Philip Hartz

@moseskagan Multiple layers all with the same incentive. Zirp covered up so many issues.

What ~everyone in this debate misses: Institutional developers, who build most new supply (at least in large metros), aren't using their own $$. They are using investor $$. And the terms of the deals give them large developer fees, which are generally not dependent on the outcome of the project. (They also get a portion of the profits, if any.) So, developers are incentivized to try to build, even when doing so is objectively not smart. And it's turtles all the way down: -The $$ generally comes from real estate private equity funds, which are incentivized by recurring management fee arrangements to put $$ out, even when the projected risk-adjusted rewards aren't great, and - The RE PE funds get *their* $$ from pension funds, under the influence of consultants who get fancy trips, etc. from the RE PE funds It's not optimism; it's just incentives.

@loganjrankin Your ability to add and retain trades/maintenance personnel is impressive.

We are now averaging a full gold package rehab per day. 26 full rehabs complete thus far on the new 500+ unit deal. 14 rented at the new mkt rents. More importantly, all new workorders executed in 24 hrs, full optimization complete, and amenity/rebrand updates underway. More communication going out this week, change is never easy but we are working really hard to improve week over week in many areas. While I’ve done this a lot over the last 13 years, this never is easy and rarely without setbacks

@moseskagan Is it possible that the people writing laws have no clue about basic economic principles? Better yet, have they ever read a history book?

Yet another example of a socialist obsessed with splitting up the pie that exists, while totally ignoring what makes the pie grow. This *exact* line of thinking leads to Cubans squatting in the ruins of buildings the capitalists built in the '40 and '50s, which the communists can no longer maintain, let alone replace.

I negotiated with a guy who used an adding machine during the meeting. Let me tell you, that old man didn't need claude.

@moseskagan During GFC I was told to stop looking for balloons and find a parachute. Changed my perspective.

Why did I choose real estate? I didn't. I had a few years of banking experience back in London, at a bank no one had ever heard of, doing deals that no one in the States had ever heard of. It was the GFC. I had a wife (and, eventually, kids). No one was hiring people like me at anything like the salary I needed to make. There was no time for a calm survey of the landscape of opportunities, no cost-benefit analysis. I was drowning. Real estate was a piece of driftwood that came floating by. I grabbed onto it with both hands and started kicking like crazy.

@loganjrankin Congrats!

Closed my second deal of the year today, well over 500 units. Off mkt, one owner, and next to apts I own. Same playbook — invest heavily, operate well, and hold for the next generation.

We are in both storage and flex. I know you know this, but nothing is as easy as it seems. The influx of people into the contractor/flex space will dampen future returns. Don’t know exactly when, but it will happen just like it has storage. The operational complexity of multifamily can work to your advantage as it reduces potential competitors.

Look, I’m a multifamily guy. We are proud of what we do. Honored, even. But when I see contractor garages and self storage with: Lower opex Not a hot button politically No rent control No evil landlord talk Less staff Less drama Easier to build Well…I can see the appeal 🫠

@REDevManager @PerrySolem @BPD1776 That or just set it outside the gate!

@PerrySolem @BPD1776 @philiphartz Fair

Self storage guys 🙄

@PerrySolem @BPD1776 No dumpsters at facilities.

@BPD1776 @philiphartz genius. i agree that a scumbag like me would be far less likely to mess around w a compactor.

@PerrySolem Those pictures weren’t supposed to be public 🤣

@philiphartz POV: your living room this morning

and now it's that special time of year when i illegally dump dozens of christmas-related boxes and bags of used wrapping paper in the unlocked dumpster of the nearest retail space

@PerrySolem Told my wife earlier I don’t know what everyone else does. Made 3 trips to our dumpsters today!

@philiphartz there's no way I'm the only one who consistently find himself in this position, can't pin it all on me

@BarbellFi Have more kids

My wife & I make $400k/year I just turned 36 & she’s almost 35 Our take home pay is $25k/month And typically spend about $5k/month Have a 1 year old & don’t want more kids Plan is to stop working when we’re 40 How should we invest $20k/month? 🤔

@PerrySolem Unlimited demand.

just NE of the Auburn Bucee's this 'auburnstorage.com' facility is about to open 5 min east of that, this massive UHaul (two multistory buildings) is about to open. they paid $2.5m for the land! in between the two of them, LifeStorage just added a good sized multistory building to their existing facility the retardedness of this asset class amazes me

@robbiehendricks Argued for years that kids drive net worth up. There’s no greater motivation.

As someone who has both: Been childless and traveled the world and Been a father now for 6 years Let me tell you my experience: The joy of children and family far exceeds the freedom of travel and a couple extra bucks in the bank. The quoted post below is coming from someone who has not experienced both. As well-intentioned as it may be, it is an incomplete opinion because the alternative - having kids - has not been experienced by the author. I completely understand people having different priorities. And that’s beauty of life - we can all choose what we wish. That’s fine. But it’s not a “life hack”. It saves money temporarily, you’ll get more sleep for a few years, and requires less responsibility. That’s it. (I’d even argue that having kids is a net positive for net worth over time given the responsibility required.) I’ve never seen someone who had children regret it and wish they travelled instead. As a corollary, I know many people who wholly regret not building a family after solely focusing on money, career, travel, and material possessions. For those who are weighing whether or not to have kids, take it from someone who has been all over the world: I lived in South America. Climbed the Great Wall of China. Sailed the Mediterranean and Danube. Explored Cape Town and Shanghai and Iguazu Falls and Tuscany and Paris and Prague and Bogota. Safaris in Africa and pubs in London. Despite all of my travels, my greatest happiness and fulfillment has - far and away - come from being a father. And bonus: You can still travel and see the world…except you get to show your little people the world, too. Go fall in love, have kids, and see the world. You can do it all.

@JulieChangRE @Back40Ventures I live in a small town with around 10,000 people. Raising 4 children here with AP classes throughout the public school system. We have multiple grocery stores, full service restaurants, fiber, great cell service, and a nice hospital.

Yup but I’ve seen so many tone deaf takes on the multiple posts They also lack water, fiber / solid cell service, grid, grocery stores are far away, schools offering AP classes, etc We’ve driven through so many of these towns going camping and literally your cell phone can cut out in so many parts of America or you stop there and see signs about how they lack water so please conserve

My father never had to speak for me to know what he was thinking. Such a powerful impact….

@PerrySolem Let me help.... A lineage of great American's called "inspectors" or "regulators" sacrificed and risked ething to create restrictions that made building so expensive, no one did it.

just learned that you used to be able to build an oil refinery for $150,000 (cost in today's dollars, adjusted for inflation) what happened to this great nation?

@PerrySolem I have an account just to profile other syndicators 🤣

@philiphartz you don't have an insta page philip??

friend sent me this storage syndicator who was sued multiple times last year for, among other things, selling syndicated assets to himself at a ridiculous bargain sounds like an absolute nightmare guy's insta page is full of great stuff like shirtless selfies, boat pics, etc.