s