bd

@coleruudjohnson Satellite

Every real estate company should aim to do at least one $250,000+ fee per year. I don't care if you're a land investor, single-family investor, or commercial. Doing 1-2 of these per year changes the year dramatically. Here's how: -- Strategy Target assets like self-storage, industrial, RV parks, and multi-family that are a 2-5 hour drive outside of your metro. The $1,000,000-$5,000,000 price range is where the magic happens. -- Data For $100 & a Manus subscription, you can build a tool that ranks every asset in the area based on physical condition & other motivation flags. Connect Manus with ChatGPT4o and Google Satellite & Streetview, and let it go to work. If you comment on this post, "Satellite," I'll send you a free step-by-step Google Doc & Loom on how to set this up in under 30 minutes for free. We also use it to find buyers & other motivation flags like expiring notes & more, which I go over on that doc as well. Once you have those assets, use Open Corporates to find the owners and a good LLC skip-tracer to get contact information. -- Marketing Hire an army of cold callers to make these dials. We pay $4.50 / hour all-in for managed & trained agents that can handle commercial dials. Combine that with video postcards that you can order from Ali Baba in bulk, which play a video when a seller opens it. Add this & watch magic happen!

@jonnyrosen You’re being generous to the Kings

Avs in 5. I think the Kings win one.

@BarryRoland19 SoLa? They saying later SoLa…that was brain damaging

To give you an idea of how tough it is to manage and make money in (RSO) apartments in D areas: An institutional investor came on the scene in LA and started gobbling up every 4-50 unit in highly neglected areas. I’m talking literally hundreds of transactions, thousands of units, over a short span. They achieved scale. Told a story. Got amazing First Republic financing. Bought well (sometimes). Vertically integrated management and construction. Got involved with the city, and the mayor’s office, etc etc. Went through hell and back. And now they’re in the process of selling almost their entire RSO apartment portfolio.

@BarryRoland19 😭😭

Institutional RE: “Pleased to announce our latest acquisition in the DTLA submarket. We closed at a 5.25% cap, securing debt at SOFR + 225 bps. This core-plus asset fits our risk-adjusted profile perfectly. 45-day close. Management handed off to Greystar effective immediately.” Sub-institutional: “No no no, no loan, all cash. Ya. 21-day close, zero contingencies. I’m at the property now, yes. I don’t know, someone let me in. One second one second, I have to take this Diga me? Si, los windows llegan mañana a las ocho. Si. Ok bye.” Ok sorry. Vesting will be 1234 Main St. LLC. Ugh. Sorry one second. Hola? Hola senora. Si el apartmento tiene dos recameras y uno bano. El renta es 2095, y el deposito es 2095 tambien. Ok muchas gracias. Ya, and/or assignee. Last time, I promise. Hi Kaitlin! Oh a raccoon? Outside at night? I’m not sure there’s anything I can do about that to be honest, they live outside. Ya I’m sorry. Ok have a great day! ”

@credealjunkie @jdmiser The SBL hybrid ARMs were pricing inside conventional at the time. Both had YM during fixed, then hybrid was 1% at reset. It helped CoC and preserved optionality to hold after reset (cheap caps, stable fwd curve at time). Obv in hindsight capital mkts did not comply

@jdmiser @_BD1717 Trying one post at a time!

Sharing a L here for the benefit the tattered remnants of ReTwit. Selling a legacy San Francisco MF deal rn that we bought back in 2015. Offer in hand that would be the highest basis sale for that size building, maybe ever. But LPs would lose 20% of their capital. Why? Bad market timing. By every metric, we executed at or above plan. But its just too hard to manage your way out of bad timing and one bad decision on debt. After a couple years of ownership and pushing NOI up 30-40%, we did a cash out refi and returned ~30% of capital to LPs. Which seemed reasonable at the time, and we could have taken out more. We took about the most conservative debt available, a 7yr fixed amortizing loan below 4%. That was in 2018. And we all know what happened to San Francisco during the pandemic. When the loan reset last year, even though the rental market had come back, we couldn't service the debt and were faced with the choice to capital call into questionable economics or take the loss. It's been tough, but I feel like we're making the right decision here. Look, no one is happy about losing 20% of their LPs money. But considering that others buying and refinancing at that time experienced total wipeouts, foreclosures and the like, which is a small consolation for a crappy outcome. I played a minor operational role, but my co-GP worked his absolute balls off to claw back as much of LP capital as possible, with zero prospect of a payday. Those are the GPs you want to bet on. It was also the last deal we bought that cycle, waiting another seven years for conditions to ripen to start buying again. So it could have been a lot worse. Onward and upward.

@jdmiser @credealjunkie My guess is it was Freddie 5 or 7 year hybrid ARM? Fixed for 5 to 7 years then switches to floating?

@credealjunkie Thx. Can you shed some light on the agency loan you did? Did it really have a rate reset vs balloon?

@SixZeroAcademy @dalvinthetruth

@BarryRoland19 😭😭😭

Dad, introducing me to his friend: “this is my son….the tenant”

The Persian mind can’t comprehend not owning a home: Dad: “look at this house, maybe you can buy it?” Me: “it’s 1000 sqft smaller than the one I’m renting, in a worse location, will cost me $10k more per month, and I’ll need to tie up a bunch of cash” Dad: “…always making excuses”

@BuffedInPrime Built your whole twitter identity off Prime, then turned it into a shrine to yourself. Goofy ass cosplaying loser lol

This is when I knew it was going to get bad for Colorado 😢 They refused to look at D’Angelo Ponds in 2024 because they said he was too short 🤣🤣🤣 Fan Base said I was “just mad they didn’t go after who I wanted”. I’ll ALWAYS have the last laugh on that! #IEvaluateDBsBetterThanYourCoach

@BarstoolBigCat Full tism

Did Mendoza just lose the Heisman with that interview?

@PardonMyMeme ASSAULT

Happy Halloween

@Jake__Q @AP_0507 🤣

Dude hoops just like @AP_0507

@LargeBarstool @gottatrythispod Uchi is phenomenal.

Any food recs that I “gotta try” near the RiNo district in Denver? @gottatrythispod

@EllliotttB @robbiehendricks 😂😂😂

@robbiehendricks Who else is doing it, the community, how they feel about the sponsor, how the sponsor makes them feel about themselves, if they got laid right before seeing the deal, etc

Just reviewed a deal from a popular sponsor w/10,000 doors. 2024 build. Secondary market. Paying almost $230k/door (which = replacement cost). 5 year hold. Assuming $310k+ exit per door. 2x EM, 16-17% IRR. 5% annual rent growth. Sub-2% expense growth. Pretty optimistic, no?

@TarunAmasa @OpenAI Plz send early invite

It’s official. We’ve raised $14m led by @OpenAI Startup Fund to bring AI to Excel. Endex is the first AI agent to live inside Excel. For the past year, we've been working with financial firms. Today we’re releasing it to the world. Our capacity is limited; comment below for an early invite 🧵

@defnotalex2pro3 @AdamSchefter @BarstoolBigCat x.com/_MLFootball/st…

@defnotalex2pro3 @AdamSchefter @BarstoolBigCat FLEECED

Trade: Raiders are sending CB Jakorian Bennett to the Eagles in exchange for DT Thomas Booker IV, per sources.

@PrivateClientRE @hitsamty @DallasAptGP @LPInvestor Very low risk biz plan

Sunbelt Syndicator chutzpah is a new level of chutzpah

No comment.... 🤡🤡🤡