@resetbasis Stone Mountain 2009: 90% physical occ, 70% economic; 750 units, 350 pit bulls, 300 “assorted other breeds”; 5 bodies in my first 5 weeks of REO. Exceptional market!
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Will C.
2.8K posts
Will C.
@mfguide
The Neighborhood is the Amenity Acquisitions and asset management in the Southeast & Mid-Atlantic
RTP, NC Katılım Kasım 2008
290 Takip Edilen802 Takipçiler
@investingcre When entering a new market to buy, I usually work my existing network into the new market. I’m usually only 2-3 calls from someone who knows something. I also tell my network what I’m looking for. Warm intros and frequent travel to the market open doors.
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From a lending perspective, what’s the best and most efficient way to break into a new market?
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@resetbasis I see they’ve rebranded from the original name, “Conjugal Visit Estates”.
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“Seller’s dumb, hates money. Took his eye off the ball, out of state guy. But you? Smart fella like yourself? You’ll f’ing clean up here. Great basis.”
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Infowars is bankrupt and up for auction.
This is my crazy idea of what to do with it.
What do you think?
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@credealjunkie Absolutely. Who is easier to work with? Who has their $$ lined up? Who has bought this product type before? And of course, who gave me a listing?
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Anyone who thinks it doesn’t matter if brokers like you has never tried to get a (real) last look at a deal in a competitive bid situation.
It’s NOT all about the money.
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I have walked into Hardy Boys on all of my Camp North End visits because the space is so appealing. It is such a welcoming design (well lit, transparent, good merchandising) that it commands you.
Damon Hemmerdinger@damonhemmerding
7. We insist our tenants install great signage. We push (and push and push) the tenant to go bigger, to be more creative, to illuminate the sign - because by then they are short on funding and underestimate the importance of the sign. Photo: Hardy Boys Records 8/10
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@DallasAptGP Walked a LIHTC that was 90% occ on annual leases and 10% on 30 minute leases.
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Always walk every unit when buying multifamily
We once received a rent roll showing 75% occupancy, great chance to renovate & lease vacant units and boost cash flow
Turns out it was 99% occupied—the on-site manager was pocketing $15-20k/month by falsely reporting vacancies.
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@jasoncoxnc @damonhemmerding Logistics of bus routes is intimidating and $$ for rural counties too. Urban and rural have high number of vulnerable fail points that throw off the whole system.
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@jasoncoxnc @damonhemmerding Huge campuses are usually surrounded by parking or athletic moats, reduces walkability. This means more cars/buses, which means more $$ for transpo. Durham’s bus driver shortage hurts kids whose parents don’t have flex to drive them to school.
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The land use requirements for building a new school or a new day care center make it virtually impossible (in the vast majority of the US) to build housing for families in walkable locations.
Jason,@jasonc_nc
Thought triggered by @kevinklink’s The Messy City podcast on shift to massive school campus requirements: How much has this contributed to administrative staff growth vs teachers in school budgets? The push for “bigness” seems to consistently result in more administrative expenses as a % of overall budget.
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@jasoncoxnc “How to get out of X company svce agreement.”
I see you’ve dealt with trash, cable, and laundry in multifamily.
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@mfguide @ColinCannell Maybe I can crowdfund that second one from the local community.
But I mean look at the population growth. (but use percentage not number)
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@PerrySolem @jasoncoxnc You’ve picked a charming town to wander around. Give us a shout if you need beer recommendations.
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getting avocado toast at @jasoncoxnc 's beautiful little crepes place - ended up here as I've got family walking distance
oddly, the interior is decorated with anti-firetruck propaganda from over the years
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@jasoncoxnc @ColinCannell Yo! I’ve got a below market rent 13k Eckerds for you in Durham for a 5-cap (lotsa upside) and a 6 cap Dollar G in the path of growth just east of Bunnlevel.
Can I put you down for both?
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@ColinCannell Then when the zeitgeist really kicks in it becomes a self-reinforcing market that convinces people a tiny pad with a purpose built structure at $2400/ft somehow makes sense.
Michael Girdley@girdley
That sound you hear is my man @EllliotttB breaking out his checkbook. And a bonus: this one is near my house and only 200 meters from a busy road.
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@EllliotttB As a native Floridian who ran about 10,000 units of REO Midwest multi, you just don’t get the emotional swings in Columbus or KC that you do in Hialeah or Clearwater. I mean, try forecasting insurance next year in Cincy. It’s too easy!
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I understand. You found paradise in Florida. You had a good trade, you made a good living. The police protected you and there was zoom, crypto, AI. So you didn't need a friend like me. Now you come to the Midwest and say "Don Corleone, plz halp" But…
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@nick_rober I’m not on the ground there today. It seems the roads are clearing enough for supplies to get in, but there’s a busy construction season coming. People have done the drive, but I can’t tell if there are detours. Commercial flights are arriving at AVL today.
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Checked the @ambientweather home weather stations map and see a few online in WNC along I-26. It's possible these people have generators, but it's a good sign they are powered and connected to the network. Notably empty West of Brevard and in the Asheville and Black Mountain area
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@nick_rober Highlands hopes to be back on tonight and the roads are getting better so hopefully west of Asheville will fill in tomorrow.
Next is the water systems…
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@RealEstateAnon @bairdk A week later and I’m still laughing about “Full Clip Terrace”. Some product types have limited branding value despite what folks want to be true.
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We're diving into self-storage this week with @bairdk.
Tune in to take a trip to New Mexico with the guys. You'll walk away with quite the guide to self-storage investing.
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