Joel Mazur

@Jefffeldman Horrible

This is not Judaism. This is not my religion. I don’t know what it is, but it doesn’t represent the Jewish people. This is a small minded, sick individual. We don’t parade around like this. Can’t sit silent and let him ruin our name. We speak up for plenty of other things.

@MatznerJon He deserves an award for being the most boring fraudulent interviewee of all time.

Do you want to see what an job application video looks like for a North Korean who's trying to hide it? We get these all the time and can spot them from a mile away, but I could see how somebody who doesn't understand how voice and face swapping work would be susceptible to them.

@CollinRugg What a scumbag. Good riddance.

NEW: Thomas Massie jokes about his opponent Ed Gallrein being "in Tel Aviv" when he called him to concede in the Kentucky GOP primary. "I would've come out sooner, but I had to call my opponent and concede, and it took a while to find Ed Galriner in Tel Aviv." "I did get to call through. I have called and conceded the race. We've been honorable the whole time, and we're gonna stay that way."

@MassieforKY I’m surprised it wasn’t more. No purse is big enough to fight the isolationists. What he meant by “we” is those who don’t subscribe to your Old Right fringe ideology. Your faction was on the wrong side of history during WWII just as much as it is today.

After months of beating around the bush, one reporter finally writes the true story of my race and when asked, the lobbyists brag about it. A coalition of Israel’s lobbyists and donors is spending tens of millions of dollars in a blatant attempt to buy a KY congressional seat.

@DanBilzerian Now imagine how great you'd feel if you quit being an antisemitic dunce.

Since quitting weed I’ve noticed better sleep, more confidence, no anxiety, and dramatically improved mental acuity. It was honestly one of the hardest addictions for me to beat, and looking back, it may have been the biggest net negative in my life. Crazy to say, but it’s true.

These lists are always so funny to me when they don't list the Grateful Dead and Phish.

@moseskagan Shameful.

Just want to make sure all of the Angelenos who follow me see this

If you'd like to follow along with future updates, you can sign up for the newsletter here: sadocapital.beehiiv.com/subscribe

Wanted to share an update on what we've been up to at Sado Capital. Last year we acquired two manufactured housing community portfolios in the Northeast: The Belfast Portfolio in coastal Maine (Hyland Estates and Seacoast Village). Relationship with the seller started years ago when I gave him some operational advice on a mobile home park forum. After spending many years investing his own time and capital into the properties (replacing water and sewer infrastructure, removing older homes and bringing in newer inventory) he decided to step back. Since acquiring the portfolio, we've continued to invest in the communities, including approximately $267K toward road improvements at Hyland along with drainage and culvert work. When it comes to rents, we've only moderately increased rates for the residents. I'd rather operate with a long-term mindset than maximize short-term revenue at the expense of resident stability. The portfolio also includes 31 fully entitled expansion sites adjacent to Seacoast Village. If and when timing makes sense, these would add meaningful affordable housing supply to the area. The Meadows Portfolio near Concord, New Hampshire (Deer Meadow and The Meadows of Hopkinton). 130 high-quality home sites plus a small apartment component. Seller had developed and operated these for 45+ years. A lot of the homes are doublewides with attached garages. The communities are extremely well kept, the surrounding area is beautiful, and the residents clearly take pride in ownership. Current projects include renovating vacant apartments, rehabbing an abandoned home, repaving roads, and installing a new arsenic water treatment system. Our goal is to continue improving the communities, reinvesting heavily into the infrastructure, and holding them for the long term. Communities like these are becoming increasingly difficult to replicate. We have another park under contract and are actively evaluating additional opportunities. If you're interested in partnering with us on future deals, DM me. We distribute our offerings privately to investors we know personally and have built relationships with over time.

@Nick_Keesee And so this just reinforces your point: the path of least resistance is servicing those crazy enough to put in the time and effort to pursue the chase.

@Nick_Keesee I'm not in the space, but I imagine this sector, much like others in hot demand, requires casting a much wider geographical net and a whole off-market deal sourcing network to actually find the few deals that pencil.

Snapshot of what it's like to acquire strip malls in 2026. Deal 1 - We had 20+ offers and had to shut down marketing because we got too many. A 1031 buyer and an aggressive syndicator were dueling it out at the top. Deal 2 - Yeah...the seller isn't underwriting repairs and reserves but buyers these days don't care about that. Deal 3 - I think your underwriting is accurate, but the seller isn't willing to sell based on those numbers. Deal 4 - Seller understands property taxes will uncap significantly, but that's a buyer problem, not a seller problem. Deal 5 - I understand your underwriting however, it's not worth your time to submit an offer as we have multiple others way above you. 10 years ago, whose bingo card had your neighborhood strip mall becoming such a darling asset class? In general, my feeling is that on the buy side over the past 2-3 years, much more money is being made from the servicing of the deal vs the principal side.

Dave: "Hello caller, you're on the air." Caller: "I put all my emergency savings into an investment." Dave: "Oh no. How much did you lose?" Caller: "It made $5m in 37 months." Dave: "Well you got lucky." Caller: I converted my 401k into a similar investment & borrowed $8M." Dave: "that’s the most irresponsible thing I’ve ever heard." Caller: "It’s worth almost $20M and cash flows to me at $80,000 a month." Dave: "That's speculation." Caller: "I sold my house and used all the equity & borrowed another $15M to do the same thing." Dave: "What is wrong with you?" Caller: "Dave the investment is worth $250,000,000 today and I’ve refinanced it twice returning all my equity plus $100M, tax free." Dave: “How many times have you heard me say All debt is bad debt?” Caller: “I started raising money from friends, family & customers and now I am doing it for them.” Dave: “Partnerships are risky.” Caller: “I have 20,000 investors & sent out $100m in cash to them last year.” Dave: “Who are you?” Caller: Grant Cardone, CEO of CardoneCapital, $5.3B of real estate holdings, and $2.2B in debt and free cash flow of $112M.” Dave: Hangs Up

@EllliotttB x.com/jdmiser/status…

I guess we all just have different definitions of what qualifies a GP as the best. I define it as those that don’t nuke massive amounts of OPM That’s what makes a market!

The best are his "generational wealth" funds. Waterfalls are a Return of Capital and then straight 70/30 split. No preferred return. And this is after charging 6% management fees, 0.75% AUM fees on invested capital and 2% of capital transactions.

@ChadGriffiths Look at this dude's profile. He's no joke promoter. This is super cool.

This is ridiculously cool even if the promo video is ridiculous

It was a great interview. Mazel Tov. Way too short though. All I can say is the fact that he didn't know the likes of Fortress and Benefit Street wouldn't rip his face off the first minute they could, is all you need to know what kind of sandbox this guy was playing in. He is right about one thing: You can't make money buying and holding when you have to pay a 5 cap and reserve only $300 per unit for a poorly constructed 80s vintage asset. It's super depressing to think this is our competition. Cause these are the real Make Money Guys. I can't wait for his comeback. @rhunterh

@EllliotttB Listen to it! It's v fun. And the preamble addresses your PR rehab point directly

PR rehab heater continues

Here's an actual email I received from an amateur syndicator. Please don't make the mistake of tapping your IRA to invest in a private debt fund if you have limited capital to put to work. "A lot of people think they don’t have capital to invest. But when we look a little closer… An old 401(k) from a previous job An IRA that’s just sitting there Funds in the market not really doing much The reality is, they already have the money. They just haven’t been shown how to use it differently. We work with lenders who move funds into self-directed accounts and use that capital to earn fixed, double-digit returns through private lending. Instead of hoping the market performs they’re receiving consistent monthly payments. If you have funds sitting in an old 401(k), IRA, or savings account and are seriously considering putting them to work, reply back to the email and we can set up a time to talk through our current lending opportunities."

@PerrySolem At first blush, but then you see the size and the fact that it's non recourse and it makes sense. If Open AI loses runway, this is the stuff that's first to go. And no user to backfill the space.

pathetic. i could get cheaper debt to build unanchored retail in exurban Florida

@robbiehendricks All true, but I think some of these old school syndicators can't come to terms w how efficient the market has become. I'm not sure the going in 10% cash on cash country club deal is coming back anytime soon.

Had a meeting this week with a legend in multifamily. 10,000+ doors 96% occupancy Ridiculously low LTVs Sub-4% debt on 7-10 year loans. Iron clad. The calm in this man's energy, my heavens. Just completely settled, confident. Here are 10 nuggets from the meeting: 1) First, you've never heard of this man. He's not on social media. Doesn't wear a watch. Isn't a guru. Just a guy that's been buying property forever and operates it. If you saw him walking down the street, you'd think he was a cool suburban dad. 2) Portfolio is at 96% in a soft market. How? They keep rents low. As @resetbasis always says, rent is the ultimate competitive advantage. As such, they get 70% renewals and sub-1% delinquency. 3) They selectively sell older assets that will need substantial capex and 1031. Since few good A- or B class deals are trading, they are simply 1031'ing into new development they are doing themselves. He said he still cannot believe the prices people are paying for older product. Doesn't even underwrite the deals that come in from several local brokers. 4) Re: New construction, they are getting the units built for ridiculously low costs ($160k/door all-in). How? They're not trying to build resort-style product with granite countertops and yoga studios. It's "approachable A class", which for all intents and purposes is B class. Again, rents below market. They'll lease up in no time. Set it and forget it. 5) Said much of his career has been sitting on his hands doing nothing. Deals need to hit 10% cash on cash at stabilization and grow from there or they don't move (He said: Why would you invest in multifamily for 6% cash flow when you can buy the S&P?). They plan to hold indefinitely and return capital as the market allows. 6) Sees no real opportunities in primary and secondary markets. Tertiary, though, he is seeing a small window opening. Not nearly as much supply (and in some regions, zero new supply), still can have favorable demand drivers/employers. 7) We asked what he'd do in our shoes at 2000 units if we want to build a business that stands the test of time like his. He basically said: keep doing what you're doing, never betray conservative criteria, never get cute with debt, treat residents excellently, and stay out of the press. 8) Real Talk: He politely scolded us for making no money on property management (we don't). He said with our track record we deserve to get paid for working long days managing the assets ourselves with excellence, particularly if we are exceeding pro forma. 9) He resonated with our deal structure (straight split w/no AM fee), and mentioned that is how they have structured their deals for 30+ years. They only partner with a very small list of high net worth LPs that have grown with them since humble beginnings. Obviously their track record is immaculate. 10) Decorum: He printed out my email exchanges with carefully thought out answers to my questions handwritten in the margins. He took notes when I was speaking the entire time. Not a whiff of ego. Genuinely was trying to get to know us, share his experience, and connect. Offered to be a sounding board for us going forward. Extremely generous. It's humbling to talk with someone who has seen and navigated it all. Operated through the GFC. Kept clean, stayed discipined, didn't rush. Flew under the radar. Built something that will live forever.

@evanrosenfeld Understood. I think the industrial game is to flip pretty much as soon as you realize reasonable value. Except if it's also a covered land play. Anything interesting happening in Florida? Have to imagine there's plenty of opportunity there.

@jdmiser I wanted to experience a leasing win and to enjoy the cash flow. It was stressful sitting vacant for that long, but your'e right, it ended up being a huge win. I'm grateful that I exited on a high note

I wasted a year chasing a $300M tenant that said yes to everything. We never signed. CRE myth: High credit = low risk. Reality: High credit = slow decisions.