Landan Dory @HunkyDoryTX Twitter profile

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Landan Dory

2 years

STNL properties make the best investments - highest historical occupancy - tenant pays all taxes, insurance, mgmt costs (plus rent) - scheduled rent increases - 15-20 year avg lease terms - household name tenants - well located on high VPD roads and hard corners

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Landan Dory

@HunkyDoryTX

1 year

@sweatystartup Sounds like someone sucks at Mario Kart

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Landan Dory

@HunkyDoryTX

1 year

@EnronChairman This is what your NWM “advisor” does after selling you a whole life insurance policy and investing you in mutual funds with active management fees plus a NWM 1.5% annual management fee.

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Landan Dory

@HunkyDoryTX

1 year

Investors beware... An owner I have been in contact with for three years told me he was ready to sell. Great! Told him his property was worth X and here's 40+ comps and 12 identical properties I sold last year to support the valuation. West Coast broker calls and tells him he

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Landan Dory

@HunkyDoryTX

1 year

@sweatystartup @PlanningShit Ew

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Landan Dory

@HunkyDoryTX

5 months

Why the 1031 Exchange exists: I’m working with a client on the sale of a $40mm+ asset he has owned for $42 years. His basis in the property is zero, meaning he is entirely exposed to the full cost of depreciation recapture and capital gain taxes. If he were to sell, he would

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Landan Dory

@HunkyDoryTX

2 years

@sweatystartup Can attest…

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Landan Dory

@HunkyDoryTX

6 months

Convince me this is a coincidence

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Landan Dory

@HunkyDoryTX

10 months

Imagine this… You bought a multifamily investment property when you were in your 30s. Now you are in your 60s, that property has tripled in value and has been fully depreciated. You’d love to stop fixing toilets and taking unpaid renters to court for $700 at a time, but that

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Landan Dory

@HunkyDoryTX

2 years

$87m worth of Chick-fil-A properties traded in 2022... at an average cap rate of 3.77%! 🤯 Wild stuff.

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Landan Dory

@HunkyDoryTX

2 years

Just opened an email titled "Generational Investment Opportunity" It's a 70's build Pizza Hut...

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Landan Dory

@HunkyDoryTX

2 years

@Bethazor1 I tried the same thing with my son last week. He complained the whole time and did zero work. When his mom found out what I did she was furious. Something about “not wanting him to miss day care” and “he’s only 18 months old!” If he ends up spoiled it’s not my fault.

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Landan Dory

@HunkyDoryTX

2 years

$270B of CRE loans are maturing in 2023. Roughly $70B of those loans have DSCR below 1.25% Those owners have two options: refinance or sell. Neither option is particularly attractive.

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Landan Dory

@HunkyDoryTX

10 months

One of my brokerage competitors in the market has a strict no co-broker policy. Its written right on their website. Meaning they will not share fee with a cooperating broker who brings them a buyer - even if that buyer is willing to pay the best price. So brokers have no

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Landan Dory

@HunkyDoryTX

11 months

Working with a client now selling a $3.5m property who wants to do a 1031 exchange into a net lease property. If he sold and didn’t exchange, he’d be paying over $900k in taxes. With the 1031 exchange, he’ll pay $0 in taxes and end up with with a replacement property with no

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Landan Dory

@HunkyDoryTX

2 years

If you can afford to buy CRE right now in cash, seriously consider doing it. Debt buyers are out, and properties are available at cap rates I have not seen in five years. If you have been waiting for a down market to buy into, you're sitting in it.

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Landan Dory

@HunkyDoryTX

10 months

@Budgetdog_ I didn't read the explanation but the answer is women and booze 👍

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Landan Dory

@HunkyDoryTX

1 year

When I drive home from work yesterday this building was not here. Today, here it is. Modular construction is wild.

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Landan Dory

@HunkyDoryTX

1 year

Me trying to explain to Mr. Owner why his property is worth less today than in 2021... "The cost of debt, your property taxes and cost of insurance have more than doubled. Your revenue has not kept up with the increase in expenses to justify a higher valuation" Mr. Owner: "It's

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Landan Dory

@HunkyDoryTX

2 years

Wawa is planning 1,800 new stores by 2030 Thats an average of 4.3 new locations per week 🤯

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Landan Dory

@HunkyDoryTX

2 years

@realEstateTrent Because Florida has more Miami nightclub bartenders

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Landan Dory

@HunkyDoryTX

10 months

Day 4 of posting pictures of former pharmacies that went dark and have a new tenant

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Landan Dory

@HunkyDoryTX

2 years

Why buy a 5% cap rate STNL CRE property over a 5% return T-Bill? 1) CRE has averaged 3-4% annual property appreciation over the past 100 years. 2) CRE has depreciation benefits (Annual, accelerated and bonus depreciation) 3) CRE has scheduled rent escalations (STNL properties

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Landan Dory

@HunkyDoryTX

2 years

Taco John's is the latest QSR revealing a new store design. You guessed it... - Drive Thru only - 1/2 the square footage - Requires only .35-.5 acres - Modular builds

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Landan Dory

@HunkyDoryTX

2 years

@realEstateTrent Lots of ppl moving to Texas because 0% state income tax and it’s awesome 😎 Ppl aren’t making much of a sacrifice by moving here

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Landan Dory

@HunkyDoryTX

1 year

@DeveloperQuirks Letter to the seller after it closes: “Hi seller, I wanted to express my appreciation for the property you just sold at 123 Main. What a wonderful asset. I’m not surprised my cash offer at $2.2m cash was not enough to get it done. I’m sure you have quite a bit of interest from

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Landan Dory

@HunkyDoryTX

2 years

CRE is the biggest, most fun game I’ve ever gotten to play I can’t stop thinking, planning, strategizing and looking for angles Other guys/gals who have the bug, how have you best found to channel this?

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Landan Dory

@HunkyDoryTX

1 year

This is wild. Chick-fil-a is rolling out geofencing technology that will alert employees when your car is on site (via your cell phone) and they will bring the food right to your car. Order in advance, zero touch when you arrive. That's innovation.

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Landan Dory

@HunkyDoryTX

1 year

@TripleNetInvest Wild to see. And being such a historically desirable location, you have to wonder how bad the franchisee had to let it get before pulling the plug

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Landan Dory

@HunkyDoryTX

2 years

Client closed on a 1031 exchange this week. He sold a small % of a cattle ranch and purchased a new Family Dollar in his old college town. His NOI went from ~$23,000/yr to $75,000/yr NNN. Now he has a long-term lease to a publicly-traded company and no more cows.

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Landan Dory

@HunkyDoryTX

2 years

CVS in on record planning to close 300 stores per year. There are more CVS and Walgreens on the market than any other STNL tenant. Yikes 😬

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Landan Dory

@HunkyDoryTX

10 months

The pharmacy conversion has started... This is the most interesting retrofit I've seen (as far as tenant goes) though I'm curious how well a Verizon (Normally in 1-3,000SF) can sustain rent in a 13,000 SF former Walgreens building. This building has 2 years left on its lease

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Landan Dory

@HunkyDoryTX

10 months

Day 12 sharing photos of pharmacies that are no longer pharmacies This is a personal favorite... CVS turned Uber! (Location Unknown)

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Landan Dory

@HunkyDoryTX

2 years

Big firms like JLL are cutting staff after income fell by more than 40% last quarter... JLL spent $9.4m on severance in Q3 😳

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Landan Dory

@HunkyDoryTX

2 years

I spent three days in the Emergency Room Fri - Sun. Starting Thursday I was hit hard with a severe series of what I now know to be called Cluster Headaches which continued until yesterday evening. I have never been in more consistant and agonizing pain - except maybe from a

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Landan Dory

@HunkyDoryTX

2 years

35% of 1031 exchanges originate from California. More than half are moving their equity to another state. (Per IPX)

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Landan Dory

@HunkyDoryTX

2 years

When did In-N-Out start dominating the game? 700,000 visits per day on average is insane considering the industry average is 121,000 😵‍💫

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Landan Dory

@HunkyDoryTX

6 months

We listed a new property yesterday for $2.6m. It gets published on Crexi and Loopnet with the exact same information. From @CREXinc we have received dozens of inquiries and two strong LOIs in the first 24 hours. From Loopnet we receive exactly one message.... Loopnet might as

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Landan Dory

@HunkyDoryTX

1 year

Burger King closing 400 restaurants as two major franchisees have declared bankruptcy Representatives cite financial struggles from a 33% increase in wages, 22% increase in food costs and increaseing rent and debt obligations Per store EBITDA has decreased $140k since 2018😳

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Landan Dory

@HunkyDoryTX

1 year

This month I had two banks pull funding from buyers on two different deals after term sheets delivered and all of their hoops jumped through. Four months of work and $20m in real estate up in smoke. This market is not for sissies.

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Landan Dory

@HunkyDoryTX

2 years

Scooter's Coffee operates from a 664 SqFt kiosk model. I had never heard of them until about a year ago. Today they have over 600 locations in 28 states. Now I can't stop hearing about them.

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Landan Dory

@HunkyDoryTX

1 year

@realEstateTrent Stealing this so I never get ghosted again

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Landan Dory

@HunkyDoryTX

4 months

@Snowball_Dev Totally lame take

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Landan Dory

@HunkyDoryTX

1 year

@realEstateTrent Talk slower than feels normal. Words will naturally become more intentional and direct.

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Landan Dory

@HunkyDoryTX

2 years

Woke up Poured a cup of coffee Opened laptop "CBRE, Cush Wake, M&M, and JLL all continue to axe headcounts as profits fall up to 80% for some firms" Thoughts and prayers to all those jobs being affected. I hate seeing this happen to my industry.

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Landan Dory

@HunkyDoryTX

2 years

@realEstateTrent That’s why a lot of these older owners will sell their properties and exchange into net lease assets so they can auto pilot their golden years. So much easier for the grandkids to own or sell a CVS than a 50 year old garden style apartment complex in a tertiary market.

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Landan Dory

@HunkyDoryTX

2 years

There are >600 Walgreens listed for sale on Crexi - $4.46m average asking price - 5.5% average asking cap rate - 6.0% average closing cap rate (T-12) - 130 days on market average These used to be the gold standard for STNL, now everyone is dumping them.

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Landan Dory

@HunkyDoryTX

2 years

My best advice to anybody looking to get into brokerage or investing is to find a niche you can obsess about. Then obsess about it.

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Landan Dory

@HunkyDoryTX

1 year

@sweatystartup “Chat GPT, what is the most triggering twitter post I can make to get likes, hate and comments in 2023?”

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Landan Dory

@HunkyDoryTX

2 years

Brokers that view the other brokers in their market, as friends and not enemies, tend to do better and have more fun

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Landan Dory

@HunkyDoryTX

5 months

Major multifamily broker in my market suddenly listed a lot of his toys (boats & cars) for sale on Facebook Marketplace. Sign of the times…

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Landan Dory

@HunkyDoryTX

2 years

Black Rock now cutting 500 jobs... Shares lose 23% in 2022... As a reminder, Black Rock has nearly $10 trillion AUM...

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Landan Dory

@HunkyDoryTX

10 months

Just found out CoStar was publicly traded Does anybody know how to short a stock?

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Landan Dory

@HunkyDoryTX

1 year

@ChrisUnits The only problem is that $ going to the govt - the most fiscally irresponsible institution known to man

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Landan Dory

@HunkyDoryTX

10 months

@seanpatward Yeeting my 401k into a Grant Cardone syndication with a *projected* 14% CoC

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Landan Dory

@HunkyDoryTX

2 years

Expect to see more of this... More are comfirmed scheduled to close and investors are dumping them left and right.

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Landan Dory

@HunkyDoryTX

2 years

Why is Kroger/Albertsons getting sued for antitrust by occupying 36% of the market when Costar continues to buy or sue its competition out of business? Can we prioritize?

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Landan Dory

@HunkyDoryTX

9 months

@sweatystartup I knew this guy was never legit. He never once mentions a cold plunge!

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Landan Dory

@HunkyDoryTX

2 years

I'm finally unsubscribing from broker e-blasts with unrealistic prices... The 3.7% cap McDonald's I just received is "spit out my coffee" laughable...

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Landan Dory

@HunkyDoryTX

2 years

Big thanks to @TeamHerrold for putting together this little #retwit get-together tonight in Austin! Good to see some new and familiar faces! 🙏🏻

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Landan Dory

@HunkyDoryTX

1 year

Working on my fifth 1031 exchange for 2023 Clinet wants to sell a $7m RV Park in Houston and buy a 20-year NNN property. $800k of tax exposure we will be sheilding for him while maintaining cash flow with the replacement property.

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Landan Dory

@HunkyDoryTX

2 years

Walgreens is getting hammered. - Out of its 9,000 stores, a third of its pharmacists work reduced hours due to labor shortage. - WBA has gradually lost its long-term backers, mirrored in the 52% decline in share price. - Stores are closing left and right - Buildings are

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Landan Dory

@HunkyDoryTX

10 months

Day 2 of posting pharmacies that went dark and have new tenants. This one is in Columbus, OH.

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Landan Dory

@HunkyDoryTX

2 years

@TripleNetInvest Brokers when there’s a chance they can double their commish

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Landan Dory

@HunkyDoryTX

1 year

Costar -> eBay CREXI -> Amazon Prime

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Landan Dory

@HunkyDoryTX

2 years

Largest fast-food chains by # of stores: McDonald’s - 40,031 Subway - 37,000 Starbucks - 36,170 KFC - 26,934 Burger King - 19,247 Pizza Hut - 18,848 Domino’s - 18,381 Dunkin’ - 11,300

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Landan Dory

@HunkyDoryTX

1 year

My takeaways from @ICSC : - Tenants are expanding and aggressively looking for new space - Buying criteria is relatively consistent and competitive: below market rents, value-add, core properties in high growth areas… 🙈 - @CREXinc has the best deal-making platform, and knows

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Landan Dory

@HunkyDoryTX

1 year

Played golf this weekend with a friend of mine at a large industrial development shop in Texas. They developed an Amazon distribution center at a 5.3% yield on cost back when these were selling in the low 4% cap rate range. Then interest rates skyrocketed… That same deal

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Landan Dory

@HunkyDoryTX

1 year

TLDR: - Cushman was negotiating a deal to lease office space in NY owned by Brookfield - Cushman backed out of that deal, remaining in their current office space - Brookfield responds by firing Cushman from other office leasing projects C&W were representing Definitely more to

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Landan Dory

@HunkyDoryTX

2 years

60% of investors said they plan to buy less real estate in 2023 than 2022. Eastdil, CBRE, Avison Young, JLL and Cushwake have/plan to reduce staff. (CBRE)

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Landan Dory

@HunkyDoryTX

2 years

@realEstateTrent Say it louder for the people in the back who have had a property listed for 6+ months without a price reduction

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Landan Dory

@HunkyDoryTX

1 year

I drove to and from Houston on Friday. The number of +500,000SF industrial developments underway was staggering. I probably saw 20+ projects on I-10 alone.

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Landan Dory

@HunkyDoryTX

2 years

I can't stress this enough... The price/cap you are seeing on commercial property listings today is NOT the final contract price. Sellers and brokers are listing properties in alignment with other properties in the market but SELLING where the deal actually pencils. I'm seeing

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Landan Dory

@HunkyDoryTX

1 year

Property values today are down 30-40% from a year ago. If you are not buying or planning on buying CRE right now, what are you waiting for?

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Landan Dory

@HunkyDoryTX

2 years

Brokers listing their Walgreens and CVS deals in record numbers right now at a 5.15% cap rate

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Landan Dory

@HunkyDoryTX

1 year

@tim_stepro @TripleNetInvest Means he bought a Porsche, the engine blew up and they had to replace it with a Honda civic motor with 200,000 miles already on it

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Landan Dory

@HunkyDoryTX

10 months

Day 6 posting pictures of pharmacies that are no longer pharmacies Walgreens > India Bazaar (Northern, VA)

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Landan Dory

@HunkyDoryTX

10 months

I love closing CRE Investment deals for all the obvious reasons… But I think my favorite part of all is getting to add another pin to the map! 100+ closings in 21 states and counting!

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Landan Dory

@HunkyDoryTX

2 years

@GuyDealership You’ve made it significantly harder for me to find a Toyota or Lexus to buy….

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Landan Dory

@HunkyDoryTX

2 years

Small deals are more of a pain to complete than larger deals. Same risk and headache for a fraction of the return

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Landan Dory

@HunkyDoryTX

4 years

@Peoples_Pundit Explain this to me like I’m 5 please ¯\_(ツ)_/¯

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Landan Dory

@HunkyDoryTX

2 years

@realEstateTrent You’d be more surprised by the amount of real estate owned by investors who have never been to the property they bought

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Landan Dory

@HunkyDoryTX

2 years

Being known as a broker/firm that doesnt play nice with others is like not brushing your teeth or wearing deodorant. You stink and everyone knows it except for you.

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Landan Dory

@HunkyDoryTX

2 years

Dollar General opens on average 3 new stores every single day...

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Landan Dory

@HunkyDoryTX

1 year

Every CRE owner across the country seeing this knowing their phone is about to light up light time square

KyleMatthewsCEO

@kylematthewsceo

1 year

It was an amazing and historic day here at @Matthews_REIS . We welcomed 416 new agent and summer intern teammates to the company today across our 20+ offices. The energy from the kick-off call shook the planet. I don’t know who they will be, but a handful of future CRE legends

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Landan Dory

@HunkyDoryTX

2 years

@sweatystartup @SahilBloom Well, I was sleeping well until this very moment thank you

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Landan Dory

@HunkyDoryTX

1 year

In January 2022, I was a one-man shop with no clue why or how to grow a team. Today I have a team of four junior agents, marketing and transaction coordinator, full-time researcher, analyst, and bringing on a personal assistant next week. Now I have no clue how I would be in

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Landan Dory

@HunkyDoryTX

1 year

@realEstateTrent For every 30-year old worth 8-figures there’s 1,000 more living paycheck to paycheck

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Landan Dory

@HunkyDoryTX

1 year

Just had a conversation with a new broker at our company who’s been performing at a very high level consistently for 20 years. I’m still blown away by the simplicity and efficacy of his business: 1) find investors who want to buy X property in a market 2) find owners who

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Landan Dory

@HunkyDoryTX

1 year

Why I focus on 1031 exchanges: - 10,000+ boomers turn 65 each day - They control $18T in real estate assets - Exchanging from investment or business-use real estate into passive income-producing properties is THE best way to preserve equity and establish a long-term cash flow.

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Landan Dory

@HunkyDoryTX

10 months

Day 9 posting pictures of Pharmacies that are no logner pharmacies (Sketcher's Outlet in Houston, TX)

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Landan Dory

@HunkyDoryTX

10 months

Buried in the fine print... I've talked with a few of their clients. They dont even reduce the listing fee so that their client isn't double-dipping. This is the worst of brokerage imo.

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Landan Dory

@HunkyDoryTX

10 months

By the way, this is a real example of an exchange we completed for a family in Texas 10 months ago. I just got their Christmas card. They have spent the last 10 months “retired” traveling the US in an RV, enjoying their mailbox money they get from their publicly-traded tenant.

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Landan Dory

@HunkyDoryTX

2 years

Prediction: MANY young CRE brokers focused on STNL will not survive this cycle. There are simply too many today as a result of the best possible market for this asset class. Now that that is going away, so do the easy transactions. 2023+ is where experience and value take over.

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Landan Dory

@HunkyDoryTX

2 years

I STRONGLY urged a client to make a full price offer on a listing. Homerun deal... - below market rents - early renewal by tenant - A+ location - horrifically mispriced by the selling agent Client insists on offering 50 bps below ask No counter Deal gets 13 offers week 1

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Landan Dory

@HunkyDoryTX

6 months

I’ve been laughed out of the room by owners who told me I was “grossly undervaluing their property” compared to what other brokers were telling them it was worth. A lot of those same deals I’ve lost end up looking something like this two years later. I will gladly lose a

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Landan Dory

@HunkyDoryTX

2 years

This team that left was the #1 team at M&M virtually every year I was with M&M. We always joked that we'd short the stock if they left. Now they're saying YoY Revenue is down 50% and NOI is down 87% (Costar) so that probably wasnt the worst idea...

Investment Sales Team Leaves Marcus & Millichap

New York Brokers Jump Ship To Form Stand-Alone Brokerage

www.costar.com

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Landan Dory

@HunkyDoryTX

2 years

Top 10 markets for CRE investments in 2023 per CBRE

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Landan Dory

@HunkyDoryTX

2 years

I’ve repped or am still repping 13 buy-side clients since mid Nov. Here is data on how brokers have responded: 138 brokers with listings messaged 27 brokers reply within a day 41 respond within three days 70 didn’t respond or property was already under contract but still listed

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