@JulieChangRE Most buildings have some dead space, never difficult to add, just need to be thoughtful in design phase!
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Steven W
380 posts
Steven W
@kliwms
CFS Infill Developer/GC, Not a Real Estate Professional, but Globe Traveler. NC based
Katılım Mayıs 2009
158 Takip Edilen87 Takipçiler
@kliwms Very smart. Very underserved / seems like a huge miss in MF.
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Boomers aren’t going to downsize unless a solution is provided to allow them to take ALL their stuff with them
Sure you can try to convince them to get rid of stuff. But the people who want to will. Others just won’t
Build storage right next to multifamily. Build a bridge between the 2 buildings
SkinwalkerActual@nw_wolfrunner
If you've ever helped empty out a boomers garage you know "we were just smart with our money and didn't buy tons of bullshit" is a bald faced lie.
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@opinioncasino @BeardyBrandon Can you imagine if an institutional LP had a conversation with them, they would feel like they were at a comedy show with that joke!
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Lmaooo @BeardyBrandon is a fee machine. Look at this crap. He charges this kind of money for a 5% return and then blows up $15 million. He should be ashamed.
Acq. fee: 2.5% of the purchase price
- AM fee: 2% of revenue
- PM fee: related entity
- Promote is 30 over an 8, 50/50 of a 15.
- Sale & refi fee (can double dip): 2% of sale price or new loan.
Kyle Mitchell@opinioncasino
Local idiot @BeardyBrandon bought a 5-cap asset and loses his ass a few years later when rates went up. Moron didn’t get a fixed rate a credit bottom. And then decided that a 5-cap is a good return. Just a really stupid guy. 5-cap. Lmaoooooo. Who the heck has a cost of capital that low? What he fails to tell you is how much fees he got off this deal. Bad guy.
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@CapRateKen @ChadGriffiths @HowardRoark90 Someone ask Pace what the fees are because he was in the deal that lost money, he should be able to give a lot of truthful insight
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@ChadGriffiths @HowardRoark90 Fees are insane if this has any truth to it
Kyle Mitchell@opinioncasino
Lmaooo @BeardyBrandon is a fee machine. Look at this crap. He charges this kind of money for a 5% return and then blows up $15 million. He should be ashamed. Acq. fee: 2.5% of the purchase price - AM fee: 2% of revenue - PM fee: related entity - Promote is 30 over an 8, 50/50 of a 15. - Sale & refi fee (can double dip): 2% of sale price or new loan.
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@joeknowsthemrkt I have not, but I just looked up the title and added it to my read list. Thank you
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I got an offer this weekend for $100,000 LESS than asking price on one of my listings with less than a week on market.
Either they can’t afford it, or it’s a price anchor. Either way my recommendation to the seller is the same- reject.
Not every offer makes sense to counter. We don’t negotiate against ourselves.
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@joeknowsthemrkt Reminds me of like the old taxi cab scam at airports, you used to have hundreds of people getting ripped off, now between airport notices and rideshare - no matter the country you’re in, you’re getting a fair trip cost!
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@joeknowsthemrkt The gap will close in the next decade, there will be some program that will create a market place for people to quickly offload their home and the success rate of the mailer will drop to 1 in 100,000 and no longer make sense. Im excited for these scammers to be out of a “career”
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@kliwms @roblabonne Most universities are a great high-IQ grift
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Is Alex Hormozi to Gen Z the same as Tim Ferris to Millenials?
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@phil_mcalister @ZachRector7 Yeah the GPs want to protect their public reputation so they can find more people to do the same again!
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@ZachRector7 Wow the LPs are getting threats? That's scummy
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"If you're an LP here's my advice: If you feel like you're in a marketing funnel, that's not the right GP for you."
Private fund horror stories are coming in almost everyday right now. My DMs are filled with these and what's even worse is the threats to LPs for speaking out.
Phil McAlister@phil_mcalister
I'll say this as someone with experience in acquiring several billion dollars of multifamily: If you don't understand how floating rate debt and rate caps work, you really aren't ready to act in a GP capacity. (His comment here proves he didn't understand). If you don't understand how investing in a market with rents up 40% might affect the future returns you think you're getting and then shrug it off: "hey, I couldn't underwrite a 7% cap could I?!" you're really not ready to act as a GP. I hope that he's plugging as much of the gap with his own money as possible and definitely refunding his fees. I'm sure he's been aware of issues at this property for some time so hopefully he's been waiving the AM fee for some time. If you're an LP here's my advice: If you feel like you're in a marketing funnel, that's not the right GP for you.
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@joeknowsthemrkt I think selling at a discount is perfectly okay, but make a market. If I have to offload a car tomorrow, I am going to a few dealerships to see who will give me the most, not just answering a mailer saying we buy used cars. Especially for a piece of real estate.
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@ShakerBall_Cap @roblabonne Out of curiosity, are there any grifts for high-IQ audiences? When I talk with my high and low-IQ friends, it always seems like the low-IQ are the ones talking highly of grifters while the high-IQ just laugh at the situation and say to avoid the sh!tshow
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@roblabonne Hormozi is a grifter for low-IQ audiences
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@joeknowsthemrkt Yes, that’s not an honest way to make a living, that is scamming someone for personal gain.
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@robbiehendricks Shame because the questions they are encouraging LPs to consider asking are just the surface for what should be asked before investing $50,000+ into a deal
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@kliwms Would be pretty unpopular with any savvy LP, of course.
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Well, I guess this is PR option #2 after losing $15M of people’s capital.
Probably not the best timing, gents.
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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@robbiehendricks Why don’t they talk more about how they have unusually large fees so they can front load their profit and reduce their exposure?
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For the unaware, these were BT’s partners in the defunct project that he recently posted about.
They seem pretty comfortable with him taking the public heat.
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@joeknowsthemrkt Problem is the 1 in 10,000 is probably just someone being taken advantage of because they aren’t familiar with selling a house. It’s unusual for someone to let go of a house for $250,000 worth $400,000 because they got a letter and didn’t ask a realtor the value
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@jasonc_nc @ajlamesa You have to also wonder who moved because they were fully remote before RTO.
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I don’t think it’s just an affordability story. Many people who moved to the Sun Belt are tired of the heat, politics, and certain sociocultural features of the region. And those individuals are now looking for new places to live. Cheaper housing is just one piece of the puzzle.
Matthew Yglesias@mattyglesias
I hope Midwestern cities make this work, but I would caution leaders in the Heartland against getting *too* optimistic about what's really just a downstream effect of supply constraints hitting the Sunbelt. wsj.com/us-news/akron-…
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@joeknowsthemrkt I get one about every couple of months, they seem random from an automated marketing service basically trying to get me to sell my property for absurdly low price. I bet they have a 1 in 10,000 success (so assuming $7,500 to mail all them) they make sizeable upsize
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Government should not be able to raise taxes unless they are upgrading schools & roads.
Lisa@lisathebeauty1
Landlords should not be able to increase rent unless they are upgrading the property/apartment.
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Big opportunity in very small but very cheap apartments.
I have a couple deals making crazy numbers.
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@Jacob_Naviaux @G2481610432204 You don’t provide the reason, but say a house has an estimated $5,000 issue in DD, do you have for a $20K price reduction?
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@G2481610432204 We don’t provide detailed reasons as to why we’re asking for price drops on listed properties. So if there were foundation or water intrusion issues, those would be irrelevant. The seller could choose to accept or reject a reduction request.
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Be wary of buying homes on lots with significant slope.
Much higher likelihood of foundation issues or waterproofing problems.
Shouldn’t be an automatic dealbreaker — you can fix those things. But your radar needs to go off.
Look more diligently. Confirm whether those issues are present or not before you’re under contract.
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