Sticks Bricks Dirt & Dollars
523 posts
Sticks Bricks Dirt & Dollars
@sticks_bricksdd
Unsolicited Commentator on real estate and other things finance related
Katılım Kasım 2022
206 Takip Edilen61 Takipçiler
Boating is not a luxury in South Carolina. It’s a way of life.
Our state is home to more than 350,000 registered recreational boats and a marine industry supporting over 27,000 jobs and generating a $6.5 billion economic impact.
Our No Tax on Boat Loan Interest Act extends the above-the-line loan interest deduction for cars to boats, allowing American families to deduct up to $10,000 annually in boat loan interest on American-made boats.
More affordable boats mean more families recreating on the water, more marine manufacturing jobs in South Carolina, and more investment in an industry already generating billions in economic impact.
South Carolina STRONG.
English
@SecretaryTurner @HUDgov Why is the Senate and White House trying to make these illegal? This thing is on single plat and would be unbuildable if Section 901 passes.
English
Every state has unique challenges and solutions to delivering housing affordability.
As I travel, it’s great to see what can be replicated across the country.
I toured Colorado's first build-to-rent community, which has delivered over 120 affordable housing units to CO.
English
@aarmlovi And GSEs won’t finance them unless they are owner occupied.
English
@aarmlovi We have a lot of factories already that can and do already make prefabricated housing that is economical and built to a federal building code.
It’s just illegal to place them in almost all cities.
English
Neoliberal YIMBYs are obsessed with the laws that make it illegal to build homes
Why won't they consider fresh new ideas, like prefabricated housing
We could try, for the first time, federal industrial policy for "the insurance of loans to finance the manufacture of housing"😉
English
@LPInvestor @LeylaKuni Agreed. The listed REIT NAV numbers thrown around are generally Green Street’s NAV calcs based on a forward 1 year NOI.
English
@LeylaKuni How is this the same for listed public REITs? Apples and oranges...
They don't state NAV like privates. It's all implied based on private market data.
English
Do I have a good case study for y’all on how NAV is calculated..
Effectively, it’s future NOI (current NOI, grown at some estimated rate), divided by some future estimated cap rate, 10 years out.
All of this discounted into present value using —
Some estimated discount rate.
10 bps here, 20 bps there, and you get outcomes like this one: the exit stated cap rate is 5.5%, but current implied cap rate is 3.3%
The linked case study is a non-traded fund, but the point remains because the method is the same for listed REITs
accreditedinsight.com/p/where-47m-in…
Jussi Askola, CFA@askjussi
REITs today are trading at 20–40% discounts to NAV. That means: You can buy $100 of real estate equity for $60-80. With: • Liquidity • Diversification • Professional management This rarely happens.
English
@aarmlovi The lesson from the HUD Code. If it is the cheapest way to build something, those building the least expensive housing will use it. Then places will ban it because they associate it with cheap housing for “those people”.
English
Mass timber *intends* to couple with panelized/off-site construction methods to provide cheap, lightweight, fire-rated Type IV midrise & hi-rise structures
In practice in the US, like all off-site factory plays except the HUD Code, it hasn't *yet* delivered
your local self-inflicted housing crisis ouroboros@itsahousingtrap
Mass timber is cool but it doesn’t solve a single important problem.
English
Me: is the site clean?
Seller: yes of course it’s pretty much a greenfield it’s been farm land for like 500 years
Also the seller: you will need our written approval to perform any environmental investigations and we have no flexibility on this psa term
English
@2024dion Good venue location next to street car stop and a lot of surrounding offices garages that are vacant in the evenings if they can work out deals with owners. Good pre-show dining options.
English
@acquisizioni I have A. Neighborhood of A is better, but I wish I personally had B with a bigger yard, less driveway to shovel, and my garage attached.
English
Would you rather have a driveway set up A or B?
Pat Carino (d/b/a Acquisizioni)@acquisizioni
The one on the left for sure has better curb appeal, but they only have a one car garage vs 2 next door and nobody got time to shovel that driveway.
English
@acquisizioni @ETHREEP0 How many stories is that fire pole?
English
Fun tour of a historic tax credit office to resi conversion in the great state of CT.
Good luck @ETHREEP0 and team!!!!
(PS the last pic is for a fireman pole second form of egress bc a new staircase would’ve been too expensive. Gotta get creative, folks)
English
It's wild how invested people get in the idea that there's this huge metaphysical difference between a few single family homes with a little space between them, and a triplex where the homes are touching.
English
@MebFaber @trengriffin The $200MM is the point. It is the fuel for the trend bandwagon. #reflexivity
English
@trengriffin So why not invest in the top 100 stocks on the nyse? Or Cboe? Or founded in Washington?
Makes no sense but survives due to the market cap weight and the $200,000,000 they're forced to spend on marketing each year sounds like they got to you 😂
English
Investing in the QQQs is one of the most nonsensical investments to make.
Many mistakenly assume the QQQs are a tech fund (owns WMT, COST, etc)
Pick 100 stocks *but only from one exchange* and market cap weight them.
Why would you voluntarily choose to remove half of all stocks?
¯\_(ツ)_/¯
English
@kristoncapps Cash is a small part of investors portfolio. Do they really need it? Just own all private equity stakes. Scattered BTR is the release valve for builders to move inventory in an overbuilt location to redeploy it elsewhere where people want to/can buy instead of rent.
English
This sounds right to me. But build-to-rent is a vanishingly small slice of SFH construction. Builders will just build normal SFH homes instead
Josh Barro@jbarro
Who wants to be in the business of renting units just for a little while and then selling them to individual homeowners after some wear and tear? Where that pencils, it'll pencil better to sell immediately to buyers. As such, the provision would effectively end build-to-rent.
English
English
@aarmlovi This is a silly graphic for your point. It should be number of units or bedrooms, not number of buildings.
English
America's housing stock is all studios and 1-beds these days.
Where can a man find a real American family-sized home nowadays 🤡
Alex Armlovich@aarmlovi
I'm huge supporter of re-legalizing family apartments in US cities But it's important to push back on the hysterical moral panic about studios Studios are valuable bc they're profoundly undersupplied Single family houses are the *~only* homes America allowed for 70 years!
English
@p_e_t_e_r_s_e_n Do tax assessments reset on inheritance transfers?
English
The American Dream in 2026: around 25 percent of all homes in coastal California are acquired via inheritance.
English
@acquisizioni Hard to tell. Definitely a front of funnel investment like streaming ads. You just hope they transfer into cheap organic search traffic down the line when someone decides to start looking for a new place.
English
@acquisizioni We did this around a high school football game in a Texas exurb for 3/4 bed family focused product
English
Our DealNav intern (my retired dad) is on vacation (using up all his PTO) and sending me marketing ideas for my next apt project.
Actually not bad for the one I got on the cape….
Anyone do this before?
English
@TAYVAY_ Just send out a big email blast about the off market deals like everyone else
English
I have more "off market" deals than I can work on.
I've always thought there should be a better way to get these deals in front of active buyers.
Has anyone built a solution to this? And if so give me the results.
English
This mega project is going to be crazy. Doesn’t even need a platform.
English