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"This is why you need two wives. One to think you're funny and me for everything else." #msdesgreany
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Jon Greany
2.9K posts
Jon Greany
@jon_greany
Targeted infill redevelopment and large scale residential entitlement.
Katılım Mart 2009
385 Takip Edilen339 Takipçiler
@follard Can add utility monopolies to the every two weeks camp, as well.
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Real estate development makes more sense when you realize that:
The city employees at the permitting offices get paid every two weeks, despite the number of permits they approve.
Lenders are incentivized to minimize risk, which means they will do very little to understand your deal and be flexible.
Developers are incentivized to move fast and our entire business is navigating these conflicting incentives.
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@NewsLambert Last April to now seems like a series of policy own goals to get rates down in a meaningful way
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The average 30-year fixed mortgage rate today: 6.15%
Same day last year: 6.74%
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10-year Treasury yield today: 4.06%
Spread today: 209 bps
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@AZLandInvestor The Japanese conglomerates seem to be taking a much longer term view with their acq as well. Part cultural differences and part longer time horizons
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@jon_greany So true. Nice to see some of the privates show a bit more longer term focus.
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$HOV:
“…we've shifted our focus on new land acquisitions away from lower-margin entry-level homes on the periphery to more move-up homes in the A and B locations…”
This is most builders today. Result? A and B locations are now going, going, gone. We’re seeing this in Arizona.
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@AZLandInvestor It’s funny with all of the data and seasoned investment committees the tendency is still to behave like pack animals optimizing for the next earnings call.
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Since I’ve been in the business I’ve seen homebuilders chase the puck based on current market conditions, and then how they all rush the other direction once conditions inevitably change
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@AZLandInvestor Are they not already in use or would it create a framework for service plans in local municipalities to implement them more efficiently?
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The bill I’m most excited for this legislative session is HB 2999.
It’d help promote infrastructure finance districts (ie CFD’s) in AZ. This would boost housing affordability by helping address the biggest constraint on new housing supply: infrastructure
apps.azleg.gov/BillStatus/Bil…
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Bought these townhomes in July for $150k/unit on a cap rate.
Older seller did it realize the retail value of these units if sold individually. This arbitrage exists in any market where homes are north of $250k and strong fundamentals.
No construction loans
No permits
No contractors
Keep offering.
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REPRICE
The average 30-year fixed mortgage rate today: 6.06%
Same day last year: 7.15%
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10-year Treasury yield today: 4.17%
Spread today: 189 bps
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@NewsLambert This was my question, seems like this pushes capital up the food chain to BTR and self developing communities rather than purchasing for sale/resale inventory?
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Outside of this DJT post, we don’t yet have finer details on what legislation he’s proposing—nor how that legislation would treat institutional capital that's adding supply through build-to-rent.
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#NEW Trump: "I am immediately taking steps to ban large institutional investors from buying more single-family homes, and I will be calling on Congress to codify it"
"People live in homes, not corporations", he adds
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One of the worst ways to get me to reply to your cold outreach email is to say you work with Grant Cardone and would like to set up a similar system for me.
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PSA:
If you live in the country and your neighbor’s land comes up for sale, pay their price, even if it seems steep.
If you turn down that opportunity, don’t complain when someone comes and builds affordable homes next door
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@investing_law We have an LP that ran his own company for many years, 7-8 figure annual earner. His record week was 128.5 hours worked. He burnt out (his words) and now he spends his time at mediation retreats and with his teenage daughter (when she’s not at her moms) trying to slow down time.
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I like Brandon, and he knows we have this respectful disagreement.
But I just can't imagine living like this.
What about gym, kids, walking?
I'm not saying he's wrong, I'm just saying I wouldn't want to live like this for more than a few days.
Maybe I won't be able to move as quickly.
But I'll be able to do this forever.
(Maybe he will too!)
Brandon Avedikian@bavedikian
I got to the office today at 8 AM and left after 10:30 PM. That's 14.5+ hours of intense, focused work. No breaks except the restroom. No food. I was so locked in I forgot to eat, and I didn't want to stop the momentum when I remembered. I wasn't born with the ability to do this. I built the endurance over time. No different than someone training for a sport. Time to eat some food, get some sleep, and do it again tomorrow.
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Let’s play a game.
Zillow all the houses in Aspen over $25m
Your all in cost is $2500/ft
Your carry is >10%
Post below about how easy it’s gonna be get rich…
Kriss Berg, etc.@KrissBergTweets
"I'm in the wrong business" story of the day: Dude I just met is a GC on megamansions in Aspen. Last one cost the owner $17M to build including land... sold it 2 months after completion for $38M.
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@clint_turner Officially sold or that’s just what how it’s structured contractually?
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Offered $2,200,000 a year ago on a piece of dirt.
Seller wanted $3,000,000
Utilities were tough, so I declined.
Just checked back in with him…
Sold for $11,000,000 😭
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@GoodGuyGuaranty Favorite line from my uncle in Jersey. "I bought a place in Naples because I thought I was old and rich. Turned out I was neither."
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The final meaningless mins of this game ending with a Juju injury is criminal
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Brian is such a measured and composed voice. If he’s this far off the beaten path it’s real bad.
Brian Howell@BrianHowell33
I vote to have Shedeur Sanders call plays in the 2nd half. If he can play, let's do that, too. #cubuffs
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Why does this rain chain have power running to it ?
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@CaseyMericle @Bethazor1 Avanti. He’s expanded to Pearl St in Boulder on the walking mall and recently resurrected a site in West Vail for apres ski and dinner. They’ve done very well in this model
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@Bethazor1 There’s this beautiful food hall overlooking downtown Denver that seems to print money
Always packed
Does anyone know the name of it?
Beautiful view of the D skyline
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People...
Please
Stop
Creating
FOOD HALLS!
They DON'T work!
(Unless you are in NYC)
I promise.
And if you don't believe me -
I'll have you talk to folks who have been there before you.
And lived to regret it!
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