Peter Sengelmann
533 posts
Peter Sengelmann
@sengi29
adventure, travel, mtn bike, ski, fish, golf, sports fan, girl dad. Retail investment CRE is where I spend most of my time
Denver, Colorado, USA Katılım Mayıs 2011
460 Takip Edilen437 Takipçiler
Duke has become the official basketball team for everybody I know from Maine. Incredible for Cooper Flagg to skip his senior year of high school and be a unanimous first team All American as a freshman. Only two NBA players ever were born in Maine. Flagg is about to join them.
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Favorite Denver bars
Star Bar
High Lonesome
esp
Herb's
Don’s
Sobo 151
Seven Grand
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Smart use of tough real estate space. No visibility + excessive parking + not super appealing + huge space.
Colorado Bounce Company is a perfect fit since it brings in its own crowd & can use the funky space. Extra nice for them: cheaper rent!
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@davidellebrecht Can you purchase just 1? What was the lead time?
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Sourced doors on Alibiba at a fraction of the cost of domestic options.
We've had no problems with them, and our installer said they are the same quality he's used to for domestic brands.
Sharing our success here as Artem, who taught me about this process, always shared with anyone who asked for help.
David Ellebrecht@davidellebrecht
@Cribdilla We have! Two sets of sliding accordion doors. 25% of US market pricing. We’ve had 0 issues. Quality was great. Artem taught me about this process a while ago over lunch.
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@davidellebrecht Just happened to my sellers, buyer paid to have them replaced before closing.
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Knew someone trying to buy a building with Zinsco panels.
No one would insure it, even though they planned to replacement them right away on rehabs.
Had to get the building in escrow, go non-refundable, then pay the current owner to replace the panels before they closed.
When I asked a broker about this, he said he’s seen this happen 3x this year!
Tory Sheffer@Torysheffer
Insurance forcing repairs is something I've seen more of this year than in the past 5. A property I tried to buy, current owner's insurer was forcing him to get a new roof several years into his ownership, he didn't have it in budget. I connected him with my agent who got him with a carrier that accepted it as is. Two properties we've bought this year, we've had insurance force parking lot repairs. We had already planned and budgeted for it, so no big deal, but if we hadn't, would have been ~$40k of unexpected costs just to insure. Not feasible for a lot of groups.
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The most fun retail is in A+ locations or super cheap ones where people can experiment.
House of Vibes here in Silverthorne, Colorado bringing the fun
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Want local intel? ask the employees in the area what’s going on, often they will share all kinds of good info you can’t find online
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Not sure who needs to hear this but placer ai does not equal store sales.
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@stillwell I think many/most that are vacant and freestanding and of a size that fits smaller businesses are advertised like that
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Every property that is marketed as an "owner/user" opportunity is a terrible deal.
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Went to pick up some dinner last night. It was packed for trivia. I love that people enjoy getting together for trivia night at local restaurants.
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Very challenging when a 'very motivated' seller pushes hard to get their asset sold. Then when i get a buyer with serious interest and ability to close, the seller is dark on me.
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The life of a broker.... Send deal to great buyer, perfect fit. Buyer gets back to me after being abroad for 2 weeks. Deal checks out based on buyer questions. Sellers broker says he has another offer they are trading paper on (usually BS). Deal goes under contract this morning.
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Lots of people saying GP's will have to give the keys back or sell at a loss. I think many under estimate the pride many of the GP's have. Much easier for a large institution to take a loss and use it to off set gains than a GP to tell his LP's he lost some or all of their equity
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Seller said he understood that it isn’t worth 30% more than what he bought it for, but his interaction with the other broker screwed up his pricing expectations. Valuations of assets purchased since 2018/2019 are often lower today unless there was significant rent growth (5/5)
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And hung up on me sounding frustrated. Also told me at one point that some broker was telling him he would list it for 30% more than he bought it for, which would be ~5.5% cap (there are 0 national tenants at the center, all local credit) (4/5)
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Cold calling is a roller coaster… called owner of a strip center I had chatted w in the past. Told him I’ve been hunting deals for a buyer who has closed on 6 strips since 9/23. Asked if he would share RR, which he did. Sent to buyer. Buyer underwrote and sent offer (1/5)
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