Nick O

#JR15 #LLJR

Hey @CallawayGolf I cracked my favorite driving iron prepping for Pebble :( 18* 2i - KBS C-Taper 105

@REExchangor Got one in Concord, CA that fits - 90% seller carry - $120m. Sellers bought at auction in ‘21 and looking to get out.

@nickkoar Can your seller provide the 80m in debt?

Had a 120m 1031 with 80m in debt to replace presented at my class yesterday. Who has a replacement property for this exchangor?

@REExchangor All MF: 3 core assets in Scottsdale- 5.5% caps 2 assets in KC - 1 value add - 1 core+ - 6%+ caps 1 core tower in Nashville - 5.2% cap 1 core+ mid rise in Mt View CA - 5.4% cap The N’Ville and CA deal are both from the same seller ~ 40% discount to construction cost.

@nickkoar ?? Tell us about em?

@realEstateTrent Waldorf Monarch Beach

Where are you tweeting from right now? Me: Manhattan Love to do this once in a while. Makes it more personal 🙌🏻

@KenjiCapital B all day - Lower AM headache, likely higher quality locations assuming higher income/asset. If equal locations, same cap rates (5%.?) 5 assets CFing $400 at a 5% cap is worth $80k vs 10 at $200 at a 5% worth $40k.

WOULD YOU RATHER: A. Have 10 properties that cash flow $200 each OR B. Have 5 properties that cash flow $400 each GO!

@JaretTurkell Likely a lot of piecemeal sub-portfolio buys from mid-cap buyers with a handful of large scale buys from the usual suspects - BREIT/SREIT. The hard part is they’re all 2017 and newer so your opportunistic/CA funds are out of play. Limited liquidity for this risk profile

Lennar selling an 11,000 unit apartment portfolio with JLL. Will be interesting to see how it goes. Good luck to Matt Lawton, Roberto Casas and whoever else on the team at JLL handling this monster. Wonder what buyer profile will look like here….

@CaseyMericle @JonahAelyon @fortworthchris You could make an argument it would be more lucrative to put your money into SHYG and clip a 5.8% divi if your primary metric is CF. A good deal has all both basis and CF. But basis should come first.

@JonahAelyon @fortworthchris twitter.com/caseymericle/s…

Are we in the prime environment for seller-financing?

Just met with the head of Citizen Bank’s effort to be the new First Republic Bank in California. They are building a private client group from scratch with 160 former FRB employees. Highlights: -Wire transfer process will be the same as FRB - email, then phone verification -Free umbrella’s and cookies -Rates very competitive -Branches opening soon This will be the best bank in America process wise, happy to make intro.

@Joe_Stampone We’re already there. 6caps in some highly sought after markets - Seattle, Phoenix, Tampa, Nashville

Was chatting with a large insurance company who we have a construction loan with. They are forecasting a 4.99% 10-year T-bill in 2 years and believe multi caps will hit 5.75% to 6% over the course of the next 24-36 months. So much for survive til 25'

@JonahAelyon @joeybaum13 Whisper FTIO am in my ear 😩

@joeybaum13 55-60% fixed debt makes me horny Anyone else?

There are syndicators who started their careers so late in the 2021/2022 cycle that I'm not even sure they were aware of the following: 1. that Fannie Mae / Freddie Mac even existed as a stable lending source for multifamily 2. that fixed-rate debt existed

@JonahAelyon @PERE_MD Chicken or the egg?

@PERE_MD I know who you’re talking about Serious family money Not sure which came first… deals or watch?

Saw a young, New York based, 30y/o Texas MF syndicator at a conference today wearing a Patek Philippe Nautilus - $130k watch. Have we really got to continue to push rates further? Maybe deep down I’m just jealous I didn’t choose a line of business where money was so easy…

@realEstateTrent It’s absolutely coming back!

Friend in San Francisco sent me this. Rooting for that place to turn things around. As we all should be.

@JonahAelyon @Molson_Hart Next step is the walking desk! Although I still need to figure out how to do this without running into the ridicule buzz saw at the water cooler. Tips welcome

@Molson_Hart Stand… I haven’t sat at a desk unless it’s a conference room, my dining room, or am traveling - in probably 2.5 years Standing desks are the way. Get a good ergonomic mat. Your welcome

I have this stupid fucking chair and all 75,234 permutations of its settings hurt my back. Can someone please tell me how to fix this problem?

Here's another banger deal In 2005, Wells Fargo bought a building in the heart of San Francisco's financial district for $108 mill Our fellow ReTwit member Roger Field's bought the building last month for just over $40 mill, or $114 per SF - less than 1/2 of what it was worth in 2005 I said it before and I'll say it again - Buying real estate in SF within the next year or two will be biggest missed opportunity for investors that don't take advantage of the downturn

Smart money 👀

“San Francisco is an apocalyptic hell hole” That same apocalyptic hell hole:

Flying into Palm Springs - looking at the sheer acreage dedicated to golf courses is mind boggling.

@TheRealEstateG6 Don’t forget buying with a clear path to positive leverage. Often goes hand in hand with stab cap +200 bps over exit cap.

The entire real estate private equity industry simplified: Buy, get the stabilized yield 200 bps above the market cap rate, sell for the market cap rate (at a large profit) Rinse the capital and repeat That’s it. That’s how 90%+ of private equity firms conduct business

@realEstateTrent Highly recommend King Energy! Especially since their service is aimed at retail kingenergy.com

Electricity bill went from $225k to $325k on our (one) office building. Time for solar, no-brainer.